PHOENIX — Neilstate Investment Properties has completed the disposition of Phoenician Villa Apartments, located at 1545 W. Camelback Road in Phoenix. Thomas Price International and ECOHAUS Real Estate acquired the property for $5.5 million. The 93-unit community offers a value-add opportunity to renovate and reposition the multifamily community in a growing area. Karl Abert of Kidder Mathews represented the seller in the transaction.
GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.
GLENDALE, ARIZ. — Scottsdale-based YAM Properties has completed the disposition of Arrowhead Professional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio-based Woodside Health acquired the property for $16.5 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, represented the seller in the deal. The eight-building medical and professional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute.
SCOTTSDALE, ARIZ. — KPN Industrial had purchased Cornwell Technology Center, located at 17301 N. Perimeter Drive in Scottsdale. Andersen Equities sold the property for $9.9 million, or nearly $175 per square foot. Situated on 4.7 acres, the 56,634-square-foot asset consists of two freestanding multi-tenant R&D industrial buildings. Built in 2000, the fully occupied asset is 100 percent air conditioned and offers high-quality space for tenants with complex and precise processes requiring clean rooms and labs. Current tenants include Hemisphere GNSS, Provista Diagnostics and Plastic Design Co. Andersen Equities arranged its own acquisition financing for the transaction. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona represented the seller, while Ron Schooler and Ken Elmer of Commercial Properties represented the buyer in the deal.
PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.
GILBERT, ARIZ. — Cushman & Wakefield has arranged the sale of Williams Gateway Apartments, a multifamily property located at 5050 S. Power Road in Gilbert. Nasim Sikder of Chandler, Ariz., acquired the property from Chicago-based 29SC Williams Landing LP for $7.5 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1982, the property features 72 units in a mix of one- and two-bedroom floor plans. On-site community amenities include a swimming pool, dog park, fire pit, barbecue and laundry center.
CHANDLER, ARIZ. — NAI Horizon has arranged the sale of an industrial property located at 2120 S. Douglas Drive in Chandler. Traditional Asset Management acquired the 11,187-square-foot property from John L. Smith for $1.6 million. Mark Wilcke of NAI Horizon represented the seller, while Chris McClurg of Lee & Associates represented the buyer in the deal.
CHANDLER AND GOODYEAR, ARIZ. — NexMetro Communities has sold three apartment communities in suburban Phoenix for $98 million. The properties include Avilla Grace and Avilla Heights in Chandler, as well as Avilla Palm Valley in Goodyear. Avilla Grace, which features 194 units, sold for $45 million. An entity of Illinois-based The Inland Real Estate Group of Cos. Inc. was the buyer. Avilla Heights, which features 116 units, sold for $27.8 million. A single-purpose entity formed by California-based The Certe Group was the buyer. The 125-unit Avilla Palm Valley sold for $25.1 million. New York-based RN Falcon LLC was the buyer. Avilla Homes communities feature single-level units for lease. One-, two- and three-bedroom floor plans include private entrances and outdoor patios. The Class A communities each offer a pool, dog park and recreation area. NexMetro partnered with MEB Management Services in 2014 to manage the lease-up and stabilize operations of its Avilla Homes Arizona portfolio. NexMetro and its affiliated companies have been developing Avilla Homes communities since 2010. With more than 4,000 units completed or under construction, NexMetro plans to expand along the entire Sunbelt region of the country. — Kristin Hiller
PHOENIX — Wabash National Trailer Center has completed the disposition of an industrial property located at 2830 S. 51st Ave. in Phoenix. An undisclosed buyer acquired the property for $6.9 million. The property features 50,000 square feet of industrial space, which the seller used as a tractor trailer repair and maintenance facility. Isy Sonabend of NAI Horizon handled the transaction.
