Arizona

Lincoln Property Breaks Ground on 2.5 MSF Park303 Phase II Industrial Project in Glendale, Arizona

by Amy Works March 9, 2022

GLENDALE, ARIZ. — LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has broken ground on Phase II of Park303 in Glendale. Totaling nearly 2.5 million square feet, the second phase will feature three industrial buildings fronting Loop 303. Park303 Phase II includes Building A, totaling 629,835 square feet on 38 acres; Building B, totaling 483,300 square feet on 30 acres; and Building C, totaling 1.2 million square feet on 72 acres. Similar to Park303 Phase I, Buildings A and B are designed to quickly convert from two stand-alone buildings into one 1.2 million-square-foot facility, with 104,052 square feet of infill space, to meet the needs of a major single user. Phase II buildings will feature 40-foot clear heights, touchless technology throughout, 25-foot glass entries, 3,000 amps of power and seven-foot slabs over four inches of crushed rock a steel. Additionally, a shear bracing will allow for highly modern, automated racking and picking equipment. The buildings will include five-foot by 10-foot clerestory windows on all elevations. The second phase will also feature 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls, as well as a basketball/pickleball court, barbecue station, shaded outdoor eating area and employee …

March 9, 2022

Arizona California Colorado Loans Multifamily Utah Western

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Acquisitions Arizona Development Restaurant Retail Western

BJ’s Restaurants Plans 7,600 SF Location in Goodyear, Arizona

by Amy Works March 8, 2022

GOODYEAR, ARIZ. — BJ’s Restaurants Inc. has purchased land to develop a BJ’s Restaurant & Brewhouse near Civic Square at GSQ, a new city hall, library and community gathering spot in Goodyear. Located on a three-acre site at the northeast corner of North 150th Drive and West McDowell Road, the family-friendly restaurant is slated to open in late 2022. Totaling more than 7,600 square feet, the new BJ’s interior will seat approximately 250 guests, with more seating at the patio and round bar. The restaurant plans to hire approximately 160 team members. BJ’s operates seven breweries in five states and offers 11 beers and ciders on tap.

March 8, 2022

Arizona Market Reports Retail Western Western Market Reports

Job Gains, Visitors Returning Jolt Retail Consumption in Phoenix, While Growth Projections Buoy Investor Sentiment

by Jeff Shaw March 7, 2022

By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & Millichap Retail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix retail market is in a much stronger position heading into 2022 Several factors are driving the uptick in retail space demand. Metro employment surpassed the pre- pandemic peak by August 2021, spearheading consumers’ ability to spend. At the same time, more seasonal residents are returning to the Valley after many chose not to travel in 2020, while tourism is also progressing. According to the City of Phoenix Aviation Department, passenger counts at local airports increased by 67 percent year-to-date through September relative to the same period last year. All these underlying forces benefit retail spending, and ultimately fuel tenant demand. Longer-term outlook is robust, piloted by growth trends Phoenix is expanding at a swift pace, with the metro’s favorable climate, quality of life and job availability attracting new residents. From the beginning of …

March 7, 2022

Acquisitions Affordable Housing Arizona Multifamily Western

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

Arizona Development Industrial Western

ViaWest Breaks Ground on Airport 48 Industrial Development in Central Phoenix

by Amy Works March 2, 2022

PHOENIX — ViiaWest Group and Stevens-Leinweber Construction, as general contractor, have broken ground for the development of Airport 48 Industrial, a Class A industrial building situated on one of the last infill parcels in Central Phoenix. Located on nearly 10 acres at 3232 S. 48th St., Airport 48 will offer 146,526 square feet of industrial space. Delivery is slated for fourth-quarter 2022. McCall & Associates is serving as project architect and Kimley-Horn is civil engineer. Isy Sonabend and Drew Eisen of NAI Horizon are handling leasing for the property.

March 2, 2022

Acquisitions Arizona Office Western

Marcus & Millichap Brokers $18.2M Sale of Brookstone Office Complex in Phoenix

by Amy Works March 2, 2022

PHOENIX — Marcus & Millichap has arranged the purchase of Brookstone Office Complex, an office property located at 340 and 350 E. Palm Lane in Phoenix. Pete Katz of Katz Real Estate, a San Diego-based private investor, acquired the asset from a Phoenix-based investment group for $18.2 million. The asset includes two buildings offering a total of 126,806 square feet of office space and a parking lot. The buildings feature brick design; lobbies and balconies; and gardens with courtyards, mature landscaping and koi ponds. At the time of sale, the property was 69 percent leased to a variety of local, regional and national professional office and medical tenants. Nicholas Totah of The Totah Group of Marcus & Millichap represented the buyer in the deal.

March 2, 2022

Acquisitions Arizona Multifamily Western

Tide Equities, CIM Group Purchase 1,012-Unit Del Mar Terrace Apartments in Phoenix for $255M

by Amy Works March 1, 2022

PHOENIX — Tide Equities and CIM Group have acquired Del Mar Terrace, a multifamily community located at 7007 W. Indian School Road in Phoenix’s West Valley submarket. Del Mar Terrace Apartments LLC, an entity of Heers Development, sold the asset for $255 million, or $251,976 per unit. Built in 1986, Del Mar Terrace features 1,012 apartments in a mix of four one- and two-bedroom floorplans that range in size from 626 square feet to 885 square feet. The pet-friendly property features a swimming pool, fitness center and daycare center. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the buyer in the deal. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heinkenfeld of Northmarq’s Dallas Debt & Equity team secured bridge loan financing and buyer’s equity for the acquisition.

March 1, 2022

Acquisitions Arizona Multifamily Western

SAM Residential Group Buys Multifamily Community Near Phoenix for $36M

by Amy Works March 1, 2022

AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.

March 1, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $3.1M Sale of Wilson Studios Apartment Building in Tempe

by Amy Works March 1, 2022

TEMPE, ARIZ. — Taylor Street Advisors has arranged the sale of Wilson Studios, a multifamily property located at 110-114 S. Wilson St. in Tempe. A private, out-of-state investor acquired the property from a local private capital firm for $3.1 million, or $192,500 per unit. The buyer plans to renovate the 16-unit property, which is located less than a mile from Arizona State University. Brian Tranetzki and Anton Laakso of Taylor Street Advisors handled the transaction.

March 1, 2022

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