Arizona

Southeast-Phoenix-Distribution-Center-Chandler-AZ

JLL Income Property Trust Buys Southeast Phoenix Distribution Center for $91M

by Amy Works March 3, 2021

CHANDLER, ARIZ. — JLL Income Property Trust has purchased Southeast Phoenix Distribution Center, a Class A distribution center located in Chandler, for $91 million. Constructed in 2019, the four-building campus features 474,000 square feet of space that can accommodate a wide range of tenants, ranging from 20,000 square feet to 135,000 square feet. The buildings offer 32-foot clear heights, ESFR sprinkler systems, grade- and dock-high doors and full concrete truck courts with fencing. The asset is situated at the confluence of Interstate 10 and Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix.

March 3, 2021

Acquisitions Arizona Multifamily Western

Sterling Real Estate Sells Multifamily Property in Phoenix to Urban Communities for $38.3M

by Amy Works March 2, 2021

PHOENIX — Scottsdale-based Sterling Real Estate Partners has completed the disposition of Seventh, an apartment community located in Phoenix. Urban Communities acquired the property for $38.3 million, or $134,003 per unit. Situated on five acres on Seventh Street, the property features 286 apartments spread across 11 buildings. Amenities include two swimming pools, an outdoor game area, 1,000-square-foot fitness center, leasing office, resident lounge and coffee bar. The community was built in 1970. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

March 2, 2021

Acquisitions Arizona Healthcare Western

Nutex Health Buys Gilbert Emergency Hospital in Arizona for $10.5M

by Amy Works February 25, 2021

GILBERT, ARIZ. — Houston-based Nutex Health, a service provider and management firm in the micro-hospital and freestanding emergency room industry, has acquired Gilbert Emergency Hospital, a medical facility located at 5656 S. Power Road in Gilbert. MPT Operating Partnership LP DBA MPT of Gilbert LLC sold the asset for $10.5 million. Built in 2005, the 31,452-square-foot medical office serves as a privately run emergency facility with 42 acute-care beds. The property is Nutex’s third facility in Arizona and 23rd facility in the United States. Philip Wurth and Alexandra Loye of Colliers represented the seller, while Christian Giles of Arizona Healthcare Realty represented the buyer in the deal.

February 25, 2021

Acquisitions Arizona Retail Western

Starwood Property Trust Divests of 106,571 SF Moon Valley Towne Center in Phoenix

by Amy Works February 24, 2021

PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

February 24, 2021

Arizona Development Multifamily Western

Morgan Opens 472-Unit Pearl Biltmore Multifamily Community in Phoenix

by Amy Works February 23, 2021

PHOENIX — Houston-based Morgan, in a joint venture with Mesirow, has opened Pearl Biltmore at 4640 N. 24th St. in Phoenix. Situated on five acres, Pearl Biltmore features 472 apartments with 19 floor plans in a mix of studio, one-, two- and three-bedroom units, as well as several loft-style apartments. Units feature include vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances; and Quartzite countertops and glass tile backsplashes in the kitchens and baths. Additionally, select units have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers and spa soaking tubs. Community amenities include a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two swimming pool decks with grilling stations, cabanas and bistro seating; a sky lounge with an indoor/outdoor catering kitchen; media wall; and WiFi counter. Other amenities include a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

February 23, 2021

Arizona Industrial Leasing Activity Western

DAUM Commercial Negotiates 173,940 SF Lease at Hopewell Industrial Development in Tolleson, Arizona

by Amy Works February 23, 2021

TOLLESON, ARIZ. — DAUM Commercial Real Estate has arranged the lease of a newly constructed industrial warehouse located at 320 S. 91st Ave. in Tolleson. Republic National Distribution Co. will occupy the 173,940-square-foot property, which Hopewell Development owns. The total consideration of the lease is $12 million. Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston of DAUM represented the landlord, while Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the tenant. The facility features 28 dock-high loading doors, four grade-level doors, 32-foot clear heights, a fenced and gated concrete court with 130-foot depth, 3,600 amps, an ESFR sprinkler system, R-19 insulation and LED lighting.

February 23, 2021

Acquisitions Arizona Loans Multifamily Western

Tower Capital Arranges $24.8M Acquisition Loan for Apartment Community in Phoenix

by Amy Works February 22, 2021

PHOENIX — Tower Capital has arranged $24.8 million in acquisition financing for a two-story multifamily property located in the Phoenix I-17 Employment Corridor. The names of the borrower/buyer and seller were not released. Built in 1980 on eight acres, the community features 224 apartments, a swimming pool, leasing office, clubhouse, two on-site laundry facilities, basketball court, community playground, dog park and picnic area with barbecue grills. The non-recourse Freddie Mac loan features a seven-year, floating-rate term with two years of interest-only payments followed by a 30-year amortization schedule. Vin Basa of Tower Capital secured the financing for the buyer.

February 22, 2021

Acquisitions Arizona Multifamily Western

Metro Tucson Living Acquires Villas at Roger Road Multifamily Property in Tucson for $19M

by Amy Works February 22, 2021

TUCSON, ARIZ. — Metro Tucson Living SPE has purchased The Villas at Roger Road, a multifamily community located at 3985 N. Stone Ave. in Tucson. Equilibrium Villas sold the asset for $19 million. Located at 3985 N. Stone Ave., the property features 232 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

February 22, 2021

Arizona Development Multifamily Seniors Housing Top Stories Western

McCarthy Completes $252M Mirabella at ASU Continuing Care Retirement Community in Tempe, Arizona

by Julia Sanders February 19, 2021

TEMPE, ARIZ. — A St. Louis-based McCarthy Building Cos. has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. Portland-based Ankrom Moissan Architects designed the tower. The community’s amenities include an indoor pool; wellness center; theater; art museum; four restaurants; event and lecture hall; game rooms; dog park; salon and spa; valet and underground parking; and a physical therapy gym. The plan behind Mirabella was to provide a unique, university-based living for residents age 62 and older. According to ASU News, residents at Mirabella can take classes at ASU, have full access to the university’s amenities and be close to the school’s sports and cultural events. Although focused on independent living, the community offers a full continuum of senior living care. Along with 52 healthcare units, Mirabella offers onsite healthcare services …

February 19, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works February 19, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 19, 2021

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