Arizona

Tortosa Sells Retail/Office Property in Phoenix for $4.4M

by Amy Works October 28, 2022

PHOENIX — Tortosa LLC has completed the disposition of The Strip, a two-story retail and office building in Phoenix, to 4700 Alliance LLC, a Seattle-based investment company, for $4.4 million. Located at 4700 N. 12th St., the multi-tenant property was fully leased at the time of sale. The ground-floor space consists of retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company and headquarters for a restaurant group. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 28, 2022

Building-D-North-Central-Logistics-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westcore Acquires Four-Building Central Logistics Industrial Campus in Phoenix for $93.5M

by Amy Works October 27, 2022

PHOENIX — Westcore has purchased Central Logistics, a four-building industrial campus located in the Central Phoenix market of Arizona. Phoenix-based ViaWest Group sold the asset for $93.5 million. Situated on 24.9 acres, Central Logistics offers a total of 1.1 million square feet of industrial space spread across four buildings with 32-foot clear heights. Currently leased to Bay Logistics, the 76,189-square-foot cold storage facility Building D North offers 13 dock-high doors and one grade-level door. Waymo occupies the 72,349-square-foot Building D South, which features 10 dock-high doors, one grade-level door and ESFR sprinklers. Ferguson occupies the 94,612-square-foot Building E, which offers a four-acre, fully secure concrete yard, two grade-level doors, 12 dock-high doors and ESFR sprinklers. Westcore plans to renovate the 165,518-square-foot Building B, which is currently vacant. John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property for lease.

October 27, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona

by Amy Works October 27, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.

October 27, 2022

Acquisitions Arizona Multifamily Western

Tower 16 Capital Sells 456-Unit Multifamily Portfolio in Tucson, Arizona for $65.1M

by Amy Works October 26, 2022

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 26, 2022

Arizona Development Industrial Western

ViaWest Group, Willmeng Construction Break Ground on Sight Logistics Park in Tempe, Arizona

by Amy Works October 26, 2022

TEMPE, ARIZ. — Phoenix-based ViaWest Group, with Willmeng Construction as general contractor, has broken ground on Sight Logistics Park in Tempe. The infill redevelopment project will revitalize the 17.9-acre parcel that was the former global headquarters for Insight Enterprises. Located at 6820 S. Harl Ave., Sight Logistics Park will offer two industrial buildings totaling 356,904 square feet. The 155,717-square-foot building and the 201,187-square-foot building will both feature 32-foot clear heights, 33 dock-high doors and four drive-in doors. McCall & Associates Architects designed the project, which is slated for completion in nine months. Demolition of the former Insight headquarters began in July for completion in July 2023. Rob Martensen, Phil Breidenbach and Sam Jones of Colliers Arizona are handling the leasing of Sight Logistics Park.

October 26, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates Sale of 237-Unit Apartment Community in West Phoenix

by Amy Works October 24, 2022

PHOENIX — ABI Multifamily has arranged the sale of The Flats at 2030 Apartment Homes, a multifamily property located at 2030 W. Indian School Road in Phoenix. A Canada-based buyer acquired the asset from a Texas-based seller for $37 million, or $156,118 per unit. Alon Shnitzer Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction. Built in 1971, The Flats at 2030 Apartment Homes features 237 garden-style units spread across 11 residential buildings on 4.5 acres. The unit mix consists of 106 studios, 129 one-bedroom/one-bath units and two two-bedroom/one-bath units. Community amenities include two swimming pools, two laundry facilities, outdoor lounge areas, a Wi-Fi café, yoga studio, two enclosed dog parks, outdoor barbecue islands, valet trash services and free uncovered parking. Select interior and exterior renovations were made to the property in 2019 to 2022.

October 24, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield|PICOR Brokers Sale of 24,000 SF Retail Building in Sierra Vista, Arizona

by Amy Works October 24, 2022

SIERRA VISTA, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of a retail property in Sierra Vista. Orion Sierra Vista AZ LLC sold the asset to 2030 East LLC for $2.3 million. Located at 354 S. Highway 92, the property features 24,000 square feet of retail space. Jose Dabdoub and Ryan McGregor of Cushman & Wakefield|PICOR represented the seller, while Robert Fischrup and Eric Lamb of Vast Commercial Real Estate Solutions LLC represented the buyer in the deal.

October 24, 2022

Arizona Colorado Development Hospitality Nevada Top Stories Utah Western

Partnership Plans 15 New Extended Stay America Premier Suites Hotels in Western Region

by Kristin Harlow October 19, 2022

CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …

October 19, 2022

Metro-East-Valley-Commerce-Center-Mesa-AZ

Arizona Development Industrial Western

Metro Commercial, Graycor Deliver Final Phases of 1.1 MSF Metro East Valley Commerce Center in Mesa, Arizona

by Amy Works October 18, 2022

MESA, ARIZ. — Metro Commercial Properties and Graycor Construction Co., as design-build contractor, have delivered the final buildings at Metro East Valley Commerce Center, an 11-building, 1.1-million-square-foot, Class A industrial park in Mesa. The newly completed Phases III and IV feature five buildings ranging from 58,399 square feet to 112,097 square feet with up to 32-foot clear heights, dock-high and grade-level loading and interior floor plans accommodating office, warehouse, manufacturing and light industrial uses. Graycor completed the first two phases in 2016 and 2017, respectively, with 712,049 square feet of space spread across six buildings. Phases III and IV were designed as speculative developments. However, approximately 80 percent of the leaseable space was preleased prior to shell construction completion. Chris McClurg and Ken McQueen of Lee & Associates serve as the project’s leasing brokers.

October 18, 2022

Acquisitions Arizona Multifamily Western

Odyssey Properties Acquires Nola on 50th Multifamily Community in Phoenix for $37.2M

by Amy Works October 17, 2022

PHOENIX — Los Angeles-based Odyssey Properties Group has purchased Nola on 50th, an apartment property in the Arcadia neighborhood of Phoenix, from an undisclosed seller for $37.2 million. Odyssey will rebrand the 155-unit community as Parq on 50th. Constructed in 1979, Parq on 50th features 12 buildings on 5.6 acres of land and offers a mix of studios, one- and two-bedroom units. Current amenities include a pool and spa, two laundry facilities, a fitness center, grilling station and dog park. The asset is located at 5008 E. Thomas Road.

October 17, 2022

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