Arizona

ViaWest Group Buys 240,000 SF Office Building in Downtown Phoenix for $37.6M

by Amy Works January 9, 2019

PHOENIX — ViaWest Group has purchased an office building and a semi-adjacent parking garage located at 200 E. Van Buren St. and 460 N. 3rd St., respectively. Phoenix Newspapers Inc. sold the 240,000-square-foot property for $37.6 million. Barry Gabel and Chris Marchildon of CBRE’s Capital Markets Institutional Properties in Phoenix represented the seller in the deal. The Arizona Republic and azcentral.com will remain anchor tenants, occupying approximately 99,000 square feet, of the property. Additional tenants include KPNX-TV (Channel 12) and G/O Digital. This transaction was ViaWest’s sixth acquisition in 2018 and its second purchase in downtown Phoenix.

January 9, 2019

Arizona Data Centers Development Industrial Western

Vantage Data Centers to Develop 50-Acre Campus in Goodyear, Arizona

by Amy Works January 9, 2019

GOODYEAR, ARIZ. — Vantage Data Centers has unveiled plans to develop a data center campus, located at the southeast corner of Van Buren Street and Bullard Avenue in Goodyear. Spanning 50 acres, the center will feature three data center buildings and office space totaling more than 1 million square feet of space. Additionally, the campus will offer a total of 160-megawatts of critical load. Design, site plan approval and permitting are underway with construction expected to begin in early 2019. The first 32-megawatt data center is anticipated to be online in early 2020.

January 9, 2019

Acquisitions Arizona Retail Western

Orion Arranges $3.5M Sale of Family Dollar-Anchored Retail Center in Phoenix

by Amy Works January 7, 2019

PHOENIX — Orion Investment Real Estate has negotiated the sale of Bell Canyon Plaza, a multi-tenant retail center located at the corner of 24th and Roosevelt streets in Phoenix. Ramsey Real Estate Group acquired the property from Ten Fourteen 24th Associates for $3.5 million, or $194 per square foot. Family Dollar anchors Bell Canyon Plaza on a newly extended lease. Additional tenants include Taco Bell and MetroPCS. Ari Spiro, Derek Buescher and Jared Williams of Orion represented the buyer and seller in the deal.

January 7, 2019

Acquisitions Arizona Office Western

Equus Capital Partners Sells Raintree Corporate Center in Arizona for $91.7M

by Amy Works January 4, 2019

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the sale Raintree Corporate Center, an institutional-quality office project in Scottsdale. Funds managed by Oaktree Capital Management and Cypress Office Properties acquired the multi-tenant property for $91.7 million. Situated on 11.6 acres at 8800 and 8888 E. Raintree Drive, the 345,417-square-foot property was 90 percent leased at the time of sale. The asset consists of two three-story office buildings featuring a six-level parking garage and on-site amenities including a deli/restaurant and fitness center. CJ Osbrink, Kevin Shannon, Ken White, Brad Burton and Paul Jones of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.

January 4, 2019

Phoenix-Airport-Industrial-Center-Phoenix-AZ

Acquisitions Arizona Industrial Western

Cohen Asset Management Completes Sale of 77,642 SF Phoenix Airport Industrial Center for $8.6M

by Amy Works January 4, 2019

PHOENIX — Los Angeles-based Cohen Asset Management has completed the disposition of Phoenix Airport Industrial Center, an industrial building in Phoenix. Denver-based EverWest Real Estate Investors acquired the property for $8.6 million. Will Strong of Cushman & Wakefield Capital Markets represented the seller in the deal. Situated on 3.9 acres at 824 E. University Drive, the 77,642-square-foot Phoenix Airport Industrial Center features ample loading capabilities, a fenced truck yard and an office-to-warehouse ratio of 6.6 percent. DIRTT Environmental Solutions occupies the entire building on a lease that runs through May 2027.

January 4, 2019

Acquisitions Arizona Multifamily Western

LaSalle Property Fund Acquires 488-Unit Multifamily Community in Phoenix

by Amy Works January 2, 2019

PHOENIX — LaSalle Investment Management, on behalf of LaSalle Property Fund, has purchased San Melia, a multifamily property located at 14435 S. 48th St. in Phoenix’s Ahwatukee Foothills neighborhood. Situated on 28 acres, the Mark Taylor-built community features 488 units and is located adjacent to more than 2.4 million square feet of retail, dining and recreation options at Ahwatukee Foothills Towne Center. A pedestrian walkway connects the property to the retail center, which is anchored by AMC Theatres and Sprouts Farmers Market. The acquisition price and name of the seller were not released.

