Arizona

Silver Creek Development Acquires 130,642 SF Office Building in Chandler, Arizona

by Amy Works June 15, 2021

CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.

June 15, 2021

Arizona Development Multifamily Western

High Street Residential Completes Construction of 160-Unit Gramercy Scottsdale Multifamily Project

by Amy Works June 15, 2021

SCOTTSDALE, ARIZ. — High Street Residential, the residential subsidiary of Trammell Crow Co., along with Principal Real Estate Investors, has completed the development of Gramercy Scottsdale, an apartment community in downtown Scottsdale. Situated on two acres, the five-story, Class A property features 160 apartments in a mix of studio, one- and two-bedroom units and three-bedroom penthouses, ranging in size from 600 square feet to 1,650 square feet. Units offer high-end finishes, gas stoves, stainless steel appliances, quartz countertops and wine fridges. Community amenities include a chef’s kitchen and private dining room, an indoor/outdoor sky lounge, a fitness center, guest suite, pool, spa and outdoor lounge areas with a fireplace, grilling stations, a water feature and top-floor covered terrace. Wespac Construction served as general contractor and ESG Architects is the architect of record.

June 15, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Purchases Multifamily Asset in Tempe for $64.7M

by Amy Works June 11, 2021

TEMPE, ARIZ. — Decron Properties has purchased 1221 Broadway, an apartment property located in North Tempe, for $64.7 million. Built in 2015, the community features 194 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 10 two- and three-story residential buildings. Averaging 940 square feet, the units include nine-foot ceilings, stainless steel appliances, granite countertops, custom cabinetry, full-size washers/dryers, wood-style vinyl flooring, walk-in closets and a private patio or balcony. Community amenities include a pool and deck with oversized spa and lounge seating with canopies; outdoor kitchen with grills; a clubhouse with an indoor entertainment area with oversized flat-screen TVs; full-service coffee bar; WiFi café; and a fitness center.

June 11, 2021

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Habit Burger Grill-Occupied Building in Phoenix

by Amy Works June 11, 2021

PHOENIX — Marcus & Millichap has arranged the sale of a restaurant property located at 745 E. Glendale Ave. in Phoenix. A limited liability company sold the asset to a personal trust for $2.2 million. Habit Burger Grill occupies the 1,891-square-foot building, which was built in 1973, on a net-lease basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

June 11, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $9.6M Sale of EoS Fitness-Occupied Property in Tempe

by Amy Works June 10, 2021

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of retail property located at 1727 W. Ranch Road in Tempe. MAR Group acquired the asset from a private preferred developer of EoS Fitness for $9.6 million. EoS Fitness occupies the 38,000-square-foot property under a net-lease agreement. Mark Thiel of Marcus & Millichap represented the seller and procured the buyer. Ryan Sarbinoff of Marcus & Millichap’s Phoenix office served as broker of record.

June 10, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Tucson

by Amy Works June 10, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.

June 10, 2021

Arizona Development Loans Mixed-Use Office Restaurant Retail Western

Parkview Provides $28M Construction Loan for Verde at Cooley Lifestyle Center in Gilbert, Arizona

by Amy Works June 9, 2021

GILBERT, ARIZ. — Parkview Financial has provided a $28 million construction loan to Scottsdale-based Verde Gilbert LLC for the development of Verde at Cooley Station, a lifestyle center located at 17201-17361 E. Williams Field Road in Gilbert. Verde Gilbert LLC is a joint venture between three development companies led by SB2 Communities. Upon completion, the 10-building, 96,000-square-foot property will offer 44,000 square feet of retail space, 13,000 square feet of office space, 31,000 square feet of restaurant space and 8,000 square feet of fitness space. Designed to be a restaurant-centric, mixed-used project, Verde at Cooley Station will offer 25 spaces for lease and The Green, a large open outdoor lawn area with a gazebo for musical events, fitness classes, movies in the park and other activities. Loan proceeds enabled the commencement of the first phase, which includes retail and a dozen dining concepts surrounded by The Green. Some of the stores are slated to open for business in late 2021, with a planned grand opening in first-quarter 2022. The second phase will include 24,000 square feet of retail space, 12,000 square feet of office space, 3,000 square feet of restaurant space and 8,000 square feet of fitness space. The second …

June 9, 2021

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers Sales of Three Medical Office Buildings Near Phoenix Totaling $32.8M

by Amy Works June 8, 2021

GOODYEAR AND GLENDALE, ARIZ. — Kidder Mathews has arranged the sales of three medical office buildings located in Goodyear and Glendale for a total of $32.8 million. Michael Dupuy and Rachael Thompson of Kidder Mathews represented the undisclosed sellers in the transactions. The names of the buyers were not released. The transactions are the $7.6 million sale of the 20,235-square-foot Cornerstone Medical Center in Goodyear; the $10 million sale of the 35,893-square-foot Talavi Medical Plaza in Glendale; and the $15.2 million sale of the 52,013-square-foot Thunderbird Palms in Glendale.

June 8, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

by Amy Works June 7, 2021

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 7, 2021

Mountain-Vista-Commerce-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westmount Realty Capital Buys 134,713 SF Mountain Vista Commerce Center in Phoenix

by Amy Works June 7, 2021

PHOENIX — Westmount Realty Capital has purchased Mountain Vista Commerce Center, a three-building industrial property located at 14647 S. 50th St. in Phoenix. Terms of the transaction were not released. Built in 1999, the multi-tenant property features 134,713 square feet of flex industrial space. One building is configured for corporate office use built out with modern standard design and finishes. The other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors. Additionally, the property provides 517 total parking spaces and a large monument sign. At the time of sale, the property was 62 percent occupied. Cognizant Trizetto, a healthcare IT services provider, occupies 38 percent of the modern corporate office space, while six wellness- and fitness-related businesses occupy another 32 percent.

June 7, 2021

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