Arizona

MG Properties Acquires 396-Unit Country Brook Apartments in Metro Phoenix for $74M

by Amy Works September 17, 2018

CHANDLER, ARIZ. — San Diego-based MG Properties Group has purchased Country Brook Apartments, a multifamily property located at 4909 W. Joshua Blvd. in Chandler. An undisclosed seller sold the property for $74 million. The 396-unit community features three resort-style swimming pools with outdoor televisions and shade sails, two whirlpool spas, gas barbecues, a picnic area and ramadas surrounded by landscaping. The apartments feature in-unit washers/dryers and an average size of 936 square feet. Cindy Cooke and Brad Cooke of Colliers International handled the marketing and sale transaction.

September 17, 2018

Arizona Loans Multifamily Western

Ready Capital Arranges $21.5M Refinancing for Multifamily Property Near Phoenix

by Amy Works September 14, 2018

PEORIA, ARIZ. — Ready Capital Structured Finance has secured $21.5 million for the refinancing and recapitalization of a multifamily property located in the South Peoria submarket of metro Phoenix. The loan will be used to repay current construction debt, return equity to the undisclosed sponsor and pay for closing costs. Additionally, an earnout is available to the sponsor should certain metrics be achieved. The non-recourse, interest-only, fixed-rate loan features a 36-month term with flexible pre-payment options. At the time of financing, the 153-unit property was 97 percent leased.

September 14, 2018

Arizona Development Hospitality Loans Western

HALL Structured Finance Secures $53M Construction Loan for Hotel Expansion in Scottsdale, Arizona

by Amy Works September 13, 2018

SCOTTSDALE, ARIZ. — Dallas-based HALL Structured Finance has closed a $53 million construction loan to finance the expansion, redevelopment, flagging and rebranding of CopperWynd Resort, located at 13225 N. Eagle Ridge Drive in Scottsdale. The existing 32-room property will be converted into the 177-room Marriott Autograph Scottsdale Resort. Bill Hinz is redeveloping the property, which is slated to open by fourth-quarter 2019. Located in the McDowell Mountains, the existing property features a full-service spa and 26,500 square feet of lobby and common areas, including a fitness center, two pools, a pool café, tennis facilities and Flourish Restaurant. As part of the renovation, the existing 32 rooms will be refreshed and 145 rooms and 12,000 square feet of meeting space will be added to the resort. Malcolm Davies of George Smith Partners sourced the financing for the project.

September 13, 2018

Acquisitions Arizona Multifamily Western

Greystar Acquires 376-Unit Flagstone Apartment Homes in Tempe, Arizona

by Amy Works September 13, 2018

TEMPE, ARIZ. — Greystar has purchased Flagstone Apartment Homes, a multifamily asset located 30 W. Carter Drive in Tempe. RedHill Realty Investors and its joint-venture partner sold the asset for an undisclosed price. Situated on nearly 18 acres, the property features 376 units in a mix of studio, one- and two-bedroom layouts. The 248,912-square-foot asset was built in 1985. Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in deal.

September 13, 2018

Acquisitions Arizona Retail Western

Colliers Brokers Sale of 66,516 SF Retail Center in Metro Phoenix

by Amy Works September 13, 2018

SURPRISE, ARIZ. — Colliers International has arranged the sale of Greenway Crossings, a lifestyle retail center located at 16572-16630 W. Greenway Road in Surprise. Cedar Rapids, Iowa-based Transamerica Life Insurance Co. (Aegon USA Realty Advisors) sold the property to Phoenix-based Rose Garden III PL for an undisclosed price. Mindy Korth, Kirk Kuller and John Jackson of Colliers represented the seller, while Jim Edwards of Scottsdale-based Rein and Grossoehme Commercial Real Estate represented the buyer in the transaction. Built in 2006, the property features 66,516 square feet of retail space. The sale included three retail buildings and three undeveloped retail parcels. At the time of sale, the property was 85 percent leased.

September 13, 2018

Acquisitions Arizona Development Hospitality Mixed-Use Office Retail Western

VanTrust Real Estate Acquires 20-Acre Land Parcel for Mixed-Use Development in Chandler, Arizona

by Amy Works September 11, 2018

CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.

September 11, 2018

Acquisitions Arizona Healthcare Office Western

Orion Investment Real Estate Brokers $14.4M Sale of Medical Office Facility in Phoenix

by Amy Works September 10, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a medical office and surgery center facility, located at 15401 N. 29th Ave. in Phoenix. Nashville, Tenn.-based Montecito Medical Real Estate acquired the property for $14.4 million, or $392 per square foot. Built in 1988 and renovated in 2017, the 36,796-square-foot property is occupied by Retinal Consultants of Arizona, occupying 72 percent, and Spectra Eye Institute, occupying the remaining 28 percent. Braxton Glass and J.T. Taylor of Orion represented the undisclosed seller and buyer in the deal.

September 10, 2018

Arizona Development Healthcare Western

Mayo Clinic to Double Size of Phoenix Campus with $648M Project

by Amy Works September 7, 2018

PHOENIX — Mayo Clinic has announced plans to double the size of its Phoenix medical campus with a $648 million expansion over the next five years. Dubbed the Arizona Forward Project, the plan will add 1.4 million square feet of building space to the existing 1.7 million square feet, with expanded clinical capacity, support services and infrastructure near Loop 101 and 56th Street in North Phoenix. Highlights of the expansion include a six-story patient tower; three-floor addition to the existing four-story Mayo Clinic Building; three-story building to house an expanded Emergency Department, Laboratory Medicine, Radiology and Pharmacy departments; 1,000-space underground patient parking garage; 1,600-space multi-level staff parking garage; and new infrastructure space. New patient areas are projected to open as early as June 2020, with the final phase opening in April 2023. The expansion plan increases the number of inpatient beds from 280 to 374 by 2023 and creates close to 2,000 new jobs, including nearly 200 physicians by 2029.

September 7, 2018

Acquisitions Arizona Industrial Western

CBRE Global Investors Buys Industrial Center in Arizona for $48.5M

by Amy Works August 29, 2018

PHOENIX — Los Angeles-based CBRE Global Investors Acquisitions has purchased Southwest Industrial Center, an industrial asset located at 7775 W. Buckeye Road in Phoenix. Houston-based Hines sold the property for $48.5 million. Constructed in 2015, the 684,420-square-foot facility features 32-foot clear heights and Class A cross-dock distribution space. Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon of JLL Capital Markets represented the seller in the transaction.

August 29, 2018

Arizona Development Multifamily Western

Evergreen Devco Breaks Ground on 258-Unit Apartment Community in Phoenix

by Amy Works August 29, 2018

PHOENIX — Evergreen Devco has broken ground on Parc at South Mountain, a luxury apartment community located at 3400 E. Southern Ave. in Phoenix. Situated on 10.8 acres, the development will feature 258 garden-style apartment units with wood-inspired plank flooring, quartz countertops and stainless-steel appliances. On-site amenities will include a resort-style pool and spa. The property’s leasing office is slated to open July 2019. The project team includes Todd & Associates as architect; MT Builders as contractor; Kland Civil Engineers as civil engineer; and Collaborative V Design Studio as landscape architect.

August 29, 2018

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