Arizona

Fenway Capital Advisors Sells Valley Commerce Center Office Building in Arizona for $27.9M

by Amy Works July 11, 2019

PHOENIX — Solana Beach, Calif.-based Fenway Capital Advisors has completed the disposition of Valley Commerce Center, a multi-tenant office building located at 4745 and 4747 N. Seventh St. in Phoenix. Denver-based Bow River Capital Partners purchased the property for $27.9 million. Steve Lindley, Eric Wichterman, Tracy Cartledge, Bob Buckley and Mike Coover of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1984, the two-building, four-story asset features 217,434 square feet of office space. The property recently underwent more than $6 million in capital improvements, including a state-of-the-art outdoor collaborative space with seating areas, a bocce ball court and two water features.

July 11, 2019

Acquisitions Arizona Multifamily Western

Newmark Knight Frank Negotiates $25.1M Sale of The Colony Apartments in Phoenix

by Amy Works July 11, 2019

PHOENIX — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Colony Apartments, a garden-style asset located at 4337 N. 53rd Lane in Phoenix. Vancouver, Canada-based Western Wealth Capital acquired the value-add property for $25.1 million, or $106,355 per unit. Built in 1979, The Colony Apartments features 236 units spread across 41 one- and two-story buildings. Brett Polachek, Brad Goff and Chris Canter of NKF Multifamily represented the seller, San Diego-based CALCAP Advisors, in the transaction.

July 11, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

NAI Horizon Negotiates $5.4M Sale of Mobile Home Park in Metro Phoenix

by Jeff Shaw July 9, 2019

APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz. Built in 1970, Palms Mobile Home Park is an age-restricted community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen, shuffleboard courts and lighted streets. The price equates to a 2.6 percent capitalization rate using 2018 actual income and expenses. The buyer was First Exchange Co., operating as a qualified intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Fla.

July 9, 2019

Acquisitions Arizona Multifamily Western

NorthMarq Brokers $56.7M Sale of Park at Deer Valley Apartments in Phoenix

by Jeff Shaw July 5, 2019

PHOENIX — NorthMarq has brokered the sale of Park at Deer Valley Apartments, a multifamily community located near 19th Avenue and Bell Road in Phoenix, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction. Tides at Deer Valley Owner LLC, an entity formed by Los Angeles-based Tides Equities, was the buyer. Tides acquired the asset with a $49.1 million bridge loan arranged by James DuMars and Griffin Martin of NorthMarq’s debt and equity team. Park at Deer Valley LLC, an entity formed by Billah Khan of Chandler, Ariz., was the seller. Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park and multiple sport courts.

July 5, 2019

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 306-Unit Town Commons Multifamily Community Near Phoenix

by Amy Works June 28, 2019

GILBERT, ARIZ. — The Praedium Group has purchased Town Commons, a multifamily complex located in Gilbert, for an undisclosed price. The name of the seller was not released. Comprising 24 residential buildings, Town Commons features two two-story townhouse buildings, 10 two-story carriage homes and 12 three-story, garden-style buildings. Constructed in 2018, the property features 306 units in a mix of one-, two-, three- and four-bedroom layouts, ranging in size from 776 square feet to 2,197 square feet. Community amenities include a resort-style swimming pool, outdoor lounge, bonfire pits, barbecue grills, dog park, children’s splash pad, clubhouse with a cyber café, private work space with a 55-inch presentation television and fitness center.

June 28, 2019

Acquisitions Arizona Healthcare Office Western

Hammes Partners Acquires Spectrum Medical Commons in Arizona for $17.7M

by Amy Works June 27, 2019

GILBERT, ARIZ. — Hammes Partners has purchased Spectrum Medical Commons, a medical office property located at 3367 S. Mercy Road in Gilbert. Irgens sold the property for $17.7 million, or $409.41 per square foot. Situated adjacent to Mercy Gilbert Medical Center, the asset features 43,355 square feet of Class A medical office space, including a surgery center. Additionally, the property features prominent building signage and near-immediate access to a full interchange at Val Vista Drive and the Loop 202 Freeway. Brian Ackerman of JLL facilitated the transaction.

June 27, 2019

Acquisitions Arizona Retail Western

Hanley Investments Brokers $7.6M Sale of Retail Pad Building in Glendale, Arizona

by Amy Works June 27, 2019

GLENDALE, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the sale of a multi-tenant pad building located at 7870 W. Bell Road in Glendale. ECC Bell Road Property LLC sold the asset to a family trust based in Orange County, Calif., for $7.6 million, or $901 per square foot. Tenants at the 8,433-square-foot property include The Habit Burger Grill, Tempur-Pedic, Pearle Vision and Blaze Pizza. The 1.2 million-square-foot Arrowhead Towne Center Mall shadow anchors the asset. Bill Asher and Jeff Lefko of Hanley Investment represented the seller, while Pat Kent and Parker Walter of SRS Real Estate Partners represented the buyer in the deal.

June 27, 2019

Acquisitions Arizona Office Western

NAI Horizon Arranges $4.6M Sale of 28,312 SF Office Building in Phoenix

by Amy Works June 27, 2019

PHOENIX — NAI Horizon has arranged the sale of 2944 Plaza, an office building located at 2944 N. 44th St. in Phoenix. Alva Pinchot LLC sold the property to Curran Properties for $4.6 million. Tenants at the 28,312-square-foot property include NAI Horizon, RW Partners, ORB Architecture, Freestar LLC, Salt Digital and the office of U.S. Congressman Greg Stanton. Lane Neville and Logan Crum of NAI Horizon represented the seller in the deal. Jeff Conrad of Lee & Associates was the broker for the buyer, who was represented by Michael Dunn, Scott Carson and Carrie Carson.

June 27, 2019

Acquisitions Arizona Multifamily Western

MIG Real Estate Acquires 168-Unit Del Sol Apartments in Scottsdale for $34.5M

by Amy Works June 25, 2019

SCOTTSDALE, ARIZ. — MIG Real Estate has purchased Del Sol Apartments, a multifamily property located at 10888 N. 70th St. in Scottsdale. Aukum Group sold the asset for $34.5 million, or $205,357 per unit. Built in 1984, Del Sol Apartments features 168 units and is approximately six miles from downtown Scottsdale. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

June 25, 2019

Acquisitions Arizona Retail Western

Weingarten Realty Investors Sells 39,763 SF Laveen Village Marketplace in Arizona

by Amy Works June 25, 2019

LAVEEN, ARIZ. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

June 25, 2019

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