TEMPE, ARIZ. — A joint venture between Transwestern Investment Group (TIG) and JDM Partners has acquired a 2 million-square-foot office property in Tempe in a sale-leaseback with State Farm Automobile Insurance. The Class A campus, called Marina Heights, is located at 300-600 Rio Salado Parkway. The price was not disclosed. The five-building campus includes ground-floor retail, restaurants and other amenities. It is situated between Arizona State University and Tempe Town Lake. Marina Heights will be a future stop for the Tempe Streetcar, directly connecting the campus to the airport, downtown and central Phoenix, as well as west Mesa via the Valley Metro Light Rail. A wholly owned subsidiary of TIG will manage the investments. Transwestern will also provide management services. The firm’s legal adviser was King & Spalding, while Eastdil Secured was the debt capital adviser.
TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.
TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.
PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.
SCOTTSDALE, ARIZ. — ICON Builders and Multi-Family Renovation Group (MFRG) have merged to form a new company called MFRG-ICON Construction. The new company will focus on affordable housing renovation. Justin Krueger is the owner and will act as president of the new company. Allen “Kelly” Sands will be his partner. The new firm will draw from nearly three decades of experience to push this now $100 million annual construction business to raise the standard in occupied affordable housing renovations. ICON began building and renovating affordable housing in 1992. The company specialized in the renovation of tax credit, bond and HUD projects. The combined companies have completed more than 28,000 affordable housing units and more than $1.7 billion in construction. MFRG-ICON has offices in Scottsdale and Los Angeles. The company has projects in Arizona, California, Nevada and some Eastern states.
PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.
CHANDLER, ARIZ. — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have started construction of Clarendale of Chandler, a 262,000-square-foot seniors housing community in the Phoenix suburb of Chandler. Once completed, the Class A community will be located on 16.5 acres and offer 116 independent living units, 64 assisted living units, 38 memory care units and 14 duplex villas. It will be the sixth Clarendale-branded community in the country, and the first in the Southwest. Ryan Cos. is acting as developer and general contractor, and its architecture and engineering team, Ryan A + E, will design the community. Direct Supply Aptura is providing interior design services. Life Care Services, an LCS Company, will operate the community once completed. Clarendale of Chandler is scheduled to open in the spring of 2019.
CHANDLER, ARIZ. — CBRE has arranged the $13.9 million sale of Dobson Center, a 41,546-square-foot retail and medical office center in Chandler. Dobson Center includes a freestanding Starbucks Coffee, 12,842 square feet of retail space and a 26,704-square-foot medical office building. At the time of sale, the property was more than 97 percent leased to tenants including MomDoc, Sonora Quest, Pure Barre, East Valley Internal Medicine and Solis Mammography. Andrew Fosberg, Chris Ackel and Dylan Brown of CBRE arranged the transaction on behalf of the seller, Dobson Center LLC, an entity formed by ZDI LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip Landry and Donna Landry Family Trust.
PHOENIX — An undisclosed buyer has purchased the 240-unit Mountain Park apartments in Phoenix’s Ahwatukee Foothills Village for $40.4 million. The community is located at 4221 E. Ray Road. Mountain Park has immediate access to Interstate 10, Loop 202/the Santan Freeway, U.S. 60/the Superstition Freeway, Loop 101/the Price Freeway and the Loop 202 Expansion/South Mountain Freeway. The community was developed in 1994. Institutional Property Advisors brokered the sale.