Arizona

Crescent Communities, McShane Plan 317-Unit NOVEL Val Vista Apartments in Gilbert, Arizona

by Amy Works January 20, 2021

GILBERT, ARIZ. — Crescent Communities has selected McShane Construction Co. to build NOVEL Val Vista, an apartment community located on 8.6 acres in Gilbert. The wood-frame development will feature 317 apartments spread across three four-story, garden-style buildings and three two-story, carriage house buildings. Each unit offers upgraded matte black plumbing fixtures and black quartz countertops. The 11,500-square-foot amenity space will include a dog park, swimming pool, cold plunge spa, outdoor kitchen with pizza oven, outdoor fireplaces and fire pits. Completion is slated for fourth-quarter 2022. Craine Architecture is the architect of record.

January 20, 2021

Acquisitions Arizona Industrial Western

KKR Buys 263,606 SF Distribution Facility in Goodyear, Arizona

by Amy Works January 20, 2021

GOODYEAR, ARIZ. — KKR has purchased a newly constructed 263,606-square-foot industrial distribution and warehouse property in Goodyear for $43.1 million. Principals of Minneapolis-based Provident Real Estate Ventures, along with Merit Partners and Sunbelt Holdings, sold the 263,606-square-foot facility. Situated on more than 15 acres, the property features three points of ingress and egress, a fully air-conditioned warehouse, 36-foot clear heights, ample loading with 100 percent truck courts and dedicated truck lanes, an ESFR sprinkler system and automatic truck court gates. One of the world’s leading manufacturers of large commercial vehicles fully occupies the property, which is located at 17017 W. Indian School Road. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal.

January 20, 2021

Acquisitions Arizona Office Top Stories Western

TerraCap Management Acquires Anchor Centre Office Park in Phoenix for $103.5M

by Kristin Harlow January 20, 2021

PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller. The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity spaces, which include a deli, tenant lounge, game room, fitness center, conference facility, outdoor patio and underground parking. Anchor Centre is currently 93 percent occupied by tenants such as Humana Insurance, Northwestern Mutual and Black & Veatch. “The property’s freeway access and close proximity to high-end retail is advantageous for the tenants,” says Steve Hagenbuckle, founder and managing partner of TerraCap. “The amount of in-migration and corporate relocations coming from the West Coast should assist in keeping occupancy high, allowing us to increase long-term value for our investors.” The Phoenix office market showed signs of growth during the third quarter of 2020, posting just over 300,000 square feet of positive absorption, according to JLL. Colony Capital provided debt financing for TerraCap with assistance from Kevin …

January 20, 2021

Arizona Loans Multifamily Western

Colliers Mortgage Arranges $33.1M Refinancing for Three-Property Multifamily Portfolio in Cottonwood, Arizona

by Amy Works January 18, 2021

COTTONWOOD, ARIZ. — The Orange County, Calif, office of Colliers Mortgage, part of Colliers International, has closed two separate Fannie Mae loans totaling $33.1 million for the refinancing of a three-property apartment portfolio in Cottonwood. Totaling 340 units and constructed between 1985 and 1999, the portfolio includes Mountain View Villa Apartments, Rio Verde Apartments and Sagewood Apartments. The loans utilized Green Rewards and both carry 10-year terms and 30-year amortization schedules. The borrowers are Mountain View Villa Partners and Cottonwood Investment Group One.

January 18, 2021

Acquisitions Arizona Industrial Western

Stos Partners Enters Metro Phoenix Market with 227,000 SF Industrial Acquisition

by Amy Works January 15, 2021

TOLLESON, ARIZ. — Stos Partners has purchased a single-tenant industrial property located at 10300 W. Buckeye in Tolleson. A private seller sold the asset for $16.3 million in an off-market transaction. The acquisition marks Stos Partners’ entrance to the metro Phoenix market. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights and dock-high loading doors. At the time of sale, an undisclosed tenant fully occupied the building. Bob Broyles of Colliers International and Jeff Hays of Commercial Properties represented the buyer and seller in the deal.

January 15, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $8M in Financing for Multifamily Property in Phoenix

by Amy Works January 15, 2021

PHOENIX — Ready Capital has closed $8 million in financing for the acquisition, renovation and stabilization of a multifamily community in Phoenix. Situated in the Paradise Valley submarket, the Class C property features 80 apartments. David Cohen of Ready Capital handled the financing for the undisclosed borrower. Further details were not disclosed.

January 15, 2021

Arizona Development Multifamily Student Housing Western

Toll Brothers, Harrison Street to Develop 826-Bed Student Housing Community in Tempe

by Amy Works January 14, 2021

TEMPE, ARIZ. — Toll Brothers Campus Living and Harrison Street have formed a joint venture to develop Canvas, a student housing community adjacent to Arizona State University (ASU) in Tempe. The joint venture has secured a construction loan facility from MidFirst Bank, Fifth Third Bank N.A. and Trustmark Bank. Toll Brothers’ in-house finance department arranged the debt and equity financing. TSB Capital Advisors served as advisor to Toll Brothers. Situated on 3.4-acres, Canvas will feature 263 units totaling 826 beds with a modern furniture package, quartz countertops, private bedroom door locks, walk-in closets, computer-controlled access, smart television, central air conditioning, private bedrooms and bathrooms, in-unit washer/dryer, hardwood-style floors, high-speed internet and stainless steel appliances. The community will feature a six-level, 469-stall parking garage; fitness center; clubroom with an e-sports lounge; rooftop pool and amenity deck; business center; café/lounge; ground-floor retail space; courtyard and fire pit; grilling stations; electronic parcel lockers; private study rooms; and bike storage. The joint venture has partnered with Subtext, a real estate development company focused on living spaces for students and young professionals. Toll Brothers Campus Living will manage the development, construction and marketing, as well as asset management. Cardinal Group Management will act as the …

January 14, 2021

Acquisitions Arizona Multifamily Western

MG Properties Acquires Andante Apartments in Phoenix for $145.2M

by Amy Works January 13, 2021

PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

January 13, 2021

Acquisitions Arizona Multifamily Western

Dominium Sells 184-Unit HUE97 Apartments in Mesa to Colrich Group

by Amy Works January 13, 2021

MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.

January 13, 2021

Acquisitions Arizona Retail Western

YAM Properties Buys 238,275 SF Pima Crossing Shopping Center in Scottsdale for $51.5M

by Amy Works January 12, 2021

SCOTTSDALE, ARIZ. — YAM Properties has purchased Pima Crossing, a retail destination at the northwest corner of Shea Boulevard and Pima Road in Scottsdale. An entity formed by Los Angeles-based Karlin Real Estate sold the asset for $51.5 million. Originally developed in 1993, Pima Crossing features 238,275 square feet of retail space. A national golf retailer anchors the property along with several other national and regional tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

January 12, 2021

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