Arizona

Cushman & Wakefield Arranges $2.5M Sale of Retail Building in Tucson, Arizona

by Amy Works March 17, 2020

TUCSON, ARIZ. — Cushman & Wakefield has brokered the sale of a multi-tenant retail building situated within Santa Cruz Plaza at 3782 S. 16th Ave. in Tucson. Carlsbad, Calif.-based Blue Hat LLC acquired the asset from Los Angeles-based Santa Cruz Center LLC for $2.5 million. The 7,200-square-foot building is an outparcel to Santa Cruz Plaza, a 271,600-square-foot shopping center anchored by Fry’s Grocery. At the time of sale, the property was fully leased to four tenants: Subway, Cricket Wireless, Nationwide Vision and Affordable Dentures & Implants. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

March 17, 2020

Acquisitions Arizona Multifamily Single-Family Rental Western

Inland Real Estate Acquires Five Rental Home Properties in Metro Phoenix

by Amy Works March 16, 2020

SURPRISE, TOLLESON, LITCHFIELD PARK AND PHOENIX, ARIZ. — Oak Brook, Ill.-based Inland Real Estate Acquisitions, on behalf of an affiliate of The Inland Real Estate Group of Companies, has acquired five Christopher Todd Communities in the Phoenix metro area. The portfolio includes 943 single-family rental homes. Three communities — Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Park in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park — were included in the closing on Friday, March 13. The purchase of Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix are pending and slated to close in the near future. The communities were the first Christopher Todd Communities to be constructed as the company began its development of “smart-gated” communities offering pet-friendly one- and two-bedroom, single-family homes with private backyards and resort-style luxury amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix office arranged acquisition financing for the buyer.

March 16, 2020

Acquisitions Arizona Industrial Western

Doubletree Partners Divests of Doubletree Centre Industrial Building in Scottsdale, Arizona

by Amy Works March 13, 2020

SCOTTSDALE, ARIZ. — Doubletree Partners has completed the sale of Doubletree Centre, a multi-tenant industrial property located in Scottsdale. Quesnell International acquired the asset for an undisclosed price in a 1031 exchange. Located at 9525 E. Doubletree Ranch Road, the property features 22,303 square feet of industrial space. Doubletree Partners acquired the property in 2014 with only one tenant and invested into the building to facilitate owner/use requirements to bring the property to 100 percent occupancy. Michelle Gardner of Kidder Mathews represented the seller in the transaction.

March 13, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $49.2M Loan for the Development of 458-Unit Apartment Asset in Phoenix

by Amy Works March 12, 2020

PHOENIX — PCCP has provided a $49.2 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Algodon. The Class A, garden-style multifamily community will be located in the West Valley of Phoenix. Situated on 20.5 acres along North 91st Avenue, Acero Algodon will offer 458 apartments in a mix of 196 one-bedroom units, 238 two-bedroom units and 24 three-bedroom units, spread across 24 three-story buildings. All floor plans will feature quartz countertops, stainless steel appliances, vinyl plank flooring with carpeted bedrooms, walk-in closets, in-unit laundry rooms and private patios or balconies. On-site amenities will include 901 parking spaces, two resort-style swimming pools, a fitness center with yoga and spin studio, business center, community lounge and kitchen, game room, dog park, and barbecue and picnic areas. Construction is scheduled to start soon, with the first units planned for delivery in mid-2021. Total build-out is slated for completion in mid-2022. David Kidder, Adam Deermount, Steve Sims and John Meek of Landmark Real Estate arranged the financing.

March 12, 2020

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Buys Heavy Industrial Facility in Glendale, Arizona

by Amy Works March 12, 2020

GLENDALE, ARIZ. — Industrial Outdoor Ventures has purchased a heavy industrial facility with storage yard, located at 4800 W. Pasadena Ave. in Glendale. WHAL Properties sold the asset for an undisclosed price. Situated on 4.6 acres, the property includes a 29,625-square-foot industrial service facility with 3,300 square feet of office space and a paved storage yard. The site is fully secured and zoned for a wide range of heavy industrial uses and features heavy three-phase power and 16-foot to 24-foor clear ceiling heights. Additionally, the property is situated near Interstates 10 and 17, less than a mile from the BNSF Intermodal Facility and 12 miles from Phoenix Sky Harbor Airport. Currently, MasTec, a multi-national infrastructure engineering and construction company, occupies the entire property. Kerri Scott and Bob Broyles of Colliers International represented the seller in the deal.

March 12, 2020

Acquisitions Arizona Multifamily Student Housing Western

IPA Negotiates $123M Sale of Student Housing Asset at Arizona State in Tempe

by Amy Works March 11, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a core-plus, condo-quality student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower West Sixth features 375 units, totaling 625 beds, with floor-to-ceiling windows and resort-style amenities. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the asset is 98 percent occupied and 88 percent pre-leased for the upcoming school year.

March 11, 2020

Acquisitions Arizona Industrial Western

CBRE Global Investors Buys 115,280 SF Last-Mile Industrial Property in Metro Phoenix

by Amy Works March 11, 2020

GOODYEAR, ARIZ. — A fund sponsored by CBRE Global Investors has purchased a fully leased, built-to-suit distribution facility located at 14000 W. Grant St. in Goodyear, a suburb west of Phoenix. Terms of the transaction, including the name of the seller and acquisition price, were not released. Completed in 2019, the last-mile asset features 115,280 square feet of industrial space, 32-foot clear heights, private office space, 135-foot truck courts, 52-foot by 55-foot column spacing, LED lighting, an air-conditioned warehouse and ESFR sprinklers. As part of this transaction, the fund also acquired a fully leased, 115,280-square-foot industrial asset located at 1224 S. Orange Blossom Trail in Orlando.

March 11, 2020

Arizona Development Industrial Western

Lincoln Property Co. Breaks Ground on First Phase of 4.5 MSF Industrial Park in Arizona

by Amy Works March 5, 2020

GLENDALE, ARIZ. — Lincoln Property Co. (LPC) has broken ground on Park303, an industrial master-planned development in Glendale. At full build out, the park will accommodate up to 4.5 million square feet of freeway-fronting, Class A industrial space. Situated on 71.5 acres between Loop 303 and Sarival Road, the $115 million Phase I will include two buildings totaling 705,531 square feet and 488,995 square feet. The facilities will feature 40-foot clear heights, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site will offer full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbecue areas. Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development and Scottsdale Investment Management. Totaling 265 acres, the project will offer freeway access and easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue. Butler Design Group is serving as project architect for Phase I, Hunter Engineering is serving as civil engineer and Willmeng Construction as general contractor. Completion of Park303 Phase I is slated for fourth-quarter …

March 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

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

by Amy Works March 5, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in Arizona. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 5, 2020

Arizona Development Multifamily Student Housing Western

Toll Brothers Starts Construction of 826-Bed Canvas Student Housing Near Arizona State

by Amy Works March 4, 2020

TEMPE, ARIZ. — Toll Brothers Campus Living has started construction of Canvas, an 826-bed student housing community located near Arizona State University in Tempe. The property is scheduled for completion in fall 2023. The development will offer a mix of studio, one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a rooftop swimming pool, outdoor grills, state-of-the-art fitness center, private study rooms, clubroom and e-sports lounge.

March 4, 2020

Newer Posts

Older Posts