PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit. Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios. The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors. Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.
PHOENIX — Lee & Associates Arizona has brokered the sales of two industrial assets in Phoenix for a combined total of $13.8 million. In the first deal, TWT Real Estate Investments sold a dock-high distribution building to Layman Properties – East University Drive LLC for $8.5 million, or $63.08 per square foot. Located at 2020 E. University Drive, the facility features 134,375 square feet of space and is occupied by Arizona Wholesale Supply and Iron Mountain. Arizona Wholesale Supply built the facility in 1967 for itself with the opportunity to lease a portion out for income. Andrew Ogan of Lee & Associates Arizona represented the buyer and seller. Wells Fargo Real Estate Capital Markets provided $3 million in financing. In the second transaction, Layman Properties LLC acquired a three-building office and industrial project from One Deer Valley JV LLC for $5.3 million, or $109.85 per square foot. Located at One W. Deer Valley Road, the asset includes a 21,181-square-foot office building and two 13,261-square-foot industrial buildings. At the time of sale, the property was 100 percent leased. Ogan represented the buyer, while Matt Hobaica, also of Lee & Associates Arizona, represented the seller.
PHOENIX — George Oliver has unveiled plans for its redevelopment of CASA, an office building in Phoenix’s Uptown neighborhood. The company plans to implement a $17 million renovation to re-establish CASA from a 1989-built project, previously known as Catalina Terraces, into a modern Class A office space focused on community, health and wellness. Renovations will keep the 181,188-square-foot building’s Spanish architectural roots, including natural wood elements and smooth stucco finishes, as well as updated modern lobbies, updated restrooms, an exterior facelift and new landscaping. Tenant amenities will include a tenant lounge and café operated by Kaleidoscope Juice and a training center with the ability to host approximately 60 guests. The property will feature two centralized courtyards with water features and seating, as well as an on-site co-working facility operated by the ownership accommodating users ranging from one to 10 desks. CASA will also include a wellness center with a yoga room, new fitness center with showers, on-site meditation room, salon with hair stylist and dog park. The ownership also plans to include a two-story dining experience with dedicated food truck parking, climate-controlled space, a shaded outdoor dining area, and outdoor games and lounge space. Phoenix-based George Oliver purchased the CASA …
PHOENIX — Owner-Operator Life Care Services (an LCS Company) and general contractor The Weitz Company have started construction of a four-story independent living expansion at Sagewood, a continuing care retirement community in Phoenix. This is the largest expansion at the property since it opened in 2010.The 280,000-square-foot project includes 101 new units, 23,000 square feet of common space and a 156-stall underground parking garage. The independent living units will feature both one- and two-bedroom floor plans with a living room and full-size kitchen. New amenities will include an 18-hole putting course, chapel, top-floor lounge and guest suites. This phase of construction will also deliver new administration offices for the Sagewood operations staff; renovations to the existing Canyon Café and Palo Verde kitchen and dining hall; and a new dining venue. Designed by architect Todd & Associates, this phase of construction is scheduled for completion by the end of 2020. This will be the 14th project Weitz has built at Sagewood since originally constructing the 85-acre community, and the fourth since the start of 2017.
KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.
TEMPE, ARIZ. — A joint venture between the principals of Scottsdale, Ariz.-based The Wolff Co. and Seattle-based Leavitt Capital Cos. has completed the sale of Rio West Business Park, an office campus located at 1621-2021 W. Rio Salado Parkway in Tempe. A fund managed by Los Angeles-based Oaktree Capital Management acquired the asset for $63.3 million. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. The five-building Rio West Business Park features 296,663 square feet of office space. At the time of sale the property was fully leased, with American Airlines occupying four of the five buildings.
PHOENIX — Hunt Real Estate Capital has provided a $7 million bridge loan for the acquisition of Hawthorne Court at Ahwatukee, a seniors housing property located in the Ahwatukee area of Phoenix. The borrower is a joint venture partnership between Pasadena, Calif.-based CALCAP Real Estate Advisors and Greg Roderick, president and CEO of Frontier Management. Brady Johnson, Kathryn Burton Gary and Michael Jones of Hunt Real Estate Capital originated the 24-month loan, which features interest-only payments for the entire term. Built in 2000 and renovated in 2016, Hawthorne Court features 44 memory-care units in a mix of private and semi-private rooms, all with private bathrooms. On-site amenities include an outdoor courtyard and patio, dining room, lounge area, activity room, beauty salon and open-concept sitting space. The seller was Senior Resource Group, represented by Blueprint Healthcare Real Estate Advisors.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Country Club of La Cholla, a 217-unit senior living community in Tucson. Located in the picturesque La Cholla Hills of Tucson, the property is located near medical facilities, outdoor recreation and retail/restaurant options. The Country Club of La Cholla provides independent living and assisted living amenities and programming. CPF plans to invest an undisclosed amount of money in the community, and Grace Management will take over operations. The property is situated on a 10.64-acre parcel and comprises a central clubhouse; three two-story garden style independent and assisted living buildings; and three single-story buildings that house 19 casitas and surround a greenhouse and putting green. Originally constructed as an independent living community in 1991 and 1992, the property has undergone a series of multimillion dollar renovations including the conversion of 78 units to assisted living and the renovation of the community’s clubhouse. Matthew Whitlock of CBRE National Senior Housing represented the seller, an affiliate of MBK Senior Living, in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $35 million in acquisition financing for the …
PHOENIX — Industrial Logistics Properties has agreed to acquire 18 industrial properties for a total of $625.3 million. Wholly owned subsidiaries of Cole Corporate Income Operating Partnership LP, of which Cole Office & Industrial REIT (CCIT II) is the sole general partner, have agreed to sell the assets for $568.3 million in cash and the assumption of a $57 million loan by the buyer. The 18 properties are 100 percent leased and encompass approximately 8.7 million gross rentable square feet across 12 states. Notable tenants include UPS, Procter & Gamble and Subaru. The transaction is anticipated to close within 60 days, subject to due diligence and the satisfaction of closing conditions. CCIT II plans to use sale proceeds for the repayment of debt and the acquisition of long-dated net-lease properties in furtherance of the company’s investment objectives. Eastdil Secured is represented CCIT II in the transaction.
CHANDLER, ARIZ. — Z Modular, a division of Zekelman Industries, has signed a 10-year lease for industrial space at 6205 S. Arizona Ave. in Chandler. The manufacturer of prefabricated steel structures for commercial buildings will occupy 222,000 square feet at the property. The modular structures are constructed in-house with final assembly occurring on-site, where the steel modules are stacked and connected together. The company plans to hire approximately 150 new employees to the region and will invest $17 million in tenant improvements and equipment, including a significant amount of robotic machinery. Stein Koss and Tom Louer of Lee & Associates, along with Kristina Hayes with KW Commercial, handled the deal.