SCOTTSDALE, ARIZ. — Los Angeles-based Stockdale Capital Partners has acquired a medical laboratory and creative office building, formerly known as Henkel Corporate Center, in the Scottsdale Airpark submarket. Terms of the sale including acquisition price and the name of the seller were not released. Located at 7201 E. Henkel Way, the 371,937-square-foot property features large, open floorplans, a rooftop amenity deck and ready-for-use medical lab and R&D space. Originally developed as a build-to-suit for Henkel’s North American headquarters in 2009, the property features wet-lab build-outs, rooftop garden, cafetorium and auditorium suites, and subterranean parking. Mark Stratz of Transwestern will provide leasing services for the property, which is available to new renters for the first time.
MARANA, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space located at 3850 W. Orange Grove Road in Marana. Vincenza LLC sold the asset to The Church of Jesus Christ of Latter-Day Saints for $4.1 million. Westar Kitchen & Bath formerly occupied the 37,627-square-foot property. Dacie Hammack, Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the seller, while Nacy McClure and Carol Schillne of CBRE’s Tucson, Ariz., and Salt Lake City offices represented the buyer in the deal.
MESA, ARIZ. — Alliant Capital and Dominium have unveiled plans for Solstice of Mesa, an affordable seniors housing community in Mesa. All 237 units will be reserved for those over age 55 and earning up to 60 percent of area median income. Development is slated for completion in October 2021.
FLAGSTAFF, ARIZ. — Arizona real estate developer Desert Land Group and Texas-based senior living management company Civitas Senior Living have started construction on their newest senior living boutique project, The Bluffs of Flagstaff. Totaling approximately 210,572 square feet, the community will feature 120 independent living, 66 assisted living and 18 memory care apartments. The Bluffs of Flagstaff is scheduled for completion in fall 2021. The architect for the project is Kaas Wilson, with Greenberg Construction as general contractor. Senior By Design is providing additional design services.
PHOENIX — A joint venture between Chicago-based firms Origin Investments and Randolph Street Realty Capital has purchased Union @ Roosevelt, a multifamily community in downtown Phoenix. The joint venture plans to more than double the size of the five-story property, which features nine studio units, 60 one-bedroom units and 11 two-bedroom units with an average size of 830 square feet. At the time of acquisition, the 80-unit community was 95 percent leased. The asset also includes 9,100 square feet of retail space, which is currently 33 percent leased to Fatty Daddy Ice Cream and Genuine Wine Bar. The remaining 6,100-square-foot retail space is divisible to two spaces between 2,900 square feet and 3,200 square feet. The second phase of the development will add additional units and community amenities, which will provide the level of development for compliance with the current Opportunity Zone requirements for the project. Additionally, the expansion will add supplemental amenities for the existing units. Constructed is slated to begin during the second quarter of 2020. New units are scheduled to be available in early 2022. Randolph Street will serve as the operating partner and developer of the second phase.
PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.
PHOENIX — JLL Income Property Trust has acquired Chandler Distribution Center, a Class A industrial asset located in the Southeast submarket of Phoenix. An undisclosed seller sold the property for $31 million. Located immediately off Arizona State Route 202, Chandler Distribution Center features two newly developed Class A warehouses designed to accommodate a wide range of tenant sizes including those under 35,000 square feet. At the time of sale, the property was 97 percent occupied. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and manages a diversified portfolio of apartment, industrial, office and retail properties.
TUCSON, ARIZ. — El Segundo, Calif-based Venture West Funding has arranged a $16 million loan for the refinancing of a multi-tenant office building located in Tucson. Originally built in 2018 and most recently renovated in 2018, the property features 141,295 square feet of multi-tenant office space. At the time of financing, the property was 92 percent leased to several national tenants, including Centene, Tsomas Engineering and Aecom. Matt Douglas of Venture West Funding secured the 10-year, fixed-rate, interest-only loan for the borrower, an affiliate of a Los Angeles-based investor, through Goldman Sachs.
PHOENIX — Cambria Hotels, an upscale brand franchised by Choice Hotels International, has opened its third hotel in Arizona: Cambria Hotel Downtown Phoenix Convention Center. Situated at 222 E. Portland St., the seven-story, 127-room hotel features a spacious rooftop, multi-function meeting and event space, a pool with cabanas and bar, a state-of-the-art fitness center and Poppy, an on-site restaurant. Guest rooms feature modern fixtures, abundant lighting and plush bedding, as well as spa-style bathrooms. Oxford Hotels & Resorts manages the hotel, which was developed by True North Studio.
GILBERT, ARIZ. — CBRE has arranged the sale of The Forum at Gilbert Ranch, a Class A office and medical campus located at 1472, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive in Gilbert. Denver-based EverWest Real Estate Investors sold the property to Forum at Gilbert LLC, a private Midwestern buyer, for $20.5 million. Totaling 92,453 square feet, the five-building campus features one single-story building and four two-story buildings. The asset offers modern construction and improvements, with subterranean and covered parking with a parking ratio of 4.4 spaces per every 1,000 square feet. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller in the deal. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged financing for the buyer. At the time of sale, the property was 93 percent leased to a variety of finance, real estate, coworking and medical tenants. CBRE’s Jamie Swirtz and Bruce Suppes will handle leasing of the property on behalf of the new ownership.