Arizona

Progressive Real Estate Partners Arranges $2.5M Sale of Sunrise Preschool Property in Arizona

by Amy Works December 4, 2020

GLENDALE, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property located at 5801 W. Mohawk Lane in Glendale. An Arizona-based private investor sold the building to a California-based private investor for $2.5 million. Sunrise Preschool occupies the 8,500-square-foot property on a triple-net-lease basis. The building was built in 1999 for the preschool, which Childcare Network owns. The daycare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers and preschool students, as well as before- and after-school care. Brad Umansky and Mike Lin of Progressive Real Estate Partners, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller. John Eppers of Central Valley Properties represented the buyer in the deal.

December 4, 2020

Acquisitions Arizona Retail Western

B2 Holdings Acquires Target-Occupied Retail Property in Tempe for $14.4M

by Amy Works December 3, 2020

TEMPE, ARIZ. — San Diego-based B2 Holdings has purchased a 10-acre property located at 1800 and 1818 E. Baseline Road in Tempe. A Florida-based seller sold the asset for $14.4 million. The property is located less than half-a-mile from US Route 60 and in proximity to Dobson Ranch and Arizona State University. At the time of sale, Target and US Bank leased portions of the site. Joseph Compagno of CBRE’s Net Lease Property Group in Phoenix represented the buyer and seller in the transaction.

December 3, 2020

Acquisitions Arizona Office Western

Lincoln Property Co. Sells Grand2 Office Building in Tempe to Apex Capital for $187.5M

by Amy Works December 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …

December 2, 2020

Arizona Development Industrial Western

Westcore Acquires 45 Acres in Western Phoenix for Build-to-Suit Distribution Center

by Amy Works December 2, 2020

GOODYEAR, ARIZ. — Westcore has purchased approximately 45 acres of land at Thomas and Citrus roads near Interstate 10 and Loop 303 in Goodyear. First Industrial sold the land parcel for $11.2 million. Westcore plans to break ground immediately to construct a 721,156-square-foot, build-to-suit distribution facility for a national third-party logistics company. The completed cross-dock building will feature 36-foot clear heights, an ESFR sprinkler system and secure site trailer storage capacity. Completion is slated for June 2021. The project team includes Merit Partners, Butler Design Group, Hunter Engineering and Stevens-Leinweber Construction. Completion is slated for June 2021.

December 2, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $30M Sale of Port Royale Multifamily Community in Sierra Vista, Arizona

by Amy Works December 2, 2020

SIERRA VISTA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Port Royale, an apartment property in Sierra Vista, southeast of Tucson near the Mexico border. Element Property Co. acquired the asset from Bascom Arizona Ventures for $30 million, or $119,048 per unit. Built in 2004 on 13 acres, the 18-building community features 252 apartments and is in close proximity to Arizona State Route 90, University of Arizona South, Cochise College and Kartchner Caverns. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

December 2, 2020

Arizona Development Multifamily Western

Related Group Selects McShane to Construct 286-Unit The Manor Scottsdale Apartments in Arizona

by Amy Works December 1, 2020

SCOTTSDALE, ARIZ. — The Related Group has selected McShane Construction Co. to build The Manor Scottsdale, an apartment community located on 6.5 acres in Scottsdale. Totaling 286 units, the property will feature three-, four- and five-story wood-frame buildings with units in studio, one-, two- and three-bedroom layouts. Thirty-two units will be penthouse apartments and 19 units will offer mountain views. Additionally, 24 of the units will be kosher apartments. Community amenities will include a poker/card room, arcade, fitness center, spinning/yoga room, golf simulator, salt sauna, wellness room, grotto room, lounge, pool, spa, barbecue areas, tot lot and open-air courtyards. Humphreys & Partners Architects is architect of record. Completion is slated for December 2022.

December 1, 2020

Arizona Development Healthcare Western

Alter to Develop $54M Sports Medicine Center for Banner Health in Scottsdale

by Amy Works December 1, 2020

SCOTTSDALE, ARIZ. — Alter, a commercial real estate developer, has announced plans for a $54 million sports medicine center for Banner Health at its Riverwalk at Talking Stick mixed-use development along Loop 101 at Indian Bend Road in Scottsdale. Preliminary design is underway for the three-story, 80,000-square-foot project, which will offer athletes dedicated sports medicine services. Completion is slated for fourth-quarter 2022. Pat Williams of JLL represented Banner Health, while Kurt Rosene of NOVO Development represented Alter in the project negotiations.

December 1, 2020

Acquisitions Arizona Office Western

Granite Phoenix Complex Holdings Sells Four-Building TriWest Corporate Headquarters Campus in Phoenix

by Amy Works November 30, 2020

PHOENIX — Irvine, California-based Granite Phoenix Complex Holdings has completed the disposition of TriWest Corporate Headquarters Campus, a four-building office property in Phoenix. An East Coast-based private buyer entered the Phoenix market by acquiring the property for an undisclosed price. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the transaction. Situated on 12.3 acres within Arizona Business Park, TriWest Corporate Headquarters Campus features 121,511 square feet of office space. TriWest Healthcare Alliance fully occupies the property, which is located at 15810, 15820, 15830 and 16010 N. 28th Ave. TriWest has occupied the property since 2003 and recently renewed its lease.

November 30, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Negotiates $49.2M Sale of Raven Multifamily Property in Phoenix

by Amy Works November 25, 2020

PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.

November 25, 2020

Arizona Loans Multifamily Western

NorthMarq Arranges $65.1M Refinancing for Summerly at Zanjero Apartments in Glendale, Arizona

by Amy Works November 25, 2020

GLENDALE, ARIZ. — NorthMarq has arranged $65.1 million for the cash-out refinancing of Summerly at Zanjero Apartments in Glendale. Brandon Harrington and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team executed the permanent, floating-rate loan through Freddie Mac for the undisclosed borrower. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Built in 2019, Summerly at Zanjero features 340 apartments in a mix of one-, two- and three-bedroom layouts. The property located is within minutes of Westgate Entertainment District and State Farm Stadium.

November 25, 2020

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