REBusinessOnline

Virtú Investments Sells Peak 16 Apartment Community in Phoenix for $81.3M

PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit.Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment.Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and …

Shorenstein Properties Buys 446,000 SF Fountainhead Office Plaza in Tempe, Arizona

TEMPE, ARIZ. — Shorenstein Properties has acquired Fountainhead Office Plaza, an office property located in Tempe. Terms of the transaction, including the name of the seller and acquisition price, were not released.Built in 2011, the two-building asset features 446,000 square feet of Class A office space, as well as a six-story standalone parking facility. The LEED Gold-certified six- and 10-story buildings offer floor plates averaging approximately 28,000 square feet. On-site amenities …

SB Real Estate Partners Expands Phoenix-Area Portfolio with $24.3M Multifamily Purchase

MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program.Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit …

US Capital Development Breaks Ground on 599,468 SF Spec Industrial Project in Glendale, Arizona

GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale.The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022.The project …

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona.Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building …

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million.Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge.Brad …

Lincoln, Harvard Buy 585-Acre Land Site for 7 MSF Goodyear Airpark Industrial Development in Arizona

GOODYEAR, ARIZ. — A joint venture between Harvard Investments and LPC Desert West, the Southwest regional office of Lincoln Property Co., has acquired a 585-acre land parcel in Goodyear for the development of a Class A industrial park.Situated next to the Phoenix-Goodyear Airport, Goodyear Airpark will feature up to 7 million square feet of industrial space in as many as 20 buildings at build-out. The partnership will break ground on the first phase in first-quarter 2022. The first phase …

Sares Regis Divests of 250-Unit Sedona Ridge Multifamily Community in Phoenix

PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released.Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached …

Stafford Holdings Buys 88,696 SF Office Building in Phoenix for $22.1M

PHOENIX — Idaho-based Stafford Holdings has purchased North Loop 101 Building D, an office building located at 19820 N. 7th Ave. in Phoenix. Los Angeles-based Regent Properties sold the property for $22.1 million.Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, while Blake Hupfer of Premiere Property Group represented the buyer in the deal.The two-story building features 88,696 square feet of Class A office space. At the time of sale, the property was fully …

Marcus & Millichap Arranges $8.1M Sale of Retail Property in Phoenix

PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million.WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers.Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s …

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