AVONDALE, ARIZ. — Lake Washington Partners has completed the 427,000-square-foot expansion of the Coldwater Depot Logistics Center in Avondale. The property is located at 1100 N. 127th Ave. The 54-acre site now accommodates 1 million square feet of cross-dock distribution/warehouse space southwest of Phoenix. Lake Washington Partners will manage the property through its management division. CBRE’s Daniel Calihan will head up the center’s leasing efforts.
TUCSON, ARIZ. — Pierce Educations Properties has acquired The Junction at Iron Horse, a 232-bed student housing community located near the University of Arizona in Tucson. The community offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a swimming pool, lazy hammock courtyard, outdoor lounge area, 24-hour fitness center and computer center with a study lounge. The seller in the transaction and the sales price were undisclosed.
CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.
PHOENIX — A limited liability company has acquired the 36-unit Decco 121 apartments in Phoenix for $4.1 million. The community is located at 121 E. Broadway Road. P. Brady Fish of Marcus & Millichap represented the buyer, while the same firm’s Tyler Lesson represented the seller, a private investor.
PHOENIX — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 576-unit Andante Apartments in Phoenix for $85.2 million. The community is located at 15801 S. 48th St. The property will undergo a renovation, which will update the clubhouse and unit interiors. Security Properties-affiliate Madrona Ridge Residential will manage the property.
PHOENIX — P.B. Acquisitions LLC has acquired the 219-unit Club 7 Apartments in Phoenix for $19 million. The community is located at 3030 N. 7th St. The property sits on 7.3 acres in the Midtown Phoenix submarket, across the street from the Phoenix Country Club. It underwent a renovation in 2015 and 2016. Todd Braun and Bryson Fricke of Lee & Associates represented the seller, 3030 North Equity LLC, in this transaction.
FLAGSTAFF, ARIZ. — Chicago-based Core Spaces is set to deliver six student housing communities in summer 2018. Developments include Hub on Campus Flagstaff, a 591-bed community near Northern Arizona University. Other Hub on Campus communities will be built in West Lafayette near Purdue University; Minneapolis near the University of Minnesota; Ann Arbor near the University of Michigan; Tuscaloosa near the University of Alabama; and Orlando near the University of Central Florida.
SCOTTSDALE, ARIZ. — HFF has arranged the $26 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development located in Scottsdale. The property is home to retail and office tenants including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen. CJ Osbrink and Derreck Barker of HFF marketed the property on behalf of the seller, Village at Hayden LLC, which is a partnership between AEW Capital Management L.P. and The Muller Co. HFF also procured the buyer, Arizona Partners.
PHOENIX — Young’s Market Company has purchased a 248,900-square-foot refrigerated/cold storage industrial building in Phoenix for $20 million. The building is located at 402 S. 54th Place. It was built in 1999 and renovated in 2003. Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the family-owned wines, spirits and select beverages distributor. The seller was Barley Equites V LLC.
CHANDLER, ARIZ. — Colliers International has brokered the sale of a 5.8-acre parcel in the Phoenix suburb of Chandler for $3.2 million. The buyer will use the land to build The Park at Copper Creek, a $40 million independent living community. RJ Development is building the property. The Park at Copper Creek Independent Living will span approximately 170,000 square feet of space across 135 units. Koelsch Communities is the sponsor of the project, and Koelsch Construction will be the general contractor. Construction will start this June for delivery in September 2018. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the seller in the land deal, Henry Bosma of Arizona Acres and Cinder Butte Properties Inc. Tim Dulany, also of Colliers International in Greater Phoenix, represented the buyer, RJ Development.