REBusinessOnline

Willis Development Opens 106-Unit Assisted Living Community in Tucson, Arizona

TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + …

Sun Commercial Brokers $4.5M Sale of Medical Office Building in Glendale, Arizona

GLENDALE, ARIZ. — Sun Commercial Real Estate's Investment Services Group has arranged the sale of a medical office building located at 20325 N. 51st Ave. in Glendale. A California-based buyer acquired the property for $4.5 million, or approximately $375 per square foot. DaVita Dialysis occupies the 12,148-square-foot property on an absolute net-leased basis, with at least 10 years remaining on its lease. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun …

International Joint Venture Acquires 302,209 SF Office Property in Phoenix

PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix's Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum's Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now …

Cushman & Wakefield Brokers Sale of 162,640 SF Office Building in Tempe, Arizona

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Tempe City Center, an office building located at 1400-1470 E. Southern Ave. in Tempe. Tempe CC Hui LLC purchased the 162,640-square-foot property from Tempe City Center Limited Partnership for an undisclosed price. At the time of acquisition, the property was more than 90 percent leased to a variety of tenants, including National Bank of Arizona, Fresensius Medical Care and regional law firm Carpenter, Hazelwood, Delgado & …

Akara Partners Acquires Development Site in Phoenix for Mixed-Use Property

PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor …

CBRE Negotiates Sale of 533,116 SF Entertainment District in Metro Phoenix for $133M

GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse …

Biltmore RE Acquires Office Building in Phoenix for $3.1M

PHOENIX — Biltmore RE, a net-leased investment group, has purchased an office building located at 2701 E. Camelback Road in Phoenix, for $3.1 million. The sale was an absolute triple-net leaseback to the seller, Arciterra Cos., a real estate investment and development company. The property features 8,501 square feet of Class A office space. Jenette Bennett of Kidder Mathews represented the buyer in the

Capital One Provides $20.8M HUD Refinancing for Seniors Housing Community in Tucson

TUCSON, ARIZ. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson. The facility opened in 1964, with expansions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area. The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing …

CyrusOne Buys 68.2 Acres for Data Center Development in Mesa, Arizona

MESA, ARIZ. — CyrusOne has acquired 68.2 acres of land within Mesa Elliot Technology Park in Mesa for the development of a cloud storage campus for the Fortune 1000. Upon completion, the campus will feature five buildings with up to 198 megawatts of critical power to power cloud computing services for clients. Details of the acquisition were not released. CyrusOne operates 45 data center facilities across the United States, Europe and