TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Sunnyslope Apartments, a 41-unit multifamily property at 150 E. Hardy Road in Tucson. Urbana @ Oro Valley LLC acquired the asset from Sunnyslope Apartments LLC for $5.6 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
MESA, SURPRISE, PEORIA, SEDONA AND YOUNGTOWN, ARIZ. — JLL Capital Markets has arranged $96.5 million in refinancing for a five-property, 971-unit seniors housing portfolio in Arizona. Alanna Ellis, Brad Miner and Ace Sudah of JLL Capital Markets Debt Advisory secured the financing for the borrower, Douglaston Development and The Hampton Group. Recently renovated between 2021 and 2024, the portfolio consists of 510 independent living units, 339 assisted living units and 122 memory care units. The portfolio includes Canyon Winds at 2851 N. Boulder Canyon and 7311 E. Oasis St. in Mesa, Chaparral Winds at 16617 N. West Point Parkway and 16623 N. West Point Parkway in Surprise, Desert Winds at 20554 N. 101st Ave. and 20545 N. Lake Pleasant Road in Peoria, Sedona Winds at 405 Jacks Canyon Road and 475 Jacks Canyon Road in Sedona, and Ventana Winds at 12322 N. 113th Ave. in Youngtown.
FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Ponderosa Park, an apartment property in Flagstaff. Keller Investment Properties sold the property to Bridge Partners for $28 million, or $233,750 per unit. Built in 1985 on five acres, Ponderosa Park offers 120 apartments, two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services. Steve Gebing, Cliff David and Hamid Panahi of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta and Tyler Johnson of IPA Capital Markets secured acquisition financing for Bridge Partners.
PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.
PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …
PHOENIX — Pacific Development Partners (PDP) has completed the disposition of Vela on Camelback, a Class A multifamily property in Phoenix’s Camelback Corridor submarket. In the company’s first acquisition in the Phoenix market in 15 years, Sherman Residenital acquired the asset for $72 million. Completed in 2017, Vela on Camelback offers 237 apartments, a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, club-style fitness center, resident lounge with a chef-inspired community kitchen, dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
PHOENIX — Stos Partners has purchased 236 and 240 North 48th Avenue in Phoenix from an owner-user for an undisclosed price. Situated on 5.3 acres, the property includes two freestanding industrial buildings totaling 94,836 square feet. Constructed in 1978, the 83,200-square-foot warehouse at 240 N. 48th Ave. features 3,450 square feet of office space, 24-foot clear heights, 19 dock-high doors, two grade-level loading doors, 7,000 amps, 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. Built in 1979, the 11,636-square-foot building at 236 N. 48th Ave. offers 4,200 square feet of office space, one dock-high door, two grade-level loading doors and 14 auto parking spaces. Stos Partners plans to commence capital improvements to enhance the two buildings’ functionality and appeal, including exterior paint, parking lot and loading areas repairs, dock and ground-level doors repairs and roof and electrical system repairs. Phil Haenel, Gary Anderson and Foster Bundy of Cushman & Wakefield facilitated the transaction. Gary Anderson and Nik Vallens of Cushman & Wakefield are handling leasing for the buildings on behalf of Stos Partners.
PHOENIX — ViaWest Group has completed the disposition of Canyon Corporate Plaza, a Class A office campus located on 11.6 acres in Phoenix, for an undisclosed price. The buyer is CaliberCos Inc., a Scottsdale, Ariz.-based financial services company in the alternative asset management space. Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Canyon Corporate Center offers 311,706 square feet of office space within a transit-oriented location in Phoenix’s I-17 Corridor and close to two stops on the newly opened light rail extension. At the time of sale, the property was nearly vacant.
PHOENIX — Clarion Partners has completed the sale of Desert Club, an apartment community in Phoenix, to Weidner Apartment Homes for $187.5 million, or $377,264 per unit. Built in 2004 on 21 acres, Desert Club features 497 apartments averaging 983 square feet in size. Units feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a heated, resort-style swimming pool and spa. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
TUCSON, ARIZ. — Lincoln Property Co. has broken ground on I-10 International, a Class A industrial project on 79 acres in Tucson. The $75 million Phase I totals 373,811 square feet across two distribution buildings: the 158,944-square-foot Building 1 and the 214,867-square-foot Building B. Phase I will also include a 188,434-square-foot Building 3. All buildings at I-10 International Phase I will be cold capable with 32-foot clear heights, 14-foot tall glass entrances, full concrete truck courts, generous use of clerestory windows and an R-38 insulated roof deck system. The project team includes Brinkmann Constructors as general contractor, and Butler Design Group and Ware Malcomb as architects. Jesse Blum of PICOR/Cushman & Wakefield is providing leasing services on behalf of Lincoln Property Co.