SURPRISE, ARIZ. — Northstar Commercial Partners has completed the sale of an industrial property, located at 12000 N. 132nd Ave. in Surprise. A Canadian REIT acquired the property for $24.1 million. Situated on 32 acres, the 418,000-square-foot warehouse/industrial building was built in 2013. Anthony Lydon, Bill Honsaker and Marc Hertzberg of Jones Lang LaSalle represented the seller in the deal.
SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.
Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this activity can be credited to the price and availability of our land. This typically involves large parcels in the West Valley within close proximity to freeways that are often available at $5 per square foot to $6 per square foot. This is attracting tremendous big box interest, particularly in the Southwest Valley submarket where much of the metro’s more than 5.7 million square feet of new construction is occurring. Lincoln Property Company delivered one of the largest of these developments this past December: the $85 million, 901,700-square-foot Lincoln Logistics Center 40. Underscoring high confidence in the industrial sector, Lincoln Logistics 40 was developed fully speculative with amenities that target ecommerce and logistics-focused users. Among these are 40’ clear height ceilings, sophisticated cross-dock configuration, and extensive …
PHOENIX — Park Hotels & Resorts has closed on the sale of Pointe Hilton Squaw Peak Resort, located at 7677 N. 16th St. in Phoenix. An undisclosed buyer acquired the asset for $51.4 million, or $91,200 per key before customary closing costs. The all-suite resort features 563 rooms, a four-acre waterpark, kid’s camp, full-service spa and fitness center, three restaurants and 48,000 square feet of indoor/outdoor meeting space. This transaction represents the 14th hotel that Park has sold over the prior year and continues the company’s strategy of improving the overall quality of its portfolio by recycling out of non-core hotels.
MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.
SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.
NEWPORT BEACH, CALIF. — Newport Beach, Calif.-based BKM Capital Partners, through its BKM Industrial Value Fund II, has acquired three industrial portfolios for a combined consideration of $138.7 million. The company purchased a two-property portfolio consisting of four buildings totaling 99,187 square feet in metro San Diego. 3G Properties sold the properties for $16.6 million. At the time of sale, the property was 96 percent occupied with rents that range from 20 percent to 39 percent below market rate. The properties include Del Abeto Commerce Center, located at 6325 and 6354 Corte del Abeto in Carlsbad, Calif.; and Waples Industrial Centre, located at 9540 and 9550 Waples St. in Sorrento Mesa, Calif. Mark Avilla at Cushman & Wakefield represented the seller, while BKM was self-represented in the deal. BKM also acquired South Bay Portfolio, a five-building light industrial portfolio in Fremont, Calif., from Stockbridge for $49 million. Located at 48430-48490 Lakeview Blvd. and 48500-48560, 48400, 47745-47787 and 47703-47737 Fremont Blvd., the portfolio totals 221,651 square feet. At the time of sale, the portfolio was 94 percent occupied by a diverse range of 13 tenants with unit sizes ranging from 4,800 square feet to 42,500 square feet. Eastdil Secured represented the seller, …
GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site. Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease. Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.
PHOENIX — JLL has negotiated the sale of Sanctuary on 22nd, a multifamily community located in Phoenix. Laguna Point Properties sold the property to a private investor for $31.8 million. Built in 1985, Sanctuary on 22nd features 266 apartments in a mix of one- and two-bedroom layouts with an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer, while select units offer a fireplace. On-site amenities include two swimming pools, a modern fitness center, clubhouse and business center. John Cunningham and Charles Steele of JLL’s Multifamily Capital Markets represented the seller in the deal.
PHOENIX — Helix Properties LLC, on behalf of Next Gen 101 LLC, has purchased West 101 Corporate Center, an office property located at 1860 N. 95th Lane in Phoenix. Regent Properties sold the property for $8.5 million. Situated on a 230,432-square-foot lot, the three-story building features 81,922 square feet of Class A office space. Designed by DFD Architects, the property features 452 linear feet of Loop 101 frontage. At the time of acquisition, the property was 53 percent occupied. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. The buyer is a single entity controlled by Helix.
