Arizona

Cadence Living Plans $46M Seniors Housing Community in Chandler, Arizona

by Amy Works June 11, 2019

CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager. The company partnered with Global Senior Housing on the land acquisition. This will be Scottsdale-based Cadence’s fourth community in Arizona: Inspira Arrowhead in Glendale celebrated its grand opening on March 28, 2019. Inspira Arrowhead is in partnership with locally owned The PB Bell Companies and MT Builders. Acoya Mesa, opening in Summer 2019, is located adjacent to Granite Reef Park in Mesa and will feature 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in north Scottsdale. Cadence broke ground on the community in November 2018 and plans to open 135 luxury independent and assisted living …

June 11, 2019

Acquisitions Arizona Multifamily Western

MG Properties Group Buys 379-Unit Elevate at Discovery Park Apartments in Tempe, Arizona

by Amy Works June 11, 2019

TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while Brian Eisendrath and Cameron Chalfant, also of CBRE, arranged financing for the buyer in the deal.

June 11, 2019

Acquisitions Arizona Retail Western

SRS Negotiates $13.8M Sale of El Super Shopping Center in Phoenix

by Amy Works June 3, 2019

PHOENIX — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of El Super Shopping Center, a retail property located at 2211 W. Camelback Road in Phoenix. Phoenix-based De Rito Partners and Van Tuyl Group sold the property to a West Coast-based private investor for $13.8 million. Built in 2017 and situated on 6.4 acres, the asset features 59,400 square feet of retail space. At the time of sale, the property was fully occupied by 11 tenants, including El Super and Subway. Patrick Luther and Ed Beeh of SRS represented the sellers, while Matthew Mousavi, also of SRS, represented the buyer in the deal.

June 3, 2019

Acquisitions Arizona Multifamily Western

Sunrise Luxury Living Sells 282-Unit Apartment Complex in Arizona for $80.4M

by Amy Works May 31, 2019

SCOTTSDALE, ARIZ. — Sunrise Luxury Living has completed the sale of The CORE, a newly built Class A multifamily property in Scottsdale. An undisclosed buyer acquired the 282-unit asset for $80.4 million. Situated on 4.5 acres at 15333 N. Hayden Road, the property features a mix of studio, one- and two-bedroom layouts with nine-foot ceilings, quartz countertops, Whirlpool stainless steel appliances and gas cooktops. Community amenities include a rooftop pool, modern fitness center with yoga/spin room, electric vehicle charging stations and a package locker system. The seller, who owned the land since 2015, completed construction The CORE in 2018. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.

May 31, 2019

Arizona Development Industrial Western

Graycor Delivers Final Phase of 10 West Logistics Center in Phoenix

by Amy Works May 29, 2019

PHOENIX — Graycor Construction Co. has completed the final phase of 10 West Logistics Center, a Class A industrial bulk distribution park in southwest Phoenix. Developed by New York Life Real Estate Investors, 10 West Logistics Center is a 1.3 million-square-foot, two-building distribution campus. Totaling 569,301 square feet, 10 West Logistics Center Phase II is the final building at the distribution park. Amazon has leased the entire building to use a fulfillment center. Graycor is managing all tenant improvement construction for Amazon. The first building, 10 West Logistics Center Phase I, features 660,000 square feet of Class A distribution space. Ozburn-Hessey Logistics occupies 43 percent of the first building. Located at the northwest corner of Van Buren Street and 59th Avenue, 10 West building amenities include 36-foot clear heights, dock-high and grade-level loading, 200-foot minimum truck courts, ESFR fire sprinklers, energy-efficient motion sensor lighting, a fenced and secured yard, and ample car and trailer parking. Additionally, the buildings are divisible down to 100,000 square feet, offering A-1 equivalent zoning and Foreign Trade Zone approved. Butler Design Group served as architect for the development. Wentworth Property Co. serves as the owner’s representation. Andy Markham, Mike Haenel, Will Strong and Phil Haenel …

