Arizona Archives - REBusinessOnline

PCCP Provides $51.8M Loan for Refinancing of Apartment Community in Gilbert, Arizona

Amy Works — Wed, 22 Jul 2026 13:26:23 +0000

GILBERT, ARIZ. — PCCP has provided a $51.8 million senior loan to a joint venture between Phoenix Capital Management and P.B. Bell for the cash-neutral refinancing of Everly at Morrison Ranch, a apartment community located in Gilbert. Built in 2025, the Class A, garden-style community features 236 apartments that were 97 percent occupied at the time of financing. Everly at Morrison Ranch, located at 4353 E. Elliot Road, includes 36 two-story buildings with an average unit size of 986 square feet. The unit mix includes one-, two- and three-bedroom floor plans with interiors featuring stainless steel appliances, quartz countertops, smart home technology, nine-foot ceilings and plank-style flooring. Community amenities include a resort-style pool and spa, private workspaces, EV charging stations, tot lot and a dog park. Select floor plans include attached or detached garages with additional detached garages available for rent. The property is self-managed by P.B. Bell.

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P3 Breaks Ground on 1,300-Bed Residence Hall Development at University of Arizona

Amy Works — Wed, 22 Jul 2026 13:22:21 +0000

TUCSON, ARIZ. — A public-private partnership (P3) between the University of Arizona, Mortenson and Mortenson Development has broken ground on The Catalina, a 1,300-bed residence hall project on the institution’s campus in Tucson. The community is being developed utilizing tax-exempt financing through a partnership with the Collegiate Housing Foundation and RBC Capital Markets. The nine-story development will offer suite-style units alongside a dining hall upon completion, which is scheduled for fall 2028. Further details on the project were not released.

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TSB Capital Advisors Arranges Loan for Refinancing of 530-Bed Community Near Arizona State University

Amy Works — Fri, 17 Jul 2026 13:17:54 +0000

TEMPE, ARIZ. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Atmosphere Tempe, a 530-bed student housing community located near the Arizona State University campus in Tempe. The floating-rate bridge loan was secured on behalf of the borrowers, Trinitas and Harrison Street Asset Management, through PGIM. Delivered in 2021, the high-rise building offers 252 units with bed-to-bath parity. Shared amenities include a rooftop pool and hot tub, resort-style sundeck with lounge seating, grilling stations, “state-of-the-art” fitness center, private study lounges, computer lounge and a coffee bar.

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Martens Development Sells Two-Building Industrial Complex in Tolleson, Arizona

Amy Works — Thu, 16 Jul 2026 12:29:00 +0000

TOLLESON, ARIZ. — Phoenix-based Martens Development has sold Park 91, a two-building industrial complex in Tolleson, part of the Phoenix metro area. AEW Capital Management sold the property on behalf of a separate account client for an undisclosed price. The facility was designed to accommodate a range of occupiers through modern specifications, adaptable layouts and high-capacity infrastructure that support logistics, distribution, light manufacturing and service-oriented operations. Will Strong, Michael Matchett, Molly Miller, Jack Stamets and Madeline Warren of Cushman & Wakefield represented both parties in the transaction. Cushman & Wakefield’s Gary Anderson and Nik Vallens provided leasing advisory services for the asset.

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StreetLights Residential Sells 320-Unit Apartment Community in Gilbert, Arizona

Amy Works — Tue, 14 Jul 2026 13:32:00 +0000

GILBERT, ARIZ. — Dallas-based StreetLights Residential has sold The Tyler, a 320-unit apartment community in Gilbert, to Camden Property Trust for an undisclosed price. Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the deal. Situated within the Agritopia master-planned community, The Tyler features studio, one-, two- and three-bedroom units with stone countertops, custom cabinetry, wood-style flooring, 10-foot ceilings, dine-in kitchen islands, built-in desks, in-unit washers and dryers and private balconies. Community amenities include a resort-style pool with cabanas, spa and fireplaces, greenhouse-style coworking space and conference room, demonstration kitchen, outdoor entertainment paseo with grilling stations and media lounges, a fitness center, electric vehicle charging stations, bike storage and a pet wash station.

