PHOENIX — PSRS has secured a $6 million loan for the refinancing for Phoenix Commercial Center, a six-building industrial campus in Phoenix. The name of the borrower was not released. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the non-recourse, fixed-rate loan, which features a 20-year term and a 20-year amortization schedule, through a correspondent life insurance company lender. Phoenix Commercial Center offers 131,000 square feet of industrial warehouse space.
GLENDALE, ARIZ. — Orion Investment Real Estate has arranged the sale of a retail building located at the intersection of West Peoria and North 43rd avenues in Glendale. An affiliate of DeRito Partners sold the property to a Santa Clara, Calif.-based buyer for $3.8 million, or $387.72 per square foot. Originally constructed in 1987 as a single-tenant restaurant property, the 9,801-square-foot building is now a multi-tenant property. At the time of sale, the property was 89 percent occupied by Denny’s, Subway and Alta Dental. The asset is an outparcel to Glendale Towne Center, which Target anchors. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Joel Owens of Canton, Ga.-based All World Realty represented the buyer in the deal. The new owner has retained DeRito Partners for both leasing and property management
PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of a retail building located at 1625 Camelback Road in Phoenix. An affiliate of Menin Development sold the asset to an undisclosed institutional buyer for $20.3 million. Target occupies the single-tenant, 50,428-square-foot property on a long-term net lease with fixed rental increases. The retailer opened the store, its first small footprint location in Arizona, in July 2017. Matt Berres, Samer Khalil and David Guido of NKF Net Lease Capital Markets represented the seller and procured the buyer in the transaction.
MESA, ARIZ. — Specialty investment bank Ziegler has provided $250.8 million in financing for the development of Legacy Sports Park, located roughly 20 miles outside Phoenix in Mesa. Legacy Cares, a nonprofit organization providing sports opportunities to people of all ages and economic backgrounds, is developing the 320-acre project. The development is set to include: A soccer complex consisting of 22 soccer fields with additional fields to allow for large tournament capacity; An expanded stadium-type soccer field with an approximately 10,000-person seating capacity; One auxiliary turf field with an approximately 5,000-person seating capacity; An additional soccer field designated as a soccer-based performance training center; 10 softball and youth baseball fields including an expanded stadium field; 13 sand volleyball/ soccer courts with a stadium court; A pickleball complex consisting of 40 pickleball courts, one of which will be a stadium court; An obstacle course compound with zip lines; A 12-lane batting cage training center; An outdoor amphitheater with an approximately 1,000-person seating capacity; An esports video gaming competition center; Track and field space; 16 NBA-sized basketball courts; 60 indoor volleyball courts; A cheer, dance and gymnastics facility; and A health, fitness and wellness clinic. “With expansive first-class fields and facilities, we anticipate …
AVONDALE, CHANDLER, GOODYEAR, MESA, PHOENIX AND TEMPE, ARIZ. — Seattle-based Amazon plans to open 11 new sites across the Phoenix metro area by year-end 2020 to support customer fulfillment and delivery operations. Amazon expects the new properties will create more than 3,000 new full- and part-time jobs. The new sites include seven delivery stations, which power the last mile of Amazon’s order fulfillment process, and two additional facilities that support fulfillment operations in Avondale, Chandler, Goodyear, Mesa, Phoenix and Tempe. Additionally, the company’s first cross-dock facility in Arizona is slated to open by year’s end in Phoenix, creating 1,000 full-time positions. The 600,000-square-foot building will support customer fulfillment by receiving large orders of inventory and redistributing products to fulfilment centers across the company’s operations networks. Construction is also underway on an 855,000-square-foot fulfillment center in Goodyear. Expected to open by year’s end, the facility will create more than 1,000 new full-time jobs where employees will work alongside Amazon robotics to pick, pack and ship small items to customers. Next year, Amazon will launch additional sites to support customer fulfillment and operations, including a cross-dock facility in Goodyear and a delivery station in Surprise, creating more than 1,000 full-time jobs in …
PHOENIX — A partnership between Dalan Management and VM Management has completed the disposition of Verona Court, a multifamily complex in Phoenix. A private buyer acquired the asset for $20 million, or $141,844 per unit. Built in 1985, Verona Court features 141 apartments in a mix of one- and two-bedroom layouts. Community amenities include two swimming pools and two laundry facilities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
MESA, ARIZ. — Evergreen Devco has acquired an anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa. Terms of the transaction were not released. Evergreen plans to redevelop the vacant, 30,400-square-foot property. The company is also working with a national retail tenant on a lease agreement to occupy the space, a former Big Lots location. The building is situated on approximately 89,000 square feet less than a quarter-mile from the Superstition Freeway (US 60), a popular retail and traffic corridor that has more than 180,000 residents within a three-mile radius.
PHOENIX — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.
GLENDALE, ARIZ. — Merit Partners is leading a joint venture to develop Camelback 303, a $1.5 billion industrial park in the northwest Phoenix suburb of Glendale. The Phoenix-based firm recently closed on the acquisition of 611 acres along the Loop 303 corridor for the project, which will total 9 million to 10 million square feet of logistics and manufacturing space upon completion. Merit’s joint venture partners include industrial REIT First Industrial Realty Trust Inc. (NYSE: FR) and equity partner Diamond Realty Investments, which is the real estate investment arm of Mitsubishi Corp. According to second-quarter 2020 research from JLL, industrial asking rents in metro Phoenix are up 1.8 percent and absorption has increased 39 percent from this time last year. The second quarter marks the 28th straight quarter of positive absorption for the market. “We are extremely excited to be building at this location and at a point in the cycle where demand for Class A industrial is exponential — and expected to continue to rise in the years ahead,” says Kevin Czerwinski, president of Merit Partners. Camelback 303 will sit along the west side of Loop 303 and feature freeway frontage between the Camelback Road and Bethany Home Road …
GLENDALE, ARIZ. — VanTrust Real Estate has purchased 76.4 acres of land along the Loop 303 corridor at Sarival Road and Maryland Avenue in Glendale. The company plans to break ground on a 660,000-square-foot speculative industrial building on the site in October. Upon completion, scheduled for June 2021, the facility will feature 40-foot clear heights, clerestory glass for natural light and ample auto and trailer parking, as well as access to Loop 303, Northern Parkway and Interstate 10. Jim Wilson of Cushman & Wakefield is marketing the property. Terms of the acquisition were not released.