Arizona

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

Acquisitions Arizona Retail Western

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

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