Arizona

Christiansen Ventures Acquires 229-Unit Alta North Central Multifamily Community in Phoenix

by Amy Works August 9, 2024

PHOENIX — Christiansen Ventures LLC has purchased Alta North Central, an apartment community located in North Central Phoenix. An institutional fund manager sold the asset for an undisclosed price. Built in 2020, Alta North Central features 229 apartments with quartz countertops, custom tile backsplashes, designer cabinetry and stainless steel appliances. Community amenities include a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas and a private resident bar. Additional on-site amenities include an athletic center with spin and yoga rooms and a swimming pool and spa area with fire features and in-water seating. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly, along with the CBRE Debt & Structured Finance team, arranged financing for the buyer.

August 9, 2024

Arizona Development Industrial Western

Seefried Industrial Properties, MDH Partners Plan 59,723 SF Fiesta Tech Center in Gilbert, Arizona

by Amy Works August 9, 2024

GILBERT, ARIZ. — Seefried Industrial Properties, with development partner MDH Partners, has acquired a 5.1-acre site in Gilbert, approximately 20 miles southeast of Phoenix. The developers plan to build an industrial property named Fiesta Tech Center on the land. Construction is slated to begin in third-quarter 2024, with delivery expected in second-quarter 2025. Located at 1352 N. Fiesta Blvd., Fiesta Tech Center will feature 59,723 square feet of industrial space. The facility will offer 28-foot clear heights, 19 dock-high doors, four grade-level doors and 78 parking stalls within a secure, fenced site. The building will be able to accommodate tenants with space requirements ranging from 14,930 square feet to 59,723 square feet. The project team includes DLR Group as architect, Cole Engineering as civil engineer and Alcorn Construction as general contractor. Mike Peter of CBRE will oversee leasing and marketing for the property.

August 9, 2024

Arizona Healthcare Loans Net Lease Western

JLL Arranges Financing for 38,900 SF Dignity Health Micro-Hospital in Phoenix

by Amy Works August 8, 2024

PHOENIX — JLL Capital Markets has arranged an undisclosed amount of financing for Dignity Health Micro-Hospital, a 38,900-square-foot multi-specialty hospital with an emergency room and imaging center in Phoenix. The borrower is HPA Exchange LLC, a healthcare real estate investment company created by the executive team of Healthcare Property Advisors. John Chun and Daniel Digerness of JLL Capital Markets secured the five-year, fixed-rate acquisition loan through a national healthcare lender. Located at 7171 S. 51st Drive, Dignity Health Micro-Hospital consists of 24/7 emergency department, 16 patient beds, 10 emergency room beds, two advanced operating suites for surgical procedures, a full onsite lab, a full radiology suite with CT scan, X-ray and ultrasound capabilities, a pharmacy and a cafeteria. The asset was built to suit for Dignity Health, which leases the entire facility on a long-term, absolute net-lease basis. The property was built in 2014.

August 8, 2024

Acquisitions Arizona Industrial Western

Cushman & Wakefield | PICOR Brokers $1.9M Sale of Rita Ranch Commercial Center Industrial Lots in Tucson, Arizona

by Amy Works August 5, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Rita Ranch Commercial Center, Lots 57, 58 and 59, totaling 15 acres of industrial land in Tucson. Ron Zimmerman, Jesse Blum and Paul Hooker of Cushman & Wakefield | PICOR represented the seller, while Sam Rutledge of Commercial Properties represented the buyer in the transaction.

August 5, 2024

Acquisitions Arizona Multifamily Western

Tower 16, Raith Capital Partners Buy Ascend on Glendale Apartments in Arizona

by Amy Works August 2, 2024

GLENDALE, ARIZ. — Tower 16 Capital Partners, in partnership with Raith Capital Partners, has acquired Ascend on Glendale, a multifamily community in Glendale’s Westgate Entertainment District. Glendale is a suburb northwest of Phoenix. The price was not disclosed, but the property was purchased for “well below today’s replacement cost,” according to the buyers. The buyers plan to invest $1 million in upgrades and rebrand the Class A property as Obsidian on Glendale. Built in 2023, the two-story, garden-style community features 216 one-, two- and three-bedroom, averaging 921 square feet. Amenities include a swimming pool, fitness center and clubhouse. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Brian Share and Craig Branton of Cushman & Wakefield secured debt financing for the buyer.

