REBusinessOnline

Bird Dog Industrial Acquires Gila Springs Industrial Park in Arizona for $10.1M

CHANDLER, ARIZ. — La Jolla, Calif.-based Bird Dog Industrial has purchased Gila Springs Industrial Park, an industrial complex located near Chandler Boulevard and Kyrene Road in Chandler. GBI Erie, an Arizona corporation led by the Imdieke Family, sold the asset for $10.1 million, or $98.79 per square foot. Constructed between 1988 and 1997, the property's five buildings offer a total of 101,934 square feet of industrial space. UCT, a subsidiary of Ultra Clean, occupies the complex. The …

KeyBank Arranges $140.3M Refinancing for Three Multifamily Properties in Utah, Arizona

SANDY AND LAYTON, UTAH, AND FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured a $140.3 million in Fannie Mae Credit Facility for Centerville, Utah-based Keller Investment Properties. The borrower will use the facility, which is expandable to additional properties, to refinance three multifamily assets in Utah and Arizona. The properties are Park at City Center in Sandy, Quail Cove Apartments in Layton and Woodcrest Apartments in Flagstaff. Brain Caudel of KBREC’s …

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at …

Marcus & Millichap Arranges $4.1M Sale of Youngtown House Apartments in Suburban Phoenix

YOUNGTOWN, ARIZ. — Marcus & Millichap has negotiated the sale of Youngtown House Apartments, a multifamily property located at 11141 W. Arizona Ave. in Youngtown, a city 20 miles northwest of Phoenix. An undisclosed buyer acquired the community for $4.1 million, or $64,063 per unit. Built in 1970, Youngtown House Apartments features 64 units and is close to a variety of retailers, including Fry’s Food and Drug, Taco Bell, Subway, Starbucks Coffee and QuikTrip. Rich Butler and Sean …

CBRE Arranges $46M Sale of FIVE46 Apartments Near Phoenix

MESA, ARIZ. — CBRE has brokered the sale of FIVE46, a multifamily community located at 546 S. Country Club Road in Mesa. S2 Capital acquired the property from a joint venture between Security Properties and funds managed by Oaktree Capital Management for $46 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers. Rocco Mandala of CBRE Debt & Structured Finance arranged acquisition financing …

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale's Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry …

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted …

Cushman & Wakefield Arranges $4.1M Sale of West Thunderbird Mini Storage in El Mirage, Arizona

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $4.1 million sale of West Thunderbird Mini Storage, a self-storage facility in El Mirage. Paul Boyle and Rick Danis of Cushman & Wakefield represented the undisclosed buyer and seller in the deal. Located at 12500 W. Thunderbird Road, West Thunderbird Mini Storage totals 400 units. Built in 2002, the 45,230-square-foot property features on-site management, drive-up access, air-controlled units, perimeter fencing, gate …

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad …

Leon Capital Breaks Ground on 380-Unit Soltra at SanTan Village in Arizona

GILBERT, ARIZ. — Dallas-based Leon Capital Group has started construction of Soltra at SanTan Village, a Class A multifamily community located at the intersection of SanTan Village Parkway and Ray Road in Gilbert. Situated on 14.2 acres, Soltra at SanTan Village will feature 380 apartments spread across six three- and four-story buildings. With a variety of floorplans, units will feature nine- and 10-foot ceilings, urban mudrooms, smart locks, walk-in showers and soaking tubs, quartz …

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