TUCSON, ARIZ. — Winterhaven Investors LLC has acquired Winterhaven Square, a retail center in Tucson, from Glover Associates LP for $5.3 million. Located at 3102-3160 E. Fort Lowell Road, Winterhaven Square offers 35,300 square feet of retail space. Greg Furrier, Rob Tomlinson and Natalie Furrier of Cushman & Wakefield | PICOR handled the transaction.
CapMatrix Secures $37.1M Senior Loan for Optima McDowell Mountain Multifamily Property in Scottsdale
SCOTTSDALE, ARIZ. — Phoenix-based CapMatrix Ltd., acting as exclusive capital markets advisors to Optima, secured a $37.1 million senior loan to provide financing for ongoing land and horizontal infrastructure improvements at Optima McDowell Mountain in Scottsdale. At completion, Optima McDowell Mountain will feature six residential towers offering more than 1,330 units of for-sale condominiums and rental units. The project is located at the southeast corner of Scottsdale Road and Loop 101 freeway. Western Alliance Bank provided the financing, which represented the first deal between Optima and Western Alliance.
BUCKEYE, ARIZ. — Kenco, a third-party logistics company, has signed a lease to fully occupy Gateway I-10, an industrial building located at 440 N. 215th Ave. in Buckeye. The landlord, EQT Real Estate, acquired the fully vacant 641,906-square-foot asset in spring 2024 and rebranded the property to its current moniker. Situated on 40 acres, the freestanding building is Phase I of a larger 145-acre project, titled Buckeye I-10 Logistics that BET Investments owns and continues to develop. Mike Haenel, Andy Markham, Phil Haenel and Justin Smith of Cushman & Wakefield represented the landlord in the deal with Kenco. Last year, Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West arranged the $60.1 million sale to EQT Real Estate from the property’s original developer, BET Investments.
GILBERT, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at North Higley Road and East Michelle Way in Gilbert. A Colorado-based limited liability company acquired the asset from an Arizona-based limited liability company for $3.2 million. U.S. Bank occupies the property on a 10-year absolute triple-net ground lease. The building was constructed in 2023. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap’s Phoenix office represented the seller, while Brennan Clegg of Marcus & Millichap procured the buyer in the transaction.
By Nellie Day Metro Phoenix’s population grew to include more than 5 million people in 2023, per the Census, making it the second fastest-growing large U.S. city that year. This increase in residents and employment opportunities naturally brought new, emerging and different retailers to the area, who quickly occupied both existing centers and new developments. Phoenix-headquartered Vestar’s activity paints a picture of how this retail market has grown with its population. In the last quarter of 2024 alone, Vestar broke ground on Verrado Marketplace, a 500,000-square-foot shopping center in Buckeye; ushered in a new wave of tenant openings at Las Tiendas Village in Chandler and Queen Creek Marketplace in Queen Creek; and brought back a seasonal pop-up inside a 50-foot spherical dome at the District at Desert Ridge Marketplace in Phoenix. Balancing Tenant Mix, Community Relevance The key to capitalizing on Metro Phoenix’s growth, the firm says, is focusing on tenant diversification and market positioning. Vestar actively seeks out curated tenant mixes that not only attract foot traffic but align with the demographic and economic profiles of each community. Las Tiendas Village, for example, recently welcomed Marshalls, beauty supply store Happy Beauty, luxury lash spa Revelashons and child-focused hair salon …
TEMPE, ARIZ. — Greenlight Communities, in partnership with Holualoa Cos., will break ground on Cabana Kyrene, a 229-unit attainable rental housing property in Tempe, on March 20. Located at 515 W. Guadalupe Road, Cabana Kyrene will offer 90 studio apartments, 93 one-bedroom units and 46 two-bedroom units.
TUCSON, ARIZ. — UHS of Tucson LLC has purchased Palo Verde Behavioral Health, a behavioral health hospital and medical office building in Tucson. TMC sold the asset for $19.1 million. Located at 2695 N. Craycroft Road, the property offers 76,770 square feet of space. Richard Kleiner of Cushman & Wakefield | PICOR represented the seller in the deal.
PHOENIX — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Rose Garden Business Park, a small-bay industrial park on 10.2 acres in Phoenix. An undisclosed affiliate of BKM Capital Partners acquired the asset for $35.1 million. Located at 1801-1831 W. Rose Garden Lane and 20801-20823 N. 19th Ave., the property consists of nine buildings offering a total of 159,304 square feet of industrial space. Originally built in 1987, Rose Garden Business Park features 18-foot clear heights, 43 grade-level doors and 16 dock doors. At the time of sale, the property was fully leased. Bob Buckley and Tracy Cartledge of Cushman & Wakefield, in collaboration with Will Strong, Michael Matchett, Molly Hunt, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, represented the seller in the deal.
PHOENIX — Neighborhood Ventures (NV), a crowdfunding company, has acquired Venture on Colter, an apartment property in central Phoenix, from an undisclosed lender for $13 million. For the acquisition, NV raised nearly $4.5 million from 95 investors. Formerly known as Thom Slate on Colter, Ventura on Colter offers 123 apartments with modern cabinetry, fixtures, updated painting and new appliances. The community also offers two swimming pools and ramadas.
— Phillip Hernandez, Research Director, Colliers — The Phoenix industrial market showed resilience throughout 2024. Arizona ranked fifth in net migration as of October, with 62,533 new residents — 52.8 percent of whom relocated from California. This influx of residents has positively impacted the labor market, growing Phoenix’s workforce by 42,900 employees by November, a 1.7 percent increase from the previous year. Investor interest in Phoenix’s industrial sector also remains strong. Fourth-quarter sales volume reached $1.9 billion, a 74 percent increase compared to the previous quarter and a 91.8 percent year-over-year increase. This brought last year’s total sales volume to $4.3 billion, with average prices per square foot rising by 2 percent (to $204.20) compared to fourth-quarter 2023. Vacancy Trends and Absorption Despite strong investor activity, the Phoenix market is experiencing rising vacancy rates. New deliveries in the fourth quarter added 7.8 million square feet to the market, bringing total deliveries for 2024 to 34.8 million square feet. However, the vacancy rate increased to 10.6 percent, marking a year-over-year 390 basis points rise. This increase is largely attributed to the completion of vacant product. Net absorption reached 3.8 million square feet in the fourth quarter, contributing to a year-to-date total of …
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