Arizona

Equus Sells Scottsdale Gateway I Medical Office Building in Arizona for $27M

by Amy Works August 5, 2020

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the disposition of Scottsdale Gateway I, a medical office building located on 8.5 acres in Scottsdale. An undisclosed buyer acquired the property for $27 million. Built in 1998, the 107,049-square-foot building features a two-story atrium lobby, 58,000-square-foot floor plates and a parking ratio of 5.8 cars per 1,000 square feet, as well as additional development potential. At the time of sale, the building was 96 percent occupied. Scottsdale Gateway I is located adjacent to Honor Health’s 427-bed Scottsdale Shea Medical facility. The property was originally part of a two-building office portfolio that Equus acquired in 2014 on behalf of BPG Investment Partnership IX, a discretionary fund managed by the firm. Benjamin Geelan and Andrew Milne of JLL represented the seller in the deal. Bryan Taute of CBRE served as leasing agent on the assignment.

August 5, 2020

Acquisitions Arizona Net Lease New Mexico Retail Western

Benson DBS Purchases Two Dollar General-Occupied Properties in Arizona, New Mexico for $3.3M

by Amy Works August 5, 2020

KINGMAN, ARIZ., AND SILVER CITY, N.M. — Benson DBS has acquired two retail properties for a total of $3.3 million. Dave Hammack of Cushman & Wakefield | PICOR represented the buyer in both transactions. Benson DBS company acquired a new Dollar General-occupied building located at 7265 E. Concho Drive in Kingman. SimonCRE Saltair II sold the asset for $1.7 million. Additionally, the company purchased a new Dollar General-occupied property at 1330 E. 32nd St. in Silver City from Silver City (E32) DNMP LLC for $1.6 million.

August 5, 2020

Acquisitions Arizona Multifamily Western

Western Wealth Capital Sells Signature Place Apartments in Tempe for $62.5M

by Amy Works August 4, 2020

TEMPE, ARIZ. — Western Wealth Capital has completed the sale of Signature Place, a multifamily asset located at 600 W. Grove Parkway in south Tempe. Knightvest Capital acquired the property for $62.5 million. Signature Place features 300 apartments with nine-foot ceilings, fully equipped kitchens, full-size washers/dryers and private patios. Select units feature walk-in closets, dual vanities and fireplaces. Community amenities include two swimming pools, a fitness center, lighted tennis courts and outdoor grilling areas. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the transaction.

August 4, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Ensign Group Acquires 224-Unit Seniors Housing Campus in Tempe, Arizona

by Amy Works August 4, 2020

TEMPE, ARIZ. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of a post-acute care retirement campus located in Tempe. The acquisition includes Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units. These acquisitions bring Ensign’s growing portfolio to 226 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns the real estate at 92 healthcare operations.

August 4, 2020

Arizona Development Industrial Western

Scannell Properties Buys Development Site Near Phoenix, Plans 850,000 SF Distribution Center

by Amy Works August 4, 2020

BUCKEYE, ARIZ. — Scannell Properties has purchased a 70-acre development site, located near the corner of Miller and Durrango roads in Buckeye, for nearly $6.6 million. The buyer plans to develop an 850,000-square-foot, build-to-suit distribution facility at the property for specialty discount retailer Five Below. The tenant plans to initially bring approximately 150 new jobs to the area and expects to grow to nearly 300 employees over the next five years. Greg Vogel and Wes Campbell of Land Advisors Organization’s Metro Phoenix office represented the undisclosed seller in the deal.

August 4, 2020

Acquisitions Arizona Multifamily Western

CBRE Negotiates $35.7M Sale of Pacific Bay Club Apartments in Phoenix’s Southeast Valley

by Amy Works July 30, 2020

AHWATUKEE, ARIZ. — CBRE has arranged the sale of Pacific Bay Club, a multifamily community located in Ahwatukee, a suburb of Phoenix. Logan Capital Advisors acquired the asset from Picerne Development for $35.7 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal. Built in 1988, Pacific Bay Club features 192 garden-style apartments, an upgraded leasing center and clubhouse, a barbecue rotunda with four stainless steel gas grills, and exterior LED lighting.

July 30, 2020

Acquisitions Arizona Industrial Office Western

JLL Brokers $10.5M Purchase of Flex Building in Phoenix

by Amy Works July 29, 2020

PHOENIX — JLL has arranged the acquisition of a flex building located at 3930 E. Watkins St. in Phoenix. A private charitable foundation acquired the property for $10.5 million. The name of the seller was not released. Situated on 7.9 acres within Southbank Business Park, the building features 101,932 square feet of flex space with 24-foot clear heights, wide column spacing, multiple loading positions and ample parking. Brian Ackerman led the JLL Capital Markets team that represented the buyer, while Steve Larsen is leading the JLL Leasing team that is marketing the property’s unoccupied tenant space.

July 29, 2020

Arizona Loans Office Western

CIM Provides $95.6M Bridge Loan for Galleria Corporate Center in Scottsdale, Arizona

by Amy Works July 27, 2020

SCOTTSDALE, ARIZ. — CIM Group has funded a $95.6 million bridge loan for Stockdale Capital Partners for the firm’s Galleria Corporate Center in Scottsdale. Located at 4301-4343 N. Scottsdale Road, the asset features a 546,000-square-foot creative office building connected by a skybridge to a 10-story parking garage. The specific use of the funds was not disclosed.

July 27, 2020

Acquisitions Arizona Industrial Western

CBRE Brokers $9.2M Sale of Industrial Property in Chandler, Arizona

by Amy Works July 24, 2020

CHANDLER, ARIZ. — CBRE has negotiated the sale of an industrial building located at 6615 W. Boston St. in Chandler. Ivanhoe/Evergreen acquired the asset from Cabot Properties for $9.2 million. The 96,000-square-foot property features 4,405 square feet of office space, 22-foot clear heights, 11 dock-high doors, one grade-level door and up to 189 parking spaces. At the time of sale, Advanced Circuits and a second tenant fully occupied the property. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented both parties in the transaction.

July 24, 2020

Acquisitions Arizona Retail Western

Evergreen Devco Sells Single-Tenant Retail Building in Phoenix for $2.7M

by Amy Works July 22, 2020

PHOENIX — Evergreen Devco has completed the disposition of a single-tenant retail building located at 15275 N. 35th Ave. in Phoenix. Vico Partners acquired the asset for $2.7 million. Wilhelm Automotive occupies the 5,569-square-foot building, which RKAA Architects designed. The building is part of Evergreen’s 211,745-square-foot redevelopment project in Phoenix. The company is converting the existing parking field at the formerly Kmart-anchored shopping center into five new pad developments. Situated on 3.7 acres, a Cube Smart self-storage facility anchors the project. Additional tenants include Black Rock Coffee and Salad and Go. Joseph Compagno, R. Max Bippus and Benjamin Farthing of CBRE’s Net Lease Property Group in Phoenix represented the seller, while Dylan Brown and Andrew Fosberg of CBRE Phoenix nad California-based Chris Van Keulen of CBRE represented the buyer in the deal.

July 22, 2020

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