Arizona

Prologis Completes 710,000 SF Industrial Improvement Project in Phoenix

by Nellie Day February 27, 2018

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.

February 27, 2018

Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 90-Unit Assisted Living Community Near Phoenix

by Nellie Day February 26, 2018

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.

February 26, 2018

Arizona Industrial Western

ViaWest Group Acquires Three Industrial Buildings in Phoenix for $34.2M

by Nellie Day February 23, 2018

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.

February 23, 2018

Arizona Multifamily Western

Western Wealth Capital Purchases 150 Apartment Units in Tempe for $17.3M

by Nellie Day February 21, 2018

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.

February 21, 2018

Arizona Industrial Western

Pilkington North America Renews 200,000 SF Lease at Distribution Center in Phoenix

by Nellie Day February 21, 2018

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.

February 21, 2018

Arizona Multifamily Western

Optima Inc. Reinvests in 592-Unit Apartment Community in Phoenix for $200M

by Nellie Day February 19, 2018

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.

February 19, 2018

Arizona Multifamily Top Stories Western

Western Wealth Capital Acquires 552-Unit Apartment Community in Phoenix for $90M

by Taylor Williams February 19, 2018

PHOENIX — Western Wealth Capital (WWC) has acquired Carlyle @ South Mountain, a 552-unit multifamily community in Phoenix, for $90 million. Carlyle @ South Mountain consists of 360 apartment units and 192 townhomes that were built in 1996 and 1997, respectively. Western Wealth Capital will invest in capital improvements to the units, most of which have not been upgraded since their initial construction. Physical amenities at the pet-friendly property include a resort-style pool, business lounge, basketball court and outdoor barbecue area. Service-based amenities include trash valet and package receiving. The property is located along the Interstate 10 corridor near the campuses of several national employers, including Intel, Wells Fargo and Bank of America. The property also offers proximity to Arizona Mills Mall, the Arizona Aquarium and Tempe Diablo Stadium, the training ground of the Los Angeles Angels baseball team. The acquisition, which raises the size of Western Wealth Capital’s multifamily portfolio to more than 7,500 units, is the company’s largest individual purchase by units and dollar value to date. Cushman & Wakefield brokered the sale of Carlyle @ South Mountain. The seller was not disclosed. — Taylor Williams

February 19, 2018

Arizona Multifamily Seniors Housing Western

Civitas, Summerlin, Deser Land Group Break Ground on Age-Restricted Community in Arizona

by Nellie Day February 14, 2018

LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.

February 14, 2018

Arizona Multifamily Western

Stoneweg Buys 300-Unit Apartment Complex in Tucson for $20.5M

by Nellie Day February 2, 2018

TUCSON, ARIZ. — Stoneweg has acquired the 300-unit River Oaks Apartments in Tucson for $20.5 million. The community is situated along East Broadway Boulevard. River Oaks is surrounded by the Central Tucson Office Corridor, a 5 million-square-foot concentration of office space. The corridor is home to the Williams Centre and 5151 East Broadway office complexes, along with employers like ASARCO Mining, 3M Motor Vehicle Systems and IBM. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, HSL Properties, in this transaction.

February 2, 2018

Arizona Office Western

McCarthy Cook, Morgan Stanley Sell 485,687 SF Office Tower in Phoenix for $80.7M

by Nellie Day February 1, 2018

PHOENIX — A joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing has sold BMO Tower at Central Arts Plaza, a 485,687-square-foot office tower in Phoenix, for $80.7 million. The Class A building is located at 1850 and 1884 N. Central Ave. in the Central Arts District. The transaction included an adjacent 1.9-acre parcel. BMO Tower was built in 1991 and designed for the Dial Corp. international headquarters. The building is currently 77 percent leased. Notable tenants include Dickinson Wright, The Cavanaugh Law Firm, PwC, Viad Corp. and BMO Harris Bank. Amenities include a fitness center, conference center, café with indoor/outdoor dining areas, a 200-seat theater, sundry shop and 24/7 security. The property also offers 360-degree views of Phoenix’s skyline and Camelback Mountain, a main lobby with 20-foot high ceilings, and a rotating art gallery. CBRE will serve as property manager, while JLL will lease the asset. CBRE also secured the financing and represented both parties in this transaction.

February 1, 2018

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