Arizona Archives - REBusinessOnline

CNSREIT Acquires 303,000 SF Shopping Center in Phoenix

Amy Works — Fri, 09 Oct 2026 14:51:29 +0000

PHOENIX — Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Grand Canyon Crossing, a 303,000-square-foot shopping center located in Phoenix. Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Additional tenants include Harbor Freight Tools, Wendy’s, YouFit Health Club, Sally Beauty Supply, Nationwide Vision Center, Denny’s, Starbucks Coffee, Sonic, Jamba and Quick Quack Car Wash. The retail center was built on 33 acres in 2005. CNSREIT acquired Grand Canyon Crossing through a joint venture with the Sterling Organization. Further details of the transaction were not disclosed.

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Equus Capital Partners Divests of 1.2 MSF Industrial Portfolio in Tucson for $165.7M

Amy Works — Thu, 08 Oct 2026 14:25:51 +0000

TUCSON, ARIZ. — Equus Capital Partners has divested of a 14-property industrial portfolio in Tucson to Catalyst Real Estate and New York-based Everview Partners for a combined $165.7 million, or $133 per square foot. Paul Hooker of Cushman & Wakefield | PICOR, in conjunction with Will Strong, Michael Matchett, Madeline Warren, Molly Miller and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group, represented the buyer and seller in the deal. Known as the Tucson Shallow Bay Industrial Portfolio, the 1.2-million-square-foot portfolio includes:

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IPA Brokers $47.8M Sale of Astor at Osborn Apartments in Phoenix

Amy Works — Thu, 01 Oct 2026 12:52:01 +0000

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Astor at Osborn, a mid-rise multifamily property in Phoenix. The asset traded for $47.8 million, or $250,262 per unit. Steve Gebing and Cliff David of IPA represented the undisclosed seller and undisclosed buyer in the deal. Completed in 2019, The Astor at Osborn features 191 apartments, garage parking, a resort-style swimming pool, fitness center, clubroom and outdoor grilling stations. The property offers a mix of studio, one-, two- and three-bedroom apartments.

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D.R. Horton Divests of 260-Unit Ascend at Black Canyon Multifamily Property in Phoenix

Amy Works — Wed, 30 Sep 2026 13:44:47 +0000

PHOENIX — D.R. Horton has completed the disposition of Ascend at Black Canyon, an apartment community in Phoenix, to Millburn & Co. for $58.7 million, or $225,769 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milichap, represented the seller and procured the buyer in the transaction. Built on 10 acres in 2024, Ascend at Black Canyon is a controlled-access community with 260 one-, two- and three-bedroom apartments with stainless steel appliances, washers/dryers, smart-home technology, dual-pane windows and private patios or balconies. Community amenities include a resort-style swimming pool, 24-hour fitness center, two dog parks and a pet washing station.

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Marcus & Millichap Brokers Sale of Two-Property Self-Storage Portfolio Near Phoenix

Amy Works — Thu, 24 Sep 2026 13:12:54 +0000

APACHE JUNCTION, ARIZ. — Marcus & Millichap has completed the sale of a two-property CubeSmart portfolio in Apache Junction. MyPlace Self Storage and Nuveen purchased the portfolio from New York City-based Palatine Capital for an undisclosed price. Totaling 523 units, the portfolio includes facilities at 1678 W. Superstition Blvd. and 1735 W. Apache Trail in Apache Junction, approximately 30 miles east of downtown Phoenix. The property at 1678 W. Superstition Blvd. features 342 units and 57,092 net rentable square feet and the property at 1735 W. Apache Trail contains 181 units and 27,100 net rentable square feet. Nathan Coe, Adam Schlosser, Brett Hatcher, Gabe Coe and Charles LeClaire of Marcus & Millichap’s Columbus and Denver offices, in association with Ryan Sarbinoff as Marcus & Millichap’s Arizona broker of record, represented the seller in the deal.

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Seefried, WDP Break Ground on 269,100 SF Industrial Park in Chandler, Arizona

Amy Works — Wed, 23 Sep 2026 13:48:13 +0000

CHANDLER, ARIZ. — Seefried Industrial Properties, in partnership with WDP Partners, has broken ground on an industrial project at 1703 S. Arizona Ave. in Chandler. ARCO is serving as general contractor for the project, which is slated for completion in third-quarter 2027. Situated on 16.7 acres, the two-building project will feature 269,100 square feet of Class A industrial space. The project will include a 69,300-square-foot Building A and a 199,800-square-foot Building B. Both buildings will feature 32-foot clear heights and ESFR sprinkler systems, with a combined 65 dock-high doors, four grade-level doors, 204 parking spaces and 56 trailer spaces. Dan Calihan, Pat Feeney and Tyler Vowels of CBRE are handling leasing and marketing efforts for the development.

