Arizona

ViaWest Group, Walton Street Capital Sell Farmer Industrial Center in Tempe for $24.5M

by Amy Works March 11, 2026

TEMPE, ARIZ. — ViaWest Group and Walton Street Capital have completed the disposition of Farmer Industrial Center, a two-building industrial park in Tempe. Speed Bay acquired the asset, located at 9185 and 9245 S. Farmer Ave., for $24.5 million. Totaling 93,903 square feet, the property features a clear height of 20 feet, six dock-high and 13 grade-level doors, with additional capacity through two punch-outs, wet-pipe sprinkler systems and ample parking at 2.6 spaces per 1,000 square feet. At the time of sale, the property was 94.1 percent leased to seven tenants, including aerospace, third-party logistics, home improvement services and electrical testing industries. Ben Geelan, Greer Oliver, Bryce Beecher and Gigi Martin of JLL Capital Markets represented the seller in the deal.

March 11, 2026

Arizona Development Multifamily Western

Sunbelt Investment Holdings to Develop 363-Unit Multifamily Community in Phoenix

by Amy Works March 9, 2026

PHOENIX — Sunbelt Investment Holdings (SIHI) has commenced development of Sanctuair Deer Valley, a Class A multifamily development on 18 acres at the northwest corner of 19th Avenue and West Grandview in Phoenix. Sanctuair Deer Valley will feature two- and three-story residential buildings offering a total of 363 one-, two- and three-bedroom apartments, as well as townhomes ranging from 737 square feet to 1,802 square feet. Onsite amenities will include a resort-style pool with a spa and cold plunge, a large fitness center, yoga lawn, pickleball courts, a pedestrian walking trail, golf simulator, an outdoor putting green, music room, hammock garden and meditation room. Additionally, the community will offer a citrus orchard, resident garden, game lawn, enclosed bike storage, a tot-lot for kids and two dog parks with dog wash areas. CCBG Architects designed the project, and MT Builders is serving as general contractor. Greystar will manage the asset upon completion. The clubhouse, fitness center and first units are slated for delivery in third-quarter 2027.

March 9, 2026

Acquisitions Arizona Office Western

Workspace Property Trust Sells Two-Building, 238,500 SF Office Campus in Phoenix

by Amy Works March 5, 2026

PHOENIX — Workspace Property Trust has completed the disposition of a two-building office campus in Phoenix. An affiliate of Wentworth Property Co. acquired the property for an undisclosed price. Totaling 238,500 square feet, the campus includes two three-story buildings with 39,750-square-foot floor plates. Onsite amenities include a fitness center with locker rooms, a large kitchen, electric vehicle charging stations, multiple indoor and outdoor work areas and loading docks. Originally built in 2001, the asset offers flexible configurations suitable for a range of tenant needs. The campus is located at 25500-25600 N. Norterra Drive. Wentworth plans to invest in the property, including a full mechanical engineering upgrade and new food, wellness and training amenities. Jim Bayless and Ashley Brooks Jr. of CBRE advised on the transaction. The team will handle leasing for the property on behalf of Wentworth, with Wentworth Property Management managing the campus.

March 5, 2026

Acquisitions Arizona Healthcare Western

JLL Brokers Sales of Two Medical Office Buildings in Scottsdale, Arizona

by Amy Works March 2, 2026

SCOTTSDALE, ARIZ. — JLL Capital Markets has arranged the sales of Pima I and Pima II, two medical office buildings in Scottsdale. Cypress West Partners acquired Pima I, and a private investor purchased Pima II. Terms of the transactions were not released. The assets are situated on 14.6 acres at 8415 N. Pima Road and 8466 N. Pima Road. Pima I is a two-story, 91,212-square-foot medical building that is 92 percent leased to national, regional and local medical users providing a range of specialties, including ambulatory surgery. Pima II is a vacant, two-story medical and/or professional building totaling 89,983 square feet. The property was formerly the headquarters of Rural Metro Fire. JLL’s Medical Properties Group, in collaboration with the local office, represented the undisclosed seller and procured the two separate buyers.

