PHOENIX — Carlsbad, Calif.-based Capstone Advisors has completed the disposition of a single-tenant building located with Ahwatukee Foothills Towne Center in Phoenix. A Nevada-based investor acquired the asset for $3.7 million. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. The restaurant opened for business at the newly constructed building in mid-June. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented Capstone in the deal.
GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of District Flats Off Dobson, a multifamily property located in Mesa. Rise48 Equity sold the property to a joint venture between The Souferian Group and ZMR Capital for $18.2 million, or $162,500 per unit. Built in 1975 on three acres, District Flats Off Dobson features 112 apartments, a swimming pool, barbecue grills, laundry facility, tennis court and pet play area. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
PHOENIX — Spellman Brady & Co. has completed the expansion and renovation of Sagewood Senior Living in Phoenix for Life Care Services. Renovations included a four-story, 101-unit independent living building with an underground parking garage. The 276,454-square-foot building features one and two-bedroom apartments with den layouts and patio views. The project also provided activity and game rooms, an art studio, putting course, café, formal dining, an indoor-outdoor tapas bar and lounge.
PHOENIX — Marcus & Millichap has brokered the sale of Golden Key, a multifamily property located in Phoenix. A private investor sold the asset to a fund manager for $13.5 million. Located at 3675 W. Osborn Road, Golden Key features 91 apartments. The community spaces and three of the units at the 62,323-square-foot property have been renovated. Paul Bay and Darrell Moffitt of Marcus & Millichap represented the seller and procured the buyer in the deal.
MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.
Cushman & Wakefield Arranges $12.4M Sale-Leaseback for HomeSmart’s Office Headquarters in Scottsdale
SCOTTSDALE, ARIZ. — Cushman & Wakefield has brokered the sale-leaseback of a single-tenant corporate headquarters facility in Scottsdale. A New York-based entity doing business as ABCJ LLC acquired the asset for $12.4 million. HomeSmart fully occupies the 36,497-square-foot building, which is located at 8388 Hartford Drive. The two-story building features creative-style office space, high-tech conference rooms, an exercise gym, locker rooms, large kitchen and dining area and a lounge with a full bar and pool table. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Phoenix office brokered the transaction. Michael Kitlica, also with Cushman & Wakefield, served as leasing advisor for the deal. HomeSmart is a tech-centric real estate residential brokerage firm with offices around Arizona.
TUCSON, ARIZ. — REM Investment Group has purchased Grant Road Place, a multi-tenant office property located in Tucson. Entities doing business as Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A and WV LLC sold the asset for $2.7 million. Located at 5625-5687 E. Grant Road, the property features 20,057 square feet of office space. Richard Kleiner of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
PHOENIX — Newmark has arranged the sales of two grocery-anchored shopping centers located in Phoenix for a combined total of $14 million. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transactions. In the first deal, Boros Investments sold Safeway Shops at 83rd & Camelback, a multi-tenant retail center located at 4819 N. 83rd Ave. and 8141 W. Camelback Road, to an entity doing business as Reel Retail Fund I LLC. Tenants at the fully occupied property include H&R Block, Great Clips, One Main Financial, a donut shop, dentistry office and a Mexican restaurant. Newmark represented the buyer and seller in the deal. In the second transaction, Desert Canyon Investment Properties III acquired Happy Valley Walmart Shops, located at 25155 N 67th Ave. and 6520 W. Happy Valley Road, from BevNorm Olive LLC. Tenants at the property include Pacific Dental, Edward Jones, a bagel shop, bike store and a sushi restaurant. The property includes the shops on other side of a Walmart Neighborhood Market store.