SCOTTSDALE, ARIZ. – The 101-room Hampton Inn & Suites Scottsdale-Riverwalk has received $7 million in acquisition financing. The hotel is located at 9550 E. Indian Bend Road. Indian Bend Hotel Group LLC, an affiliate of Caliber Companies, recently acquired the hotel for $10.4 million. The hotel is part of the 187-acre, $400-million Riverwalk Arizona master development. The bridge loan was funded by Thorofare Capital. The transaction was structured and negotiated by the firm’s Felix Gutnikov.
SCOTTSDALE, ARIZ. – Hartford Place, a 66,800-square-foot flex office/warehouse in Scottsdale, has sold to Hartford Exchange LLC and Reems & Greenway LLC for $7 million. The property is located at 8388 E. Hartford Drive within the Perimeter Center Business Park. HomeSmart recently signed on to occupy half of the building. The seller, Buchanan Street Partners, was represented by Eric Wichterman, Mike Coover and Michael Kitlica of Cassidy Turley.
PHOENIX – Tierra Del Sol, a 42,994-square foot retail property in Phoenix, has sold to Pacific Property Group for $4.2 million. The center is located at 1606 East Bell Road. It is currently 75 percent leased. Ben Tashakorian and Stuart Fagan of Marcus & Millichap’s San Diego office represented both the buyer and seller, 5121 Glendale Associates, in this transaction.
FLAGSTAFF, ARIZ. — Rosenthal & Rosenthal has acquired a retail property in Flagstaff that is leased to Whole Foods for $11.6 million. The property is located at 320 S. Cambridge Lane within the Aspen Place at the Sawmill development. The space is situated near Northern Arizona University, at the corner of Butler Avenue and Lone Tree Road. Other notable tenants at Aspen Place at the Sawmill include REI, Chico’s, Eddie Bauer, Flagstaff Jean Company, Wildflower Bread Company and Pita Jungle. Rosenthal & Rosenthal purchased the property through its affiliate Broadway Tenth/Flagstaff LLC. The seller, Sawmill NF LLC, an affiliate of The Aspen Group, was represented by Ryan Schubert and Michael Hackett of Cassidy Turley’s Retail Capital Markets Group.
SCOTTSDALE, ARIZ. – Lo-Lo’s Chicken & Waffles has opened a 5,400-square-foot location in Scottsdale. The space is located at 3133 N. Scottsdale Road. The new location was built by LGE Design Build. An additional location is set to open at 366 N. Gilbert Road in Gilbert this December.
PHOENIX – A subsidiary of Griffin Opportunities has acquired a 145,000-square-foot flex-office showroom development in the Phoenix submarket of Deer Valley for $21.6 million. The building is located at 2851 W. Kathleen Road. The 9.5-acre property was developed in 1988 and renovated in 2009. It is fully leased to building technologies company Climatec. The subsidiary was represented by Ben Prater of Colliers International. The seller, Intravest 2851 Kathleen LLC, was represented by Bob Lundstedt and Chris Rogers of Daum. This is Griffin Opportunities’ first investment in Deer Valley. It also represents the largest transaction in the Deer Valley submarket so far this year, according to Daum.
SCOTTSDALE, ARIZ. – SheKnows has leased 20,000 square feet at Element at Kierland, a 55,268-square-foot office building in Scottsdale. The space is located at 14614 N. Kierland Blvd. The women’s lifestyle media platform will use this space as its corporate headquarters. SheKnows was represented by Clint Hardison of Keyser. The landlord, Montana Avenue Capital Partners, was represented by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
PHOENIX – A 20,040-square-foot industrial building in Phoenix has sold to Air Services International for $2.3 million. The building is located at 1025 E. Salter Drive within Turner Spectrum Ridge. The seller, Turner Real Estate Investments, was represented by Eric Bell and Mike Ciosek of Voit Real Estate Services’ Phoenix office.
TEMPE, ARIZ. – Regional Acceptance Corp. has leased 40,000 square feet of space at Papago Technology Center in Tempe. The space is located at 1700 N. Desert Drive. Regional Acceptance is a division of BB&T Bank. It is a national auto finance company. Regional Acceptance was represented by JLL’s Jason Moore and Keith Lammersen. The landlord, WDP Partners, was represented by CBRE’s Bryan Taute.
PHOENIX — Avenue 25 Apartments has received a $24.8 million bridge loan from Capital One Multifamily Finance (formerly Beech Street Capital). The 254-unit community is located at 18250 North 25th Ave. in Phoenix. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the three-year balance sheet bridge loan on behalf of the borrower, TruAmerica Multifamily. The loan features a fixed, LIBOR-based interest rate, two one-year extensions and one year of interest-only payments.
