Arizona

VanTrust Enters Southern Arizona Market with Development of Two Amazon Sortation Centers in Tucson, Glendale

by Amy Works March 31, 2021

TUCSON AND GLENDALE, ARIZ. —VanTrust Real Estate has commenced construction of two Amazon sortation centers, including the VanTrust’s first Southern Arizona project in Tucson. The properties are a 270,000-square-foot facility on a 46-acre site at East Corona Road and South Alvernon Way in Tucson and a 270,000-square-foot asset on 42 acres at North Sarival Road and Maryland Avenue in Glendale. Irvine, Calif.-based HPA Architecture designed both of the facilities. The Tucson location will be Amazon’s fourth building to open in Southern Arizona and the first project in Pima County for VanTrust.

March 31, 2021

Arizona Development Multifamily Seniors Housing Western

Link Senior Development, Insight Senior Living Start Construction of Ativo Senior Living of Prescott Valley, Arizona

by Amy Works March 30, 2021

PRESCOTT VALLEY, ARIZ. — Link Senior Development and Insight Senior Living have started construction of Ativo Senior Living of Prescott Valley. Located near Bob Edwards Park, the 5.3-acre campus consists of 130 residences across more than 117,000 square feet. The community will include a mix of independent living, assisted living and memory care units ranging from studio apartments to two-bedroom cottages. The community is scheduled to open in summer 2022. Link Senior Development leads the project as the developer. Ankrom Moisan is serving as the architect on the project, Seabold Construction as the general contractor and Insight Senior Living as the management company.

March 30, 2021

Arizona Development Industrial Western

Wadsworth Development Purchases 10-Acre Site for Spec Industrial Project in Phoenix

by Amy Works March 30, 2021

PHOENIX — Wadsworth Development Group has acquired a 10-acre land parcel located at the southwest corner of 15th Avenue and Pinnacle Peak Road in the Deer Valley submarket of Phoenix. An undisclosed seller sold the property for $6.1 million. Wadsworth plans to develop a speculative industrial project offering 136,000 square feet spread across three buildings. Slated for completion this August, the facilities will feature 28-foot to 32-foot clear heights, grade-level loading, 227/480-volt power and above-market parking ratio. Robert Lundstedt, Skip Corley and Chase Heinemann of DAUM Commercial represented the seller and procured the buyer in the transaction.

March 30, 2021

Acquisitions Arizona Healthcare Office Western

Marcus & Millichap Brokers $4.3M Sale of Medical Office Property in Phoenix

by Amy Works March 29, 2021

PHOENIX — Marcus & Millichap has negotiated the sale of a two-tenant medical office building located at 349 E. Coronado Road in Phoenix. A limited liability company sold the property to a California-based buyer in a 1031 exchange for $4.3 million. Arizona Digestive Health and Phoenix Endoscopy occupy the 11,760-square-foot asset, which was built in 2003 on 1.7 acres. The property is 60 percent medical office and 40 percent licensed surgery center. Alan Laulainen, Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

March 29, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $4.9M Sale of Shorewood Apartment Community in Central Phoenix

by Amy Works March 25, 2021

PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.

March 25, 2021

Acquisitions Arizona Development Industrial Western

Conor Commercial, WHI Sell 473,516 SF Lotus Industrial Park in Arizona, Break Ground for Second Phase

by Amy Works March 24, 2021

CHANDLER, ARIZ. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners have completed the disposition of the first phase of Lotus Project to a Chicago-based investment advisor. The acquisition price was not released. Located in Chandler, the newly built industrial park features four state-of-the-art advanced manufacturing and light industrial buildings offering a total of 473,516 square feet. The project is one of the largest Class A industrial parks in Chandler and was 96 percent leased at the time of sale. Each building features 32-foot clear heights, 50-foot by 56-foot column spacing with 56-foot by 60-foot speed bays, 29 truck docks, a 210-foot shared truck court and abundant parking. Additionally, all buildings offer ample power, skylights, six-inch reinforced concrete floors, LED lighting and ESFR sprinkler systems. Recently, the development team broke ground on the second phase of Lotus Project, which will include three industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24-foot to 32-foot clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55-foot speed bays. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial …

March 24, 2021

Acquisitions Arizona Multifamily Western

Tower 16 Capital Partners, Drake Real Estate Buy La Mirada Apartments in Tucson

by Amy Works March 23, 2021

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has purchased La Mirada Apartments in Tucson. A private seller sold the asset for an undisclosed price in an off-market transaction. Located at 4415 E. Grant Road, La Mirada Apartments features 201 two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 Capital plans to implement a $4 million upgrade and renovation program to the property, which will include modernized unit upgrades, a new clubhouse, gym and updated pool areas. Additionally, the new owners will add outdoor amenities such as barbecues, seating and outdoor gaming areas.

March 23, 2021

Acquisitions Arizona Industrial Western

BKM Capital Sells Koll Cotton Center in Phoenix to TerraCap Management for $30.9M

by Amy Works March 22, 2021

PHOENIX — BKM Capital Partners has completed the sale of Koll Cotton Center, a seven-building light industrial park in Phoenix. Naples, Fla.-based TerraCap Management acquired the asset for $30.9 million. Situated on 17.8 acres at 4050 E. Cotton Center Blvd., Koll Cotton Center offers 225,403 square feet of light industrial space within Cotton Center Business Park, a 286-acre mixed-use development. Built in 2000, the property has undergone a multimillion-dollar improvement and enhancement plan that includes speculative suite buildouts, new signage and interior and exterior improvements. At the time of sale, the property was 93 percent leased to 20 tenants. Buildings feature 16- to 18-foot clear heights, ample parking and office finishes. Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger of JLL Capital Markets represented the seller in the transaction. Additionally, Kevin MacKenzie and Jason Carlos of JLL Capital Markets Debt Placement arranged a $23.2 million, five-year, floating-rate acquisition through an unnamed life insurance company on behalf of TerraCap.

March 22, 2021

Arizona Development Multifamily Western

Milhaus Enters Arizona Market with $177M Multifamily Development in Tempe

by Amy Works March 19, 2021

TEMPE, ARIZ. — Milhaus is developing Milhaus North Tempe, a $177 million, two-phase multifamily community at 1245 E. Curry Road in Tempe. The $91 million first phase is slated to break ground this month. The project is Milhaus’ entry into the Arizona market. The community will feature 310 studio, one-, two-, three- and four-bedroom units in the first phase and a total of 621 units at full buildout. Onsite amenities will include a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, library and a dog park. Los Angeles-based Banyan Residential is a co-developer on the project. The project team also includes Todd & Associates, McShane Construction, design-art llc and Rick Engineering.

March 19, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $64.5M Sale of Aspen Place Multifamily Community in Flagstaff, Arizona

by Amy Works March 18, 2021

FLAGSTAFF, ARIZ. — Cushman & Wakefield has arranged the sale of Village at Aspen Place, an apartment property located at 601 E. Piccadilly Drive in Flagstaff. An entity formed by Orange County, Calif.-based NNC Apartment Ventures acquired the asset from an entity formed by Kansas City, Mo.-based VanTrust Real Estate for $64.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal. Completed in 2015, Village at Aspen Place feature 222 units in a mix of studio, one- and two-bedroom layouts. Community amenities include ground-floor retail space, an attached parking garage and elevator service to each floor.

March 18, 2021

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