Arizona

Luke-Field-Glendale-AZ

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has purchased a 140-acre development site in Glendale for $53 million. The company plans to develop Luke Field, a $515 million industrial project, on the site. The property’s borders are Litchfield Road, Northern Avenue, Northern Parkway and Luke Air Force Base. Upon completion, the 2.3 million-square-foot Luke Field will include three buildings totaling 1.26 million square feet, 604,000 square feet and 416,000 square feet. All buildings will feature 40-foot clear heights, touchless technology, 25-foot glass entries, 3,000 amps of power, automated dock doors, steel moment frame shear bracing and five-foot by 10-foot clerestory windows on all elevations. Additionally, the project will offer barbecue stations, a shaded outdoor eating area and employee collaboration spaces, as well as extensive car and secure trailer parking. Construction is slated to begin fourth-quarter 2022, with completion slated for first-quarter 2024. All three buildings will be constructed in a single phase. Butler Design Group is serving as architect. A general contractor has not yet been selected.

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HamptonInn-Home2Suites-Tucson-AZ

TUCSON, ARIZ. — CBRE has arranged a $30 million loan for the dual-branded Hampton Inn/Home2 Suites hotel in Tucson. Located at 141 S. Stone Ave., the 199-key property opened in late summer 2021. Adrienne Andrews and Will Denton of CBRE facilitated the refinancing for the owner, Fayth Hospitality. A national bank lender provided the seven-year, fixed-rate loan, which pays off the construction loan and provides a future funding upside.

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PHOENIX — Ready Capital has closed on $13.3 million in financing for the acquisition, renovation and stabilization of a 105-unit apartment community in Phoenix’s Midtown submarket. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior upgrades. The nonrecourse, interest-only, floating-rate loan features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.

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Phoenix-West-Plaza-Phoenix-AZ

PHOENIX — Newmark has arranged the sale of Phoenix West Plaza, a retail center located at 4344 W. Indian School Road in Phoenix. Aetna West sold the property to Gale Commerce Center for $16.4 million. At the time of sale, the 163,233-square-foot property was 93 percent occupied by 25 tenants. The seller originally purchased the property in 2012 and invested approximately $5 million in renovations and repairs. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in transaction.

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PHOENIX — Thompson Thrift has purchased a 30-acre development site at the southwest corner of Dove Valley and 29th Avenue in Phoenix. Terms of the transaction were not disclosed. The company plans to develop a mixed-use property on 16 acres of the site. The remaining acreage will be left as outdoor space that is part of Skunk Creek Wash natural preserve, and will feature pedestrian amenities and running paths. Upon completion, the development will feature apartments and 35,000 square feet of retail. Oregano’s, a local pizza chain, and Twisted Sugar, a gourmet cookie shop, have pre-leased space at the development.

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IPA-AZ-NM-Portfolio

PHOENIX AND ALBUQUERQUE, N.M. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a three-property apartment portfolio in Arizona and New Mexico. JB Partners sold the assets to Bridge Investment Group for $201.7 million. The portfolio includes the 296-unit Villages at Metro Center, which was built in 1979 on 11 acres in Phoenix; the 273-unit Crystal Creek, which was constructed in 1985 on eight acres in Phoenix; and the 216-unit Indigo Park, which was built in 1974 on 7.5 acres in Albuquerque. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Ryan Sarbinoff of Marcus & Millichap served as broker of record in New Mexico.

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Grunow-Memorial-Center-Phoenix-AZ

PHOENIX — Meridian has completed the sale of Grunow Memorial Medical Center, a medical office property located in Phoenix. A private Canadian investor acquired the asset for $17.9 million. Located at 925 E. McDowell, Grunow Memorial Medical Center features 53,000 square feet of medical office space. At the time of sale, the building was 90 percent leased to 12 tenants, including DaVita Dialysis. Lester A. Bryon designed the property, which was constructed in 1931. Mindy Berman of JLL represented Meridian in the transaction.

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PHOENIX, ARIZ. — CREC Real Estate and Rincon Capital Partners have purchased Ascent 1829 Apartments, a multifamily community located in North Phoenix. Terms of the transaction were not released. The owners plan to invest up to $4.2 million to renovate the common areas and upgrade interiors and appliances to bring the property on par with nearby recently repositioned residential communities. Built in 1980 on six acres at 1829 E. Morten Ave., Ascent 1829 Apartments features 180 Class B apartments.

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7550-E-30th-St-Yuma-AZ.jpg

YUMA, ARIZ. — Arlington, Va.-based FD Stonewater has acquired Alside Distribution Center in Yuma from Phoenix-based Merit Properties for an undisclosed price. Located at 7550 E. 30th St., Alside Distribution Center features 222,554 square feet of manufacturing and distribution space with 25-foot clear heights, 22 dock-high doors and trailer storage. Alside, a division of Associated Materials, has occupied the single-tenant building since it was originally developed in 2005. The 21.1-arce site, which provides additional expansion opportunities, is under a ground lease owned by the tenant, with 74 years remaining. The tenant is a manufacturer and distributor of vinyl windows, siding and doors. Barry Gabel, Chris Marchildon and Dan Calihan of CBRE represented the seller in the deal.

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Central-Station-Phoenix-AZ

PHOENIX — A joint venture between Medistar Corp., GMH Communities and CBRE Investment Management has broken ground on Central Station, a 1 million-square-foot mixed-use development in downtown Phoenix. Situated adjacent to Civic Space Park and Arizona State University’s Downtown Phoenix Campus, Central Station will feature two residential towers, 30,000 square feet of retail space, 70,000 square feet of creative office space and two levels of below-ground parking with 430 spaces. One tower, a 22-story student housing building, will be fully furnished and comprise 655 beds ranging from micro studios to four-bedroom units catering to undergraduate and graduate students, as well as young professionals. The apartments will feature smart technology, amenities and service designed to meet the needs of urban residents. The second building, a 33-story residential tower, will include 362 units with smart-tech amenities. All residents will have access to an outdoor amenity deck that includes barbecue grills, fire pits and a resort-style pool. Central Station is slated to open in late 2024. The project is a public-private partnership with the City of Phoenix retaining ownership of the land and the development partners entering into a long-term lease for the project. Gould Evans designed the project and Layton Construction will …

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