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.
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.
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.
SCOTTSDALE, ARIZ.— A subsidiary of Sand Capital has acquired a portfolio of 47 CVS/pharmacy stores located throughout the country for $275 million. The stores include locations in Sedona, Ariz.; Seattle; Wheaton, Ill.; Southern California; Dallas; Houston; and Tuscaloosa, Ala. Some of the properties will be offered for sale. Sand Capital is a privately held real estate investment company controlled by the principals of Sandor Development Co., one of the largest privately held shopping center owners in the country.
TUCSON, ARIZ. — Bascom Arizona Ventures has purchased an 812-unit multifamily portfolio in Southern Arizona for $70.2 million. The acquisition includes the 252-unit Port Royale in Sierra Vista, as well as the 288-unit Summit Vista and the 272-unit Crescent Ridge in Tucson. Summit Vista and Crescent Ridge are situated in the North Tucson submarket near Northwest Medical Center, Foothills Mall and Arizona Pavilions shopping center. Port Royale is situated near Fort Huachuca, Cochise College and the University of Arizona South Campus. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, a private investor, in this transaction.
PHOENIX — A joint venture between Confluent Development and DPC Cos. has announced plans to develop a 225,000-square-foot spec industrial development in Phoenix. The project will be situated in the Sky Harbor International Airport submarket. The JV acquired a former grocery warehouse building, which will be torn down ahead of construction. This is Confluent Development’s first ground-up development in the market.
ORLANDO, FLA., JACKSONVILLE, FLA., AND PHOENIX — The U.S. real estate investment arm of Investcorp has acquired six multifamily properties in Florida and Arizona for $350 million. Acquisitions include Highpoint Club and Montevista at Windermere, which together total 708 units in Orlando; Aqua Deerwood, a 616-unit, garden-style community located in the Southside neighborhood of Jacksonville; and Arcadia Cove, Tuscany Palms and Midtown on Main, which total 1,486 units in the Phoenix metropolitan area. The seller in the transaction was undisclosed. Highpoint Club and Montevista at Windermere in Orlando offer one- and two-bedroom units. Shared amenities at both properties include a resort-style pool with cabanas, state-of-the-art fitness center, internet café with coffee bar, dog park and clubhouse. Arcadia Cove, located in Phoenix, offers one-, two- and three-bedroom units. Tuscany Palms and Midtown on Main, located about 18 miles east of Phoenix in Mesa, offer a mix of one- and two-bedroom units. Shared amenities at each property include a resort-style pool and fitness center. “The U.S. multifamily market remains attractive for new investment opportunities,” says Herb Myers, managing director of real estate investment at Investcorp. “This recently acquired portfolio builds upon our strong track record of investing in multifamily properties in growth …
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American Campus Communities Acquires 3,776-Bed Student Housing Portfolio for $590.6M
AUSTIN, TEXAS — American Campus Communities Inc. (NYSE: ACC) has acquired a portfolio of seven student housing properties totaling 3,776 beds across the Western and Midwestern United States for approximately $590.6 million. Affiliates of Milwaukee-based development firm and Core Spaces and Chicago-based DRW Real Estate Investments LLC sold the assets. All of the properties are associated with major universities, with enrollment averaging about 35,000 undergraduate and graduate students at each school. The company will invest about $8 million in up-front capital improvements to the portfolio. Two of the properties are stabilized: the 513-bed Hub Eugene and the 655-bed State, which service students at the University of Oregon and Colorado State University, respectively. The company acquired these assets in August for a combined $146.1 million. Another two of the properties, the 850-bed The James and the 248-bed Hub U District Seattle, are opening this fall. Those properties are located near the University of Wisconsin and the University of Washington, respectively. The final three properties, which total 1,500 beds, are all under construction and slated for fall 2018 delivery. They include Hub Ann Arbor, Hub West Lafayette and Hub Flagstaff, which offer housing to students attending the University of Michigan, Purdue University …
PHOENIX — CapRock Partners has purchased a 110,710-square-foot manufacturing facility in Phoenix for $8 million. The building is situated on 5.8 acres just east of Phoenix Sky Harbor International Airport. The asset features 30-foot clear height, 22 dock-high loading doors and two 20-foot-wide, grade-level doors. Plans are underway to transition the property to Class A space by upgrading the interior and exterior. Stein Koss and Tom Louer of Lee & Associates represented both the buyer and seller, Madison 225 LLC.
MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.