May 29, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges $6.9M Sale of Two Walgreens-Occupied Assets in Metro Phoenix

by Amy Works May 23, 2019

PHOENIX AND SURPRISE, ARIZ. — Cushman & Wakefield has brokered the sales of two retail properties, located at 1840 W. Southern Ave. in Phoenix and 14285 W. Grand Ave. in Surprise. The properties were controlled by Grand Village CFI of Telluride, Colo. The two single-tenant properties, totaling 29,300 square feet, were 100 percent occupied by Walgreens at the time of sale. Rolling Hills Estates, Calif.-based Cove Capital acquired the 14,560-square-foot property in Phoenix for $4.6 million, while Urbandale, Iowa-based Midwest Alliance Partners purchased the 14,740-square-foot asset in Surprise for $2.2 million. Both properties are freestanding buildings with drive-thrus and corporate-guaranteed leases. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

May 23, 2019

Arizona Loans Multifamily Western

NXT Capital Closes $21M Acquisition Loan for 174-Unit Apartment Community in Phoenix

by Amy Works May 22, 2019

PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT Capital.

May 22, 2019

Arizona Development Multifamily Western

Wood Partners Breaks Ground on 300-Unit Alta Warehouse District in Phoenix

by Amy Works May 21, 2019

PHOENIX —Wood Partners has broken ground on Alta Warehouse District, a multifamily property in Phoenix. Located at 402 W. Lincoln St., the four-story property will feature 300 apartments, a double-height clubhouse area and game room, oversized fitness center, resort-style pool, rooftop entertainment space and a library and music room, as well as cultural, community-based amenities and programming. Scheduled to open in the second quarter of 2020, Alta Warehouse District is expected to begin pre-leasing in spring 2020.

May 21, 2019

Acquisitions Arizona Multifamily Western

CVG Properties Acquires Verde Dimora Apartment Complex Near Phoenix for $27M

by Amy Works May 16, 2019

MESA, ARIZ. — CVG Properties has purchased Verde Dimora, an apartment community located on the corner of Power and McKellips roads in Mesa. Western Wealth Capital sold property for $27 million, or $176,470 per unit. Verde Dimora features 153 apartment units in one- and two-bedroom layouts, a seasonally heated resort-style pool and spa, fitness center, clubhouse, barbecue and picnic area, community garden plots, community-wide recycling program, dog wash station, electric vehicle charging stations, fire pit, and solar-panel technology. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and buyer in the deal.

May 16, 2019

Arizona Development Industrial Western

Eisenberg Co. to Deliver Two Industrial Projects in Metro Phoenix in Fourth-Quarter 2019

by Amy Works May 15, 2019

AVONDALE AND TOLLESON, ARIZ. — Phoenix-based Eisenberg Co. plans to complete two industrial projects in metro Phoenix in fourth-quarter 2019. Construction for the projects — Avondale 107th and Washington 83 — is slated to start this quarter. Combined, the properties will offer a total of 533,541 square feet of industrial space. On behalf of Eisenberg Co., Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the purchase of the land for the two developments in separate transactions. Eisenberg Co. acquired 24 acres at 107th Avenue and Pierce Street in Avondale from El Malon Partners and 8.5 acres at the northwest corner of Washington Street and 83rd Avenue in Tolleson from Cohen Asset Management. Terms of the acquisitions were not released. Avondale 107th will be a four-building industrial development totaling 405,656 square feet. At 81,533 square feet each, Buildings A and B will feature 107th Avenue frontage, 28-foot clear heights, truck-well and grade-level loading, 200-foot truck maneuverability. Totaling 121,295 square feet each, Buildings C and D will feature 32-foot clear heights, dock-high/grade-level loading and optional fenced/gated security. All four buildings will have an office built to suit, 60-foot speed bays, HVAC ready and LED lighting. Washington 83 will …

May 15, 2019

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