Arizona

MedCore, Trinity Acquire Four Seniors Housing Communities in Arizona, Utah for $98M

by Amy Works February 26, 2019

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.

February 26, 2019

Acquisitions Arizona Office Western

Joint Venture Sells Rio West Business Park in Tempe for $63.3M

by Amy Works February 21, 2019

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.

February 21, 2019

Arizona Loans Multifamily Seniors Housing Western

Hunt Real Estate Capital Funds $7M Acquisition Loan for Memory Care Property in Phoenix

by Amy Works February 21, 2019

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.

February 21, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Buys 217-Unit Seniors Housing Property in Tucson, Arizona

by Amy Works February 20, 2019

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 …

February 20, 2019

Acquisitions Arizona Industrial Western

Industrial Logistics Properties Trust Agrees to Acquire 18 Industrial Properties for $625.3M

by Amy Works February 19, 2019

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.

February 19, 2019

Arizona Industrial Leasing Activity Western

Z Modular Signs 10-Year, 222,000 SF Industrial Lease in Chandler, Arizona

by Amy Works February 19, 2019

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.

February 19, 2019

Acquisitions Arizona Company News Hospitality Top Stories Western

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

by David Cohen February 19, 2019

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States. WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection. Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13. “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.” The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments. Phoenix-based Best Western Hotels & …

February 19, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Job, Population Growth Spur Phoenix’s Multifamily Market

by Taylor Williams February 19, 2019

The multifamily investment activity in Metro Phoenix remains extremely strong. This is driven by the employment and population growth in these markets, as well as by the affordability of rental housing compared to other parts of the nation. The employment growth has occurred in many segments, including technology, medical and finance. Technology companies are focused on cities where universities provide an abundant supply of skilled labor for these types of jobs. Arizona State University (ASU) in Metro Phoenix is one of the largest universities in the country with more than 87,000 students. It is working hand in hand with technology companies and other expanding employers to provide the education their students will need to fulfill openings in the market. A skilled workforce and affordable housing have been strong pulls for companies looking to relocate, expand or get off the ground. The increases in jobs and population have led to further increases in rent, occupancy, construction and absorption. The public’s changing perception about home ownership and the freedom that renting allows — along with the amenities provided in many of today’s apartment communities — has propelled multifamily demand in Metro Phoenix. The area’s overall vacancy rate for the third quarter was …

February 19, 2019

Arizona Hospitality Loans Walker & Dunlop Western

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

by Jeff Shaw February 18, 2019

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and Keaton Merrell of Walker & Dunlop’s Phoenix office, in collaboration with Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa, Fla., office, arranged the 10-year cash-out loan, which features three years of interest-only payments, through a CMBS provider.

February 18, 2019

Acquisitions Arizona Data Centers Industrial Western

Stream Data Centers Acquires a 418,000 SF Industrial Facility in Goodyear, Arizona

by Jeff Shaw February 18, 2019

GOODYEAR, ARIZ. — Stream Data Centers has purchased an industrial facility on 157 acres in Goodyear. The company plans to establish a data center campus for hyperscale and enterprise customers in the greater Phoenix region. This acquisition marks Stream’s entrance into the Phoenix market. Stream will redevelop the existing 418,000-square-foot facility. At full build-out, the data center will contain approximately 50 megawatts of critical load. The facility is slated to be fully operational for customers in the first quarter of 2020. Additionally, at full build, the entire campus will be able to support approximately 2 million square feet. The company will dedicate land for an on-site sub-station to be constructed by Arizona Public Service with ultimate power capacity of 350 megawatts.

February 18, 2019

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