March 2, 2026

Arizona Development Hospitality Western

PEG Cos. Opens 168-Room AC Hotel Scottsdale Old Town in Arizona

by Amy Works February 27, 2026

SCOTTSDALE, ARIZ. — PEG Cos., as developer, co-owner and manager, has opened AC Hotel Scottsdale Old Town, a six-story AC Hotels by Marriott asset at 7117 E. 3rd Ave. in Scottsdale. The hotel features 168 guest rooms, the brand’s signature AC Lounge and AC Kitchen, a 24/7 fitness center, rooftop pool and purpose-designed meeting and event rooms. The property also features a three-level underground parking garage and pet-friendly accommodations for guests traveling with small dogs up to 50 pounds. Additionally, Cielito, a rooftop bar and restaurant developed in collaboration with The Wayfaring Group, features 70 seats.

February 27, 2026

Arizona Hospitality Loans Western

JLL Arranges $37M Refinancing for Ambiente Hotel in Sedona, Arizona

by Amy Works February 27, 2026

SEDONA, ARIZ. — JLL Hotels & Hospitality Group has arranged $37 million in nonrecourse refinancing for Ambiente, an adults-only luxury hotel in Sedona. Adrienne Andrews and Jessica Mehra of JLL secured the refinancing through a debt fund. The transaction provides a significant cash-out component, recapitalizing the asset for continued operations and future growth. Located at 900 W. State Route 89A, Ambiente features 40 glass guest atriums on a 3-acre site. The accommodations feature floor-to-ceiling windows, private rooftop decks with fireplaces and curated interior finishes. Onsite amenities include Forty1 restaurant, Velvet Spa and 600 square feet of event space. The landscape hotel is one of Arizona’s only two Michelin Key hotels.

February 27, 2026

Acquisitions Arizona Office Western

LevRose CRE Negotiates $9.7M Sale of Ventura Gateway Office Building in Scottsdale, Arizona

by Amy Works February 23, 2026

SCOTTSDALE, ARIZ. — LevRose Commercial Real Estate has directed the sale of Ventura Gateway, a multi-tenant office building in Scottsdale. The property traded for $9.7 million, or $185 per square foot. Situated on 3.3 acres at 8687 E. Via de Ventura, the property offers 52,583 square feet of office space. Jason Reddington and Keri Davies of LevRose represented the undisclosed buyer and undisclosed seller in the deal.

February 23, 2026

Acquisitions Arizona Office Western

Legacy Property Management Divests of 50,000 SF Office Space in Tucson for $8.5M

by Amy Works February 23, 2026

TUCSON, ARIZ. — Legacy Property Management has completed the sale of a 50,000-square-foot office space at 155 N. Rosemont Blvd. in Tucson. The Special Fund of the Industrial Commission of Arizona acquired the space for $8.5 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Christopher Corney of Jones Lang LaSalle Americas represented the buyer in the deal.

February 23, 2026

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Bela Flor, TruVista Sell Avalon Townhomes in Avondale, Arizona for $30.1M

by Amy Works February 20, 2026

AVONDALE, ARIZ. — Arizona-based Bela Flor and TruVista Development have completed the sale of Avalon Townhomes, a build-to-rent community in Avondale. An undisclosed buyer acquired the asset for $30.1 million, or $430,000 per unit. Completed in 2025, Avalon Townhomes features 70 two- and three-bedroom townhomes averaging 1,677 square feet in size. The townhomes offer quartz counters, kitchen islands, luxury plank flooring, stainless steel appliances, walk-in closets, dual vanities, doggy doors, full smart-home connectivity, as well as direct-access one- and two-car garages with EV charging, dedicated driveways, private enclosed backyards. Community amenities include a resort-style pool and spa, pet park, an outdoor fitness circuit, a barbecue ramada and abundant guest parking. Mark Forrester, Andrew Curtis and Ryan Boyle of Berkadia’s Phoenix office represented the seller in the deal.

February 20, 2026

Acquisitions Arizona Industrial Western

Transwestern Acquires Two-Building, 662,804 SF Industrial Property Near Phoenix

by Amy Works February 18, 2026

TOLLESON, ARIZ. — Transwestern Investment Group (TIG), on behalf of a separately managed account, has purchased a two-building industrial property at 9400 Latham St. in Tolleson. Terms of the transaction were not disclosed. Delivered in 2022, the 662,804-square-foot property is fully leased. Building A is a 402,015-square-foot cross-dock facility with a clear height of 36 feet, a 190-foot truck court, ESFR sprinkler systems and abundant trailer parking. Building B totals 260,789 square feet and features a rear-load configuration with a clear height of 32 feet, a 130-foot truck court and ESFR sprinklers.

February 18, 2026

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