GLENDALE, ARIZ. — P.B. Bell has completed the disposition of Velaire at Aspera, a 286-unit multifamily property located at 7700 W. Aspera Blvd. in Glendale, approximately 20 miles northwest of downtown Phoenix. An undisclosed buyer acquired the property for $64.3 million, or $225,000 per unit. The community was built in 2016. 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 — Kasten Long Commercial Group has arranged the sale of Azura, a 387-unit apartment complex located at 2800 W. Sahuaro Drive in Phoenix. An undisclosed buyer acquired the asset for $38.2 million, or $139.84 per square foot. Built in 1980, the property features 43 studio/one-bath units, 232 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 88 two-bedroom/two-bath layouts. The average unit size is 706 square feet. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial Group handled the transaction.
PHOENIX — Irwin G. Pasternack AIA + Associates PC (Pasternack + Associates) is developing TEN Distribution Center 1, a $300 million, 3.6 million-square-foot industrial park in Phoenix. Graycor Construction Co., serving as general contractor, has lifted and secured 68 of the 182 concrete panels that will make up the 1.1 million-square-foot first-phase building at the park. The concrete tilt panels are all prepared and cast on site by Graycor, which started roofing and fire sprinkler install sequencing this month. Additionally, the company has completed the first portion of the roof structure along with the installation of a 1.5-mile water main. The final panel lift, completing the east side of the building, is scheduled for mid-August. Completion of the first building is slated for December. When completed, TEN Distribution Center 1 will offer modern, cross-docked industrial space, 40-foot clear heights and high-volume trailer storage. The master plan for the industrial park totals more than 3.6 million square feet across six Class A industrial buildings ranging from 175,000 square feet to 1.1 million square feet and 15 retail, restaurant and service tenants.
PHOENIX — Wood Partners has celebrated the grand opening of its Alta Central, a multifamily community located at 4001 N. Central Ave. in Phoenix. Alta Central features 223 apartments in a mix of one-, two- and three-bedroom floor plans. Amenities include Amazon package lockers, electric car charging stations, complimentary Wi-Fi throughout the common areas and a lounge with a 13-foot television and NFL Sunday Ticket. Additional on-site amenities include a pool and spa with towel service; a rooftop pet area with a dog wash, grooming station and fenced dog run; a 24-hour fitness facility with spin room and yoga room; outdoor fire pit; and an outdoor game court.
PHOENIX — NKF Capital Markets has brokered the sale of The Madison, an office property located at 5343 and 5353 S. 16th St. in Phoenix’s Camelback Corridor. A joint venture between EverWest Real Estate Investors and CenterSquare Investment Management sold the asset to Admiral Capital Group for $33.1 million. Paul Jones, Kevin Shannon, Rick Stumm, Ken White, Brunson Howard and CJ Osbrink of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 2.8 acres and renovated in 2017, The Madison includes two four-story office buildings, totaling 177,312 square feet, and subterranean parking. At the time of sale, the property was 93 percent occupied by a diverse mix of tenants.
GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.
GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Ct, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.
MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.
TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
