Arizona

KeyBank Provides $35.3M Financing for Retail Center in Goodyear, Arizona

by Amy Works July 30, 2018

GOODYEAR, ARIZ. — KeyBank Real Estate Capital has provided a $35.3 million CMBS first-mortgage loan for Market at Estrella Falls, a retail center in Goodyear. The name of borrower was not released. Jacob Proctor of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, two-year interest-only period and a 30-year amortization schedule. The borrower used the loan to acquire the property, as well as an adjacent vacant lot for future development. Burlington, T.J. Maxx/HomeGoods and C-A-L Ranch Stores anchor the 292,034-square-foot shopping center.

July 30, 2018

Acquisitions Arizona Retail Western

Dhir Capital Acquires Shopping Center Near Phoenix for $7M

by Amy Works July 27, 2018

GOODYEAR, ARIZ. — Vancouver, Canada-based Dhir Capital has purchased Goodyear Central Marketplace, a neighborhood shopping center located at 13530-13650 W. Van Buren in Goodyear. 6601 Convoy Ct, an entity formed by CIRE Equity of San Diego, sold the property for $7 million. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the deal. Built in 2006, the 61,146-square-foot property is occupied by 99 Cents Only, BPL Plasma, Hertz, a diner, a nail and day spa, and a barber shop. At the time of sale, the property was 91 percent leased.

July 27, 2018

Acquisitions Arizona Multifamily Student Housing Western

Harrison Street Acquires 318-Bed Residence Hall at Arizona State University Polytechnic for $27M

by Amy Works July 26, 2018

MESA, ARIZ. — Harrison Street Real Estate Capital has acquired Century Hall, a 318-bed residence hall located on the Arizona State University Polytechnic campus in Mesa, for $27 million. Built in 2012, the community is located at the heart of campus adjacent to the university’s student union building, dining and recreational facilities. The property offers shared amenities including two multi-purpose rooms, a resident community kitchen, group study rooms, student activity lounges on each floor, and on-site classroom space. Capstone Management Partners will manage the property in collaboration with the university. “We are excited to partner with Arizona State University and support the university’s efforts to provide their students with much needed high-quality student accommodations,” says Christopher Merrill, CEO of Harrison Street.

July 26, 2018

Acquisitions Arizona Healthcare Office Western

Kidder Mathews Brokers $4.4M Sale of Medical Offices in Tucson

by Amy Works July 25, 2018

TUCSON, ARIZ. — Kidder Mathews has arranged the purchase of Desert Sun Medical Center located at 7140 E. Rosewood St. in Tucson. Cypress West Realty Partners acquired the property for $4.4 million. The center features 15,038 square feet of medical office space. The seller was not disclosed. Fletcher Perry and Darren Tappen of Kidder Mathews represented the buyer in the off-market transaction.

July 25, 2018

Acquisitions Arizona Multifamily Western

IPA Brokers $60.5M Sale of 402-Unit Multifamily Property in Tempe, Arizona

by Amy Works July 20, 2018

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

July 20, 2018

Acquisitions Arizona Multifamily Western

HSL Properties Acquires Two Multifamily Assets in Tucson for $37.4M

by Amy Works July 20, 2018

TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also purchased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and balconies. Community amenities include a fitness facility, covered parking, pool and barbecue grills.

July 20, 2018

Acquisitions Arizona Hospitality Western

Byrd Hotel Group Completes $20M Sale-Leaseback of Four Hotels in Metro Phoenix

by Amy Works July 18, 2018

GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-leaseback of four hotel properties in Goodyear. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road, the 110-guestroom Hampton Inn & Suites at 2000 N. Litchfield Road, the 100-key Holiday Inn & Suites at 1188 N. Dysart Road and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service hotels contain a total of 441,967 square feet of space on approximately 10.1 acres. Jon Grantham and James Meng of Colliers International’s Greater Phoenix office represented the seller, while Kawa Capital was self-represented in the transaction.

July 18, 2018

Acquisitions Arizona Industrial Western

Golden Eagle Distributors Sells Industrial Building in Tucson for $13.3M

by Amy Works July 18, 2018

TUCSON, ARIZ. — Golden Eagle Distributors, a Tucson-based beer distributor, has completed the sale of a 161,212-square-foot industrial building located at 705 E. Ajo Way in Tucson. 6455 Box Springs Blvd. LLC purchased the property for $13.3 million. Stephen Cohen and Michael Hammond of Cushman & Wakefield | PICOR represented the seller, while Art Day of CBRE represented the buyer in the transaction.

July 18, 2018

Acquisitions Arizona Development Multifamily Western

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

by Amy Works July 17, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the deal.

July 17, 2018

Acquisitions Arizona Healthcare Office Western

Inland Real Estate Acquires Two Medical Office Buildings in Metro Phoenix

by Amy Works July 16, 2018

MESA AND CHANDLER, ARIZ. — Inland Real Estate Acquisitions has negotiated and closed on the purchase of two Swagel Wootton Hiatt Eye Centers in Mesa and Chandler, approximately 20 miles east of Phoenix. Matthew Tice of Inland Real Estate Acquisition and David Neboyskey of The Inland Real Estate Group Law Department completed the deal on behalf of an Inland affiliate. Located at 220 S. 63rd St. in Mesa and 3940 S. Alma School Road in Chandler, the properties provide a combined total of 25,340 square feet of medical office space and seven board-certificated physicians. Specializing in eye care procedures, Swagel Wootton Hiatt Eye Centers offer patients laser cataract, corneal and retinal surgeries, corneal transplants, procedures for Descement’s Membrane Endothelial Keratoplaty and glaucoma and treatment of diabetic eye disease, macular degeneration and primary open-angle glaucoma. To date, Inland Real Estate Acquisitions has facilitated more than $45 billion of purchases including retail centers, apartments, single-tenant properties and a total of more than $323 million in medical office buildings.

July 16, 2018

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