Arizona

Gilmore-Gilbert-AZ

GILBERT, ARIZ. — Thompson Thrift has broken ground on The Gilmore, a $225 million mixed-use development located in the Phoenix suburb of Gilbert. The 35-acre project will comprise approximately 200,000 square feet of grocery, restaurant and retail space, 300 luxury apartment homes and a hotel. The development will feature a main street-style entrance with covered walkways, common areas, murals by local artists and landscaped outdoor gathering spaces. More than 25 retail leases have already been signed, including Better Buzz Coffee; Handel’s Ice Cream; Jersey Mike’s; Sweathouz; Rebel Wine Lounge; Square 1 Food Hall; Nook Kitchen; Phantom Fox Brewery; Level 1 Arcade Bar; Woof Gang Bakery & Grooming; Over Easy; and a 64,000-square-foot Safeway. Retailers are expected to begin opening in late 2026, while the first resident move-ins are planned for early 2027.

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Superstition-Gateway-Mesa-AZ

MESA, ARIZ. — Desert Troon Cos. (DT-SGE LLC and DT-SGW LLC) has completed the disposition of Superstition Gateway Shopping Center to an undisclosed Southern California-based family office for $121 million, or $244 per square foot. Jan Fincham, Mike Sutton and Brent Moser of Lee & Associates Arizona represented the seller in the off-market transaction. The seller was part of the original development partnership that built the shopping center almost 20 years ago. Situated on 65.7 acres at the southwest corner of US-60 and Signal Butte Road, Superstition Gateway offers 495,000 square feet of retail space, totaling 19 individual parcels. Current tenants at the 90 percent-occupied center include Super Walmart, Kohl’s, AMC Theatres, LA Fitness, Total Wine & More, Ross Dress for Less, Marshalls, Five Below, PetSmart, Panera Bread, KFC, In-N-Out Burger and Chili’s. The asset was constructed in 2006 and 2012.

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TUCSON, ARIZ. — Coral Sea LLC has purchased 5,584 square feet of industrial space at 3101, 3125 and 3141 E. Ajo Way in Tucson from PMC Revocable Trust and Vista Pacifica Properties for $1 million. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer, while Jeramy Price of Volk Co. represented the seller in the deal.

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Azul-Apts-Phoenix-AZ

PHOENIX — Living Well Homes has completed the disposition of Azul, a multifamily community in Phoenix, to a private buyer for $37.1 million, or $163,436 per unit. Completed in 1986, Azul offers 227 studio, one- and two-bedroom apartments with an average unit size of 766 square feet and in-unit washers/dryers in most floor plans. The two-story, garden-style community features two swimming pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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PHOENIX — Scottsdale, Ariz.-based ATLAS Capital Partners has completed the disposition of an infill parcel to the City of Phoenix for $29.6 million. The city has earmarked the land for revitalization as part of its regional Rio Reimagined initiative and the RIO PHX plan, which will promote 20 miles along the Rio Salado/Salt River corridor as a local and regional destination. Located at 3030 S. 7th St., the 29.4-acre site is currently occupied by a 42,469-square-foot industrial building with tenancy through 2028. The site is situated within an Opportunity Zone, less than two miles from Sky Harbor International Airport, minutes from downtown Phoenix and interstates 10 and 17. ATLAS partnered with OakPoint Real Estate, a vertically integrated real estate investment firm, on the transaction. Will Strong, Phil Haenel and Foster Bundy of Cushman & Wakefield’s Capital Markets Group represented ATLAS in the deal.

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Monte-Vista-Apts-Glendale-AZ

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monte Vista, an apartment community in Glendale. A workforce and affordable housing fund acquired the asset from a private seller for $25.5 million, or $122,596 per unit. Built in 1985, Monte Vista features 208 apartments, a swimming pool, laundry facility and covered parking. Apartments offer washer/dryer connections, dishwashers and walk-in closets. The average unit size is 787 square feet. Cliff David and Steve Gebing of IPA, along with Darrell Moffitt of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a medical investment property located at 4881 E. Grant Road in Tucson. Elliott Bay Medical Properties Holdings LLC acquired the asset from a private investment group for $5.5 million. Pain Institute of Southern Arizona occupies the 15,000-square-foot property on a long-term lease. Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.

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GLENDALE, ARIZ. — Diversified Partners has broken ground on Shops at the Cardinal, a 25,000-square-foot shopping center located in Glendale, approximately nine miles northwest of Phoenix. Situated near State Farm Stadium, the $20 million project will span 9 acres and feature a mix of retail and restaurant concepts, as well as multiple drive-thru options and outdoor seating. Confirmed tenants at the property — which is nearing full lease-up — include Swig; Señor Taco; Nautical Bowls; Starbucks Coffee; Bonchon; Pacific Dental Services; La Botana; Jeremiah’s Italian Ice; a Mexican sushi concept; a nail salon and spa; and McDonald’s, who will occupy its own building. Additionally, 1,200 square feet is still available for lease. Further tenant build-outs will begin later this year, with openings anticipated for early 2026. The Renaissance Cos. is serving as the general contractor, while RKAA Architects is designing the center.

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Broadstone-Uptown-PHX-AZ

PHOENIX — Phoenix-based Christiansen Ventures LLC has purchased Broadstone Uptown PHX, an apartment community in Phoenix, from Scottsdale, Ariz.-based Alliance Residential Co. for $87 million. Austin Groen, Matt Pesch, Asher Gunter and Sean Cunningham of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly of CBRE’s Debt & Structured Finance team arranged financing for the buyer. Completed by Alliance Residential in 2024, Broadstone Uptown PHX offers 280 apartments with nine-foot ceilings, quartz countertops in the kitchen and baths, wood-style flooring, full-size washers/dryers, stainless steel kitchen appliances, five-burner gas cooktops and keyless entry. Community amenities include a swimming pool and spa area with private cabanas and a pool house featuring a community kitchen and billiards table; a resident clubhouse with a cafe with lounge seating, a complimentary coffee bar and a leasing office; and a 24-hour fitness center with weight training and cardio machines. Additional amenities include an outdoor ramada with 360-degree mister, ping-pong, fire pits, yard games, barbecue grills, a dog park, electric charging stations and parcel package lockers.

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Soltra-Kierland-Scottsdale-AZ

SCOTTSDALE, ARIZ. — Leon Capital Group subsidiary Leon Multifamily has completed the disposition of Soltra Kierland, an apartment property in North Scottsdale, to a private investor for $107.5 million. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the seller in the transaction, which represents the highest price per unit for a multifamily sale in metro Phoenix since 2022. Completed in 2024, Soltra Kierland offers 202 apartments with wood-style flooring, custom built-ins, full-size washers and dryers, walk-in closets, custom cabinetry, walk-in rain showers, stainless steel appliances, eat-in kitchen islands and quartz countertops. Select units offer quartz waterfall island countertops, black stainless steel appliances, gas stoves, an under-counter wine fridge, soaking tubs and floor-to-ceiling bifold patio doors. Community amenities include a pool, spa, sunning decks, fire features, barbecue grills, a corn hole grotto and an entertainment deck, as well as a resident clubhouse with two-story floor-to-ceiling windows and a retro-style speakeasy with beer taps. The property also features a two-story fitness center with cardio and weight training equipment and a yoga terrace; a Soltra cafe Wi-Fi lounge; an off-leash dog park; a climate-controlled dog lounge and pet spa; and electric vehicle charging stations.

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