Arizona

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

Acquisitions Arizona Multifamily Western

P.B. Bell Divests 286-Unit Apartment Community in Suburban Phoenix for $64.3M

by Amy Works August 6, 2018

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.

August 6, 2018

Acquisitions Arizona Multifamily Western

Kasten Long Commercial Facilitates $38.2M Sale of 387-Unit Multifamily Property in Phoenix

by Amy Works August 3, 2018

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.

August 3, 2018

Arizona Development Industrial Western

Pasternack + Associates Developing $300M, 3.6 MSF Industrial Park in Phoenix

by Amy Works July 31, 2018

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.

July 31, 2018

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