REBusinessOnline

Bascom Group Buys 196-Unit Sierra Charles Apartments in Arizona for $11.6M

SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released.Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new …

Comunale Properties Enters Phoenix Market with Chandler Connection Industrial Development

CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler.Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck …

Thompson Thrift Buys Land for First Phase of 95,000 SF Retail Project in Mesa

MESA, ARIZ. — Thompson Thrift Retail Group (TTRG) has acquired the first parcel of a 15-acre master-planned development in Mesa. When fully developed, the property at the northwest quadrant of US 60 and Signal Butte Road will offer 95,000 square feet of retail space in a mix of freestanding and multi-tenant buildings.Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have committed to the new project, with the first phase is slated to open first-quarter 2022. At build-out, TTRG …

Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson

TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket.Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior.The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to …

Sterling Real Estate Expands Arizona Portfolio with Pennytree Apartment Acquisition in Mesa

MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released.Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa.Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in …

CBRE Arranges $39.5M Sale of The Mesa Tower in Arizona to CAMCO Investment Group

MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million.Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal.Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a …

Realterm Buys FedEx-Occupied Distribution Center in Tempe for $27M

TEMPE, ARIZ. — Realterm, a Maryland-based logistics real estate firm, has purchased a distribution facility located at 1666 N. McClintock Drive in Tempe. A local real estate investment firm sold the property for $27 million.Constructed in 2004 as a build-to-suit for FedEx, the single-story, 145,872-square-foot building features 24-foot clear heights, 11 grade-level overhead doors, 26 dock-high doors and a three-lane driveway along McClintock Drive. FedEx recently signed a triple-net lease …

Cavan Cos. Receives $62M Construction Loan for Multifamily Project in Glendale, Arizona

GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale.Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing.Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more …

Macerich Sells Paradise Valley Mall in Phoenix for $100M, Plans Redevelopment

PHOENIX — Macerich (NYSE: MAC) has completed the disposition of Paradise Valley Mall in Phoenix. A newly formed joint venture with an affiliate of RED Development acquired the property for $100 million.The buyer plans to redevelop the property as a 92-acre mixed-use project. The 1970s-era Paradise Valley Mall has been rezoned to allow for a mix of offerings, including high-end grocery, restaurants, multifamily residences, offices, retail space and other elements.The redevelopment will …

Lincoln Property Co. Divests of Five-Building Industrial Portfolio in Phoenix for $68M

PHOENIX — Lincoln Property Co. has completed the disposition of an industrial portfolio located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye St. in Phoenix. KKR acquired the fully leased, multi-tenant portfolio for $68 million.Totaling 540,039 square feet, the buildings were constructed between 1980 and 1990 and offer 24- to 28-foot clear heights, dock-high and grade-level doors and generous parking ratios. The buildings were designed as …

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