Arizona

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works March 4, 2020

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit. Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied. Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

March 4, 2020

Acquisitions Arizona Multifamily Western

IPA Brokers $49.6M Sale of Country Club Verandas Multifamily Community in Arizona

by Amy Works March 3, 2020

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Country Club Verandas, a multifamily property located along Country Club Drive in Mesa. Weidner Apartment Homes sold the asset to Bridge Investment Group for $49.6 million, or $142,529 per unit. Constructed in 1985, Country Club Verandas features 348 apartments and a swimming pool on a 13-acre site. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

March 3, 2020

Acquisitions Arizona Industrial Western

PICOR Arranges $2.6M Sale of Industrial Space in Tucson, Arizona

by Amy Works March 3, 2020

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of an industrial space located at 1951 W. Grant Road in Tucson. La Cholla-OG LLC acquired the 25,821-square-foot space from Wright & Case Holdings for $2.6 million. Robert Glaser and Max Fisher of Cushman & Wakefield|PICOR handled the transaction.

March 3, 2020

Arizona Development Industrial Western

ViaWest Breaks Ground on Superior Logistics Center in Phoenix Sky Harbor Submarket

by Amy Works March 2, 2020

PHOENIX — ViaWest Group has broken ground on Superior Logistics Center, which will occupy a 9.2-acre land site at the northwest corner of Superior Avenue and 44th Street just south of Sky Harbor Airport in Phoenix. Superior Logistics Center will consist of two mid-bay industrial buildings: 71,500 square feet and 79,200 square feet, with divisibility down to 15,000 square feet. The development team includes Alliance Bank of Arizona, Deutsche Architecture Group, Kimley-Horn and Nitti Builders. John Werstler and Cooper Fratt of CBRE’s Phoenix office are handling the leasing of the project.

March 2, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $3.5M Sale of Tucson East Apartments in Arizona

by Amy Works March 2, 2020

TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Tucson East Apartments, a multifamily property in Tucson. A limited liability company sold the asset for $3.5 million. The buyer was an undisclosed limited liability company. Developed in 1982, Tucson East Apartments features 52 apartments in a mix of 41 one-bedroom/one-bath units and 11 two-bedroom/two-bath apartments. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate and private patios or balconies. Community amenities include a heated swimming pool, spa, resident clubhouse, on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water and reserved covered parking for select units. Hamid Panahi and James Crawley of Marcus & Millichap’s Tucson office, along with Michael Hubl of the firm’s Phoenix office, represented the seller and procured the buyer in the deal.

March 2, 2020

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Real Estate Begins Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works February 28, 2020

CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.

February 28, 2020

Arizona Development Industrial Western

Tratt Properties Begins Development of 1.3 MSF Elwood Logistics Center in Arizona

by Amy Works February 26, 2020

GOODYEAR, ARIZ. — Phoenix-based Tratt Properties has broken ground on Elwood Logistics Center, a speculative industrial development located near the junction of Interstate 10 and the Loop 303 in a designated Opportunity Zone in Goodyear. At full build-out, Elwood Logistics Center will total 1.3 million square feet, including a 40-foot clear height, cross-dock building with a 190-foot gated and secured concrete truck court and 235 dock-high loading positions. The 83-acre site also provides parking for more than 1,400 cars and 327 trailers. Construction is currently underway, with completion slated for December. The Renaissance Co. is serving as general contractor, and Deutsch Architecture Group is providing architectural services. JLL is handling leasing for the property.

February 26, 2020

Arizona Development Multifamily Student Housing Western

Arizona State, Capstone Development Break Ground on $118 Million Mixed-Use Development in Downtown Phoenix

by Amy Works February 26, 2020

PHOENIX — A public-private partnership between Arizona State University and Capstone Development Partners has broken ground on a $118 million mixed-use development located within the university’s downtown Phoenix campus. The project — titled the Downtown Phoenix Residence Hall and Entrepreneurial Center — will feature 75,000 square feet of academic space in the form of design studios, flexible classroom space, fashion studios, fabrication labs, music practice rooms, recording studios and live event space. The 207,000-square-foot residential component of the community will house up to 530 students in two- and four-bedroom, apartment-style units. The design-build team for the project includes architect Studio Ma and general contractor DPR Construction. Development is scheduled for completion in fall 2021.

February 26, 2020

Arizona Hospitality Loans Restaurant Retail Western

Mag Mile Capital Arranges $10.1M Loan for Hotel Conversion in Tempe, Arizona

by Amy Works February 25, 2020

TEMPE, ARIZ. — Mag Mile Capital has completed a $10.1 million loan for the refinancing and conversion of a hotel and restaurant property in Tempe. Located at 670 N. Scottsdale Road, the asset includes 103 hotel rooms and an on-site restaurant. Kuber Hotel Group, the borrower, plans to use the loan proceeds to refinance and convert the existing Best Western Hotel into a Holiday Inn Express. Rushi Shah, Leonard Smith and Prabhat Jayara of Mag Mile Capital arranged the 36-month, floating-rate, interest-only loan that features options to extend and includes a $2 million conversion and renovation fund. The lender was not disclosed.

February 25, 2020

Acquisitions Arizona Retail Western

Orion Investment Brokers $2.3M Acquisition of Encanto Village Shopping Plaza in Phoenix

by Amy Works February 24, 2020

PHOENIX — Orion Investment Real Estate has arranged the purchase of Encanto Village, a shopping center located at the corner of 15th Avenue and Thomas Road in Phoenix. A Phoenix-based private investor sold the asset to Arizona Partners for $2.3 million. Built in 1951, The Original Hamburger Works has anchored the 20,000-square-foot shopping plaza since 1967. The buyer plans to renovate the plaza and stabilize the rent roll. Andrew Harrison, Ari Spiro and Sean Stutzman of Orion Investment Real Estate represented the buyer in the deal.

February 24, 2020

Newer Posts

Older Posts