PEORIA, ARIZ. — Garrett Development Corp. (GDC), with Willmeng Construction as general contractor, has broken ground on a 110,136-square-foot self-storage facility at 24027 N. Lake Pleasant Parkway in Peoria. Designed by RKAA Architects, the facility will feature 1,129 square feet of office space, 53,939 square feet of storage on the first floor and 55,068 square feet of storage on the basement level. Construction is slated for completion in June 2026, with the facility scheduled to open by third-quarter 2026.
PHOENIX — Baron Properties has completed the disposition of Seventy5 Business Park, a four-building industrial infill park in Phoenix, to MIG Real Estate for $46.7 million. Situated on 14.4 acres at 7150 W. Roosevelt St., the 222,394-square-foot Seventy5 Business Park features flexible small bay sizes, abundant loading capabilities with common area truck wells and fully built-out office spaces. Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s Mountain West Capital Markets Industrial team represented the seller in the deal. Gary Anderson and Nik Vallens of Cushman & Wakefield provided market leasing advisory services.
PHOENIX — An affiliate of Cohen Asset Management has completed the sale of Riverside 43, a modern industrial building located at 2200 S. 43rd Ave. in central Phoenix, to Karney Properties for $34.2 million. Central Admixture Pharmacy Services fully occupies the 250,043-square-foot building, which was built in 2017. Situated on 16 acres, the building features a clear height of 36 feet, cross-dock loading, excess trailer storage and concrete truck courts with full-building circulation and multiple points of ingress/egress. The interior of the building has been configured with improvements tailored to the current tenant’s operations, including advanced HVAC systems and enhanced power capabilities. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group — Mountain West represented the seller in the deal.
PHOENIX — Sares Regis Multifamily Investment Management has sold Level at Sixteenth, a multifamily community in the Biltmore neighborhood of Phoenix. An undisclosed buyer acquired the asset for $61.5 million, or $256,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Completed in 2010, Level at Sixteenth offers 240 apartments, temperature-controlled interior corridors, a resort-inspired swimming pool and spa, a two-story fitness center and a parking garage. The apartments, which average 794 square feet, include stainless steel appliance packages and oversized walk-in closets.
SCOTTSDALE, ARIZ. — Greystar has completed the disposition of Avana Desert View, an apartment property located at 17030 N. 49th St. in Scottsdale. Knightvest acquired the 412-unit asset for an undisclosed price. Built in 1996 on 18.5 acres, Avana Desert View is a two- and three-story community offering two swimming pools and spas, a playground and sand volleyball court. Apartments feature washers/dryers, stainless steel appliances and walk-in closets. Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale and financing for the transaction. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant and Tyler Johnson of IPA Capital Markets arranged five years of interest-only acquisition financing for the buyer.
TUCSON, ARIZ. — Kc4e LLC has purchased an industrial building located at 1501 E. 21st St. in Tucson from Kash Property Management for $1.8 million. Paul Hooker and Robert Glaser of Cushman & Wakefield | PICOR represented the seller in the transaction.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has advised an Arizona-based commercial real estate investment company in securing $37.1 million of financing for the previously announced acquisition of Scottsdale Centre Medical, a 163,311-square-foot medical outpatient building in Scottsdale. Tyler Morss of Cushman & Wakefield arranged the financing for the buyer. The lender was Arizona-based Foothills Bank, a division of Glacier Bank, which is owned by Glacier Bancorp.
NORTH LAS VEGAS, NEV., AND TEMPE, ARIZ. — In two separate transactions, a real estate fund managed by Kennedy Wilson has purchased Tides on Commerce in North Las Vegas and Finisterra in Tempe for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The names of the sellers were not released. Tides on Commerce offers 336 apartments and Finisterra features 356 units. The low-density, garden-style properties offer a diverse mix of unit sizes and a variety of amenities. Kennedy Wilson has approximately 14 percent interest in a commingled fund that acquired the two properties and serves as asset manager. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.
GILBERT, ARIZ. — Cavan Cos. has sold The Bungalows at San Tan Village, a 159-unit build-to-rent (BTR) community in Gilbert to AEW Capital Management. The sales price was $66 million. Cavan Cos. began construction of the property in 2021 and completed it in 2024. The Bungalows at San Tan Village was 97 percent occupied at the time of closing. The community offers a mix of one-, two- and three-bedroom single-story homes, each featuring private backyards and smart home systems. Amenities include a resort-style lap pool and a hot tub, a fitness studio, dog park, walking trail, playground and a resident clubhouse. The Bungalows is Cavan’s branded BTR product. The company has developed communities in Arizona and Nebraska under this name.
SURPRISE, ARIZ. — An affiliate of Cohen Asset Management has purchased Desert Cove Industrial Center, a Class A industrial property in Surprise, from Evergreen Development for $36.3 million. Delivered in June 2024 by the seller, the freestanding single-tenant building is fully leased to BP Lubricants USA Inc., doing business as Castrol Oil. Situated on 9.4 acres at 11301 N. Litchfield Road, Desert Cove Industrial Center offers 168,000 square feet, multiple access points, functional column spacing, ample parking for trailer and auto and substantial power supply. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. Brian Share and Garrett Stasand of Cushman & Wakefield Equity, Debt & Structured Finance team advised on the acquisition financing. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE provided market leasing advisory services.
Newer Posts