Arizona

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Arizona Market Reports Multifamily Single-Family Rental Western Western Market Reports

Phoenix Multifamily Continues Its Upward Trajectory

by Jeff Shaw October 12, 2021

By Drew Ricciardi, Research Manager, ABI Multifamily Research Manager Following a chaotic year that left investors on the sidelines, the Phoenix market proved resilient. In fact, it ended up witnessing one of the most significant rebounds nationally. The Phoenix multifamily market exploded with a record start for 2021 and is now considered one of the top multifamily markets in the country. Phoenix continues to see robust population increases due to job growth, quality of life, industry diversity and affordability. According to a Redfin study, the Phoenix metro market had the highest population net inflow in 2020 of all U.S. metros. Phoenix benefited from the work-from-home phenomenon due to COVID-19, which resulted in high-paid workers fleeing high-priced, high-density markets for more affordable markets offering more spacious living options. Not only are people migrating to Phoenix, but the area is becoming a prime spot for company headquarters and advanced facilities. The metro area’s educated workforce, strong talent pool, business-friendly tax environment, and affordability are all key factors. Taiwan Semiconductor Manufacturing Co. plans to invest around $35 billion in new Phoenix facilities. This is the most substantial direct foreign investment in Arizona to date. The investment will have significant ripple effects on the …

October 12, 2021

Acquisitions Arizona Multifamily Student Housing Western

University Partners Purchases 943-Bed Student Housing Community Near Arizona State University

by Amy Works October 11, 2021

TEMPE, ARIZ. — University Partners has acquired Apollo Tempe, a 943-bed student housing community located near the Arizona State University campus in Tempe. Gilbane Development Co. delivered the community in 2020, which offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. The property features a rooftop oasis, ground-level outdoor swimming pools, state-of-the-art fitness centers, an outdoor lounge, two clubrooms, a basketball court, academic success centers and study lounges. Tim Bradley and Shawn Sweeney of TSB Capital Partners arranged acquisition financing on behalf of University Partners.

October 11, 2021

Acquisitions Arizona Healthcare Office Western

Sonora Behavioral Health Hospital Buys 16,999 SF Medical Office Building in Tucson

by Amy Works October 11, 2021

TUCSON, ARIZ. — Sonora Behavioral Health Hospital has purchased a medical office building, located at 3130 E. Broadway Blvd. in Tucson, from LC3130 LLC for $3.9 million. The single-story property features 16,999 square feet of medical office space. Thomas Nieman of Cushman & Wakefield represented the seller, while Jeremy Adams with Jones Lang LaSalle Brokerage’s Atlanta office represented the buyer in the deal.

October 11, 2021

Acquisitions Arizona Industrial Top Stories Western

Equus Capital Partners Acquires 7.3 MSF Industrial Portfolio in Arizona for $1.1B

by Taylor Williams October 11, 2021

PHOENIX AND TUCSON, ARIZ. — Philadelphia-based investment firm Equus Capital Partners has acquired a portfolio of 73 industrial properties totaling roughly 7.3 million in the Phoenix and Tucson metro areas. The price was approximately $1.1 billion. The portfolio comprises 342 individual industrial buildings across 74 different developments. Between the two markets, about 85 percent of the portfolio is located in Phoenix, with the remaining 15 percent in Tucson. The properties had a collective occupancy rate of 98 percent at the time of sale. The tenant roster encompasses 22 different industries, including traditional industrial uses like e-commerce, logistics and manufacturing. In terms of individual footprints, no tenant occupies more than 1.5 percent (107,300) square feet of the roughly 7.1 million square feet of leased space. Equus acquired the portfolio through sponsored value-added funds and a consortium of strategic co-investment partners that remain unnamed. Internal agents Kyle Turner, Christopher Locatell, Robert Butchenhart, Laura Brestelli and Peter Russo oversaw the acquisition for Equus Capital Partners. As part of the deal, Equus is onboarding 26 professionals from the undisclosed seller’s property management team to maintain operation of the portfolio. “Due to the low market-wide industrial vacancy rates and growing demand, the portfolio is poised …

October 11, 2021

Arizona Development Retail Western

Vestar to Develop $90M of Spec Retail Projects in Metro Phoenix

by Amy Works October 8, 2021

QUEEN CREEK AND PEORIA, ARIZ. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned 31-acre property featuring 300,000 square feet of retail space. Groundbreaking is scheduled for June 2022, with opening planned in March 2023. Costco will anchor the property, located at the northwest corner of Ellsworth and Queen Creek roads. Vineyard Towne Center, also in Queen Creek, will feature 75,000 square feet of retail for the first phase of the 23-acre development. Located at the northwest corner of North Gantzel and West Combs roads. Construction is slated to begin in first-quarter 2022 with completion scheduled for year-end. The Shops at Lake Pleasant in Peoria will feature 90,000 square feet of retail space on 26 acres at the intersection of Happy Valley Road and Lake Pleasant Parkway. The development is slated to open in late 2022.

