MESA, ARIZ. — Hunt Real Estate Capital has provided $9 million in Freddie Mac financing for the refinancing of Rancho Palos Verde Apartments, a multifamily property located in Mesa. The undisclosed borrower now owns all 152 units of the condominium community and plans to operate the asset as a garden-style apartment complex. The borrower acquired the property from various owners between September 2018 and February 2019. The property comprises 13 two-story residential buildings, which feature 48 one-bedroom/one-bath units, 56 two-bedroom/two-bath units and 48 two-bedroom/two-bath townhouse-style units. Community amenities include a leasing office, fitness center, swimming pool with spa, covering parking, and pedestrian and vehicle access gates.
CHANDLER, ARIZ. — Dallas-based Jackson-Shaw and Las Vegas-based LaPour Partners have broken ground for Parc Germann, a two-building urban industrial development in Chandler. Totaling 224,471 square feet, Parc Germann will feature flexible industrial space broken down into a 92,261-square-foot Building A, located at 2215 E. Germann Road, and 132,210-square-foot Building B, located at 2225 E. Germann Road. Each building will feature modern, flexible industrial space designed to accommodate office, showroom, manufacturing, distribution, assembly and a variety of other industrial uses. The project will include front-loaded buildings featuring true dock-high space, a full concrete truck court and the ability to have outside storage. Pat Harlan and Kyle Westfall of JLL’s Phoenix office will manage the leasing assignment for the development.
SCOTTSDALE, ARIZ. — An entity formed by Phoenix-based Clear Sky Capital has completed the disposition of Tatum Place, a 164-unit multifamily property located at 16801 N. 49th St. in Scottsdale. Tatum Investment Partners, an entity formed by Chicago-based Rockwell Partners, purchased the asset for $26.1 million. Tatum Place features a mix of one- and two-bedroom apartments with an average size of 814 square feet. Units offer nine-foot ceilings, all-electric kitchens, in-unit washers/dryers, patios/balconies, wood-style flooring and walk-in closets. Community amenities include a fitness center, two swimming pools, a poolside clubhouse, outdoor barbecue grills, covered parking, gated access, a fire pit and complimentary Wi-Fi. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.
GOODYEAR, ARIZ. — Fairlife, a milk production company, plans to develop a 300,000-square-foot production and distribution facility in Goodyear. Slated to begin operations in late 2020, the $200 million facility will house product lines to accommodate growing demand. Working with the United Dairymen of Arizona to source milk from numerous dairy farmers in Goodyear, the new Fairlife plant will enable increased production of all its products, including different varieties of ultra-filtered milk, Core Power, fairlife YUP!, fairlife smart snacks and fairlife nutrition plan. Located at the corner of Cotton Lane and Thomas Road within Palm Valley 303 Business Park, the new facility will feature advanced manufacturing technologies and energy-saving equipment to reduce power consumption, while creating more than 140 local jobs.
PHOENIX — Del Mar Ventures Group has acquired Campbell Crossing, an infill retail center located at 4514 N. 16th St. in Phoenix. MCK Realty sold the property for $2.5 million, or $105.37 per square foot. The 1980s-vintage asset features 23,725 square feet across with 15 suites, with five tenants currently in place. Del Mar Ventures plans to remodel the property and change the tenant mix. The firm plans to reposition Campbell Crossing as a high-end retail destination by updating and modernizing building exteriors and interiors and installing high-quality tenants. Jerry Jacobs and David Guido of Newmark Knight Frank represented the buyer in the transaction.
GILBERT, ARIZ. — Embrey Partners has completed the disposition of The Flats at SanTan, an apartment community located at 2550 S. Santan Village Parkway in Gilbert. Weidner Apartment Homes acquired the 319-unit property for an undisclosed price. Built in 2018 and situated on 10 acres, The Flats at SanTan features eight residential buildings, attached and detached garages, leasing office, clubhouse, fitness center, heated pool, spa, outdoor yoga courtyard, Wi-Fi lounge with computers and printers, dog park, dog wash, outdoor kitchen, grilling areas and fire pit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PHOENIX — A joint venture between Barker Pacific Group and Iron Point Partners has purchased City Square, an office complex in Phoenix, for an undisclosed price. The 736,809-square-foot asset comprises three office towers, two street-level retail buildings and a shared plaza. City Square is the joint venture’s second foray into the Phoenix area. The partnership originally entered the market in 2017 with the acquisition of Mesa Tower. Brett Abramson, Chris Beal and John Bonnell of JLL is the leasing team for the property. The name of the seller was not released.
PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million. Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal. Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.