Arizona

Fullerton Properties Divests of 106,892 SF Chandler Business Center in Arizona

by Amy Works September 28, 2021

CHANDLER, ARIZ. — Fullerton Properties has completed the sale of Chandler Business Center, multi-tenant industrial/flex property in Chandler. Portland, Ore.-based ScanlanKemperBard acquired the asset for $19.1 million, or $178.68 per square foot. Situated on 10.6 acres at 6150 W. Chandler Blvd., the 106,892-square-foot property was fully leased at the time of sale. Commercial Properties/CORFAC International’s Leroy Breinholt, Cori Sposi and David Bean represented the seller and buyer in the transaction.

September 28, 2021

Arizona Life Sciences Market Reports Office Western Western Market Reports

Phoenix’s Life Sciences Market is on a Record Rise

by Jeff Shaw September 28, 2021

By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …

September 28, 2021

Arizona Development Multifamily Western

Orion Investment Real Estate Negotiates $2.4M Land Sale for Multifamily Development in Phoenix

by Amy Works September 27, 2021

PHOENIX — Orion Investment Real Estate has brokered the sale of an infill land parcel located on Central Avenue in Midtown Phoenix. The buyer, an undisclosed developer, is assembling the adjoining parcels to develop a 144-unit multifamily property. The development site sold for $2.4 million, or $80.58 per square foot. Nick Miner of Orion represented the undisclosed seller in the deal.

September 27, 2021

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Accolade Multifamily Property in Phoenix to Knightvest Capital for $155M

by Amy Works September 24, 2021

PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit. Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 24, 2021

Acquisitions Arizona Multifamily Seniors Housing Western

Focus Healthcare Partners, LCS Acquire Seniors Housing Community in Fountain Hills, Arizona

by Amy Works September 24, 2021

FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.

September 24, 2021

Acquisitions Arizona Restaurant Retail Western

Macerich Co. Sells La Encantada Lifestyle Center in Tucson for $165.2M

by Amy Works September 23, 2021

TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

September 23, 2021

Acquisitions Arizona Restaurant Retail Western

LJ Mainstreet Holdings Buys Grand Village Center Retail Property in Surprise, Arizona for $5M

by Amy Works September 23, 2021

SURPRISE, ARIZ. — Boros Investments has completed the disposition of Grand Village Center, a retail property located at 14273 and 14291 W. Grand Ave. in Surprise. LJ Mainstreet Holdings acquired the asset for $5 million. The 25,653-square-foot Grand Village Center is fully leased to eight tenants, including Church for the Nations, Zona Communications, D’Ambrosio, Full Service Salon and Master Taco Restaurant. The buyer also acquired two adjacent undeveloped land parcels from a different seller and plans to build additional retail buildings on the site. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller in the deal.

September 23, 2021

Acquisitions Arizona Multifamily Western

Virtú Investments Sells Peak 16 Apartment Community in Phoenix for $81.3M

by Amy Works September 22, 2021

PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit. Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 22, 2021

Acquisitions Arizona Office Western

Shorenstein Properties Buys 446,000 SF Fountainhead Office Plaza in Tempe, Arizona

by Amy Works September 22, 2021

TEMPE, ARIZ. — Shorenstein Properties has acquired Fountainhead Office Plaza, an office property located in Tempe. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 2011, the two-building asset features 446,000 square feet of Class A office space, as well as a six-story standalone parking facility. The LEED Gold-certified six- and 10-story buildings offer floor plates averaging approximately 28,000 square feet. On-site amenities include a large café, fitness center with showers and lockers and an outdoor gathering area surrounding a large pond.

September 22, 2021

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Expands Phoenix-Area Portfolio with $24.3M Multifamily Purchase

by Amy Works September 22, 2021

MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program. Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washers/dryers and high-speed internet. On-site amenities include a swimming pool, picnic area with grill, fitness center and bark park. Chris Canter, Brad Goff and Brett Polacheck of Newmark represented the seller the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as the buyer plans to close on more than $150 million of multifamily acquisitions during third-quarter 2021 across Arizona, California and Nevada.

September 22, 2021

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