PHOENIX — Phoenix-based ViaWest Group has completed the sale of Tiger Industrial, an industrial property located at 4901-4929 W. Van Buren St. in Phoenix. Los Angeles-based Dunbar Real Estate Investment Management acquired the building for $6.3 million. Will Strong of Cushman & Wakefield represented the seller, while the buyer was self-represented in the transaction. The 103,511-square-foot industrial facility was originally part of a larger portfolio of thematic properties that ViaWest purchased in 2014.
The InterFace Phoenix Industrial conference and networking event was held on Wednesday, Sept. 12, featuring three panel discussions. The brokerage panel, moderated by Rob Martensen, executive vice president with Colliers International, featured a lively discussion about activity in local submarkets and a recap of the reasons Phoenix is winning deals over Southern California and Nevada. Industrial Activity in Arizona Microsoft recently purchased 267 acres for a data center in the West Valley, said Anthony Lydon, national director, Industrial Supply Chain & Logistics Solutions with JLL. Qualified data centers receive waivers on personal property tax for 10 years, Lydon said, noting that each rack in a data center is approximately $1 million in personal property, so data centers are certainly enjoying the benefits of locating in Arizona. Arizona will also be a huge winner in the manufacturing sector, Lydon added. He cited Colorado-based food packaging provider Ball Corp. as an example of a company that was looking at Mexico for space before the 2016 election but has since opened a plant in the West Valley submarket of Phoenix due to the strategic location between Mexico and Southern California. Minnesota-based Andersen Windows & Doors is buying 64 acres from Opus to build …
MESA, ARIZ. — Kasten Long Commercial Group has arranged the sale of Siena Apartments, a multifamily property located at 4520 E. Baseline Road in Mesa. An undisclosed buyer acquired the 291,000-square-foot property for $49 million, or $139,205 per unit. Built in 1986, the 352-unit property features 160 one-bedroom/one-bath units, 168 two-bedroom/one-bath and 24 three-bedroom/two-bath units, with an average square footage of 827. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial negotiated the transaction. The name of the seller was not released.
TEMPE, ARIZ., AND CORVALLIS, ORE. — Providence, R.I.-based Gilbane Development Co. has announced the launch of two new developments in Arizona and Oregon as part of five recently announced projects across the United States. The five properties total over 3,500 beds, with project costs valued at more than $400 million. In Tempe, Ariz., Gilbane is developing Alor, a three-building, purpose-built student housing and market-rate/workforce housing property. Situated 1,000 feet from Arizona State University’s Tempe campus, the property will feature 946 student beds and 64 units of market-rate/workforce apartments, as well as 12,000 square feet of retail space and a structured parking garage. On-site amenities will include a rooftop swimming pool; courtyard swimming pool; 25,000-square-foot rooftop amenity deck and sky lounge; 6,000-square-foot open-air fitness center with cardio, full weights and a fitness/yoga center; outdoor courtyards with fire pits and cabanas; spa; central clubhouse; 24-hour study lounges; game rooms; and a computer lab. Adjacent to the southeast corner of Oregon State University’s campus in Corvallis, Ore., Gilbane’s Sierra will feature 228 student housing units, a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, garage and three courtyards. Additionally, the property is located a few blocks from downtown Corvallis. …
PHOENIX — Newport Beach, Calif.-based Bixby Land Co. has purchased Riverside @ 51st Avenue, an industrial property located at 2300 S. 51st Ave. in Phoenix. BLC Industrial Venture I – CO 3 LLC, WFG Riverside LLC and Pacifica Riverside LLC — a group of tenant-in-common entities — sold the property for $27.2 million, or $81.15 per square foot. Situated on 19.3 acres, the 335,459-square-foot facility was developed in 2007. At the time of acquisition, the property was 95 percent occupied. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the deal.
ORO VALLEY, ARIZ. — Commercial Retail Advisors has arranged the acquisition of Safeway Vistoso Plaza, a retail property located in Oro Valley, a suburb approximately six miles north of Tucson. Brentwood Developments acquired the property from SB Vistoso Shopping Center LLC for $10 million. The acquisition includes 34,770 square feet of 100 percent occupied inline retail space at 12112, 12142 and 12115 N. Rancho Vistoso Blvd. The property also features a 55,000-square-foot Safeway, which was not included in the sale. Craig Finfrock of Commercial Retail Advisors represented the buyer, while Robert Nolan of Oxford Realty Advisors represented the seller in the transaction.
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.
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.
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.
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.