PHOENIX — Mark Spitz, a New York-based multifamily owner and investor, has acquired the 96-unit Los Compadres Apartments in Phoenix for $4.5 million. The community is located at 3518 W. Dunlap Ave. Carrick Sears of SVN Desert Commercial Advisors represented the Canadian seller, Pat Stojak, in this transaction. The seller purchased the asset in 2013.
TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …
PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.
PHOENIX — Nicola Crosby Real Estate has acquired Cabot Business Center, a 109,805-square-foot industrial/flex business center in Phoenix, for $11.3 million. The multi-tenant property is located at 3802-3922 E. University Drive. This is the first Phoenix-based asset for Nicola Crosby, a subsidiary of Nicola Wealth Management Ltd., a real estate asset management company that acquires and manages properties for the SPIRE Real Estate Portfolios. Darren Tappen, Peter Beauchamp, Aric Adams, Mike Kasulaitis, and Matthew Ault of Kidder Mathews represented the seller, Dunbar CBC, in this transaction. The firm will also manage the property.
GLENDALE, ARIZ. — CBRE has arranged $20.2 million in construction financing for MorningStar of Glendale, a 144-unit independent living, assisted living and memory care community in Glendale, approximately nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar’s fourth community in the Phoenix metro area. MorningStar will operate the community once it’s completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will arranged the financing.
PHOENIX — A joint venture between an institutional investor and Everest Holdings has purchased Foothills Corporate Centre II, a 145,000-square-foot office building in Phoenix, for $18.4 million. The center is located at 14601-14605 S. 50th St. The property is 72 percent leased to three tenants: Level 3, DirecTV and ExhibitOne. It is situated just north of the future South Mountain Freeway, which is a 22-mile extension of the Loop 202 Freeway. JLL’s Brian Ackerman and Dan Postal represented the seller, Fort Properties Management, in this transaction. The firm’s Dave Seeger, Mark Gustin and Karsten Peterson will head up the project’s leasing efforts.
PHOENIX — Crescendo Development has purchased Foothills Health Center, a 53,310-square-foot medical office property in the Phoenix submarket of Ahwatukee, for $12.1 million. The property is located at 4510 and 4530 E. Ray Road. The center is 93 percent occupied. The larger building was developed in 1994 and refurbished in 2000, while the smaller building was developed in 2002. NKF represented Crescendo Development. Nicholas Pelusio and Kevin Helland of Avison Young represented the seller, United Insurance Company of America, in this transaction.
MESA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has acquired the 265-unit Sonoma Villas apartments in Mesa for $22.4 million. The community is located at 1800 E. Covina St. Sonoma Villas was built in 1980. The JV plans to enhance the property by making strategic improvements to the common area amenities, apartment interiors, leasing space and clubhouse. The Jones Group represented the buyer, while David and Steve Gebing of Institutional Property Advisors represented the seller, a joint venture between Mentor Properties and ReNUE Properties, in this transaction.
MESA, ARIZ. — The Opus Group has announced plans to build a 147,672-square-foot speculative industrial project inside the Longbow Business Park and Golf Club in Mesa. The project will be called Longbow Gateway One. Construction is scheduled to begin this month, with an estimated completion date of January 2018. The project will be situated near the southeast corner of Higley Road and Longbow Parkway, near the 2 million-square-foot Boeing Co. manufacturing facility. Opus Design Build will construct the property, which designed by Opus AE Group will design. CBRE’s John Werstler and Cooper Fratt will lease the space.
PHOENIX — Popbar, a maker of frozen treats founded in New York City in 2010, has opened its first location in Phoenix at Westgate Entertainment District. The company currently has 24 locations. Popbar has 12 stores in the U.S., in states such as New York, California, North Carolina and Florida, and 12 stores internationally in countries like Canada, Panama, Singapore and Russia. There are currently seven stores under construction in new territories, with more planned. Popbar’s Phoenix location is the third to open this year. Popbar serves handcrafted gelato, sorbetto and yogurt on a stick. All pops are made in-house daily with all natural ingredients.