Arizona

NKF Capital Markets Brokers $8.8M Sale of Retail Property in Prescott, Arizona

by Amy Works March 19, 2018

PRESCOTT, ARIZ. — NKF Capital Markets has arranged the sale of Prescott Gateway Mall, located at 3250 Gateway Blvd. in Prescott. T. Prescott AZ LLC sold the property to Prescott Gateway Mall Realty Holding for $8.8 million. Situated on 37.9 acres, the 318,503-square-foot property was approximately 75 percent occupied at the time of sale. Dillards, JCPenney, Sears, Bed Bath & Beyond, Michaels, Cost Plus World Market, Pier 1 Imports, Texas Roadhouse, Wild Flower Bread Co., Buckle, Chico’s, Maurie’s, Rue 21 and Victoria’s Secret are tenants at the mall. Thomas Dobrowski and David Guido of NKF aided the buyer and seller in the transaction.

March 19, 2018

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.6M Sale of Apartment Building in Downtown Tempe

by Amy Works March 19, 2018

TEMPE, ARIZ. — Marcus & Millichap has arranged the sale of an apartment building located at 407-419 W. Seventh St. in Tempe. An out-of-state 1031 exchange investor acquired the property from a local limited liability company for $2.6 million, or $184,557 per unit. The property features 14 apartment units. Rich Butler of Marcus & Millichap represented the seller and buyer in the transaction.

March 19, 2018

Acquisitions Arizona Multifamily Western

Transwestern Development Sells 290-Unit Multifamily Community in Tempe

by Amy Works March 16, 2018

TEMPE, ARIZ. — Transwestern Development Co., in partnership with FL Lakeside Investor LLC, has completed the disposition of Vela, a multifamily community located at 555 N. College Ave. in Tempe. Los Angeles-based Pacific Development Partners acquired the 290-unit property for an undisclosed price. The property features a resort-style pool with cabanas; a fitness center with touch-screen cardio equipment and free weights; an indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; an activity courtyard with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and an outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the transaction.

March 16, 2018

Acquisitions Arizona Colorado Industrial Self-Storage Western

JV Acquires Two-Property Self-Storage Portfolio in Arizona, Colorado

by Amy Works March 14, 2018

GLENDALE, ARIZ., AND LITTLETON, COLO. — A joint venture between Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio from a partnership between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate. The price was not disclosed. Together the properties total 147,521 square feet and 1,425 storage units. Both assets feature drive-up units, climate-controlled units, secure fencing with electric access control, 24-hour video surveillance and retail-oriented customer service offices. The portfolio includes the 96,950-square-foot, 955-unit self-storage facility located at 7910 E. Beardsley Road in Glendale, a Phoenix suburb; and the 50,571-square-foot, 470-unit facility located at 11645 W. Belleview Ave. in Littleton, a suburb of Denver. Brian Somoza and Steve Mellon of JLL brokered the sale.

March 14, 2018

Arizona Office Western

Arch Street Capital Acquires 180,480 SF Office Property in Gilbert, Arizona

by Amy Works March 13, 2018

GILBERT, ARIZ. — Arch Street Capital Advisors, on behalf of an institutional client, has purchased El Dorado Tech Center in Gilbert for an undisclosed price. Scottsdale, Ariz.-based GoDaddy.com fully occupies the 180,480-square-foot office property. The name of the seller was not released.

March 13, 2018

Arizona Multifamily Western

High Street Residential, MetLife Start Construction of 190-Unit Multifamily Property in Phoenix

by Amy Works March 13, 2018

PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.

March 13, 2018

Arizona Retail Western

Brixton Capital Purchases 103,568 SF Shopping Center in Avondale, Arizona

by Amy Works March 13, 2018

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.

March 13, 2018

Arizona Multifamily Seniors Housing Western

LCS, Westminster Funds Start Construction of 44-Unit CCRC Expansion in Phoenix

by Nellie Day March 5, 2018

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.

March 5, 2018

Arizona Office Western

PayPal Office in Scottsdale Sells for $30.5M

by Nellie Day February 28, 2018

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.

February 28, 2018

Arizona Industrial Western

Pristine Auction Completes 37,000 SF Industrial Facility in Phoenix

by Nellie Day February 28, 2018

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.

February 28, 2018

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