Arizona

PCS Development, Route 2 Construction Open $50M Apartment Community in Mesa

by Amy Works September 22, 2020

MESA, ARIZ. — Culver City, California-based PCS Development and Arizona-based Route 2 Construction have completed the development of The Premiere at Eastmark, a $50 million multifamily property in Mesa. The property is located within the master-planned community of Eastmark. Managed by P.B. Bell, The Premiere at Eastmark is located at 9410 E. Ray Road and is minutes from the Arizona State University Polytechnic Campus. The Premiere at Eastmark features 216 apartments in a mix of studio, one-, two- and three-bedroom floor plans ranging from 459 square feet to 1,251 square feet. The open-concept apartments feature granite countertops with subway tile backsplash; gourmet kitchen islands; black, energy-efficient appliances; wood-style plank flooring; walk-in closets with built-in shelving and storage; a patio or balcony; and covered parking. Additionally, each unit is equipped with up to 1 gigabit internet speeds. Community amenities include a pool and spa; resident lounge with a built-in kitchen and Starbucks Coffee bar; splash pad; package lockers; storage units; two dog parks; a 24-hour fitness center with Peloton bikes; an outdoor exercise lawn; electric vehicle charging stations; and a community coworking space.

September 22, 2020

Acquisitions Arizona Industrial Western

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works September 22, 2020

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

September 22, 2020

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works September 22, 2020

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 22, 2020

Acquisitions Arizona Industrial Western

SRS Negotiates $50M Acquisition of Carvana-Occupied Industrial Property in Tolleson, Arizona

by Amy Works September 21, 2020

TOLLESON, ARIZ. — SRS Real Estate Partners has arranged the off-market purchase of a single-tenant industrial building located at 600 S 94th Ave. in Tolleson. Carvana sold the asset to Phoenix-based Fundamental Income for $50 million. Carvana, the current tenant, will lease back the 190,000-square-foot building on a long-term basis. The tenant uses the facility as a reconditioning and photography center for vehicles sold online by Carvana. Travis Fidel of SRS’ National Net Lease Group represented the buyer and seller in the deal.

September 21, 2020

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Anchor 75,000 SF Sonoran Creek Marketplace Near Phoenix

by Amy Works September 21, 2020

MARICOPA, ARIZ. — Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift, has inked a deal for Sprouts Farmers Market to anchor Sonoran Creek Marketplace, the company’s $30 million retail center under development in Maricopa. The Phoenix-based specialty grocery chain is expected to open its 23,293-square-foot location in September 2021. Situated on 14 acres at the intersection of John Wayne Parkway and Edison Road, Sonoran Creek Marketplace will feature 75,000 square feet of retail and restaurant space. Additional recently signed tenants include The Joint Chiropractic, State Farm Insurance, Jimmy John’s Gourmet Sandwiches and Filiberto’s Mexican Food. Also included in the development are Dutch Bros, Culver’s and Fast & Friendly Express Carwash, all of which are currently open for business. This is Thompson Thrift Retail Group’s first project in Maricopa, and the company’s 2021 Southwest pipeline is projected to include more than $120 million in volume across metro Phoenix.

September 21, 2020

Acquisitions Arizona Loans Multifamily Western

Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Arizona Development Industrial Western

TCC Completes 356,000 SF Park Aldea Industrial Project in Phoenix

by Amy Works September 17, 2020

PHOENIX — Trammell Crow Co. (TCC) and its partner, CBRE U.S. Development Partners 5, a fund sponsored by CBRE Global Investors, have completed Park Aldea. The 356,000-square-foot industrial development is located in Phoenix. Situated on 27 acres west of the intersection of 99th Avenue and Cardinals Way, the property features the 74,164-square-foot Building A, the 76,322-square-foot Building B, the 87,296-square-foot Building C and the 118,241-square-foot Building D. The buildings offer divisibility down to 7,280 square feet. The facilities feature ESFR sprinkler systems, clear heights ranging from 24 feet to 32 feet, building depths ranging from 140 feet to 222 feet, and truck courts that range in size from 130 feet to 180 feet. Green Worldwide, an international shipping company, has signed a lease to occupy Building C, located at 10200 W. Montebello Ave. The company plans to move to the new facility at the end of 2020. Mitchell Stravitz, Cooper Fratt and Tanner Ferrandi of CBRE Phoenix serve as leasing agents for the project. Ted Liles of Cresa represented Green Worldwide in its lease.

September 17, 2020

Arizona Development Multifamily Western

Akara Partners to Open 320-Unit Kenect Phoenix Apartment Community this Fall

by Amy Works September 14, 2020

PHOENIX — Chicago-based Akara Partners is bringing Kenect, its hospitality-oriented apartment platform and social membership club, to downtown Phoenix. Located at 355 N. Central Ave., Kenect Phoenix has begun pre-leasing units at its leasing office at 130 N. Central Ave. Kenect will offer 320 furnished and unfurnished units, including junior studios, one-bedroom, one-bedroom flex and three-bedroom/three-bath floor plans. The community will also offer 24-hour amenities, including concierge services, studio fitness classes, social programming, virtual events, 8,000 square feet of ground-floor retail space, 7,000 square feet of co-working space and a rooftop pool. Kenect Phoenix will also offer residents Kenect Exclusive Experiences (KEE) with exclusive access to Kenect-branded events and fitness classes. Residents receive priority reservations for events, such as private concerts in the KEE Studios, demos with local mixologists and chefs, in-house artist classes and pet-friendly happy hours, as well as pop-up coworking and networking events. The property is located near Central Station on the area’s light rail, Arizona State University’s downtown campus, Phoenix Children’s Hospital and Arizona State University Law School and Medical School.

September 14, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

University Partners Acquires Vertex Student Housing Community Near Arizona State University

by Amy Works September 14, 2020

TEMPE, ARIZ. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock-climbing wall, clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and terms of the transaction were undisclosed.

September 14, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges Sale of 70-Unit Torrey Pines Villas in Glendale, Arizona

by Amy Works September 14, 2020

GLENDALE, ARIZ. — Marcus & Millichap has brokered the sale of Torrey Pines Villas, a 70-unit multifamily property located in Glendale. A limited liability company sold the asset to another limited liability company for $8.3 million. Paul Bay of Marcus & Millichap represented both parties in the deal. Located at 5712 N. 67th Ave., Torrey Pines Villas features 44 one-bedroom/one-bath units and 26 two-bedroom/two-bath units. The community was built in 1985 on 1.14 acres.

September 14, 2020

Newer Posts

Older Posts