Arizona

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

Acquisitions Arizona Multifamily Western

Taylor Street Real Estate Negotiates $3.1M Sale of Apartment Community in Phoenix

by Amy Works August 21, 2018

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Campbell Apartments, an apartment community located at 2417 E. Campbell Ave. in Phoenix’s Biltmore area. An undisclosed buyer acquired the asset for $3.1 million, or $131,250 per unit. The buyer plans to renovate the property, which features 24 apartment units. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the undisclosed seller in the deal.

August 21, 2018

Arizona Development Office Western

VanTrust Real Estate Delivers 117,000 SF Office Development in Chandler, Arizona

by Amy Works August 17, 2018

CHANDLER, ARIZ. — VanTrust Real Estate has completed the development of Chandler Corporate Center, a Class A office building located at 350 N. McClintock Drive in Chandler. Layton Construction Co. served as general contractor and Butler Design Group served as architect for the 117,000-square-foot building. Situated on 11 acres, the property features a two-story glass entrance enhanced with stone, wood and ceramic tile lobby finishes and integrated LED light fixtures. VanTrust plans to develop the remaining 15 acres of land surrounding the completed property.

August 17, 2018

Acquisitions Arizona Multifamily Western

Taylor Street Real Estate Brokers $2.7M Sale of Estilo Apartments in Phoenix

by Amy Works August 16, 2018

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Estilo Apartments, a multifamily community in Central Phoenix. A local private capital investment partner sold the property to an undisclosed buyer for $2.7 million, or $178,333 per unit. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the seller, while CBRE represented the buyer in the transaction. Located at 3025 N. 38th St., Estilo Apartments features 15 renovated apartments with polished concrete floors, new kitchens and bathrooms, new stainless-steel appliance packages, new in-suite full-size washer and dryers, double-pane windows and modern customer doors. Additional improvements include new roofs, landscaping and a modern paint scheme.

August 16, 2018

Acquisitions Arizona Retail Western

Store Capital Corp. Acquires Big-Box Retail Building in Arizona for $3.4M

by Amy Works August 14, 2018

CHANDLER, ARIZ. — Scottsdale-based Store Capital Corp. has purchased a big-box retail property located at 1200 N. Alma School Road in Chandler. Five Sons Furniture AZ LLC sold the building for $3.4 million. Ray Cashen of Cashen Realty Advisors represented the seller in the deal. Situated on 6.8 acres, the property features 62,286 square feet of space. VASA Fitness, the tenant, plans to invest $3 million in improvements at the property to convert it into a state-of-the-art health club facility.

August 14, 2018

Arizona Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

by Amy Works August 13, 2018

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.

August 13, 2018

Acquisitions Arizona Development Multifamily Seniors Housing Western

Wolff Co. Acquires Scottsdale Tennis Club for Seniors Housing Conversion

by Amy Works August 13, 2018

SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction.

August 13, 2018

Arizona Development Industrial Western

TCC Buys Southwest Phoenix Site for 554,000 SF Industrial Development

by Amy Works August 10, 2018

PHOENIX — Trammell Crow Co. (TCC) and an institutional investor have acquired a 38.5-acre site south of the southeast corner of 59th Avenue and Lower Buckeye Road in Phoenix’s Southwest submarket. The price was not disclosed. The partnership plans to develop West 202 Logistics Center, a 554,000-square-foot industrial building, on the site. The cross-docked building will feature 36-foot clear heights, signature office entries, all-concrete truck courts and circulation drives. Construction is slated to begin this quarter. Butler Design Group will serve as the project architect and Willmeng Construction as general contractor. Comerica Bank is providing construction financing. Pat Feeney, Dan Calihan, Rusty Kennedy and Bill Bayless of CBRE Phoenix are marketing the project on behalf of the joint venture.

August 10, 2018

Arizona Development Multifamily Seniors Housing Western

Christian Care Cos. Opens $84M Seniors Housing Community Near Phoenix

by Amy Works August 7, 2018

SURPRISE, ARIZ. — Christian Care Cos. has opened Fellowship Square Surprise, a 313-unit independent living, assisted living and memory care community in the Phoenix suburb of Surprise. The nonprofit community is located on 15 acres. Development costs were estimated at $84 million. The finished campus features a koi pond, fire pits, gazebos, sitting areas, fenced dog park, multiple dining options, 22,000-square-foot clubhouse with multiple meeting rooms, fitness/therapy rooms, library, billiards room, gift shop, swimming pool, woodworking shop, putting green, bocce ball court and pickle ball courts. Christian Care has created a fund to partially subsidize up to 20 percent of its residents earning no more than 80 percent of area median income. This is Christian Care’s sixth Fellowship Square community, all located in Arizona. The full portfolio totals 2,382 units.

August 7, 2018

Acquisitions Arizona Office Western

NKF Capital Markets Negotiates $51M Sale of 14-Building Office Campus in Scottsdale

by Amy Works August 7, 2018

SCOTTSDALE, ARIZ. — NKF Capital Markets has arranged the sale of The Quad, a creative office campus located on 13.4 acres at 6200-6390 E. Thomas Road in Scottsdale. A joint venture between EverWest, George Oliver Cos. and WHI Real Estate Partners sold the property to Vancouver-based City Office REIT for $51 million. Built in 1982, the 14-building, 166,606-square-foot campus recently underwent a $23 million renovation. The property features a connected design, efficient floor plans, fitness center with showers, on-site restaurant and coffee bar, community lounge/conference center, pet-friendly environment, walking/biking paths and accessible Wi-Fi throughout the campus. At the time of sale, the multi-tenant property was 98 percent leased. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction.

August 7, 2018

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