TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Tucson East Apartments, a multifamily property in Tucson. A limited liability company sold the asset for $3.5 million. The buyer was an undisclosed limited liability company. Developed in 1982, Tucson East Apartments features 52 apartments in a mix of 41 one-bedroom/one-bath units and 11 two-bedroom/two-bath apartments. Unit interiors feature fully equipped kitchens with dishwashers and disposals, an intercom system linked to the community front gate and private patios or balconies. Community amenities include a heated swimming pool, spa, resident clubhouse, on-site leasing office and laundry center. Additional community amenities include photovoltaic solar panels, solarized resident hot water and reserved covered parking for select units. Hamid Panahi and James Crawley of Marcus & Millichap’s Tucson office, along with Michael Hubl of the firm’s Phoenix office, represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — VanTrust Real Estate has started construction on Chandler Corporate Center II, the second phase of its 26-acre business center in Chandler. Located at 4100 W. Chandler Blvd., the two-story, 118,000-square-foot office building will feature a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes, along with integrated LED light fixtures. Designed by Butler Design Group, the building will consist of precast concrete perimeter bearing walls and steel frame super structures with 10- to 14-foot floor-to-floor heights. The property will be adjacent to Chandler Fashion Center and is easily accessible by nearby freeways. Slated for completion by September, the building will complement a similar building constructed in the first phase, which Allstate Insurance occupies. Future phases may include additional build-to-suit or speculative office and on-site retail space. Steven Leinweber is constructing the office project, which Colliers International is marketing.
GOODYEAR, ARIZ. — Phoenix-based Tratt Properties has broken ground on Elwood Logistics Center, a speculative industrial development located near the junction of Interstate 10 and the Loop 303 in a designated Opportunity Zone in Goodyear. At full build-out, Elwood Logistics Center will total 1.3 million square feet, including a 40-foot clear height, cross-dock building with a 190-foot gated and secured concrete truck court and 235 dock-high loading positions. The 83-acre site also provides parking for more than 1,400 cars and 327 trailers. Construction is currently underway, with completion slated for December. The Renaissance Co. is serving as general contractor, and Deutsch Architecture Group is providing architectural services. JLL is handling leasing for the property.
PHOENIX — A public-private partnership between Arizona State University and Capstone Development Partners has broken ground on a $118 million mixed-use development located within the university’s downtown Phoenix campus. The project — titled the Downtown Phoenix Residence Hall and Entrepreneurial Center — will feature 75,000 square feet of academic space in the form of design studios, flexible classroom space, fashion studios, fabrication labs, music practice rooms, recording studios and live event space. The 207,000-square-foot residential component of the community will house up to 530 students in two- and four-bedroom, apartment-style units. The design-build team for the project includes architect Studio Ma and general contractor DPR Construction. Development is scheduled for completion in fall 2021.
TEMPE, ARIZ. — Mag Mile Capital has completed a $10.1 million loan for the refinancing and conversion of a hotel and restaurant property in Tempe. Located at 670 N. Scottsdale Road, the asset includes 103 hotel rooms and an on-site restaurant. Kuber Hotel Group, the borrower, plans to use the loan proceeds to refinance and convert the existing Best Western Hotel into a Holiday Inn Express. Rushi Shah, Leonard Smith and Prabhat Jayara of Mag Mile Capital arranged the 36-month, floating-rate, interest-only loan that features options to extend and includes a $2 million conversion and renovation fund. The lender was not disclosed.
PHOENIX — Orion Investment Real Estate has arranged the purchase of Encanto Village, a shopping center located at the corner of 15th Avenue and Thomas Road in Phoenix. A Phoenix-based private investor sold the asset to Arizona Partners for $2.3 million. Built in 1951, The Original Hamburger Works has anchored the 20,000-square-foot shopping plaza since 1967. The buyer plans to renovate the plaza and stabilize the rent roll. Andrew Harrison, Ari Spiro and Sean Stutzman of Orion Investment Real Estate represented the buyer in the deal.
PHOENIX — Cushman & Wakefield has arranged the purchase of a vacant industrial building located in Southwest Phoenix. KKR, a New York-based global investment firm, acquired the property from LMI Solutions for $5.6 million. The 82,288-square-foot property features 28-foot clear heights, 16 dock-high loading doors and an evaporative cooled warehouse area. The freestanding, fully-fenced building is situated on 5.2 acres at 46 N. 49th Ave. Phil Haenel of Cushman & Wakefield represented the buyer in the deal. Additionally, Haenel, Andy Markham and Mike Haenel, also of Cushman & Wakefield, will handle leasing for the property.
TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan term. The non-recourse, floating-rate loan features a 36-month term, one extension option and flexible prepayment. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures.
PHOENIX — ViaWest Group has completed the sale of Broadway Industrial Center and 45th Avenue Industrial Park in Phoenix. New York-based KKR acquired the three-building portfolio, located at 2950 E. Broadway Road and 77 N. 45th Ave., for $16.6 million. Will Strong of Cushman & Wakefield, along with Matt McDougall and Ken McQueen of Lee & Associates, handled the transaction. Constructed in 1984, 45th Avenue Industrial Park features 24-foot clear heights and a 125- to 150-foot truck court. Current tenants include Storopack and Western Millworks. Broadway Industrial Center consists of two buildings, totaling 95,094 square feet, with 24-foot clear heights and grade-level doors. Major tenants include Reddy Ice, Goldie’s Motors and Cereus Graphics. At the time of sale, both properties were fully leased.
TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit. Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa. Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property. Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.