Arizona

Hampton-Inn-Phoenix-Airport-North-Phoenix-AZ

CBRE Negotiates Purchase of 106-Room Hampton Inn Phoenix Airport North

by Amy Works February 18, 2022

PHOENIX — CBRE has arranged the acquisition of Hampton Inn Phoenix Airport North, a hotel located near Phoenix Sky Harbor International Airport in Phoenix. A private, California-based investor acquired the asset from a Washington, D.C.-based real estate investment firm for an undisclosed price. Located at 601 N. 44th St., the hotel features 106 guest rooms, three meeting rooms, 2,024 square feet of event space, a fitness center and outdoor pool. Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer and seller in the transaction.

February 18, 2022

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market is Coming Back (Whether Some Companies Like It or Not)

by Jeff Shaw February 18, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Companies are coming back to the office in Phoenix. Businesses are envisioning the return of their workforce as many look for new space or reconfigure their existing facilities. Building owners feel the momentum. We have reason to be optimistic — the future of the office and how we use the workplace is exciting! Getting there, however, will be turbulent. Your patience may be tested. Colliers’ fourth-quarter office report shows vacancies stabilizing market wide, positive absorption occurring in key submarkets and rents increasing marginally. Positive fourth-quarter absorption was led by leasing in new Class A+ buildings like 100 S. Mill. This Hines/Cousins project is 80 percent leased by institutional, “household name” tenants at record rents several months prior to completion. Vacancy rates may, however, continue to fluctuate as certain downsizing continues. Some institutional users are adopting work from home for much of their workforce, convinced this strategy will help with employee retention and cost reduction without impacting productivity — assumptions yet to be proven. This strategy has corporate America subleasing space, allowing leases to expire and vacating spaces, which is stagnating recovery. ‘Short Term’ — The Renewal Mantra for 2022 We speak with office occupiers regularly about back-to-work strategies. …

February 18, 2022

Arizona Development Industrial Retail Western

Sigma Contracting to Develop 100,000 SF Warehouse, Manufacturing, Retail Project in Goodyear for Potato Barn

by Amy Works February 17, 2022

GOODYEAR, ARIZ. — Sigma Contracting is scheduled to break ground in March on a $14 million, 100,000-square-foot warehouse, manufacturing and retail space in Goodyear for Potato Barn, a family-owned furniture store. Situated on eight acres at the southwest corner of West McDowell Road and Pebble Creek Parkway, the ground-up building will feature eight loading docks, 25,000 square feet of warehouse space, 20,000 square feet of manufacturing space and more than 54,000 square feet of retail/showroom space with administrative offices in the mezzanine area. Completion is slated for late fourth-quarter 2022. The project team includes R&M Concrete, State Electric and Alstate Steel.

February 17, 2022

Acquisitions Arizona Healthcare Mixed-Use Office Restaurant Retail Western

Woodside Health Buys 44,680 SF Il Palazzo at Arrowhead Ranch Mixed-Use Project in Glendale, Arizona

by Amy Works February 17, 2022

GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.

February 17, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Arranges $193.5M Sale of Roadrunner on McDowell Multifamily Community in Scottsdale, Arizona

by Katie Sloan February 17, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $193.5 million sale of Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, roughly 12 miles outside Phoenix. The transaction marks the second-largest single-asset multifamily sale in Arizona history, according to IPA. The community was completed in 2022 by developer JLB Partners and is located within a 10-mile radius of major employers, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. The buyer in the transaction was undisclosed. The property offers a mix of studio, one- and two-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa with private poolside cabanas; an outdoor entertainment area with seating, flatscreen televisions, a misting system and grilling stations; a zen garden; fitness center and yoga room; pet park; entertainment lounge; and co-working space with individual offices and a conference room. “The property was built to attract a top-tier resident profile of high-wage-earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale’s outstanding citywide demographics,” says Steve Gebing, executive managing director with IPA. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.” …

February 17, 2022

Arizona Development Multifamily Seniors Housing Western

Civitas Nears Completion of 212-Unit The Bluffs at Flagstaff Seniors Housing Community in Arizona

by Amy Works February 16, 2022

FLAGSTAFF, ARIZ. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features 123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.

February 16, 2022

Arizona Build-to-Rent Development Loans Multifamily Single-Family Rental Western

NorthMarq Arranges $22.4M Construction Financing for Build-to-Rent Community in Chandler, Arizona

by Amy Works February 16, 2022

CHANDLER, ARIZ. — NorthMarq has arranged $22.4 million in non-recourse construction financing for Arizona-based TruVista Development for the development of The Villages at Chandler, a build-to-rent residential community in Chandler. Spanning 8.9 acres, the property will feature 109 units, averaging 886 square feet, in a mix of one- and two-bedroom craftsman, cottage and bungalow style units with private backyards. The gated community will also feature a central greenbelt, dog park, pool and residence club with an indoor amenity area.

February 16, 2022

Acquisitions Arizona Multifamily Western

MJW Investments Divests of Thrive Tempe Apartment Complex in Arizona

by Amy Works February 16, 2022

TEMPE, ARIZ. — MJW Investments has completed the sale of Thrive Tempe, a multifamily community located at 1137 and 1140 E. Orange St. in Tempe. Terms of the transaction were not released. Built in 1986, Thrive Tempe features 110 one- and two-bedroom apartments, two swimming pools, poolside cabanas, a resident clubhouse, barbecue grilling station with outdoor dining, three onsite laundry facilities and a pet park. Matt Pesch and Jeff Seaman of CBRE Phoenix Multifamily team handled the transaction.

February 16, 2022

Acquisitions Arizona Multifamily Western

Sares Regis Multifamily Buys Arboretum at South Mountain Apartments in Phoenix for $118.2M

by Amy Works February 15, 2022

PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.

February 15, 2022

Acquisitions Arizona Industrial Western

Stos Partners Sells 227,000 SF Industrial Property in Tolleson, Arizona

by Amy Works February 15, 2022

TOLLESON, ARIZ. — Stos Partners has completed the disposition of a single-tenant industrial facility located at 10300 W. Buckeye in Tolleson. An undisclosed institutional buyer acquired the property for $27.5 million. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights, dock-high loading doors and a variety of high-quality amenities. Stos Partners originally purchased the facility in December 2020 for $16.3 million.

February 15, 2022

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