Arizona

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

Arizona Retail Western

Velocity Signs Two Retailers to 48,000 SF Vacant Storefront in Phoenix

by Nellie Day October 16, 2017

PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.

October 16, 2017

Arizona Industrial Western

Bailard Buys 188,142-Square-Foot Industrial Building in Phoenix for $16.1M

by Nellie Day October 13, 2017

PHOENIX — Bailard has purchased a 188,142-square-foot industrial building in Phoenix for $16.1 million. The facility is located at 7822 S. 46th St. in the Sky Harbor Airport submarket. The property is fully leased to BAE Systems. The seller, Cohen Asset Management, acquired the asset in 1992. Will Strong of Cushman & Wakefield and Rick Lee and Conner Lee of Lee & Associates represented both the buyer and seller in this transaction.

October 13, 2017

Arizona Office Western

Benchmark Electronics Leases New Headquarters at Rio 2100 in Tempe

by Nellie Day October 13, 2017

TEMPE, ARIZ. — Benchmark Electronics has announced its plans to relocate its new headquarters to Rio 2100, a new 52-acre office park in Tempe. The Class A property is situated at the southwest intersection of the Loop 101 and 202 freeways. Rio 2100 will eventually feature office, retail, restaurant and multifamily space, as well as two hotels within the Rio Salado corridor. Groundbreaking for the new site is expected to begin before the end of the year for completion in early 2019. Benchmark’s current headquarters is at 4141 N. Scottsdale Road. The global design, engineering and manufacturing company was previously based in Angleton, Texas. JLL’s Andrew Medley represented Benchmark. CBRE’s Bryan Taute represented the landlord, Boyer, in this transaction.

October 13, 2017

Arizona Office Western

Flagstaff Office Building Sells for $7.3M

by Nellie Day October 12, 2017

FLAGSTAFF, ARIZ. — The Shoppes at Osgood LLC has acquired a 27,711-square-foot office building in Flagstaff for $7.3 million. The two-story building is located at 399 S. Malpais Lane. The Class A asset was built in 2014 just west of Northern Arizona University. It is about 85 percent leased to tenants like CollegeAmerica, NextCare Urgent Care and Arizona Arthritis & Rheumatology Associates PC. Matt Olson of Property Resource Group represented the buyer. CBRE’s Andrew Fosberg, Dylan Brown and Jeffrey Pion represented the seller, Anthem Boise LLC, in this transaction.

October 12, 2017

Arizona Hospitality Loans Multifamily Top Stories Western

Five Star Development Receives $282M Construction Financing for Ritz-Carlton Near Phoenix

by Kristin Harlow October 11, 2017

PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller

October 11, 2017

Arizona Multifamily Western

PC Avenue Acquires Avenue 8 Apartments in Mesa for $21.2M

by Nellie Day October 5, 2017

MESA, ARIZ. — PC Avenue 8 Mesa LLC has acquired the 194-unit Avenue 8 apartment complex in Mesa for $21.2 million. The community is located at 1050 W. Eighth Ave. The asset features two-bedroom units with refrigerators and stackable washers and dryers. Community amenities include two swimming pools, covered parking, fitness center, and a renovated office and clubhouse. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia represented the seller, KMG Village in the Pines LLC, in the transaction.

October 5, 2017

Arizona Office Western

Scottsdale Investment Management Buys West Phoenix Office Building

by Nellie Day October 4, 2017

PHOENIX — Scottsdale Investment Management has purchased a 38,238-square-foot office building in West Phoenix for an undisclosed sum. The property is located at 8800 N. 22nd Ave. It is fully occupied by the Department of Economic Security’s Family Assistance Administration division, which coordinates programs to support Arizona families in need. The space was built in 1986. Mindy Korth, Kirk Kuller and John Barnes of Colliers International and Greg Bamford of Bamford Southwest represented the locally based seller in this transaction.

October 4, 2017

Arizona Multifamily Western

Bascom Acquires Apartment Portfolio in Arizona for $70.2M

by Nellie Day October 3, 2017

TUCSON, ARIZ. — Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2 million. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada in Tucson. All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center and private garages. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the portfolio transaction. The on-site property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.

October 3, 2017

Arizona Industrial Western

Pinnacle Peak Commerce Center in Phoenix Sells for $14.1M

by Nellie Day October 3, 2017

PHOENIX — Nicola Crosby has purchased Pinnacle Peak Commerce Center, a 93,725-square-foot flex/industrial property in Phoenix, for $14.1 million. The facility is located at 23751 N. 23rd Ave., near Interstate 17. All the tenants are relatively new occupants of the building, requiring extensive tenant improvements. Darren Tappen, Peter Beauchamp, Mike Ciosek and Eric Bell of Kidder Mathews represented both the buyer and the seller, Orsett Properties, in the transaction.

October 3, 2017

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