YUMA, ARIZ. — Orion Investment Real Estate has arranged the sale of a restaurant property, located at 590 E. 16th St. in Yuma. Edwards Corral LLC sold the property to an undisclosed buyer for $4.1 million, or $413 per square foot. Golden Corral Buffet & Grill has occupied the 10,015-square-foot property since mid-2004. Judi Butterworth of Orion represented the seller in the transaction.
PHOENIX — San Diego-based MG Properties Group has purchased Sonoran Apartments, a multifamily property located in Phoenix, for an undisclosed price. Built in 1995, the garden-style apartment community features 429 units in a mix of one-, two- and three-bedroom floor plans with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the undisclosed seller, while Rocco Mandala of CBRE arranged financing for the acquisition.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Built in 2001, Monterra Apartment Homes features 258 apartments.
CHANDLER, ARIZ. — Hines has officially opened the Offices at Chandler Viridian, a six-story, Class A office property located in at the intersection of Loop 101 and Loop 202 in Chandler. The 250,000-square-foot building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. In addition to the grand opening, Hines announced two tenants: Stantec will occupy approximately 51,000 square feet on the second and third floors, while Workuity will occupy 19,787 square feet on the first floor. Phoenix-based Whiting Turner served as the general contractor, while Minneapolis-based RSP Architects designed the building. Jerry Roberts and Patrick Boyle of Cushman & Wakefield have been retained to lead the leasing efforts for the office building. Hines developed the office building, which is the capstone of Chandler Viridian, in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client. The 25-acre Chandler Viridian features a hotel, multifamily units, retail offerings, pedestrian promenades, a dog park, jogging trail and a large public plaza with high-speed internet and Wi-Fi.
GOODYEAR, ARIZ. — Minnesota-based Andersen Corp., a window and door manufacturer, along with Opus Development Co., has broken ground on a manufacturing facility within Goodyear Crossing Industrial Park in Goodyear. Situated on 26 acres, the 550,000-square-foot facility will feature 21 truck bays on the east side of the building, four truck bays on the southeast corner, rail service by two lines and a front entrance with two stories of glass windows. As lead developer, designer and constructor, Opus expects the building shell to be completed in October, and Andersen aims to have the facility fully operational by first-quarter 2020. The project team includes Opus Development Co. as developer, Opus Design Build as design-builder and Opus AE Group as architect and structural engineer of record. Cushman & Wakefield represented Andersen, while JLL represented Opus in the lease deal.
SCOTTSDALE, ARIZ. — Scottsdale-based 1784 Capital Holdings has broken ground on its Gold Dust Self Storage, located at 7245 E. Gold Dust Ave. in Scottsdale. Situated on a 2.1-acre former Macaroni Grill site, the facility will feature two above-ground floors and one below-ground floor totaling 117,567 gross square feet and 82,505 square feet of net rentable space. The high-end self-storage property will feature climate-controlled loading areas, hotel-style lobbies, conference rooms and play areas. The self-storage facility is slated to open at the end of 2019. TLW Construction is serving as general contractor for the project.
PHOENIX — ViaWest Group has purchased an office building and a semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St., respectively. Phoenix Newspapers Inc. sold the 240,000-square-foot property for $37.6 million. Barry Gabel and Chris Marchildon of CBRE’s Capital Markets Institutional Properties in Phoenix represented the seller in the deal. The Arizona Republic and azcentral.com will remain anchor tenants, occupying approximately 99,000 square feet, of the property. Additional tenants include KPNX-TV (Channel 12) and G/O Digital. This transaction was ViaWest’s sixth acquisition in 2018 and its second purchase in downtown Phoenix.
GOODYEAR, ARIZ. — Vantage Data Centers has unveiled plans to develop a data center campus, located at the southeast corner of Van Buren Street and Bullard Avenue in Goodyear. Spanning 50 acres, the center will feature three data center buildings and office space totaling more than 1 million square feet of space. Additionally, the campus will offer a total of 160-megawatts of critical load. Design, site plan approval and permitting are underway with construction expected to begin in early 2019. The first 32-megawatt data center is anticipated to be online in early 2020.
PHOENIX — Orion Investment Real Estate has negotiated the sale of Bell Canyon Plaza, a multi-tenant retail center located at the corner of 24th and Roosevelt streets in Phoenix. Ramsey Real Estate Group acquired the property from Ten Fourteen 24th Associates for $3.5 million, or $194 per square foot. Family Dollar anchors Bell Canyon Plaza on a newly extended lease. Additional tenants include Taco Bell and MetroPCS. Ari Spiro, Derek Buescher and Jared Williams of Orion represented the buyer and seller in the deal.
SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.
