Arizona

Sterling Real Estate Buys Hotel Tucson City Center, Plans Multifamily Conversion

by Amy Works January 4, 2022

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …

January 4, 2022

Acquisitions Arizona Multifamily Student Housing Western

Tara Investment Group Buys The Mark Student Housing Property in Tempe for $36.1M

by Amy Works January 3, 2022

TEMPE, ARIZ. — San Francisco-based Tara Investment Group, a division of Meier-Shefflin Multi-Family, has acquired The Mark, an off-campus student housing community located at 1115 E. Lemon St. in Tempe. San Clemente, Calif.-based Nelson Partners sold the asset for $36.1 million. Located along the Valley Metro Rail line on the edge of Arizona State University’s Tempe campus, The Mark features 153 units with a total of 229 beds. The units offer furnished and unfurnished studio, one- and two-bedroom floor plans with new appliances, quartz countertops and finished concrete flooring. Community amenities include a resort-style pool and sun deck, double-decker hot tubs, a water slide, gas grills, two elevators and a 24-hour fitness center. The property was built in 1970 and remodeled by Nelson Partners in 2014. At the time of sale, the community was 97 percent occupied.

January 3, 2022

Acquisitions Arizona Retail Western

Orion Investment Real Estate Brokers $3.1M Acquisition of Retail Building in Phoenix

by Amy Works January 3, 2022

PHOENIX — Orion Investment Real Estate has arranged the purchase of a retail property located at the northwest corner of 53rd Avenue and Bell Road in Phoenix. Corridor Living LLC acquired the building from McLean Holdings for $3.1 million, or $378 per square foot. Four tenants fully occupy the 8,318-square-foot property: Crazy Mike’s Subs, Music & Art, Gravitate and Oscar’s Taco Shop. Nick Miner of Orion represented the buyer, while Danny Gardiner and Chad Tiedeman of PCA represented the seller in the deal.

January 3, 2022

Acquisitions Arizona Industrial Western

DAUM Commercial Negotiates Sale of 110,679 SF Industrial Property in Phoenix

by Amy Works December 23, 2021

PHOENIX — DAUM Commercial Real Estate Services has arranged the sale of an industrial asset in Phoenix’s Deer Valley submarket. The four-building property features 110,679 square feet of industrial space. California-based Greenwood & McKenzie sold the asset to Mountain West for an undisclosed price. Chris Rogers and Trevor McKendry of DAUM represented the seller and procured the buyer. Will Strong of Cushman & Wakefield also brokered the transaction. The buildings, which are fully leased to 38 tenants, are located at 23021, 23025, 23005 and 23015 N. 15th Ave. in Phoenix. The buildings offer 20-foot clear heights, two shared truck wells and 10-foot by 12-foot grade-level doors.

December 23, 2021

Acquisitions Arizona Development Industrial Western

Joint Venture Acquires 54-Acre Land Parcel in Buckeye, Arizona for Logistics Park Development

by Amy Works December 22, 2021

BUCKEYE, ARIZ. — Buckeye 54 LLC, a joint venture between Contour Real Estate and Shopoff Realty Investments, has purchased a 54-acre industrial development site at the southeast corner of Southern Avenue and Rainbow Road in Buckeye. KWC Motorsports LLC sold the property for $6.5 million. The joint venture plans to develop a logistics park with two warehouses totaling 900,000 square feet. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal.

December 22, 2021

Acquisitions Arizona Development Industrial Western

Dermody Properties Acquires 961-Acre Land Parcel Near Phoenix for Industrial Development

by Amy Works December 21, 2021

EL MIRAGE, ARIZ. — Dermody Properties has purchased 961 acres of land in El Mirage, a suburb of Phoenix. The company plans to develop Copperwing Logistics Center, an industrial park with approximately 10 million square feet of speculative space over the next 10 years. Additionally, the company will develop approximately 300 acres for other third-party owners/users and build-to-suit customers. Initial development is slated to begin in 2022. Novo Development, which has been involved with the project since its inception, will continue to assist with the new venture. The land is being purchased from John F. Long Family Trust, known for developing more than 30,000 homes over four decades, including Arizona’s first master-planned community, before focusing efforts on retail and commercial projects in the West Valley Arizona market. Industrial zoning was already in place for the land. In addition, the property is within an approved Foreign Trade Zone (FTZ), meaning companies within the park that are active uses of FTZ can receive up to a 75 percent reduction in real estate and personal property taxes. Dermody Properties also intends to bring new water and sewer sources to the site along with new roads and park amenities. Pat Feeney, Rusty Kennedy and …

December 21, 2021

Arizona Loans Multifamily Seniors Housing Western

CIT Arranges $34M Financing for Enclave at Chandler Seniors Housing Community in Arizona

by Amy Works December 21, 2021

CHANDLER, ARIZ. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.

December 21, 2021

Acquisitions Arizona Office Western

YMC Co. Purchases Kierland Corporate Center in Scottsdale, Arizona for $37.7M

by Amy Works December 20, 2021

SCOTTSDALE, ARIZ. — YMC Co. has acquired Kierland Corporate Center I in Scottsdale from Starwood Property Trust for $37.7 million. Erik Marsh of Kidder Mathews represented the buyer in the deal. Located at 7047 E. Greenway, the property features 109,811 square feet of Class A office space. The center is surrounded by a variety of amenities, including Kierland Commons, Scottsdale Quarter, Westin Kierland Resort and AC Hotel.

December 20, 2021

Acquisitions Arizona Multifamily Western

Baron Properties Sells Arrowhead Ranch Apartments in Glendale to Decron Properties for $101.5M

by Amy Works December 14, 2021

GLENDALE, ARIZ. — Baron Properties has completed the disposition of Arrowhead Ranch by Baron, a multifamily asset in Glendale. Decron Properties acquired the community for $101.5 million, or $396,484 per unit. Built in 1996 on 16 acres, Arrowhead Ranch at Baron features 256 apartments with large windows, white Shaker-style cabinetry, breakfast bars, full-size washers/dryers and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two resort-style swimming pools, spas with expansive sundecks and lake views. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

December 14, 2021

Acquisitions Arizona Retail Western

Allard Developments Buys Arcadia Fiesta Retail Center in Phoenix for $41.6M

by Amy Works December 14, 2021

PHOENIX — An entity formed by Canada-based Allard Developments has purchased Arcadia Fiesta, a shopping center located at the southwest corner of 32nd Street and Indian School Road in Phoenix. An entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Cos. sold the asset for $41.6 million. The 154,436-square-foot Arcadia Fiesta was fully leased at the time of sale with 96 percent of tenants national retailers. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 14, 2021

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