October 8, 2021

Acquisitions Arizona Industrial Western

Hercules Industries Buys 140,777 SF Manufacturing Building in Phoenix for $18.2M

by Amy Works October 7, 2021

PHOENIX — Hercules Industries has acquired Santa Fe 44, an industrial building located at 4524 N. 44th Ave. in Phoenix. BC5 LLC sold the asset to the owner/user for $18.2 million. Built in 2006 on 6.9 acres, Santa Fe 44 features 140,777 square feet of industrial space, 32- to 36-foot clear heights, 9,000 square feet of office space, heavy power, ESFR sprinklers, ample dock- and grade-level loading, 108-foot concrete truck court and active BNSF rail service with 240-feet of rail dock and platform loading. Hercules Industries, the buyer, is a national manufacturer and wholesale distributor of HVAC sheet metal products and equipment. Phil Haenel, Will Strong, Andy Markham and Mike Haenel of Cushman & Wakefield’s Phoenix office represented the seller, while Bill Douglass of Upland Group Inc. represented the buyer in the deal.

October 7, 2021

Arizona California Features Industrial Nevada Western Western Feature Archive

CapRock Partners Seizes Industrial Opportunities in Western Region

by Kristin Harlow October 7, 2021

Newport Beach, Calif.-based CapRock Partners was busy before the pandemic, but shows no signs of slowing down even as brick-and-mortar retail reopens. The industrial investor, developer and asset manager’s newest venture is also its biggest: a 183-acre infill project in Phoenix where it plans to build an eight-building industrial complex that totals more than 3.4 million square feet. “Several years prior to the pandemic, we recognized the ecommerce trends along with the demand for larger logistics facilities and subsequently made investments in buildings and land positions in order to capture a segment of that demand,” says Bob O’Neill, CapRock’s senior vice president of acquisitions. “In the 16 months since the onset of the pandemic, our growth has accelerated.” Phoenix’s Industrial Market Rises CapRock has added about 4.8 million square feet of Phoenix-area industrial product to its portfolio since the pandemic’s onset. Its total pipeline in the Valley is now close to 6 million square feet, with its Phoenix-area acquisition closing in 2017. Aside from CapRock, Cushman & Wakefield also appears to be bullish on Phoenix’s industrial market. The firm projects Phoenix’s preliminary industrial absorption to be about 12 million square feet for the first half of 2021. This compares to …

October 7, 2021

Arizona Development Industrial Western

CRG Acquires 268 Acres for 4 MSF Industrial Development in Suburban Phoenix

by Amy Works October 5, 2021

MESA, ARIZ. — CRG has purchased a 268-acre site between E. Pecos and E. Germann roads in Mesa for the development of The Cubes at Mesa Gateway, an up-to 4 million-square-foot speculative and build-to-suit industrial project. The project will offer multiple building and size configurations ranging from 250,000 square feet to 1.2 million square feet, with build-to-suit opportunities and options to buy improved lots. Steve Larsen, Pat Harlan and Jason Moore of JLL will handle leasing for the project.

October 5, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $11M Sale of Cornell Apartments in Phoenix

by Amy Works October 5, 2021

PHOENIX — ABI Multifamily has arranged the sale of Cornell Apartments, a multifamily property in Phoenix. An Arizona-based seller sold the property to buyers based in California and Texas for $11 million, or $216,059 per unit. Built in 1968, Cornell Apartments features 51 residences with 34 three-bedroom/two-bath units, 14 two-bedroom/two-bath units and two one-bedroom/one-bath units. All units offer metered electricity, in-suite washers and dryers, stainless steel appliances, stone countertop, new interior fixtures and ceiling fans and vinyl wood flooring in most units. Community amenities include a swimming pool, barbecue grill, central courtyards, outdoor gathering spaces and covered parking. John Klocek and Patrick Burch of ABI Multifamily represented the seller in the deal.

October 5, 2021

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