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Provident Industrial Breaks Ground on 163,000 SF Distribution Facility in Tucson, Arizona

Amy Works — Thu, 09 Jul 2026 13:33:05 +0000

TUCSON, ARIZ. — Dallas-based Provident Industrial has broken ground on a 163,000-square-foot distribution facility in Tucson. The development, which will be named Valencia Airport Center, will be situated on 10 acres and is projected to cost $25 million. Valencia Airport Center will feature trailer parking, concrete truck courts and perimeter fencing with controlled access for enhanced security and operations. Occupancy is slated for the second quarter of 2027.

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Cushman & Wakefield Brokers $2.4M Sale of Black Rock Coffee Bar in El Mirage, Arizona

Amy Works — Wed, 08 Jul 2026 14:18:07 +0000

EL MIRAGE, ARIZ. — Cushman & Wakefield has brokered the $2.4 million sale of a newly developed restaurant building located at 12443 NW Grand Ave. in El Mirage, located west of Glendale. The sales price was $2.4 million. Black Rock Store Operations LLC occupies the 620-square-foot building via one of its 181 Black Rock Coffee Bar locations across seven states. The coffee bar offers specialty coffee, energy drinks, breakfast sandwiches, bagels, egg bites and grab-and-go pastries. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller in the deal. Both parties were limited liability companies.

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Brandon Investments Acquires 51,786 SF Industrial Building in Tucson, Arizona

Amy Works — Tue, 07 Jul 2026 12:54:36 +0000

TUCSON, ARIZ. — An entity doing business as Brandon Investments LLC has acquired a 51,786-square-foot industrial building at 6701 S. Midvale Park Road in Tucson, from an entity doing business as 6701 S. Midvale Park LCC for $5.5 million. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer in the transaction, while Jesse Blum of CBRE represented the seller.

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Diversified Partners Advances 163-Acre Retail Center Development in Mesa, Arizona

Amy Works — Thu, 02 Jul 2026 14:38:44 +0000

MESA, ARIZ. — Diversified Partners is advancing the development of Destination at Gateway, a 163-acre retail center located at Signal Butte Road in Mesa. The project will include two components: 24 Auto Row, an 80-acre, purpose-built auto mall, and an adjacent power center. Off-site improvements on the east side of Signal Butte Road have been completed, while site work on the west side is underway and is scheduled to be completed by the third quarter of 2026. Current and planned tenants for the project’s power center include Walmart, 7 Brew, Take 5 Oil Change, Taco Bell, Zara Nail Bar and PAC Dental. Additional leasing opportunities remain available for drive-thru pads, shop space and a future junior anchor retailer.

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Phoenix Commercial Advisors Directs $10.7M Sale of Retail Center in Surprise, Arizona

Amy Works — Thu, 02 Jul 2026 14:36:41 +0000

SURPRISE, ARIZ. — Phoenix Commercial Advisors has directed the $10.7 million sale of Grand Village Center, a necessity-based retail center in Surprise. The asset traded for $203 per square foot. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal. The name of the buyer was not released. Built in 2005, the 52,685-square-foot Grand Village Center was 97 percent leased at the time of sale to an internet-resistant mix of tenants with Elevate Trampoline Park as the anchor.

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IPA Arranges $32M Sale of Multifamily Property in Tucson, Arizona

Amy Works — Tue, 30 Jun 2026 13:06:15 +0000

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $32 million sale of Peaks at Redington, an apartment community in Tucson. An undisclosed seller sold the asset to Greenwater Real Estate Management for $106,312 per unit. Hamid Panahi and Clint Wadlund of IPA represented the seller in the disposition of the lender-owner asset and procured the buyer in the transaction.  Constructed in 1980, Peaks at Redington features 301 one- and two-bedroom units averaging 722 square feet.

