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Arizona

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AcquisitionsArizonaHealthcareOfficeWestern

Woodside Health Development Buys Paradise Valley Plaza Office, Medical Complex in Phoenix for $20.9M

by Amy Works

PHOENIX — Cleveland, Ohio-based Woodside Health Development has purchased Paradise Valley Plaza, a multi-tenant office and medical complex in Phoenix, from Cloud Peak Development for $20.9 million. Located at 5010, 5020 and 5040 E. Shea Blvd., the three-building, 100,203-square-foot asset is 95 percent leased to a tenant mix of 50 percent office and 50 percent medical/wellness tenants. The complex features drive-up exterior loading suites, interior and outdoor courtyards, breezeways and balcony spaces. Eric Wichterman, Mike Coover and Chris Toci of Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller in the transaction.

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Moderne-Rocking-K-Vail-AZ
ArizonaBuild-to-RentLoansSingle-Family RentalWestern

Calmwater Capital Funds $41.1M in Refinancing for Build-to-Rent Community Near Tucson, Arizona

by Amy Works

VAIL, ARIZ. — Calmwater Capital has provided Moderne Communities with a $41.1 million loan to refinance Moderne at Rocking K, a build-to-rent property in Vail, a community 24 miles southeast of Tucson. Moderne at Rocking is situated within Rocking K, a 5,000-acre master-planned community. Delivered in two stages between November 2023 and September 2024, the 17.1-acre community features 224 single-story, single-family rental homes offering a mix of one-, two- and three-bedroom floor plans. Each home features open-concept living areas, a private yard and nine-foot ceiling. Community amenities include a beach entry pool and spa, pickleball courts, barbecue and firepit area, and fitness center. Malcolm Davies and RJ Opeka of Los Angeles-based Way Capital arranged the two-year senior loan for the borrower.

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ArizonaDevelopmentIndustrialWestern

Thompson Thrift Completes 400,000 SF First Phase of Industrial Park in Queen Creek, Arizona

by Amy Works

QUEEN CREEK, ARIZ. — Thompson Thrift has completed the construction of the first phase of Germann Commerce Center, an industrial development in Queen Creek, a suburb southeast of Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase of Germann Commerce Center consists of 400,000 square feet of speculative light-industrial space in five standalone buildings spread across approximately 26 acres. The buildings feature front-park/rear-load industrial space with 28- to 32-foot clear heights and frontage along East Germann Road. Thompson Thrift plans to complete the build-out of the speculative office space in the first phase by the end of the year. The second phase is being marketed for build-to-suit and for-sale options. At full build-out, the 70-acre property will offer just over 1 million square feet of warehouse, distribution, light assembly and manufacturing space across 12 buildings.

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AcquisitionsArizonaIndustrialWestern

Dalfen Industrial Acquires 109,699 SF Facility Near Phoenix Airport

by Amy Works

PHOENIX — Dalfen Industrial has purchased a freestanding building at 3405 S. 5th St. in Phoenix’s Sky Harbor International Airport submarket for an undisclosed price. The 109,699-square-foot building is fully leased to a single tenant that has been on the property for two decades. The facility features 25-foot clear heights, 11 dock doors and 10 grade-level doors. The building has undergone renovations since being built in 1981. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. Andy Markham, Mike Haenel, Phil Haenel and Foster Bundy of Cushman & Wakefield represented the landlord in negotiating a lease extension with the tenant.

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7200-W-Buckeye-Rd-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Karney Properties Acquires 400,000 SF Home Depot Returns Center in Phoenix for $69.5M

by Amy Works

PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.

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ArizonaCivicDevelopmentLoansRetailWestern

BWE Secures $425M in Construction Financing for Mosaic Quarter Sports Complex in Tucson

by Amy Works

TUCSON, ARIZ. — BWE has secured a $425 million credit-tenant lease to provide construction financing for Phase I of Mosaic Quarter, a planned sports destination spanning 90 acres and 1 million square feet in Tucson. Brian Boland of BWE originated the credit-tenant lease financing from CTL Capital on behalf of Mosaic Quarter Development LLC, an affiliate of Knott Development. The property was underwritten based on the credit of Pima County, Ariz., the future lessee, enabling the borrower to secure more favorable terms with higher leverage due to the property’s guaranteed future cash flow over the term of the 30-year lease. Mosaic Quarter’s Phase I will feature the 137,000-square-foot MQ Field House, the 200,000-square-foot MQ Iceplex, a central utility plant and onsite civil and sitework improvements, as well as offsite infrastructure improvements necessary to support the larger project, including parking. MQ Field House will include interchangeable wood, turf and specialty flooring systems on two floors of athletic space, including eight basketball courts, six volleyball courts, four indoor soccer fields, 24 pickleball courts, two 7-on-7 football fields, 32 badminton courts, two party rooms and a rooftop event patio. MQ Field House will offer fitness programming that will be taught by University of Arizona …

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525-W-21st-St-Tempe-AZ
AcquisitionsArizonaIndustrialWestern

Leon Industrial Acquires 175,723 SF Portfolio in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Leon Industrial, a subsidiary of Dallas-based Leon Capital Group, has purchased the Tempe Freestanding Industrial Portfolio, an infill industrial portfolio situated on more than 9 acres in Tempe. Terms of the transaction were not released. Totaling 175,723 square feet, the portfolio includes a 116,516-square-foot building at 525 W. 21st St., a 33,400-square-foot building at 1917-196 W. 1st St. and a 25,807-square-foot building at 1401 S. Siesta Lane. At the time of sale, the buildings were each 100 percent leased to single tenants. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group represented the buyer and undisclosed seller in the transaction. Additionally, Mike Haenel and Andy Markham of Cushman & Wakefield provided leasing advisory services.

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ArizonaDevelopmentRetailWestern

Thompson Thrift to Develop 27,119 SF Retail Center in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Thompson Thrift has announced plans to develop South Tempe Square, a 27,119-square-foot retail center, roughly 10 miles outside Phoenix in Tempe. The developer purchased a 3.7-acre site for the project and is scheduled to break ground in the first quarter of 2025. Upon completion, which is scheduled for early 2026, the center will feature four buildings ranging in size from 4,500 to 9,753 square feet. 

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ArizonaBuild-to-RentLoansSingle-Family RentalWestern

Greystone Secures $14M in Refinancing for New Build-to-Rent Community in Tucson

by Amy Works

TUCSON, ARIZ. — Greystone has arranged a $14 million debt placement for the refinancing of Linda Vista Luxury Rentals, a build-to-rent residential community in Tucson. Completed in 2024, Linda Vista features 64 residences, a pool and spa/hot tub. Shana Daby and Rebecca Reich of Greystone sourced the transaction, while Thomas Wayda and Dante DiStefano of Greystone handled the debt placement. The financing, which includes a 36-month term, was provided by an undisclosed lender.

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3325-N-Hunt-Hgwy-Florence-AZ
AcquisitionsArizonaNet LeaseRetailWestern

Limited Partnership Buys Safeway-Occupied Retail Property in Florence, Arizona for $10.2M

by Amy Works

FLORENCE, ARIZ. — A limited partnership has acquired a grocery store located at 3325 N. Hunt Highway in Florence, approximately 60 miles southeast of Phoenix. Mark Ruble, Scott Ruble, Chris Land and Zack House of Marcus & Millichap procured the buyer in the $10.2 million deal. The seller was not disclosed. Safeway occupies the 57,860-square-foot property on a net-lease basis. Situated on 6.3 acres, the store was built in 2008.

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