Arizona

NKF Arranges $5.8M Sale of Crossroads at Deer Valley Retail Center in Phoenix

by Amy Works July 6, 2020

PHOENIX — Newmark Knight Frank (NKF) has brokered the sale of Crossroads at Deer Valley Plaza, a shopping center located at 1838 W. Bell Road in Phoenix. An investment group led by Jeff Geyser sold the property to an undisclosed buyer for $5.8 million. The transaction includes the retail center and two billboards. Built in 2008 and remodeled in 2018, Crossroads at Deer Valley Plaza is fully occupied by a variety of tenants, including Eyeglass World, Wing Stop, L.A. Insurance, Royal Vapor, Cricket and DC Dental. Jesse Goldsmith, Steven Julius and Chase Dorsett of NKF represented the seller in the transaction. Jason Fessinger and Kalen Rickard of Western Retail Advisors represented the buyer.

July 6, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $39.4M Loan for Development of Acero Glendale Apartment Community in Arizona

by Amy Works June 30, 2020

GLENDALE, ARIZ. — PCCP has provided a $39.4 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Glendale. The Class A, garden-style multifamily property will be located at the northwest corner of 95th and Missouri avenues in Glendale. Situated on 15 acres, the project will feature 352 units in a mix of one-, two- and three-bedroom floor plans, averaging 986 square feet, across 18 residential buildings. Units will offer hard-surface countertops, vinyl-plank flooring, carpeted bedrooms, air conditioning, in-unit washers/dryers, stainless steel appliances and private patios or balconies. Community amenities will include two swimming pools, a fitness center, leasing office, community room and lounge with a kitchen and outdoor common areas. The first units are scheduled for delivery in mid-2021, with completion of the entire project in 2022. Adam Deermount, Steve Sims and John Meek of RanchHarbor, along with David Kidder of Landmark Real Estate, arranged the financing.

June 30, 2020

Wigwam-Creek-Shopping-Center-Litchfield-Park-AZ

Acquisitions Arizona Retail Western

SRS Negotiates $9.2M Sale of Wigwam Creek Shopping Center Near Phoenix

by Amy Works June 29, 2020

LITCHFIELD PARK, ARIZ. — SRS Real Estate Partners has arranged the sale of a large portion of Wigwam Creek Shopping Center, located at 13000 and 12958 W. Indian School Road in Litchfield Park. A Colorado-based family office sold the asset to a California-based private investor for $9.2 million. Built in 2002, Wigwam Creek Shopping Center totals 33,792 square feet. Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart are among the 17 tenants that fully occupy the property. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K and KFC, which were not part of the transaction. John Redfield, Ed Beeh and Alan Houston of SRS’ National Net Lease Group, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller. Ninos Lazar of Investar Real Estate Specialists represented the buyer in the deal.

June 29, 2020

Acquisitions Arizona Retail Western

Benson-DBS Acquires Dollar General-Occupied Retail Property in Tucson for $1.8M

by Amy Works June 29, 2020

TUCSON, ARIZ. — Benson-DBS LLC has purchased a retail building located at 67880 N. Sandario Road in Tucson. Damco Arizona Properties sold the asset for $1.8 million. Dollar General occupies the property. Dave Hammock of Cushman & Wakefield | PICOR represented the buyer in the deal.

June 29, 2020

Acquisitions Arizona Multifamily Western

Epoch Residential Sells 292-Unit Capital Place Apartment Community in Phoenix

by Amy Works June 26, 2020

PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.

June 26, 2020

Acquisitions Arizona Industrial Western

Westcore Expands Arizona Portfolio with Acquisition of 164,486 SF Industrial Facility

by Amy Works June 26, 2020

CHANDLER, ARIZ. — Westcore has purchased an industrial warehouse situated on 16.5 acres at 2550 N. Nevada St. in Chandler. Greenlaw sold the property for $38 million. At the time of acquisition, the 164,486-square-foot, Class A facility was fully leased to a global e-commerce company. The secured warehouse distribution building, which was extensively renovated, features 30-foot clear heights, extensive power, ESFR sprinklers, ample loading and newly designed and constructed office space. Jeff Chiate, Will Strong and Mike Adey of Cushman & Wakefield, with support from Steve Larsen of JLL, represented the seller, while Westcore was self-represented in the deal.

June 26, 2020

Arizona Loans Multifamily Western

Gantry Arranges $27M Refinancing for Two Multifamily Properties in Tucson, Arizona

by Amy Works June 26, 2020

TUCSON, ARIZ. — Gantry has secured $27 million in refinancing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson. Adam Parker and Chad Metzger of Gantry’s Phoenix office arranged both loans for the undisclosed borrower through an agency lender. Located at 2410 S. Mission Road, The Missions at Sentinel Peak Apartments features 404 apartments in a mix of studio, one-, two- and three-bedroom layouts. Since 2018, the owner has extensively renovated the property with 80 percent of the units being upgraded at the time of financing. The $12 million loan was structured as a 10-year, fixed-rate loan, which allowed the owner to officially operate and rebrand the two adjacent properties, Mission Sierra 1 and 2, as one community. The Woods Apartments, located at 1970 W. Valencia Road, features 360 units in a mix of one- and two-bedroom floor plans. Gantry arranged $15 million in refinancing, structured as a 15-year, fixed-loan, for the asset.

June 26, 2020

Arizona Loans Multifamily Western

Truist Provides $52M Loan for Tides at South Tempe Multifamily Property in Arizona

by Amy Works June 24, 2020

TEMPE, ARIZ. — Truist Commercial Real Estate has originated a $52 million balance sheet loan for the Tides at South Tempe apartment community. The borrower is a joint venture between Tides Equities and FCP. The loan will allow Tides Equities and FCP to continue to implement the value-add business plan for the property. Once complete and stabilized, the owners expect to refinance the debt via an agency loan from Grandbridge Real Estate Capital, a division of Truist. Situated on 20.5 acres at 4130 S. Mill Ave. in Tempe, the garden-style community features 442 apartments, covered parking, guest parking, on-call maintenance, pre-installed WiFi, a spa, assigned parking, cable television, disability access, laundry facilities, a picnic area with barbecues, swimming pool and fitness center. Jonathan White of Truist Real Estate Capital’s Agency Bridge program, Scott Cook of Truist National Real Estate and Evan Hom of Grandbridge Real Estate Capital originated the loan transaction.

June 24, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Arizona Development Multifamily Western

Leon Capital Selects McShane Construction to Build 202-Unit Kierland Apartments in Scottsdale

by Amy Works June 22, 2020

SCOTTSDALE, ARIZ. — Leon Capital Group has selected McShane Construction Co. to build Kierland Apartments, a multifamily property in Scottsdale. Situated on 1.7 acres at 7111 E. Tierra Buena Lane, Kierland Apartments will feature five stories of wood-frame construction over a two-story concrete podium with one sub-grade level. The exterior façade will consist of a mix of stucco, stone and metal panels with wire and glass railings on the balconies. The 202 apartments will offer high-end finishes, beverage centers and premium appliances, with some units featuring NanaWall folding glass door systems that lead to private balconies. Floors three through six will offer a mix of studio, one-, two- and three-bedroom layouts, while the top floor will consist of penthouse suites with upgraded finishes. Community amenities will include underground parking for residents; bicycle storage; a clubhouse with a poker room and community kitchen; and a deck with a saltwater swimming pool, spa and barbeque area. Completion of the property, which Design Studio Architects designed, is slated for August 2022.

June 22, 2020

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