Arizona

Palmilla-Center-Avondale-AZ

AVONDALE, ARIZ. — Brixton Capital has purchased Palmilla Center, a grocery-anchored shopping center located at S.E. Dysart and McDowell roads in Avondale, a suburb of Phoenix. Weingarten Realty sold the property for an undisclosed price. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block occupy the 103,568-square-foot property, which was fully leased at the time of sale. Additionally, the acquisition included the Chase Bank and Arizona Federal Credit Union pad buildings at the site. Bryan Ley of HFF represented the seller, while Brixton represented itself in the transaction.

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PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.

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SCOTTSDALE, ARIZ. — A Colorado-based, family-owned real estate company has acquired a 92,562-square-foot office building in Scottsdale that is net leased to PayPal. The sale price was $30.5 million. The single-tenant building is located at 9999 N. 90th St. The Class A building serves as one of PayPal’s four global, mission-critical network operations centers. The other three network operations centers are located in Silicon Valley, India and Malaysia. The corporately guaranteed lease has about 10 years remaining and features annual rent escalations. Rob Edwards and Tom Ethington of Pinnacle Real Estate Advisors represented the buyer. The seller was a Los Angeles-based private real estate company.

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PHOENIX — Pristine Auction has completed construction on a 37,000-square-foot industrial facility at Spectrum Ridge Business Park in Phoenix. The facility is situated at the southeast corner of 7th Street and Deer Valley Road. The new space will provide Pristine Auction with room for expansion and increased efficiency. The project includes increased areas for inventory and product input. It was designed with a large executive balcony overlooking the surrounding mountain landscapes. The total project cost more than $4 million, which Chase Bank financed. Eric Bell and Mike Ciosek of Kidder Mathews handled the site selection and building transaction for the online sports memorabilia company. Wes Balmer Architects designed the property, which Sun State Builders constructed.

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PHOENIX — Prologis has completed 710,000 square feet of tenant improvements and shell space in Phoenix. The new space is situated within Prologis Riverside Distribution Center and Prologis Park Riverside. Prologis Riverside Distribution Center received a 115,000-square-foot build-out for bathroom refurbishment company Home Brand, which is expanding and relocating within metro Phoenix. In addition, the property received a 115,000-square-foot build-out for video game accessory company Performance Designed Products (PDP), which relocated from California to Arizona. The tenants occupy the entire 230,000-square-foot Prologis Riverside Building II. Shell construction was also completed on the 480,000-square-foot Building III at Prologis Park Riverside, an industrial distribution center at 55th Avenue and Lower Buckeye Road. The project also included a 15-week, $15 million tenant improvement for a national e-commerce tenant. Building III sits adjacent to Prologis Park Riverside Building II, which is fully occupied by StitchFix, and Prologis Park Riverside Building I, which is fully occupied by Marshalls. Graycor Construction Co. completed construction on all the projects.

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LITCHFIELD PARK, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hacienda Del Rey, a 90-unit assisted living and memory care community in the Phoenix suburb of Litchfield Park. Hacienda Del Rey is arranged as nine 10-unit buildings surrounding a courtyard. A local developer built the Class A community in 2015. Recognizing the need for a more experienced operator, the developer sold the property to MBK Senior Living, a Southern California-based operator looking to expand its footprint in Arizona. Blueprint’s Jacob Gehl, Amy Sitzman and Giancarlo Riso led the transaction. The price was not disclosed.

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PHOENIX — ViaWest Group has purchased three buildings at Blackhawk Corporate Center in Phoenix for $34.2 million. The buildings are located at 20401 N. 29th Ave., 2902 and 3010 W. Agua Fria Freeway. The complex was built in 1997 and 1998. Darren Tappen and Peter Beauchamp of Kidder Mathews and Ryan Timpani of Colliers International, the project’s leasing agent, represented both parties in the transaction. The seller was Cohen Equities.

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TEMPE, ARIZ. — Western Wealth Capital has acquired the 150-unit Villatree apartments in Tempe for $17.3 million. The community is located at 1750 S. Price Road. Villatree was built in the 1980s, providing the new owner with a value-add opportunity. Steve Gebing and Cliff David represented both the buyer and the seller, PEM Real Estate Group, in this transaction.

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PHOENIX — Pilkington North America has renewed its lease for 200,000 square feet at a distribution center in Phoenix. Buckeye 75 Distribution Park is located at 7375 W. Buckeye Road. Buckeye 75 Distribution Park totals three buildings with up to 30-foot clear height, ESFR sprinklers, T-5 lighting, evaporative cooling, skylights and on-site trailer storage for large warehouse and distribution operations. It is fully leased. Michael Haenel of Cushman & Wakefield represented Pilkington in its lease negotiations. Lincoln Property Co. owns the center.

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PHOENIX — Optima Inc., the developer and one of the original owners of the 592-unit Optima Sonoran Village, has acquired the luxury apartment community through a new partnership with Principal Real Estate Investors. The partnership acquired Optima Sonoran Village Phases I and II for $200 million from an existing Optima-sponsored venture. This new partnership also will develop Phase III of Optima Sonoran Village. Phase III, the final part of Optima’s vision for Sonoran Village, features a 176-apartment homes in a seven-story tower with a roof-deck amenity. Existing amenities include outdoor pools and spas, a dog park, walking paths and a 19,000-square-foot residents’ club that includes a fitness center, indoor pool and spa, steam rooms and saunas, indoor basketball court, racquetball court, party room and business center. Optima Sonoran Village also features floor-to-ceiling windows and outdoor terraces for each residence, as well as a vertical landscaping system.

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