Arizona

Capital One to Open First Café Location in Arizona at Scottsdale Fashion Square

by Amy Works May 15, 2019

SCOTTSDALE, ARIZ. — Capital One is slated to open its first Capital One Café location in Arizona at Macerich’s Scottsdale Fashion Square in early 2020. As the first of its kind in Arizona, Capital One Café integrates digital tools and in-person interactions focused on customer needs. Open to both Capital One account holders and non-account holders, the café will offer customers a place to get help with their accounts, learn about new digital and financial tools, free Wi-Fi, and coffee and pastries made by a local baker. The 5,792-square-foot Capital One Café in Scottsdale will join 15 other locations around the country. Cafés are currently located in Austin, Boston, Boulder, Colo., Denver, Los Angeles, Philadelphia, Richmond, Va., San Francisco, Seattle, South Florida, St. Cloud, Minn., Portland, Ore., San Diego and Washington, D.C.

May 15, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $26M Sale of Modern on Peoria Apartments in Arizona

by Amy Works May 14, 2019

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Modern on Peoria, a multifamily asset in Peoria. Goodman Real Estate acquired the property for $26 million, or $120,370 per unit, from a joint venture between Modern Residential Co. and Henley USA. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Completed in 1984 and situated on nine acres, Modern on Peoria features 216 apartments, which were just beginning to receive upgrades as a second phase of community transformation and rebranding implemented by the seller. Community amenity improvements include a creation of a ‘Central Rec’ area with concrete ping-pong tables, Adirondack seating, shade sails, music and bistro lighting. Additionally, the clubhouse lounge and leasing center features a coffee bar, bistro seating and music for ambiance.

May 14, 2019

Arizona Development Hospitality Loans Western

Trez Capital Closes $15M Construction Financing for 128-Room SpringHill Suites Near Phoenix

by Amy Works May 9, 2019

AVONDALE, ARIZ. — Trez Capital has closed in $15 million construction financing for Phoenix-based Virtua Partners’ first-ever Opportunity Zone project. Virtua Credit arranged the loan, which will finance the development of a SpringHill Suites by Marriott in Avondale, a western suburb of Phoenix. Located off North 99th Avenue, the 128-suite hotel will anchor a 58-acre mixed-use development that will include retail, restaurant, multifamily and single-family developments. Slated to open in summer 2020, the hotel will feature a fitness center and pool, free Wi-Fi, in-suite workspaces and an on-site business center. Hotel Equities will manage the hotel.

May 9, 2019

Acquisitions Arizona Multifamily Western

Continental Realty Advisors Sells Courtney Village Apartments in Phoenix for $62.2M

by Amy Works May 7, 2019

PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, countertops, lighting fixtures and plumbing fixtures. The property was sold in March 2019; additional terms of the transaction were not released.

May 7, 2019

Acquisitions Arizona Industrial Office Western

B.H. Properties Buys Honeywell Aerospace Glendale Office/Industrial Campus in Arizona

by Amy Works May 7, 2019

GLENDALE, ARIZ. — Los Angeles-based B.H. Properties has purchased the Honeywell Aerospace Glendale DSES Campus, located at 19019 N. 59th Ave. in Glendale, for an undisclosed price. Constructed in 1986 and situated on 45 acres, the property features 252,300 square feet of space, including offices, clean rooms, R&D labs and assembly areas. At the time of sale, the property was 100 percent occupied by Honeywell International, which signed a new lease to extend occupancy until July 2024. Mindy Korth and Kirk Kuller of Colliers International in Arizona negotiated the sale.

May 7, 2019

Acquisitions Arizona Healthcare Western

JLL Capital Markets Arranges Sale of Thunderbird Wellness Centre in Peoria, Arizona

by Amy Works May 6, 2019

PEORIA, ARIZ. — JLL Healthcare Capital Markets Group has brokered the sale of Thunderbird Wellness Centre in Peoria. A joint venture between developer/owner MedProperties Group and Virtus Real Estate Capital sold the property to Chicago-based MBRE Healthcare for an undisclosed price. A USPI-affiliated ambulatory surgery center anchors the four-building, 56,190-square-foot, Class A medical office and specialty retail asset. At the time of sale, the property was fully occupied. Daniel Turley of JLL Healthcare Capital Markets Group advised the seller in the deal.

May 6, 2019

Arizona Loans Multifamily Western

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works May 1, 2019

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

May 1, 2019

Arizona Development Industrial Western

PCCP, Hopewell to Develop Three Industrial Buildings Totaling 245,418 SF in Phoenix

by Amy Works April 30, 2019

PHOENIX — PCCP has formed a joint venture with Hopewell Development to develop a three-building speculative industrial project in Phoenix’s Southwest Valley submarket. The buildings will be located on two fully entitled sites and completion is slated for late 2019. Two buildings — offering 78,150 square feet and 84,708 square feet — will be situated on a 10.6-acre parcel along 67th Avenue. The third building will be located on a 4.8-acre site along 43rd Avenue. Each building will feature 28-foot to 32-foot clear heights, between 17 and 25 dock-high doors in addition to grade-level doors, and one speculative office build-out space. Additionally, both sites will feature direct frontage to an intersection, multiple access points and easy freeway access to both the Interstate 10 and the future Loop 202 extension, which is scheduled for completion in late 2019. Bo Mills and Mark Detmer of JLL sourced the joint venture equity for the partnership.

April 30, 2019

Building-One-Gilbert-Spectrum-Gilbert-AZ

Arizona Development Industrial Western

Graycor Starts Construction of 135,745 SF Industrial Building at Gilbert Spectrum in Arizona

by Amy Works April 29, 2019

GILBERT, ARIZ. — Graycor Construction Co., on behalf of SunCap Property Group, has started construction of a flex industrial building at the Gilbert Spectrum industrial project in Gilbert. The building is the is the first development in the southern portion of the 63-acre project, which is situated at the southwest corner of Elliot and McQueen roads. Known as Building One, the 135,745-square-foot facility will feature 32-foot clear heights, 40 dock-high and four grade-level loading doors, and ESFR sprinklers. Completion is slated for late July. SDHQ Off Road, an off-road vehicle supplier, will occupy 28,000 square feet in the building, with the additional space being developed on a speculative basis and divisible down to 15,000 square feet. Gilbert Spectrum is already home to a 58,289-square-foot, built-to-suit “Satellite Engineering Building” for Northrop Grumman Innovation Systems (formerly Orbital/ATK). Built by Graycor in 2017, the one-story, Class A office building mixes open collaborative areas and task-specific work zones. Building One is one of five new buildings — totaling more than 435,000 square feet — that SunCorp will develop at Gilbert Spectrum as the market demands. At build-out, Gilbert Spectrum will include more than 800,000 square feet in eight to 10 buildings that range in …

April 29, 2019

Acquisitions Arizona Office Western

Pathfinders Partners, Global Building Divest of 32,741 SF Office Property in Phoenix for $5.2M

by Amy Works April 25, 2019

PHOENIX — Pathfinders Partners and Global Building LLC have completed the sale of an office building located at 2730 W. Agua Fria Freeway in Phoenix. Devil Dogs Properties acquired the property for $5.2 million. Located in the Deer Valley/Interstate 17 submarket, the asset features 32,741 square feet of office space. At the time of sale, the multi-tenant property was fully leased. Darren Tappen and Peter Beauchamp of Kidder Mathews represented the seller, while Michelle Gardner, also of Kidder Matthews, represented the buyer in the transaction.

April 25, 2019

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