Arizona

Decron Properties Buys Ascent at Papago Park Apartments in Phoenix for $107.5M

by Amy Works April 5, 2022

PHOENIX — Decron Properties has acquired Ascent at Papago Park, an apartment property located at 4950 E. Van Buren St. in Phoenix, for $107.5 million. The 270-unit community features one-, two- and three-bedroom floor plans spread across 14 two-story residential buildings. It was built in 2007 The buyer plans to undertake a two-phase capital improvement program. The first phase will include upgrading the common areas and amenities and addressing any needed repairs or upgrades to the property’s infrastructure. The second phase will include an extensive renovation of all units, including installation of updated cabinetry, countertops and appliances. The seller was not disclosed.

April 5, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 45,556 SF Retail Space in Tucson, Arizona

by Amy Works April 4, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space situated on six acres at 770 N. Kolb Road in Tucson. VRE Storage Tucson Kolb LLC acquired the asset from Century Theaters for $4 million. Greg Furrier of Cushman & Wakefield|PICOR represented the seller, while James Montgomery of Verdad represented the buyer in the deal. The asset features 45,556 square feet of retail space. It was formerly a discount movie theater that closed in March, according to the Arizona Daily Star.

April 4, 2022

Acquisitions Arizona Multifamily Western

Rise Invest Acquires 96-Unit Sonoma Village Apartment Community in Mesa, Arizona

by Amy Works April 1, 2022

MESA, ARIZ. — Rise Invest has purchased Sonoma Village, a multifamily property located at 1318 S. Vineyard in Mesa. Built in 1973, Sonoma Village features 96 apartments, including 16 one-bedroom/one-bath units and 80 two-bedroom/two-bath units. Rise Invest plans to invest $3 million in capital improvements to reposition the property through enhanced curb appeal, upgraded amenities and unit interior renovations. The scope of work for the unit interior renovations includes the installation of in-unit washer/dryers, new countertops, vinyl flooring, stainless steel appliances and modern lighting/plumbing fixtures.

April 1, 2022

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Negotiates Sale of 69,755 SF The Shops at Dynamite Creek Near Phoenix

by Amy Works March 31, 2022

CAVE CREEK, ARIZ. — Phoenix Commercial Advisors has arranged the sale of The Shops at Dynamite Creek, a neighborhood retail center located at the entrance of Tatum Ranch master-planned community in Cave Creek. David Malin of Scottsdale Development Partners sold the asset to an undisclosed buyer for $21.9 million, or $315 per square foot. Located at 28242 N. Tatum Blvd., The Shops at Dynamite Creek features 69,755 square feet of retail space. At the time of sale, the property was 96 percent leased. Current tenants include Ace Hardware, RE/MAX, F45, State Farm Insurance, Honor Health and OrthoArizona. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the transaction. Cameron Warren and Nick DeDona of Phoenix Commercial Advisors handled leasing at the property.

March 31, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Five-Property Multifamily Portfolio in Tucson for $130M

by Amy Works March 30, 2022

TUCSON, ARIZ. — Weidner Apartment Homes has completed the disposition of Tucson V, a five-property, 880-unit apartment portfolio in Tucson. Western Wealth Capital acquired the assets for $130 million. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and procured the buyer in the deal. The properties include: Aventura, 239 units built in 1985 Las Brisas, 248 units built in 1983 Alegria, 161 units built in 1985 The Enclave, 120 units built in 1974 Vista Montana, 112 units built in 1984

March 30, 2022

Acquisitions Arizona Development Industrial Western

EastGroup Properties Buys 50 Acres for Development of 655,400 SF Industrial Project in Mesa, Arizona

by Amy Works March 30, 2022

MESA, ARIZ. — EastGroup Properties has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development. Totaling 655,400 square feet and seven buildings, Gateway Interchange will feature spaces ranging from 13,440 square feet to 180,000 square feet with 28- to 32-foot clear heights, seven-inch floor thickness, abundant power, full concrete truck courts, dock-high and ground-level loading, LED warehouse lighting and ESFR sprinkler system. The buildings will include glass roll-up doors leading out of breakrooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, as well as turf areas for cornhole and other outdoor games. The project will be developed in two phases, with Phase I consisting of four buildings totaling 359,700 square feet and Phase II is slated for three buildings totaling 295,700 square feet. Willmeng Construction is serving as general contractor and Butler Design Group is serving as architect. Construction of Phase I is slated to begin third quarter of 2022 with delivery by the second quarter of 2023. The project will be developed, owned and managed by EastGroup. Steve Larsen, Pat …

March 30, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $41.5M Sale of Regency Square Multifamily Community in Yuma, Arizona

by Amy Works March 29, 2022

YUMA, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Regency Square, an apartment property in Yuma. Sundance Bay acquired the asset from a private partnership for $41.5 million, or $136,513 per unit. Built in 1986, Regency Square features 304 studio, one- and two-bedroom apartments spread across 17 two-story residential buildings. Community amenities include assigned covered parking, two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry facilities. Cliff David and Steve Gebing of IPA, a division of Marcush & Millichap, represented the seller and procured the buyer in the deal.

March 29, 2022

Acquisitions Arizona Industrial Western

Oxford, EverWest Acquire Chandler Airpark in Arizona for $26.3M

by Amy Works March 28, 2022

CHANDLER, ARIZ. — A joint venture between Oxford Properties Group and EverWest Real Estate Investors has acquired Chandler Airpark, a Class A industrial portfolio located in Chandler, for $26.3 million. The transaction completes the acquisition of a three-building, 261,940-square-foot, Class A industrial portfolio that was recently built. Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119 square feet and 66,711 square feet, respectively. Each building features 28-foot clear heights, dock-high and ground-level loading positions, concrete truck courts and generous power and parking. Oxford and EverWest began the acquisition of the portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company. Chandler Airpark and 800 E. German are located along E. German Road. Together the portfolio totals 261,940 square feet. Amr Ceran and Erik Good of EverWest arranged the transaction. Will Strong of Cushman & Wakefield brokered the sale.

March 28, 2022

Acquisitions Arizona Retail Western

Faris Lee Investments Brokers $27.8M Sale of Costco Plaza Retail Center in Tempe

by Amy Works March 25, 2022

TEMPE, ARIZ. — Faris Lee Investments has arranged the sale of Costco Plaza, a shadow-anchored Costco center located at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. Costco Plaza features 237,000 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller in the transaction.

March 25, 2022

Acquisitions Arizona Multifamily Western

AndMark Management Co. Sells Paseo Del Sol Multifamily Community in Tucson for $33.6M

by Amy Works March 23, 2022

TUCSON, ARIZ. — Los Angeles-based AndMark Management Co. has completed the disposition of Paseo Del Sol, a 152-unit multifamily property located at 6280 S. Campbell Ave. in Tucson. Los Angeles-based Element Property Co. acquired the asset for $33.6 million, or $221,382 per unit. Built in 1994, Paseo Del Sol features 38 two-story buildings offering 76 three-bedroom/two-bath and 76 four-bedroom/two-bath units that range in size from 1,050 square feet to 1,150 square feet. Onsite amenities include a pool, clubhouse and covered parking. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaq and Tyler Woodard arranged a $27.2 million bridge loan for the acquisition.

March 23, 2022

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