Arizona

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

Arizona Development Industrial Western

US Capital Development Breaks Ground on 599,468 SF Spec Industrial Project in Glendale, Arizona

by Amy Works September 21, 2021

GLENDALE, ARIZ. — St. Louis, Mo.-based US Capital Development has broken ground on its first development in Arizona. The first phase of Falcon Park 303 will comprise a 599,468-square-foot speculative industrial building on 36.7 acres along Camelback Road at 152nd Avenue in Glendale. The building will feature 40-foot clear heights, 92 dock-height loading doors and four drive-in loading doors. The building, which is divisible by half, is slated for completion by August 2022. The project team includes Willmeng Construction, Gray Design Group and Hilgart Wilson. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield are handling leasing for the development.

September 21, 2021

Acquisitions Arizona Industrial Western

Lincoln Property Co. Sells Industrial Facility in Glendale, Arizona to BentallGreenOak for $186M

by Amy Works September 17, 2021

GLENDALE, ARIZ. — LPC Desert West, the western regional office of Lincoln Property Co. (LPC), has completed the disposition of the first phase of Park 303, an industrial park located at 6600 N. Sarival Road in Glendale. BentallGreenOak acquired the building for $186 million, which is the highest sales price for a single industrial facility in the history of Arizona. Situated on 71 acres, the nearly 1.3-million-square-foot property is fully leased to an unnamed retailer. The building features 40-foot clear heights, 25,000 square feet of office and training space, large breakrooms and outdoor space with covered seating, a barbecue station and grass area for games and events. The property also offers full concrete truck courts, ample truck parking and private drives. The first phase was originally designed as a 705,531-square-foot building and a 488,995-square-foot building with the ability to combine the speculative buildings into one larger facility, which LPC did to accommodate the current tenant. Will Strong of Cushman & Wakefield represented LPC in the investment sale. Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller. LPC will continue to serve has property manager for the building. Phase I is part of LPC’s …

September 17, 2021

Acquisitions Arizona Multifamily Western

JRK Investors Buys Terraces Apartments in Prescott Valley, Arizona for $76.6M

by Amy Works September 17, 2021

PRESCOTT VALLEY, ARIZ. — Los Angeles-based JRK Investors has acquired Terraces, an apartment property located at 5700 E. Market St. in Prescott Valley. Larkspur, Calif.-based Virtu Investments sold the asset for $76.6 million. Constructed in 2003, Terraces features 226 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a heated pool with waterfall feature, a zero-edge hot tub, dog park, 56 detached garages, barbecues and an outdoor lounge. Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team within Colliers International’s Arizona office handled the transaction.

September 17, 2021

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