Arizona

Westcore Buys 148,689 SF Brooklyn Bedding Warehouse in Phoenix

by Amy Works April 15, 2020

PHOENIX — San Diego-based Westcore has purchased an industrial warehouse property located in Phoenix for $12.4 million in a sale-leaseback transaction. Dreamfoam Bedding, doing business as Brooklyn Bedding, occupies the facility and will lease it back from Westcore for a short period of time. Located at 4455 W. Camelback Road in Phoenix’s Southwest Valley submarket, the property features 148,689 square feet of Class A industrial warehouse space. Phil Haenel, Andy Markham, Mike Haenel and Will Strong of Cushman & Wakefield represented the buyer, while Scott Backes and Rose Arck of Brydant Real Estate represented the buyer in the deal.

April 15, 2020

Acquisitions Arizona Multifamily Western

Real Capital Solutions Sells Park Place at Fountain Hills Apartment Asset in Arizona for $63.5M

by Amy Works April 10, 2020

FOUNTAIN HILLS, ARIZ. — Louisville, Colo.-based Real Capital Solutions has completed the disposition of Park Place at Fountain Hills, a Class A multifamily property in Fountain Hills. Hong Kong-based Button Capital Limited acquired the asset for $63.5 million. Built in 2018, Park Place at Fountain Hills features 230 units; two swimming pools with lounge areas; a fitness center and separate spin room; two-story clubhouse with game room and full kitchen; business center; and package locker system. Each individual residence offers high-end finishes, including nine-foot ceilings, stainless steel appliances, wood-plank flooring, quartz countertops, full-size washers and dryers, and private balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE structured the transaction for the seller. Rocco Mandala, Anthony Valenzuela and Dominique Damerell of CBRE Debt & Structured Finance arranged acquisition financing for the buyer in the transaction.

April 10, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $26.4M Sale of Phoenix Multifamily Community

by Amy Works April 9, 2020

PHOENIX — Marcus & Millichap has arranged the $26.4 million sale of San Marina Apartments, a multifamily property located at 7002 W. Indian School Road in Phoenix. A local nonprofit organization sold the asset to an out-of-state apartment investment and management company for $65,398 per unit. Situated on 19 acres, San Marina Apartments features 400 units in a mix of one- and two-bedroom floor plans, all of which offer energy-efficient, full-size appliances, carpet and vinyl flooring, dishwashers and microwaves. Select single-level “casitas” feature private patios. Onsite amenities include security gates, two laundry facilities, a park-like atmosphere with a playground and basketball court area, a pool, spa and covered parking. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

April 9, 2020

Acquisitions Arizona Office Western

Local Investor Acquires 28,187 SF Office Building at Chandler Airpark in Arizona

by Amy Works April 8, 2020

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Chandler Commercial Building B, a local private investor, has purchased the Vertex Education building, a single-story office building located at 3125 S. Gilbert Road in Chandler. Locally based Chandler CSO LLC sold the property for an undisclosed price. Situated within Chandler Airpark, the 28,187-square-foot Class A office building was developed in 2018 for Vertex Education, Arizona’s K-8 charter management organization. Currently, the company operates 18 schools throughout Arizona and Nevada, serving more than 21,000 students. Mindy Korth, Todd Noel and Sean Westfall of Colliers International in Arizona represented the seller, while Korth, Chris Roach and Matt Roach, also of Colliers, represented the buyer in the transaction.

April 8, 2020

Acquisitions Arizona Industrial Western

CapRock Partners Acquires 216,880 SF Distribution Facility in Phoenix

by Amy Works April 3, 2020

PHOENIX — Newport Beach, Calif.-based CapRock Partners has purchased a newly constructed distribution center located at 7200 W. Roosevelt St. in Phoenix. An undisclosed seller sold the asset in an off-market transaction. The acquisition price was not released. Payson MacWilliam and Don MacWilliam of Colliers International represented CapRock in the deal. Situated on 12 acres, the 216,880-square-foot, Class A property features 32-foot clear heights, 30 dock-high doors, two grade-level doors, 48 trailer stalls, a fully secured concrete truck court, 52-foot-by-55-foot column spacing and 3,600 amps, 277/480V power. Additionally, the property was designed to accommodate up to two tenants. CapRock Partners currently owns or is in escrow to purchase in excess of 1 million square feet of industrial space in Phoenix, including a long-term lease of a 110,710-square-foot property in the Sky Harbor submarket.

April 3, 2020

Acquisitions Arizona Loans Multifamily Western

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

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