MARANA, ARIZ. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Developed this year, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
PHOENIX — Next Gen Black Canyon, an entity controlled by Helix Properties, has acquired Black Canyon Commerce Park, a three-building office park in Phoenix’s I-17 Corridor. Irvine, Calif.-based Granite Black Canyon Holdings sold the multi-tenant asset for $10.7 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE Property Management will continue to manage the property, with Ashley Brooks of CBRE serving as the leasing agent. Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The 181,584-square-foot property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.
GILBERT, ARIZ. — Wentworth Property Co. has completed the sale of a build-to-suit office/flex building located at 2228 W. Guadalupe Road in Gilbert. A private trust acquired the property for $9.9 million. Built this year by Wentworth Property Co., the property features 34,132 square feet of office and flex space. New York-based Moog Inc., a designer and manufacturer of high performance motion control products, solutions and services, occupies the building, which features a custom build-out for the company with specific amenities to support Moog’s work in the aircraft, industrial, medical and space and defense markets. Brian Ackerman and Steve Sayre of JLL represented the seller, while Ian Hackett of Hackett Real Estate Solutions represented the buyer in the deal. Deutsch Architecture Group served as architect for the build-out.
PHOENIX — Marcus & Millichap has brokered the sale of Ocotillo Estates, a 47-unit apartment property located in Phoenix. A limited liability company acquired the property from a private investor for $5 million. Located at 6702 N. 17th Ave., Ocotillo Estates features two studios, 17 one-bedroom/one-bathroom units and 28 two-bedroom/two-bathroom units. Developed in 1979, the property has undergone light renovations with community amenities including ample covered parking, 24-hour controlled access security gate and an on-site management office. Additionally, the property features individual metering for electricity. Paul Bay of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — CBRE Global Investors has purchased a data center, located at 2500 W. Frye Road in Chandler, an eastern suburb of Phoenix, for $72.7 million. The seller was Lincoln Rackhouse, the data center division of Lincoln Property Co., in partnership with Principal Real Estate Investors. Kristina Metzger and James McCarthy of CBRE Data Center Capital Markets represented the seller in the deal. Lincoln Rackhouse and Principal Real Estate Investors originally purchased the data center in 2018 as part of a three-property portfolio. A global data center services provider fully occupies the 191,000-square-foot facility.
PHOENIX — TruAmerica Multifamily has purchased Covington Park, a garden-style apartment community located in Phoenix’s Northwest Corridor. An undisclosed seller sold the asset for $77.3 million. Built in 1999, Covington Park features 520 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, private balconies or patios, walk-in closets and washers/dryers. Community amenities include a three-acre community park, lighted basketball and volleyball courts, three swimming pools, a playground, newly renovated fitness center, dog park, resident clubhouse and package receiving lockers. Additionally, the property includes 105 detached garages. TruAmerica will implement a multi-million-dollar capital improvement program at the property that will include the renovation of all unit interiors and targeted exterior and amenity space upgrades. The buyer leveraged 10-year floating-rate financing through Freddie Mac’s Multifamily Green Advantage platform for the acquisition. Brian Eisendrath of CBRE Capital Markets arranged the financing. Tyler Anderson, Asher Gunter, Sean Cunningham and Matt Pesch of CBRE’s Arizona office represented the seller in the deal.
TUCSON, ARIZ. — Commercial Retail Advisors has brokered the sale of Orange Grove Village Shopping Center, a retail strip center located at the northwest corner of Oracle and Orange Grove roads in Tucson. After 55 years of ownership, California-based 4-D Properties sold the asset to S1K LLC for an undisclosed price. The new owner plans to renovate the property and retained Stickley Design Group to head project design. Chapman Management Group was hired as the property manager, and Commercial Retail Advisors will continue in its capacity as the project leasing agent. Craig Finfrock of Commercial Retail Advisors represented both parties in the transaction.
PHOENIX — CapRock Partners, along with an institutional client advised by CenterSquare Investment Manager, has purchased Papago Distribution Center, a Class A industrial property located at 1010 N. 47th Ave. in Phoenix. A global asset manager sold the property for an undisclosed price. Updike Distribution Logistics, a third-party logistics company, fully occupies the 226,436-square-foot facility. The property features 5,000 square feet of office space, 30-foot clear heights, 60 dock-high doors and three drive-in ramps. Situated on 12 acres, the asset features a 130-foot truck court and heavy power capacity. Additionally, the property is rail-service capable with seven knock-out doors and nearly 200 parking spaces. Bo Mills and Mark Detmer of JLL represented the CapRock in the acquisition.
PHOENIX — NAI Horizon has arranged the sale of an office building, located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the asset to Curran Properties for $4.6 million. The property features 28,312 square feet of office space. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal.
SURPRISE, ARIZ. — Scottsdale, Ariz.-based LevRose Commercial Real Estate has arranged the sale of a multi-tenant retail center in Surprise. Houston-based KM Skyway Commons LLC acquired the property from Denver-based Surprise Retail LLC c/o Northstar Commercial Partners for $2.6 million. Located at 12100 N. Dysart Road, the property features approximately 17,560 square feet of retail space for multiple tenants. Current tenants include Burn Boot Camp and Federico’s Mexican Food. Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate represented the seller in the deal.