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JLL Arranges $154.1M in Financing for Six-Property Retail Portfolio Spanning Three States

Amy Works — Fri, 18 Sep 2026 13:19:19 +0000

CALIFORNIA — JLL has arranged $154.1 million in financing for a six-property, 1.3 million-square-foot retail portfolio spanning California, Arizona and Georgia. Chris Drew, John Marshall, Wells Waller, Jarrod Howard, Gabriel Davenport and Preston Bacon of JLL Capital Markets secured financing for the borrowers, Kimco Realty Corp. and an institutional joint venture partner, through institutional investors advised by J.P. Morgan Asset Management. The portfolio includes Morena Plaza in San Diego, Rancho San Diego in El Cajon, Calif., Vail Ranch Plaza and Redhawk Towne Center in Temecula, Calif.; North Decatur Station in Decatur, Ga.; and The Summit at Scottsdale in Scottsdale, Ariz. The portfolio is 99 percent occupied with a 4.6-year weighted average lease term and features grocery anchors, including Costco, Walmart, Whole Foods Market, Sprouts Farmers Market and Safeway. National tenants occupy approximately 76 percent of the portfolio’s gross leasable area, with 46 percent of the tenant roster comprising investment-grade credit.

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Subtext Completes 769-Bed Student Housing Development Near Arizona State University

Amy Works — Thu, 17 Sep 2026 13:14:09 +0000

TEMPE, ARIZ. — Subtext has completed VERVE Tempe, a 769-bed student housing development located at 1047 S. Terrace Road near the Arizona State University campus in Tempe. Subtext completed the 15-story community in partnership with FrontRange Capital Partners and TPG Real Estate Partners. Kennedy Wilson provided financing. The development team included ESG Architecture & Design and Brinkmann Constructors. VERVE Tempe spans 479,388 square feet and offers 240 units in studio through four-bedroom configurations. Shared amenities include a rooftop pool and clubroom with a game lounge, photo booth and entertaining kitchen; hot tub and cold plunge; outdoor fire pits, a game lawn and grilling stations; two-story fitness center with smart workout equipment, indoor and outdoor fitness spaces, a dedicated yoga room and wellness suite with a meditation room and sauna; golf simulator; study lounge with private and group study spaces; a pet spa and dog run; lobby coffee bar; and 1,800 square feet of ground-floor retail space.

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Oxford Properties, Sagard Real Estate Divest of 113,110 SF Industrial Facility in Chandler, Arizona

Amy Works — Wed, 16 Sep 2026 13:18:36 +0000

CHANDLER, ARIZ. — Oxford Properties, in partnership with Sagard Real Estate, has completed the disposition of 800 East Germann Road in Chandler to Cohen Asset Management for an undisclosed price. Will Strong, Jack Stamets, Molly Miller, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and seller in the deal. Brian Share and Ernesto Sanchez of Cushman & Wakefield led the debt placement, securing a loan through an insurance company lender. Delivered in 2021, the 113,110-square-foot facility features 1.5 acres of secured excess yard space, a fully gated truck court and efficient circulation. Ferguson Enterprises fully leases the property, which is located within Chandler Airpark.

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Foundation 8 Receives $44.5M Loan for Office Component of Mixed-Use Tower in Downtown Phoenix

Amy Works — Fri, 11 Sep 2026 13:56:01 +0000

PHOENIX — Foundation 8 has received a $44.5 million loan secured by the office component of 333 N. Central Avenue, a mixed-use tower in downtown Phoenix. Hilco Group Real Estate Capital structured the first mortgage financing to refinance existing acquisition financing and provide additional capital to support leasing costs, tenant improvements, capital improvements and other costs associated with the execution of Foundation 8’s business plan. New York-based Sterling Realty Capital acted as debt placement agent and financing advisor to Foundation 8 in connection with the transaction. Adi Bedi of Sterling Realty Capital led the financing assignment and worked closely with Foundation 8 and the Hilco Global practice throughout the structuring, underwriting and closing process. Built in 2010, the property comprises 246,490 square feet of office space across the top eight floors of the tower, 2,522 square feet of ground-floor retail space, rooftop amenity rights and shared access to the building’s parking structure. A separately owned 242-key Westin Hotel occupies the middle portion of the building. The financing will support the repositioning of the office space from a historically single-tenant corporate headquarters into a multi-tenant office property. Foundation 8 purchased the office component in December 2025. Originally purpose-built for Freeport-McMoRan, the…

