Value Investment Group Sells Prescott Airpark Flex Industrial Property in Arizona for $3.1M

PRESCOTT, ARIZ. — Value Investment Group has completed the sale of Prescott Airpark NNN Flex Industrial, an industrial property located at 2286 Crosswind Drive in Prescott. A privately held, California-based 1031 exchange buyer acquired the asset for $3.1 million.Cory Gross of Marcus & Millichap’s Denver office represented the seller in the deal. Gross, along with Ryan Sarbinoff as Marcus & Millichap’s Arizona broker of record, secured and represented the buyer in the …

Marcus & Millichap Facilitates $14.5M Sale of Sora on Rose Apartments in Uptown Phoenix

PHOENIX — Marcus & Millichap has arranged the sale of Sora on Rose, a multifamily property located at 6201 N. 16th St. in Phoenix’s Uptown neighborhood. The property traded for $14.5 million, or $157,609 per unit.Paul Bay of Marcus & Millichap represented the undisclosed seller, while Darrell Moffitt, also of Marcus & Millichap, represented the undisclosed buyer in the deal.Built in 1971 on 2.7 acres, Sora on Rose features 92 apartments with an average unit size of 815 square feet. …

FCP, Tides Equities Acquire Solara at Mill Avenue Apartments in Tempe for $77M

TEMPE, ARIZ. — A joint venture between FCP and Tides Equities has purchased Solara at Mill Avenue, a multifamily community in Tempe. An undisclosed seller sold the asset for $77 million.Solara at Mill Avenue features 515 apartments in a mix of one- and two-bedroom layouts with updated kitchens, new cabinets, quartz countertops, wood-style flooring and large windows. Community amenities include a clubhouse, covered parking, dog park, fire pit, event lawn, swimming pool and 24-hour …

Barclay Group, W.M. Grace Cos. Break Ground on 349,663 SF Spec Industrial Building in Glendale, Arizona

GLENDALE, ARIZ. — Barclay Group and W.M. Grace Cos. have broken ground on 303 Logistics, a 349,663-square-foot speculative industrial building in Glendale.Fronting the Loop 303 freeway, the cross-dock facility will feature 36-foot clear heights, 75 dock-high and four grade-level doors, 52-foot by 50-foot column spacing, clerestory windows, R-30 insulation, and an ESFR sprinkler system. Additionally, the property will offer 89 trailer parking spaces and is expandable to 297 auto parking …

Multifamily Trends Remain Positive in Phoenix

By Brian Tranetzki, Principal, Taylor Street AdvisorsMultifamily is staying strong despite COVID-19. That’s because this product type was coming off an extremely hot market at the end of 2019 and early 2020 before the pandemic hit. The Phoenix metro area remains one of the few markets nationally with positive rent growth due to the steady population increase. Now, just months away from 2021, the market is faced with many unknown factors, such as unemployment, election outcomes, continued …

NKF Arranges Sale of 35,157 SF, Two-Tenant Retail Center in Yuma, Arizona

YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million.Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property.Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the

Joint Venture Acquires Cadence Tucson Student Housing Community Near University of Arizona

TUCSON, ARIZ. — A joint venture between Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence Tucson, a 456-bed student housing community located near the University of Arizona, for an undisclosed price.The community offers studio, one-, two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, hot tub, rooftop fire pit, grilling station, onsite retail space, fitness center, tanning …

PCS Development, Route 2 Construction Open $50M Apartment Community in Mesa

MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus.The Premiere at Eastmark features 216 apartments in a mix of studio, …

Westcore Sells West80 Industrial Property in Phoenix to KKR

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price.Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to …

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit.Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse …

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