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Cushman & Wakefield | PICOR Brokers Sale of 123,394 SF Industrial Building in Tucson, Arizona

Amy Works — Tue, 30 Jun 2026 13:01:41 +0000

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of the 123,394-square-foot industrial building located at 3430 E. 36th St. in Tucson. The sales price was $8.6 million. A company doing business as Arto 3430 LLC acquired the property, which is known locally as the former Sam Levitz building, from a company operating under the name 36th & Palo Verde Investors LLC. Arto Brick, a manufacturer of handmade ceramic, porcelain and concrete tiles, pavers and brick veneers, will occupy the property in an effort to expand its California manufacturing operations into the Tucson market. Stephen Cohen and Paul Hooker of Cushman & Wakefield | PICOR represented the seller in the transaction, while Rick Borane of Volk Co. represented the buyer in the deal.

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Tides Equities Sells Apartment Complex in Phoenix for $41M

Amy Works — Mon, 29 Jun 2026 13:49:37 +0000

PHOENIX — Tides Equities has sold Tides on McDowell, a multifamily community located at 4620 W. McDowell Road in Phoenix, to Houston-based Nitya Capital for $41 million. Jesse Hudson, Logan Baca and Chris Michl of Northmarq’s Phoenix office represented the Los Angeles-based seller in the transaction. Built in 1985 on 13 acres, Tides on McDowell features 27 two-story buildings with studio, one- and two-bedroom floor plans. The property features a mix of renovated, partially upgraded and original-condition units. Amenities include a pool, soccer field, playground, leasing office, fitness center, outdoor grilling area, clubhouse, laundry facilities and gated access.

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Rise48 Equity Acquires 108-Unit Multifamily Property in North Phoenix

Amy Works — Mon, 29 Jun 2026 13:47:27 +0000

PHOENIX — Rise48 Equity has acquired a 108-unit multifamily property located at 17840 N. Black Canyon Highway in North Phoenix. The company will rebrand the asset as Rise at the Northern. Terms of the transaction were not released. Rise48 plans to implement a light value-add renovation strategy to the property, which was originally built in 1983. The improvement program includes the implementation of a bulk cable program, valet trash service, installation of carport parking and operational efficiencies across property management. The initiatives are projected to increase rents by approximately $89 per unit though a combined amenity free, while maintaining affordability relative to the surrounding market, according to Rise48.

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NexMetro Opens 108-Unit Avilla Foothills Build-to-Rent Project in Metro Phoenix

Amy Works — Mon, 29 Jun 2026 13:45:15 +0000

SURPRISE, ARIZ. — NexMetro Communities has opened Avilla Foothills, a build-to-rent (BTR) development in Surprise, about 28 miles northwest of Phoenix. Avilla Foothills features 108 single-level homes, some with optional garages. Community amenities include a resort-style pool and hot tub, outdoor kitchen and grills, landscaped open spaces, covered parking, 24-hour maintenance team and pet parks.

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SunCap Property, Inclenberg Investments Break Ground on Final Building at Gilbert Spectrum Business Park in Arizona

Amy Works — Fri, 26 Jun 2026 13:58:15 +0000

GILBERT, ARIZ. — SunCap Property Group and Inclenberg Investments have broken ground on the final building at Gilbert Spectrum Business Park, an eight-building master-planned development a decade in the making. Slated for completion in second quarter 2027, the building will feature 101,000 square feet of speculative industrial space. Graycor is serving as general contractor for the building, with Lee & Associates Arizona handling leasing efforts for for the property. The project team includes Balmer Architectural Group and Bowman as civil engineer.

