REBusinessOnline

George Oliver Acquires Biltmore Commerce Center in Phoenix, Plans $52M Renovation

PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in the Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price.Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a …

MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B

ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee …

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona

MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million.Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining.Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property.Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal.Designed as a last-mile delivery station, the …

Lincoln Property Co. Plans 1 MSF Industrial Campus in Tucson, Arizona

TUCSON, ARIZ. — Lincoln Property Co. (LPC) has released plans to develop I-10 International, a more than 1 million-square-foot, Class A industrial property in Tucson. LPC purchased the land site from Tucson-based Diamond Ventures for an undisclosed price. Keri Lazarus Silyvn served as entitlement counsel for LPC.Situated on 77 acres, the four-building warehouse/distribution campus will feature a 476,000-square-foot facility, a 214,882-square-foot property, a 188,327-square-foot asset and …

Creation Sells Industrial Building Near Phoenix for $130M, Plans 4.2 MSF New Development

BUCKEYE, ARIZ. — Creation, a real estate development and alternative investment firm headquartered in Phoenix, has sold 10 West Commerce Park in the Phoenix suburb of Buckeye for $130 million. The seller says it’s the highest gross sales price for an industrial property in Buckeye’s history. The buyer was Los Angeles-based investment firm Cohen Asset Management.Funko, a toy company best known for its pop culture figurines, bobbleheads and other collectibles, fully occupies the 10 West …

Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson

TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released.Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy …

Pro Residential Sells The Waterfront Apartments in North Phoenix to Rise48 Equity for $75.3M

PHOENIX — Los Angeles-based Pro Residential has completed the disposition of The Waterfront, a multifamily community in North Phoenix. Arizona-based Rise48 Equity acquired the asset for $75.3 million, or $261,458 per unit.Located at 11459 N. 28th Drive, The Waterfront features 228 apartments spread across 14 three-story residential buildings. The one-, two- and three-bedroom units range in size from 527 square feet to 899 square feet. At the time of sale, the community was 91 percent …

Cortland Acquires 202-Unit Centerra Apartment Community in Scottsdale for $74.7M

SCOTTSDALE, ARIZ. — An entity formed by Atlanta-based Cortland has purchased Centerra, a renovated multifamily property located at 11100 N. 115th in Scottsdale. Tanbic Edgehill Centerra Aprtments LLC, a partnership between Edgehill and The Tanbic Co., sold the asset for $74.7 million.Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom units with washers and dryers. Community amenities include an onsite fitness center, pool, spa, fire pit, barbecue area and …

Western Wealth Capital Buys 352-Unit Villetta Apartment Homes in Mesa, Arizona

MESA, ARIZ. — Western Wealth Capital has purchased Villetta Apartment Homes, a multifamily property in Mesa. Terms of the transaction were not released. Villetta Apartment Homes features 352 apartments.Western Wealth Capital plans to implement interior and exterior value-add programs at the property. Many of the interiors are in original condition and have not been upgraded since the property’s completion in 1983. The property amenities have recently been

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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