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TSB Capital Arranges Refinancing for 448-Bed Student Housing Community Near Northern Arizona University

Amy Works — Thu, 10 Sep 2026 13:40:53 +0000

FLAGSTAFF, ARIZ. — TSB Capital Advisors has secured a refinancing for Commons at Sawmill, a 448-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB placed a floating-rate loan through Old National Bank on behalf of the borrower, a joint venture between Coastal Ridge Real Estate and Real Estate at Goldman Sachs Alternatives. Delivered in 1992 and renovated in 2023, the community offers 194 units in a mix of studio, two- and four-bedroom configurations. Shared amenities include a clubhouse, fitness center, study lounge, conference space and an outdoor courtyard with grilling stations.

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Basis Industrial Buys Land in Surprise, Arizona for Development of 707-Unit Self-Storage Facility

Amy Works — Wed, 09 Sep 2026 14:31:01 +0000

SURPRISE, ARIZ. — Basis Industrial, a privately held and vertically integrated real estate owner and operator based in Delray Beach, Fla., has acquired a land parcel at 17140 W. Waddell Road in Surprise for the development of a self-storage facility. Additionally, Basis Industrial closed on a $20.5 million construction loan for the project. NexBank and NexPoint provided the construction financing. The development will encompass approximately 102,673 square feet with 707 climate-controlled storage units upon completion. Construction is expected to begin later this year, with completion and opening slated for fall 2027. The project will be situated within the Truman Ranch master-planned community, including more than 600 new apartment units.

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Evergreen Development Acquires 11.7 Acres in Mesa, Arizona, Plans Mixed-Use Project

Amy Works — Tue, 08 Sep 2026 13:07:23 +0000

MESA, ARIZ. — Evergreen Development has acquired 11.7 acres of land in Mesa, with plans to build a mixed-use project that will feature multifamily space and a new retail center. The retail portion of the site is planned to comprise an approximately 8,500-square-foot multi-tenant retail building for restaurant and retail uses, as well as a 2,360-square-foot freestanding Chipotle with a drive thru. The multifamily portion will include 261 apartments across nine three-story buildings. Evergreen plans to break ground on the project in the first quarter of 2027, with lease-up beginning in the second quarter of 2028. Brookfield sold the site for an undisclosed price.

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Lincoln Property Co. Sells Two Industrial Buildings at Park303 in Glendale, Arizona for $170.2M

Amy Works — Wed, 02 Sep 2026 14:24:36 +0000

GLENDALE, ARIZ. — Dallas-based Lincoln Property Co. has sold two industrial buildings within Park303 in Glendale. Nuveen Real Estate acquired the assets for $170.2 million. The transaction represents the last of the four buildings sold at Park303, a 210-acre, 3.7 million-square-foot logistics campus located along Loop 303 freeway and Glendale Avenue. The transaction includes Park303 Phase II – Building A, which totals 629,835 square feet and is fully leased to DHL, and Park303 Phase II – Building B, which totals 483,000 square feet and is fully leased to Logisticus Group LLC. Completed in 2025, Park303 Phase II includes three buildings totaling 2.5 million square feet. The phase’s Building C sold in October 2025 to Dollar Tree $147 million. Completed in late 2020, Park303 Phase I totals 1.2 million square feet and is fully leased on a long-term deal to Walmart. BentallGreenOak purchased this building in 2021 for $186 million. Will Strong and Molly Miller of Cushman & Wakefield represented Lincoln in the final Park303 Phase building sales.