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Stos Partners Buys Industrial Building in Tempe, Arizona for $5.7M

Amy Works — Fri, 26 Jun 2026 13:57:53 +0000

TEMPE, ARIZ. — Stos Partners has bought an industrial warehouse, located at 525 S. McClintock Drive in Tempe, from a private owner for $5.7 million. Situated on 2.6 acres, the property offers 40,023 square feet of industrial space. Built in 1975, the building features 14-foot clear heights, six grade-level loading doors, approximately 6,000 square feet of office space, HVAC throughout the warehouse and offices areas and more than 1,000 amps of power. Originally developed as a six-tenant industrial building, the property was most recently occupied by a single user. Stos Partners plans to implement a comprehensive renovation program to transform the Class B asset into a modern multi-tenant industrial facility designed to serve a range of small-bay warehouse users. Upon completion of renovations, the building will offer five to six suites ranging from 5,000 square feet to 12,500 square feet. Planned improvements will include construction of new speculative office space, reconfiguration of the warehouse into multiple tenant suites, upgrades to the parking lot, building façade and landscaping, warehouse enhancements, installations of new white scrim, HVAC replacements, roof resurfacing and new property signage. Jack Tate and Payton Kruidenier of Ross Brown Partners represented the buyer and seller in the transaction.

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Partners Group, ViaWest Group Receive $122M in Financing for Industrial Campus Near Phoenix

Amy Works — Tue, 23 Jun 2026 13:43:33 +0000

GLENDALE, ARIZ. — Partners Group and ViaWest Group have received $122 million in bridge financing for The Base, a newly constructed industrial campus located in Glendale. Kevin MacKenzie, Jason Carlos, Lilley Kroll and Ross Jorgenson of JLL arranged the financing through Pacific Life Insurance Co. Partners Group and ViaWest Group own The Base through a joint venture, in which Partners Group holds a majority stake. Situated at the northwest corner of Litchfield and Bethany Home roads, The Base features seven buildings totaling 1.2 million square feet. The buildings feature 32- to 36-foot clear heights, “heavy” power capabilities ranging from 3,000 to 6,000 amps, ESFR sprinkler systems and R-38 roof insulation. The campus is designed with “optimal” truck circulation, accommodating 222 dock-high doors, 39 grade-level doors, 105 trailer parking spaces and 1,363 automobile parking spaces. Additionally, the property offers operational flexibility with the ability to accommodate single or multi-tenant configurations across varying suites sizes. Construction of all buildings and make-ready tenant improvements was completed in early 2026.

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Alliance Residential Divests of 258-Unit Multifamily Property in Phoenix

Amy Works — Tue, 23 Jun 2026 13:38:51 +0000

PHOENIX — Scottsdale, Ariz.-based Alliance Residential has sold Broadstone Seventh Street, a 258-unit multifamily property in north central Phoenix, to a leading global investor for an undisclosed price. Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the transaction. Completed in 2024, Broadstone Seventh Street features studio, one- and two-bedroom floor plans with 9- and 10-foot ceilings, wood-style flooring, in-unit washers and dryers, quartz countertops, illuminated vanity mirrors and SmartRent Home technology. Community amenities include a residential clubhouse with an kitchen and billiards, a two-story fitness center, a resort-style pool and spa with private cabanas, barbecue grills and an outdoor ramada.

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Gantry Arranges $38M Loan for Refinancing of 224,000 SF Shopping Center in Metro Phoenix

Amy Works — Mon, 22 Jun 2026 13:17:53 +0000

MESA, ARIZ. — Gantry has arranged a $38 million permanent loan for the refinancing of Mesa Grand, a 224,000-square-foot regional power center located in Mesa, roughly 19 miles east of Phoenix. Tenants at the center include Famous Footwear, Burlington Coat Factory, Michaels, Dollar Tree, Texas Roadhouse, Starbucks Coffee, Chili’s and Crunch Fitness, which will open soon. Tim Storey, Chad Metzger and Andrew Christopherson of Gantry represented the borrower, a private investor. An institutional balance sheet lender provided the five-year, fixed-rate loan, which features full-term interest-only payments with cash-out proceeds. Gantry will act as subservicer for the lender.

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