Arizona

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

FacebookTwitterLinkedinEmail
GO-99-North-Phoenix-AZ

PHOENIX — GO Industrial has purchased land parcels on the east and west sides of Phoenix for the development of approximately 1.3 million square feet of space in two speculative industrial projects: GO | 99 North and GO | AZ Ave. Located on the west side of Phoenix, GO | 99 North will be a 1.1 million-square-foot facility situated on 70 acres. The building will feature 40-foot clear heights, concrete truck courts, and 217 trailer and 1,315 auto parking stalls. Groundbreaking is slated for third-quarter 2022. The building is the continuation of GO Industrial’s 1.3 million-square-foot GO | 99 industrial project, which is now under construction. Together, the two projects will bring a total of 2.4 million square feet to the area. Located on the East Valley, GO | AZ Ave. will be a 181,655-square-foot building on 10 acres. The facility will feature 32-foot clear heights, concrete truck courts, and 53 trailer and 212 auto parking stalls. Construction is scheduled to begin during the second quarter of 2022. DLR Group is serving as architect for both projects. General contractors have not yet been selected. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield represented GO Industrial in the …

FacebookTwitterLinkedinEmail
Dwell-Tempe-AZ

TEMPE, ARIZ. — Holualoa Cos. has released plans for Dwell: A Work @ Home Community at the intersection of Fifth Street and Farmer Avenue in Tempe. The 129-unit workforce community will complete Farmer Studios, a mixed-use development, and provide housing opportunities for residents in downtown Tempe, Arizona State University and other locations. Holualoa purchased the two-acre parcel for $12 million. The residences will be integrated into two existing office buildings and a pocket park onsite to create a mixed-use development. The community will feature live/work-oriented amenity rooms for residents, conference rooms with green screens, private meeting rooms, a fitness center, dog-friendly features and walkable access to light rail, streetcar, restaurants and other amenities. Architekton and Worksbureau are serving as architects for the project.

FacebookTwitterLinkedinEmail
Scottsdale-Resort-McCormick-Ranch-Scottsdale-AZ

SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.

FacebookTwitterLinkedinEmail
CapRock-West-202-Logistics-Phoenix-AZ.jpg

By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year.  As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …

FacebookTwitterLinkedinEmail
Landing-3-Mesa-AZ

MESA, ARIZ. — A joint venture between Scottsdale-based Martens Development and New York City-based Dune Real Estate Partners have completed the disposition of Landing 3, a newly completed Class A industrial development in Mesa. An affiliate of Cohen Asset Management and ASB Real Estate Investments acquired the asset for $130 million. Located at 7827-8009 E. Ray Road, Landing Phase III was built in 2021 and features 525,342 square feet of industrial space spread across seven buildings. Landing 3 is part of the multi-phase, master-planned industrial project known as The Landing, which totals 858,901 square feet. Landing 3 consists of seven freestanding light industrial buildings and a cross-dock facility, all with 36-foot clear heights, 100 percent concrete throughout, loading and heavy parking, ESFR sprinklers and fenced yards. At the time of sale, Landing 3 was 100 percent leased to a diversified tenant mix. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, as well as Adam Spies and Marcella Fasulo of Cushman & Wakefield’s New York Capital Markets team, represented the seller in the deal. Rob Rubano and Brian Share of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged financing …

FacebookTwitterLinkedinEmail
Concorde-Commerce-Center-Phoenix-AZ

PHOENIX — Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors have completed the disposition of Concorde Commerce Center, a three-story office building in Phoenix. Idaho-based Stafford Holdings acquired the asset for $23 million. Located at 2222 W. Dunlap Ave., the 140,161-square-foot property features a two-story atrium lobby. At the time of sale, the building was 84 percent leased to Ciox/Datavant, a health data provider, and Kiewit, a construction and engineering company. Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo and Gary Cornish of CBRE represented the seller in the transaction.

FacebookTwitterLinkedinEmail
Standard-Raintree-Tucson-AZ

TUCSON, ARIZ. — Northmarq has arranged the sale of Standard Raintree, an apartment property located at 6450 E. Golf Links Road in Tucson. Next Round Asset Management I, an entity of Next Round Asset Management, acquired the asset from SPL Cos. of Denver for $42 million, or $115,385 per unit. Built in 1983, Standard Raintree features 364 apartments in a mix of studio and one-bedroom layouts, ranging from 327 square feet to 418 square feet. The gated community also features a pool, gazebo, volleyball courts, racquetball courts and a dog park. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the deal. Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq’s Debt & Equity team arranged a $31.3 million acquisition loan for the buyers.

FacebookTwitterLinkedinEmail

GLENDALE, ARIZ. — ScanlanKemperBard and an institutional investor have purchased a 620,000-square-foot Class A industrial distribution center in Glendale. Slate Real Estate Capital, the private credit business of Slate Asset Management, provided a $46.3 million senior loan facility to the buyers. Ramsey Daya and Grant Gooding of Newmark represented the borrower in the transaction.

FacebookTwitterLinkedinEmail
3420-W-Catalina-Dr-Phoenix-AZ

PHOENIX — DWG Capital Partners has purchased an industrial facility, located at 3420 W. Catalina Drive in Phoenix, for an undisclosed price. The sale-leaseback deal includes a new, 15-year, triple-net lease with the seller, Rembrandt Stone Masters. The stone fabrication company occupies the 29,600-square-foot property, which is situated on 1.7 acres. Founded in 1996, the company operates a state-of-the-art facility with leading-edge CNC machinery and technology supported by a team of craftsmen and artisans. Dugan Kelley of Kelley Clarke PC represented the buyer, while Steve Lowe and Oscar Lopez of Matthews Real Estate represented the seller in the transaction. WaFd Bank provided acquisition financing, which Jim McCann arranged.

FacebookTwitterLinkedinEmail