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Trammell Crow Co. Completes Sprouts Farmers Market Headquarters in Phoenix

Amy Works — Tue, 01 Sep 2026 13:50:38 +0000

PHOENIX — Trammell Crow Co. has completed a 181,000-square-foot mixed-used development in Phoenix. Project partners include U.S. Realty Advisors, RSP Architects, Wespac Construction, Keyser and JLL. The 8-acre project consists of a 145,000-square-foot Class A office building serving as Sprouts Farmers Market’s corporate headquarters, a 25,000-square-foot flagship Sprouts grocery store and approximately 11,000 square feet of additional retail space. The grocery store opened to the public on July 24, 2026, and the office headquarters building is now ready for occupancy. Located within the CityNorth development near 56th Street and Loop 101, the headquarters features a community garden, rooftop deck, fitness center and culinary kitchens.

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Venture West Group Sells Innovation Park in Oro Valley, Arizona for $21.2M

Amy Works — Thu, 27 Aug 2026 13:58:49 +0000

ORO VALLEY, ARIZ. — Venture West Group has sold Innovation Park, a 333-acre master-planned business park in Oro Valley, to Bourn Cos. for $21.2 million. Robert Glaser, Richard Kleiner, Greg Furrier, Alexis Corona and Natalie Furrier of Cushman & Wakefield | PICOR represented the seller in the transaction. Kate Zimmerman, also with Cushman & Wakefield | PICOR, supported the transaction. Located at the northwest corner of Oracle and Tangerine roads, the business park is home to a variety of tenants, including Roche Tissue Diagnostics, the University of Arizona Center for Innovation at Oro Valley and Oro Valley Hospital.

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LV Collective Completes 829-Bed Student Housing Community Near Arizona State University

Amy Works — Wed, 26 Aug 2026 14:24:28 +0000

TEMPE, ARIZ. — LV Collective, in partnership with Kayne Anderson Real Estate, has completed Rambler Tempe, a purpose-built student housing property located at 1020 E. Apache Blvd. in Tempe, home of Arizona State University. Project partners included Shepley Bulfinch as architect, Layton as general contractor and Variant Collaborative as interior designer. Pacific Life provided debt financing for the project. The 14-story, 552,380-square-foot Rambler Tempe features 289 units totaling 829 beds in a mix of studio, one-, two-, three- and four-bedroom floor plans. Move-ins started in late July.

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Creation Breaks Ground on 700,000 SF Avondale Tech Center in Arizona

Amy Works — Thu, 20 Aug 2026 14:15:56 +0000

AVONDALE, ARIZ. — Local developer Creation, in partnership with a real estate fund advised by Crow Holdings Capital, has broken ground on Avondale Tech Center, a 700,000-square-foot Class A industrial campus on the western outskirts of Phoenix. LGE Design Build is serving as both architect and general contractor for the project, which is slated for completion in third-quarter 2027. Situated on 38 acres on the northwest corner of 117th Avenue Corporate Drive, Avondale Tech Center will feature three buildings ranging in size from 212,184 to 254,264 square feet. The buildings will offer 36-foot clear heights, seven-inch unreinforced slab floors, four EV chargers with eight charging stalls per building and fully gated entry. Riley Gilbert, John Lydon and Kelly Royle of JLL are handling leasing efforts for the development.

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CBRE Arranges $45.8 Million Loan for Refinancing of Scottsdale Towne Center

Matthew Auchincloss — Wed, 19 Aug 2026 14:40:00 +0000

SCOTTSDALE, ARIZ. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a 168,090-square-foot power center located at 15444 N. Frank Lloyd Wright Blvd. in Scottsdale. The center is nearly 100 percent leased and is anchored by TJ Maxx, Ross and Mountainside Fitness and shadow-anchored by Target. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance team secured a five-year, fixed-rate, full-term interest-only loan on behalf of the owner, who acquired the property in 2021.

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CBRE Arranges $45.8M Loan for Refinancing of Retail Center in Scottsdale, Arizona

Amy Works — Tue, 18 Aug 2026 13:37:00 +0000

SCOTTSDALE, ARIZ. — CBRE has arranged a $45.8 million loan for the refinancing of Scottsdale Towne Center, a retail center located at 15444 N. Frank Lloyd Wright Blvd. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets’ Debt and Structured Finance secured the five-year interest-only, fixed-rate loan on behalf of the undisclosed owner. The 168,090-square-foot retail center was nearly 100 percent leased at the time of the loan closing, with current tenants including T.J. Maxx, Ross Dress for Less and Mountainside Fitness. Additionally, the property is shadow-anchored by Target. The sponsor acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50,000-square-foot space to Mountainside Fitness’ for a flagship location.

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