January 2, 2019

Acquisitions Arizona Multifamily Western

TruAmerica Multifamily Buys Two Apartment Communities in Tempe for $67.3M

by Amy Works December 21, 2018

TEMPE, ARIZ. — TruAmerica Multifamily, in a joint venture with an institutional capital partner, has purchased a two-property apartment portfolio in Tempe for $67.3 million. This acquisition increases the company’s local portfolio to more than 2,400 units. The name of the seller was not released. The portfolio includes the 276-unit Highland Park and the 196-unit Park View, both located within a block of each other near the Interstate 10 and Baseline Road interchange. The low-density, garden-style properties were built in the early 1980s and feature one-, two- and three-bedroom apartments. On-site amenities for the communities include resort-style swimming pools, fitness centers, clubhouses and recreational areas. The acquisition was made with financing through Freddie Mac’s Select Sponsor Program, originated by CBRE Capital Markets team led by Brian Eisendrath. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the transaction.

December 21, 2018

Acquisitions Arizona Retail Western

Town West Realty Acquires 251,194 SF Oracle Crossings Shopping Center in Arizona for $40.8M

by Amy Works December 19, 2018

ORO VALLEY, ARIZ. — Tucson, Ariz.-based Town West Realty has purchased Oracle Crossings, a neighborhood shopping center located in Oro Valley. Houston-based Weingarten Realty sold the property for $40.8 million. Sprouts Farmers Market, Kohl’s and Home Goods anchor the 251,194-square-foot asset, which is situated at the southwest corner of Oracle and Magee roads. At the time of sale, the property was 98.2 percent leased. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

December 19, 2018

Arizona Loans Multifamily Western

Hunt Real Estate Capital Funds $22.5M in Acquisition Financing for Two Multifamily Properties in Arizona

by Amy Works December 17, 2018

PHOENIX AND GLENDALE, ARIZ. — Hunt Real Estate Capital has funded agency loans totaling approximately $22.5 million for the acquisition of two multifamily properties: Canyon Woods Apartments in Phoenix and Shadow Rose Apartments in Glendale. The borrowers for both transactions are The Barone Group and its strategic partners. Duke Stone of Churchill Capital Co. represented the borrowers on both transaction. Bear Holdings Group provided acquisition, investment and asset management services. Built in 1984, Canyon Woods Apartments features 224 apartments spread across 12 two-story buildings, a swimming pool, spa, picnic/playground area and laundry facility. Hunt Real Estate Capital provided a Freddie Mac loan facility featuring a 12-year term with six years of interest-only payments. The borrower plans to implement a $2 million value-add capital improvements program at the property. Shadow Rose Apartments, built in 1985, features 148 apartments across 14 two-story buildings, a swimming pool, spa, playground, laundry facility and clubhouse. Hunt Real Estate Capital funded a Fannie Mae loan facility featuring a 12-year term with nine years of interest-only payments. Additionally, the transaction qualified for Fannie Mae’s Green Rewards loan program where the borrower will implement certain water-saving improvements to lower future utility expenses — in return, the borrower was …

December 17, 2018

Acquisitions Arizona Retail Western

SRS Real Estate Partners Directs $5.1M Sale of The Shops at Arizona in Anthem

by Amy Works December 14, 2018

ANTHEM, ARIZ. — SRS Real Estate Partners has arranged the sale of The Shops at Arizona, a neighborhood shopping center located at 3434 Anthem Way in Anthem. Abington Emerson, a private real estate investment company, sold the property to an individual buyer for $5.1 million. Built in 2003 and situated on 6.7 acres, the property features 35,710 square feet of retail space. Current tenants include Ace Hardware, Coldwell Banker, Pizza Hut, Princess Nails and Shanghai Club. Sean Thomas and Patrick Luther of SRS’ National Net Lease Group represented the seller in the transaction.

December 14, 2018

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