Arizona

ViaWest Group Sells Bell 17 Industrial Campus in Phoenix’s Deer Valley Submarket for $8.3M

by Amy Works August 14, 2020

PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.

August 14, 2020

Arizona Company News Development Multifamily New Mexico Seniors Housing Western

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

by Amy Works August 14, 2020

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for the health, well-being, and happiness of our vibrant senior population,” says Ron Ziebart, president and CEO Link Senior Development. Insight Senior Living specializes in new-development senior living communities, providing consulting during development and pre-opening and management services after opening. Link Senior Development focuses exclusively on the development and management of seniors housing.

August 14, 2020

Arizona Development Multifamily Seniors Housing Western

Gardner Capital Opens Affordable Seniors Housing Community with On-Site Food Pantry in Phoenix

by Amy Works August 13, 2020

PHOENIX — Gardner Capital has completed construction of El Caro Apartments, a 102-unit affordable senior apartment complex in Phoenix. The property also features a food pantry on-site. Gardner Capital worked with the City of Phoenix Housing Department and the Arizona Department of Housing, as well as financial partners Citibank and Enterprise Community. Kitchell served as the general contractor. “We recognized the dual needs for seniors housing and food pantries when developing this site with the aim of creating comfortable, flexible living spaces while reducing food insecurity in the Phoenix area,” says Michael Gardner, president and CEO of Gardner Capital.

August 13, 2020

Acquisitions Arizona Industrial NAI Self-Storage Western

NAI Horizon Arranges $8.3M Sale of American Self Storage & Mail Center in Chandler, Arizona

by Amy Works August 13, 2020

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of American Self Storage & Mail Center, a self-storage facility located at 12220 E. Riggs Road in Chandler. Apache Junction-based Lawhead Family LLC sold the asset to Phoenix-based 535 Wilmot Investors for $8.3 million. Totaling 59,239 square feet, American Self Storage & Mail Center offers 652 units in a mix of drive-up and climate-controlled options, as well as RV parking and six commercial retail store tenants. Denise Nunez and Victoria Filice of NAI Horizon represented the seller in the transaction.

August 13, 2020

Acquisitions Arizona Multifamily Western

Taurus Investment Enters Phoenix Multifamily Market with $25.9M Acquisition of Avenel on 16th Apartments

by Amy Works August 12, 2020

PHOENIX — Boston-based Taurus Investment Holdings has entered the Phoenix multifamily market with the acquisition of Avenel on 16th Apartments. The recently repositioned property is located near 16th Street and Indian School Road in Phoenix’s East Camelback/Uptown submarket. Phoenix-based Rincon Partners sold the asset for $25.9 million. Built in 1980 and 1984, Avenel on 16th features 200 units in a mix of studio, one- and two-bedroom layouts. The seller recently spent over $4 million on capital improvements and interior renovations at the property. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix investment sales team represented both parties in the transaction. Additionally, Bryan Mummaw of NorthMarq arranged an $18.8 million Freddie Mac loan for the acquisition on behalf of the buyer.

August 12, 2020

Arizona Industrial Loans Western

JLL Secures $16.1M Refinancing for Seven-Building Industrial Portfolio in Metro Phoenix

by Amy Works August 12, 2020

PHOENIX, GLENDALE AND CHANDLER, ARIZ. — JLL Capital Markets has arranged $16.1 million in financing for a seven-building light industrial distribution and manufacturing portfolio in metro Phoenix. The borrower is a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital. Casey Wenzel, Aldon Cole, Jeremy Womack and Alastair Barnes of JLL Capital Markets secured the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility. The portfolio is situated on 16.1 acres at 10950 W. Northview Ave. in Glendale, 235 E. Pima St. in Phoenix, and 481 N. Dean Ave., 5740 W. Oakland St. and 5753, 5763 5773 W. Erie St. in Chandler. At the time of financing, the portfolio was 54.6 percent leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.7 million across the portfolio.

August 12, 2020

Acquisitions Arizona Development Hospitality Western

WaterWalk Acquires Development Site in Phoenix’s Deer Valley Area for Future Extended-Stay Hotel

by Amy Works August 11, 2020

PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million. Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad. Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024. WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.

August 11, 2020

Acquisitions Arizona Restaurant Retail Western

SRS Brokers $3.3M Sale of Restaurant Property in Scottsdale, Arizona Leased to Wendy’s

by Amy Works August 10, 2020

SCOTTSDALE, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant restaurant property located at 15416 N. Pima Road in Scottsdale. A Texas-based private investor sold the asset to an undisclosed buyer for $3.3 million. Built in 1996, the 3,386-square-foot building features a drive-thru. Wendy’s occupies the property on a corporate-guaranteed, triple-net lease through May 2032. Patrick Luther and Matthew Mousavi of SRS’ National Net Lease Group, along with Chris Stamets and Brian Gausden of Western Retail Advisors, represented the seller in the deal.

August 10, 2020

Arizona Loans Multifamily Utah Western

Hunt Real Estate Capital Funds $41.4M in Fannie Mae Loans for Manufactured Housing Communities in Arizona, Utah

by Amy Works August 6, 2020

TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.

August 6, 2020

Acquisitions Arizona Office Western

Exeter Property Group Acquires Office Building Near Phoenix for $19.2M

by Amy Works August 6, 2020

SCOTTSDALE, ARIZ. — Exeter Property Group has purchased 92 Mountain View, an office property located in north Scottsdale, a suburb of Phoenix. Equus Capital Partners sold the asset for $19.2 million. The transaction completes the seller’s disposition of its two-property, 223,249-square-foot office portfolio, including the previously announced sale of Scottsdale Gateway I. CVS Health occupies 89 percent of the 116,200-square-foot property, which shares fiber connectivity with the main CVS Caremark campus that is near the building. Additionally, the property is adjacent to HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service, acute-care hospital. Ben Geelan, Andrew Milne and Michael Legget of JLL represented the seller, while John DiVall provided in-house representation for the buyer in the deal. John Chun and Tim Brousse, also of JLL, advised from a debt and structured finance perspective.

August 6, 2020

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