Arizona

Tower Capital Arranges $26.2M in Acquisition Financing for Two Multifamily Assets in Phoenix

by Amy Works April 3, 2020

PHOENIX — Tower Capital has secured two acquisition loans totaling $26.2 million for multifamily properties in Phoenix. The names of borrowers were not disclosed. The Phoenix-based independent structured finance firm arranged $21.5 million for San Maria Apartments, a 400-unit affordable housing complex located at 7002 W. Indian School Road in Phoenix. The gated property features a heated swimming pool, spa, basketball court, on-site laundry facility and covered parking. Additionally, Tower Capital arranged $4.7 million for Arcadia Palms Apartments, a multifamily community located at 4446 N. 36th St. in Phoenix. Situated in the city’s Arcadia submarket, the property features 34 apartments.

April 3, 2020

Acquisitions Arizona Industrial Western

Commercial Properties Arranges Sales of Two Cross-Dock Trucking Facilities in Arizona for $3.2M

by Amy Works April 1, 2020

PHOENIX AND TUCSON, ARIZ. — Commercial Properties has brokered the sales of two less-than-truckload (LTL), cross-dock trucking facilities in Tucson and Phoenix. In Tucson, Thomasville, N.C.-based Old Dominion Freight Line has completed the disposition of a 22-acre property that consists of a 31-door truck terminal located at 2202 N. Dragoon St. A Northern California-based buyer acquired the asset for $1.4 million. Jeff Hays of Commercial Properties represented the seller in the transaction. Additionally, John and Stacy Pifer completed the sale of a 36-door cross-dock LTL terminal located on six acres at 1412 S. 51st Ave. in Phoenix. Two Brothers Property purchased the asset for $1.8 million. Hays represented the buyer in the deal.

April 1, 2020

Acquisitions Arizona Retail Western

CBRE Brokers Sale of Single-Tenant Retail Ground Lease in Gilbert, Arizona

by Amy Works March 30, 2020

GILBERT, ARIZ. — CBRE has arranged the sale of a single-tenant retail ground lease at 6278 S. Higley Road in Gilbert. Arizona-based STF Retail Partners 1 sold the asset to Honggie Kim, a California-based private investor, for an undisclosed price. AutoZone occupies the 7,370-square-foot building, which is located within Chandler Heights Village shopping center. Joe Compagno of CBRE’s Net Lease Property Group in Phoenix represented the seller and buyer in the deal.

March 30, 2020

Acquisitions Arizona Retail Western

ORION Arranges $6.3M Sale of Brittany Square Retail Center in Glendale, Arizona

by Amy Works March 27, 2020

GLENDALE, ARIZ. — ORION Investment Real Estate has brokered the sale of Brittany Square, a retail center located at the corner of 67th and Peoria avenues in Glendale. An undisclosed seller sold the asset for $6.3 million, or $129 per square foot. Situated on 5.2 acres, Brittany Square features 49,004 square feet of retail space and on-site parking. At the time of sale, the property was 69 percent occupied by a variety of tenants, including Walmart Neighborhood Market, Starbucks Coffee, Chase Bank, Goodwill, O’Reilly Auto Parts and Circle K. The undisclosed buyer purchased the property as a long-term leased investment and plans to occupy a portion of the property for its medical-related business. Nick Miner of ORION represented the seller, while Tom Kolb of KW Commercial represented the buyer in the transaction.

March 27, 2020

Acquisitions Arizona Multifamily Western

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

by Amy Works March 26, 2020

GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138 apartments.

March 26, 2020

Arizona California Georgia Industrial Loans Massachusetts Multifamily Northeast Office Tennessee Texas Virginia

JLL Arranges $991.8M in Financing for 17-Property National Portfolio

by Amy Works March 25, 2020

SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.

March 25, 2020

Arizona Development Hospitality Loans Western

Tower Capital Secures $20.1M Development Financing for Hilton Home2 Suites in Mesa, Arizona

by Amy Works March 25, 2020

MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a kitchen and flexible working/media space. Construction started in February with completion slated for the first quarter of 2021.

March 25, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 19, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional operator. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 19, 2020

Acquisitions Arizona Office Western

Crowne Pointe Equity Acquires 32,350 SF Flex Property in Tempe, Arizona

by Amy Works March 18, 2020

TEMPE, ARIZ. — Anaheim, Calif.-based Crowne Pointe Equity has purchased an office/flex building located at 914 S. 52nd St. in Tempe. A joint venture between Phoenix-based ViaWest Group and a capital partner sold the asset for $5.9 million. Situated on 2.7 acres, the property offers 32,350 square feet of Class A office/flex space. At the time of sale, two tenants fully occupied the property: La Frontera EMPACT Suicide Prevention and SISU Healthcare Solutions. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas and Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE’s Phoenix office represented the seller in the deal.

March 18, 2020

Arizona Development Office Restaurant Retail Western

Diversified Partners Breaks Ground on En Fuego Retail, Office Development in Arizona

by Amy Works March 18, 2020

GLENDALE, ARIZ. — Scottsdale, Ariz.-based Diversified Partners has broken ground for En Fuego, a retail, office and flex development located at 91st and Glendale avenues in Glendale. The first phase of En Fuego will include retail pads ranging in size from 3,000 square feet to 15,600 square feet. Starbucks Coffee, Raising Cane’s Chicken Fingers, Barro’s Pizza, Biscuits Café and Jack in the Box have pre-leased space at the property. The second phase of development will include 8.32 acres of office, flex or entertainment space.

March 18, 2020

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