Arizona

Trammell Crow Breaks Ground on 285,131 SF Cowden Logistics Center in Tolleson, Arizona

by Amy Works December 17, 2020

TOLLESON, ARIZ. — The Phoenix Business Unit of Trammell Crow Co., along with capital partner Clarion Partners, has started construction of Cowden Logistics Center in Tolleson. Situated on 16 acres at 420 S. 104th Ave., the industrial project will bring 285,131 square feet of logistics space to Phoenix’s Southwest Valley submarket. The facility will feature 36-foot clear heights, 237 car parking stalls, 41 trailer parking stalls, five points of ingress and egress, R-38 insulation and an ESFR sprinkler system. The project team includes Butler Design Group as architect and Wespac Construction as general contractor. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are handling leasing for the project.

December 17, 2020

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Arranges $1.3M Sale of Family Dollar-Occupied Retail Property in Stanfield, Arizona

by Amy Works December 17, 2020

STANFIELD, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located at 60 Albany Way in Stanfield. A limited liability company sold the asset to a Wisconsin-based investor for $1.3 million. Family Dollar occupies the 8,320-square-foot property on a net-lease basis. The tenant has eight years remaining on a corporate-guaranteed lease. Zack House, Mark Ruble, Chris Land and Jamie Medress of Marcus & Millichap represented the seller in the deal.

December 17, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $122.5M Sale of Maxwell on 66th Apartments in Phoenix

by Amy Works December 16, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Maxwell on 66th, a multifamily property located at 6611 E. Mayo Blvd. in Phoenix’s North Scottsdale corridor. The property traded hands for $122.5 million, or $351,003 per unit. The names of the buyer and seller were not released. Built in 2020 on 15 acres, Maxwell on 66th features 349 apartments, averaging 940 square feet per unit, spread across 11 buildings. Units offer at least nine-foot ceilings, ultra-modern gourmet kitchens and hand-scraped oak hardwood floors. Select units feature integrated decks and bookshelves, built-in wine racks, oversize soaking tubs and mountain views. Community amenities include a central courtyard, swimming pool, tanning pool, yoga lawn, putting green and electric car charging stations. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

December 16, 2020

Arizona California Industrial Loans Nevada Western

CBRE Arranges $69M in Financing for 1 MSF Industrial Portfolio in Southwest

by Amy Works December 16, 2020

LOS ANGELES — CBRE Capital Markets’ Debt & Structured Finance team has arranged $69 million for the recapitalization of a four-property industrial portfolio totaling 991,634 square feet across the southwestern United States. Shaun Moothart, Bruce Francis, Jennifer Ansari, Dana Summers, Bob Ybarra and Doug Birrell of CBRE secured the 20-year, 2.13 percent loan on behalf of the borrower, Moulton Co., a family-owned and operated private equity asset management firm based in Southern California. The portfolio consists of four core industrial assets: Harbor Gateway, located at 20100 S. Western Ave. in Torrance, Calif. Longley Commerce Center at 6550 Longley Lane in Reno, Nev. The Landing at PMG, located at 7613-7753 E. Ray Road in Mesa, Ariz. Northgate Distribution Center at 4800 E. Tropical Parkway in Las Vegas At the time of sale, all four facilities were fully leased.

December 16, 2020

Acquisitions Arizona Industrial Western

Dalfen Industrial Acquires 109,510 SF Gilbert Distribution Center in Arizona

by Amy Works December 16, 2020

GILBERT, ARIZ. — Dalfen Industrial has purchased Gilbert Distribution Center, an industrial property located at 1495 E. Baseline Road in Gilbert, a southeast suburb of Phoenix. The property was acquired in an off-market transaction for an undisclosed price. The name of the seller was not released. Built in 2014, the property features 109,510 square feet of industrial space. At the time of sale, the facility was 100 percent leased to two longstanding tenants: Scrapbook.com and TLC Label. Dalfen Industrial has acquired and developed more than $1.2 billion of last-mile industrial properties this year.

December 16, 2020

Acquisitions Arizona Office Western

CBRE Negotiates $2.8M Sale of Office Property in Phoenix

by Amy Works December 15, 2020

PHOENIX — CBRE has brokered the sale of an office building located at 4203 E. Indian School Road in Phoenix’s Acardia neighborhood. A group of private local investors acquired the asset for $2.8 million. Built in 1984 and renovated in 2015, the 18,000-square-foot property features 64 parking spaces. The site is in proximity to Loop 202, Loop 101 and Interstate 10. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Statch, Sean Spellman, Corey Hawley and Jimmy Cornish of CBRE represented the undisclosed seller, while the buyer was self-represented in the deal.

December 15, 2020

Acquisitions Arizona Multifamily Western

Newmark Arranges $55M Sale of Two Multifamily Assets in Phoenix

by Amy Works December 14, 2020

PHOENIX — Newmark has brokered the sale of two multifamily properties, known as Ascent 1829 and Vicinity, in Phoenix for a total of $55 million. The name of the buyer was not released. Constructed in 1980, Ascent 1829 features 180 units with renovation efforts underway — 47 of the units have been fully updated with stainless steel appliances, vinyl wood plank flooring, painted gray cabinetry with hardware pulls, built-in microwave oven, modern plumbing fixtures and contemporary lighting. Vicinity Apartments, which was built in 1975, features 125 units spread across 10 buildings on 4.3 acres. Each of the buildings were recently renovated and feature wood frame construction, stucco exterior finishes and mansard tiled roofs. Brad Goff, Brett Polacheck and Chris Canter of Newmark handled the transactions.

December 14, 2020

Arizona Development Loans Multifamily Western

ACRES Capital Originates $28M Construction Loan for Apartment Community Near Phoenix

by Amy Works December 11, 2020

MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.

December 11, 2020

Arizona Loans Multifamily Western

KeyBank Arranges $41.6M in Refinancing for Multifamily Property in Flagstaff, Arizona

by Amy Works December 7, 2020

FLAGSTAFF, ARIZ. — KeyBank Real Estate Capital (KBREC) has secured $41.6 million in fixed-rate Freddie Mac financing for Centerville, Utah-based Keller Investment Properties. The borrower will use the loan proceeds to refinance The Lodge Luxury Apartment Homes in Flagstaff. Built in 2004, The Lodge Luxury Apartment Homes features 252 garden-style units spread across 18 three-story buildings on 16 acres. Community amenities include a clubhouse, fitness center, spa, playground, picnic area and bike trail. Brian Caudel of KBREC’s Commercial Mortgage Group and Chris Jewett of KBREC’s Income Property Group structured the financing with a 10-year term featuring five years of interest-only payments and a 30-year amortization schedule.

December 7, 2020

Acquisitions Arizona Hospitality Western

Tempe Hotel Group Sells 139-Room Arizona Days Inn to Elliot West Hospitality for $8M

by Amy Works December 7, 2020

TEMPE, ARIZ. — Tempe Hotel Group has completed the disposition of a Days Inn-branded hotel, situated on a 2.4-acre site in Tempe’s General Industrial District. Elliot West Hospitality acquired the asset for more than $8 million. Due to the terms of the transaction, the property’s ownership may not officially transfer for a couple of years. The hotel, which was constructed in 1987, is slated to undergo renovations and rebranding over the next couple years. The 139-room hotel features a resort-style pool, full-service elevator, laundry facilities, vending and ice machines, a business center, large atrium/continental breakfast room and meeting room. Zack Mishkin of ORION Investment Real Estate represented the buyer and seller in the transaction.

December 7, 2020

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