Arizona

Cushman & Wakefield Arranges Sale of Vacant 61,316 SF Flex Property in Phoenix

by Amy Works October 5, 2021

PHOENIX — Cushman & Wakefield has brokered the sale Riverpoint Building 2, a flex office and industrial property in Phoenix. Michael Hsiung of Phoenix Rising Investments acquired the property from BH Properties for $9 million. Located at 3100 E. Broadway Road, the 61,316-square-foot property was vacant at the time of sale. Built in 2002 on 5.3 acres, the single-story building is currently divided into three shell-condition suites of varying sizes and served by a newly constructed lobby. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield represented the seller in the transaction.

October 5, 2021

Arizona Industrial Market Reports Western Western Market Reports

Phoenix’s Industrial Market is Firing on All Cylinders

by Jeff Shaw October 5, 2021

By Rob Martensen, Executive Vice President, Colliers As a racing driver, it is important that my vehicles fire on all cylinders to run their best. In the Phoenix metro area, the engine cylinders of the industrial market are the different industries, as well as the geographic locations around the Valley where these industries conduct business. First, let’s look at advanced manufacturing. Intel, which already has a large presence in the Southeast Valley, just announced a $20 billion expansion of its Price Road facility. This will create hundreds of construction jobs and demand for these contractors to find space, not to mention all the equipment suppliers, etc., that will require space for the long-term. With the huge demand for semiconductors and the supply of land and labor, Taiwan Semiconductor Manufacturing Company (TSMC) has chosen Phoenix to build its next fabrication plant. TSMC will spend $12 billion to build the new factory, which is already under construction in North Phoenix. This will create a huge demand for industrial space in the Deer Valley submarket to support TSMC. Other manufacturing companies like Apel Extrusions, MLILY and Ball Container have either recently completed projects or are under construction on new manufacturing facilities. Food and beverage …

October 5, 2021

Acquisitions Arizona Development Industrial Western

SWC Development Buys 27.9-Acre Land Parcel for Eight-Building Industrial Project in Surprise, Arizona

by Amy Works October 4, 2021

SURPRISE, ARIZ. — South Dakota-based SWC Development Partners has purchased a 27.9-acre land site in Surprise for $7.1 million. The buyer plans to develop a multi-phased industrial project with warehouse/distribution, manufacturing and flex facilities on the site. Kevin Helland of Avison Young represented the buyer in the acquisition. Helland and Mark Seale, also of Avison Young, will represent the ownership on the leasing and sale of the project. SWC Development Partners plans to build eight buildings, ranging from 25,000 square feet to 139,278 square feet. Located at 11860 N. Dysart Road, the first building is already fully permitted and will be a 59,352-square-foot warehouse/distribution facility. Construction is slated to begin in October with completion scheduled for fourth-quarter 2022. The second building will total 139,278 square feet and construction is scheduled to begin in second-quarter 2022 with completion estimated for first-quarter 2023. The construction schedule for the remaining six buildings is to be determined based on market demand. The sold parcel marks the final phase of Skyway Commons, an industrial park that currently has four completed industrial buildings totaling 173,878 square feet that another developer built.

October 4, 2021

Acquisitions Arizona Multifamily Western

Thayer Manca Residential Adds 338-Unit Multifamily Property in Tucson to Arizona Portfolio

by Amy Works October 4, 2021

TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Desert Shadows, an apartment property located in Tucson. Located at 7425 N. Mona Lisa Road, Desert Shadows features 338 apartments. TMR plans a $6.8 million renovation and repositioning plan includes a marketing rebrand, upgrades to the common area amenity package and interior renovations to the units. TMR acquired the 368-unit Circ Tucson in 2019 and the 424-unit Envii Apartments in 2020.

October 4, 2021

Acquisitions Arizona Office Western

Strategic Office Partners Buys Two-Building Office Property in Tempe for $132M

by Amy Works October 1, 2021

TEMPE, ARIZ. — Strategic Office Partners has acquired a two-building office property located at 2114 and 2116 S. Freedom Way in Tempe. Boyer Co. sold the asset for $132 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller. According to CBRE, the sale is the highest priced and largest office transaction year-to-date in 2021 within the region. Bryan Taute and Charlie von Arentschildt of CBRE served as leasing agents for the property, securing the current tenant on a long-term basis. Totaling 300,000 square feet, the newly constructed buildings are situated within the 60-acre Rio2100 business park. The four-story office properties feature two parking structures, a commercial kitchen and 14- to 16-foot deck-to-deck ceiling heights. Freedom Financial Network fully occupies the two buildings.

October 1, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers Sale of 181-Unit Verde Vista Apartments in Phoenix

by Amy Works September 29, 2021

PHOENIX — ABI Multifamily has arranged the sale of Verde Vista Apartments, a multifamily property located in Phoenix. A California-based buyer acquired the asset from a New Jersey-based seller for $24.5 million, or $135,359 per unit. Built in 1978, Verde Vista Apartments is a 181-unit, garden-style community comprising eight residential buildings. The property offers a mix of 80 studio units, 94 one-bedroom/one-bath units and seven two-bedroom/two-bath units. Community amenities include two swimming pools, two laundry facilities, a large children’s playground, barbecue grills, an on-site rental office and covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction.

September 29, 2021

Acquisitions Arizona Industrial Office Western

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

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