August 2, 2024

Acquisitions Arizona Industrial Western

Creation Divests of 301,994 SF Midway Commerce Center in Chandler, Arizona for $57M

by Amy Works August 1, 2024

CHANDLER, ARIZ. — Creation has completed the disposition of Midway Commerce Center, a master-planned industrial park in the Phoenix suburb of Chandler. Boston-based Longpoint Realty Partners purchased the asset for $57 million. Located at the northeast corner of Germann Road and Hamilton Street, Midway Commerce Center consists of three buildings offering a total of 301,994 square feet of light industrial space on 18.3 acres. Will Strong and Molly Hunt of Cushman & Wakefield handled the transaction. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates supported leasing efforts and will remain involved following the sale. LGE Design Build completed construction of Midway Commerce Center earlier this year.

August 1, 2024

Acquisitions Arizona Industrial Western

LBA Logistics Sells University Logistics Center in Tempe, Arizona for $27.5M

by Amy Works July 31, 2024

TEMPE, ARIZ. — LBA Logistics has completed the disposition of University Logistics Center, an industrial and logistics building on nine acres in Tempe. Setna iO and Setnix, an owner/occupier, acquired the asset for $27.5 million. Located at 1345 S. 52nd St., the 112,300-square-foot facility features 3,500 square feet of office space, 32-foot clear heights, three dock-high doors, 10 drive-in load doors, three truck wells, a concrete truck court, 18 new windows, storefront entry for will call, new LED lighting for the interior space and parking areas, secured parking and trailer storage and multiple points of ingress/egress. Additionally, the property offers 494 parking spaces. The buyer plans to use the facility to expand its operations, which focuses on aftermarket aircraft parts supply and high-tech airplane parts machining and repair. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, while Todd Hamilton of Citywide Commercial Real Estate, along with Denise Stain Chaimovitz of Entre Commercial Realty, represented the buyer in the deal.

July 31, 2024

Arizona Development Multifamily Western

Ascent Cos., Vanderbuild Open 200-Unit Amavida Marana Multifamily Project in Arizona

by Amy Works July 30, 2024

MARANA, ARIZ. — Ascent Cos. and Vanderbuild, along with Bryten Real Estate Partners as property manager, have opened Amavida Marana, an apartment community in Marana. Located at 5555 W. Ina Road, Amavida Marana features 200 one-, two- and three-bedroom units with upgraded in-home amenities including smart thermostats, nine-foot ceilings, stainless steel appliances and vinyl wood flooring. Community amenities include a private, four-acre, gated community park with four pickleball courts, a playground, a walking and jogging loop and an enclosed dog park. The property also includes electric vehicle charging stations, an indoor/outdoor fitness center, swimming pool, hot tub, pet washing stations and a clubhouse.

July 30, 2024

Acquisitions Arizona Multifamily Western

JLL Negotiates $12.6M Sale of Corona Del Sol Apartment Complex in Phoenix

by Amy Works July 29, 2024

PHOENIX — JLL has arranged the $12.6 million sale of Corona Del Sol, a garden-style apartment property located at 27 E. Corona Ave. in Phoenix. A private high-net-worth seller sold the asset to KDF Communities for $12.6 million. Built in 1985, Corona Del Sol features 64 apartments, with an average size of 880 square feet. All units offer classic finishes and offer the potential for future value-add enhancements. At the time of sale, the property was 97 percent leased. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of JLL Capital Markets represented the seller and procured the buyer in the deal.

July 29, 2024

Arizona Development Hospitality Mixed-Use Restaurant Retail Western

Okland Capital, San Tan Development Break Ground on $100M Northside at SanTan Village Mixed-Use Project in Gilbert, Arizona

by Amy Works July 25, 2024

GILBERT, ARIZ. — Okland Capital and San Tan Development Group have broken ground on Phase I of Northside at SanTan Village, a mixed-use development in the Phoenix suburb of Gilbert. The first phase will feature 37,245 square feet of retail and restaurant space spread across six buildings. Completion of phase one is slated for mid-2025, with a grand opening expected in fall 2025. The hotel component is scheduled to deliver shortly after and future uses are currently being designed. At full build-out, Northside at SanTan Village will span 20 acres and feature a 134-key hotel, retail, restaurants and community green space. Development costs were estimated at $100 million. The project team includes Okland Construction as general contractor and Aline Architecture Concepts as architect for the retail center. Bryan Babits and Alberto Caballero of Western Retail Advisors are handing leasing for the project’s retail and restaurant spaces.

July 25, 2024

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