Arizona

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

Acquisitions Arizona Multifamily Western

Tonti Properties Sells 173-Unit Multifamily Community in Arizona for $22.5M

by Amy Works August 28, 2018

TEMPE, ARIZ. — Tonti Properties has sold Wilshire Pines, a multifamily property located at 208 E. Baseline Road in Temple. Sheiner Group acquired the asset for $22.5 million. Built in 1979, the property features 173 apartment units. Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, and Cliff David of Marcus & Millichap represented the seller and procured the buyer in the deal.

August 28, 2018

Acquisitions Arizona Retail Western

SRS Real Estate Partners Directs $14.7M Acquisition of Retail Center in Chandler, Arizona

by Amy Works August 23, 2018

CHANDLER, ARIZ. — SRS Real Estate Partners has brokered the purchase of Laguna Village, a neighborhood shopping center located at 5965 W. Ray Road in Chandler. Sean Thomas of SRS’ Phoenix office represented a private investor in the $14.7 million acquisition. Scottsdale, Ariz.-based BernsteinMurphy represented the seller, a private investment group, in the deal. Built in 1988, the 102,033-square-foot property was 90 percent occupied at the time of sale. Christ’s Church of the Valley is the anchor tenant of the property, which is situated on 17 acres.

August 23, 2018

Acquisitions Arizona Hospitality Western

Trimark Property Group Acquires Two Hotels in Metro Phoenix for $22M

by Amy Works August 22, 2018

GLENDALE, ARIZ. — Pacific, Wash.-based Trimark Property Group has purchased two hotels located in Glendale for $22 million. The properties are a Staybridge Suites at 9340 W. Cabela Drive and a Holiday Inn Express & Suites at 9310 W. Cabela Drive. Constructed in 2007 and 2008, the two properties are situated on 4.5 acres and feature a total of 212 guest rooms. James Meng and Jon Grantham of Colliers International Greater Phoenix represented the buyer in the deal. The seller was Columbus, Ohio-based Rockbridge Capital.

August 22, 2018

Acquisitions Arizona Office Western

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

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