Arizona

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

by Jeff Shaw June 23, 2022

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 property, signing the lease in advance of completion in 2021. The 860,602-square-foot asset serves as the company’s U.S. distribution center. Will Strong of Cushman & Wakefield’s Phoenix office brokered the sale transaction. “We are firm believers that the Buckeye industrial submarket will continue to mature and attract industry-leading organizations as it establishes its place among sought-after West Coast industrial development hubs,” says Brandon Delf, principal and co-chief investment officer with Cohen Asset Management. Simultaneously with the sale announcement, Creation unveiled plans for a new industrial development in Buckeye. Named Ten85, the proposal calls for 4.2 million square feet of speculative space on a 270-acre parcel. The planned Ten85 logistics park will include four buildings ranging in size from 650,000 to 1.2 million square feet …

June 23, 2022

Acquisitions Arizona Retail Western

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

by Amy Works June 21, 2022

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 and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.

June 21, 2022

Acquisitions Arizona Multifamily Western

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

by Amy Works June 20, 2022

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 occupied. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the transaction. Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu of Northmarq Phoenix’s Debt & Equity team arranged a $61.7 million acquisition loan, as a debt fund execution, for the buyer.

June 20, 2022

Acquisitions Arizona Multifamily Western

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

by Amy Works June 20, 2022

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 Wi-Fi in the common areas. The property underwent extensive renovations on all 202 units along with exterior improvements prior to the sale. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 20, 2022

Acquisitions Arizona Multifamily Western

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

by Amy Works June 17, 2022

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 upgraded.

June 17, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Link Senior Development, Roxborough Group Buy 301-Unit Park Terrace Senior Living in Phoenix

by Amy Works June 16, 2022

PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” says Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an oncoming ‘silver tsunami’ create a unique opportunity to acquire communities well below replacement cost with favorable trends.” Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months. The acquisition marks Roxborough’s entry into the seniors housing market and its fourth investment …

June 16, 2022

Acquisitions Arizona Office Western

SDC Foothills Sells 110,360 SF Office Building in Phoenix for Industrial Conversion

by Amy Works June 15, 2022

PHOENIX — SDC Foothill Inc., a global investment manager, has completed the disposition of Foothills Corporate Centre I, a value-add office building in Phoenix. WG Group purchased the property for an undisclosed price as its first acquisition in the Phoenix market. Located at 14415 S. 50th St., the single-story Foothills Corporate Centre I features 110,360 square feet of office space. At the time of sale, the property was 64 percent leased to one tenant. The new owner plans to convert the property to flex/light industrial space. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark represented the seller and buyer in the deal.

June 15, 2022

Arizona Development Healthcare Western

Ironwood Cancer & Research Centers to Develop 28,634 SF Healthcare Facility in Goodyear, Arizona

by Amy Works June 14, 2022

GOODYEAR, ARIZ. — Ironwood Cancer & Research Centers have unveiled plans to develop a healthcare facility in Goodyear. Situated on six acres at the northwest corner of 159th Avenue and McDowell Road, the facility will feature 28,634 square feet of space and offer oncology, CT and PET diagnostic imaging, radiation, chemotherapy and immunotherapy. A groundbreaking ceremony is scheduled for Sept. 20, 2022.

June 14, 2022

Acquisitions Arizona Multifamily Western

IPA Brokers Sale of 388-Unit Talise Apartments in Mesa, Arizona

by Amy Works June 13, 2022

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talise, a multifamily community in Mesa. Terms of the transaction were not released. Located along Gilbert Road and University Drive, Talise features 388 apartments in a mix of open-concept floor plans with well-appointed kitchens, full-size washers/dryers, walk-in closets and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces and built-in bookshelves. Community amenities include three resort-style swimming pools, a spa, business center, fitness center and mailroom. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

June 13, 2022

Arizona Industrial Loans Self-Storage Western

Thorofare Capital Closes $20M Loan for 944-Unit Self-Storage Facility in Scottsdale

by Amy Works June 9, 2022

SCOTTSDALE, ARIZ. — Thorofare Capital has closed a $20 million loan for Raintree & Pima Self Storage Partners, an affiliate of Phoenix-based 1784 Capital Holdings. The funds will be used to complete construction of a Raintree Life Storage location in Scottsdale. The $20 million floating-rate financing carries an initial term of 1.5 years and includes two six-month extension options. Additionally, the loan features interest-only payments for its entire duration and is nonrecourse, subject to customary completion and carry guarantees. Situated on a 2.2-acre site facing Loop 101, the 81,435-square-foot facility features 944 climate-controlled self-storage units. Life Storage will handle the property operations upon the project’s delivery, which is slated for September 2022. Life Storage currently operates 5,887 self-storage units, totaling 618,881 square feet, within a 7.5-mile radius of the Raintree Life Storage. TLW Construction is serving as general contractor on the project, which is approximately 65 percent complete at the time of financing. RKAA Architects is serving as project architect.

June 9, 2022

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