GLENDALE, ARIZ. — An affiliate of Cohen Asset Management has purchased Phase I of Falcon Park 303 in Glendale for $81.7 million. The 599,486-square-foot, Class A industrial building was built on a speculative basis in 2022 and is fully leased. It is part of a larger industrial campus totaling 925,504 square feet. The property is located at 15132 West Camelback Road. Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller, USCD.
IPA Arranges Sale of 234-Unit High-Rise Apartment Complex in Downtown Phoenix
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …
Gantry Arranges $41.6M Refinancing for Lunaire Apartments in Goodyear, Arizona
GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.
Cypress West Partners Buys 30,000 SF Medical Office Building in Mesa, Arizona
MESA, ARIZ. — Cypress West Partners purchased a 30,000-square-foot medical office building in Mesa. The single-story property is located at 6309 East Baywood Ave. The seller and price were not disclosed. The firm acquired the fully vacant building from a group of local physicians that originally developed the property in 2002. They had operated a practice there until recent retirement. A cardiology practice has signed a new lease for 20,000 square feet at the property, with plans to establish a flagship clinical location. Cypress West is investing more than $3 million in capital improvements to the building, including roof, mechanical and site improvements. It is also modernizing an existing 10,000-square-foot ambulatory surgery center to current licensure standards and code. The space will offer two operating rooms, with an ability to increase to four. The repositioning is scheduled for completion by September. Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.
Food for the Hungry Establishes 30,000 SF Headquarters at Renaissance Square in Downtown Phoenix
PHOENIX — Food for the Hungry has leased nearly 30,000 square feet of office space at Renaissance Square in downtown Phoenix. The new lease will allow the international humanitarian organization to consolidate its three downtown Phoenix locations into a single global corporate headquarters. Food for the Hungry’s new lease will relocate about 130 corporate headquarters employees to 2 N. Central Ave., one of two Class A, high-rise office buildings at the 985,000-square-foot Renaissance Square. The remaining 99 percent of the organization’s staff works in their country of origin. Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL represented Food for the Hungry in the negotiations. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.
Commercial Properties Inc. Brokers Sale of Black Canyon Commerce Park in Phoenix for $5.6M
PHOENIX — North Mountain Professional Plaza LLC has purchased Black Canyon Commerce Park, a 56,042-square-foot office building in Phoenix, for $5.6 million. The multi-tenant building is located at 2225 W. Peoria Ave. The asset is situated about 15 minutes from the Taiwan Semiconductor Manufacturing Company plant. Bob Deininger at Commercial Properties Inc. represented the buyer. Deininger and Ken Elmer have retained the lease listing of Black Canyon Commerce Park. The seller was not disclosed.
Mohr Capital Starts Construction of 704,472 SF West Summit Logistics Park in Surprise, Arizona
SURPRISE, ARIZ. — Mohr Capital has started construction of West Summit Logistics Park, a 704,472-square-foot industrial property in Surprise. The project will include two Class A industrial buildings situated three miles from the Northern Parkway and five miles from Loop 101 and Loop 202. Mohr Capital is the project developer, while Rosewood is the equity partner. Ware Malcomb serves as the project architect, and Nitti/DAC, a joint venture between Nitti Builders and Del Amo Construction, serves as the general contractor.
Toll Brothers, The Davis Cos. Open 403-Unit Callia Apartments in Phoenix
PHOENIX — A joint venture between Toll Brothers Apartment Living and The Davis Cos. has opened Callia, a 403-unit community in Phoenix’s midtown neighborhood. The developers broke ground on the project in 2021, with resident occupancy beginning in October 2022. Pinnacle Financial Partners and Trustmark provided a construction loan facility for the development. Callia is situated on an 8.2-acre site. Phoenix-based architect Biltform and interior designer Streetsense designed the property. Callia offers studio, one-, two- and three-bedroom apartments, as well as nine live-work units. Community features include surface parking, tuck-under garages, EV charging stations, multiple lounges, a package room with cold storage, a fitness center, coworking spaces, property-wide Wi-Fi, a dog park with a pet wash station, bike storage and a bike service station. The property also offers 1,100 square feet of ground-floor retail space.
RSN Property Group Buys The Gallery Apartments in Tempe, Arizona for $20.3M
TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit apartment community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. The Gallery is a two-story, 13-building property built in 1972 on approximately four acres. Amenities include a pool, fitness center and laundry facility. Apartment features include private patios or balconies. The two- and three-bedroom floor plans average 1,013 square feet in size. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap’s Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson led the IPA capital markets team.
Faris Lee Arranges Sale of 268,000 SF Shopping Center in Flagstaff, Arizona
FLAGSTAFF, ARIZ. — Faris Lee Investments has arranged the $23.5 million sale of The Marketplace, a 268,000-square-foot shopping center in Flagstaff. Tenants at the property include Petco, Best Buy, World Market, Marshall’s, Old Navy and Bealls Outlet. Don MacLellan, Jeff Conover and Scott DeYoung of Faris Lee represented the seller, Macerich, in the all-cash transaction. A California-based 1031 investor purchased the property.