Arizona

NAI Horizon Negotiates $10.8M Sale of Self-Storage Facility in Metro Phoenix

by Amy Works May 10, 2018

BUCKEYE, ARIZ. — NAI Horizon has arranged the sale of a self-storage facility, located at 24901 W. Yuma Road in Buckeye, a western suburb of Phoenix. A California-based buyer acquired the property from Storage American DBA Store-All America RV and Self-Storage for $10.8 million, or $100.39 per square foot. Situated on 9.1 acres, the 107,130-square-foot facility features 638 drive-up self-storage units and 240 outdoor RV parking spaces. Additionally, the sale included a U-Haul moving truck business. Denise Nunez of NAI Horizon represented the buyer and seller in the transaction.

May 10, 2018

Arizona Development Multifamily Seniors Housing Western

Foresight, W.E. O’Neil to Break Ground on 80,000 SF Assisted Living Community in Arizona

by Amy Works May 8, 2018

GILBERT, ARIZ. — Foresight Senior Living Development LLC and W.E. O’Neil Construction Co. will break ground May 9 on Eternal Spring of Gilbert Senior Living Community in Gilbert, a suburb of Phoenix. The 80,000-square-foot community will offer 59 assisted living apartments and 36 memory care apartments. The groundbreaking ceremony will feature Vice Mayor Bridgette Peterson of the Town of Gilbert; Earl Kaplan, Lily Cheng and Jack Cheng of Foresight; Linda Edwards and Nathan Williams of the Town of Gilbert Planning Department; Bryan Dunn of W.E. O’Neil Construction Co. of Arizona; Joel Saurey and Tom Snyder of EPS Group; and other Town of Gilbert leaders and business leaders.

May 8, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges $2.3M Sale of Apartment Complex in Tucson, Arizona

by Amy Works May 8, 2018

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of La Promesa Apartments, a multifamily property located at 2485 N. Alvernon Way in Tucson. La Promesa Homes LLC acquired the property from Our Family Services LLC for $2.3 million. The multifamily complex features 40 apartments. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.

May 8, 2018

Acquisitions Arizona Hospitality Western

Mortenson Sells 210-Key Hampton Inn & Suites in Downtown Phoenix for $44M

by Amy Works May 4, 2018

PHOENIX — Mortenson, a U.S.-based construction and real estate development company, has completed the construction of a Hampton Inn & Suites by Hilton in downtown Phoenix. Located at 77 E. Polk St., the 11-story hotel features 210 guest rooms. Apple Hospitality REIT acquired the newly completed hotel for $44 million, or $210,000 per key. The 123,900-square-foot property offers a bar and lounge, business center, meeting space, fitness center and breakfast room. North Central Group will manage the hotel, which is the first Hampton Inn & Suites hotel in downtown Phoenix. Mortenson served as developer and general contractor, PK Architects provided architectural services, Design Force served as interior designer, and PK Associates, Peterson Associates Consulting Inc. Dibble Engineering provided engineering services for the project.

May 4, 2018

Arizona Development Industrial Office Retail Western

Sigma Contracting Breaks Ground on 100,000 SF Furniture Warehouse in Mesa, Arizona

by Amy Works May 4, 2018

MESA, ARIZ. — Sigma Contracting has broken ground on a headquarters and warehouse facility for Potato Barn, a high-end furniture retailer. Situated on 8.4 acres at 7104 E. Ray Road in Mesa, the 100,000-square-foot property will feature 50,000 square feet of retail space, 30,000 square feet of warehouse space and a 20,000-square-foot outlet store. The $7.4 million facility is slated to open in January 2019. Perez McGree is providing architectural services for the project. The family-owned store plans to consolidate its operations into the new facility and close its locations at 4900 E. Power Road and 586 E. Germann Road in Gilbert, Ariz.

May 4, 2018

Acquisitions Arizona Hospitality Multifamily Western

Orion Investment Negotiates $3.3M Sale of Motel Property in Phoenix

by Amy Works May 4, 2018

PHOENIX — Orion Investment Real Estate has arranged the sale of a motel property located at 3547 E. Van Buren St. in Phoenix. Risi Cos. acquired the short-stay motel, formerly known as Best Inn Suites, from Rudra Investment for $3.3 million, or $50,000 per unit. The buyer plans to convert the 66-room motel into an apartment property. At the time of sale, the motel was 97 percent occupied under daily, weekly and monthly terms. Zach Mishkin of Orion represented the buyer, while Joseph Dietz and Bob Farrell of Orion represented the seller in the deal.

May 4, 2018

Acquisitions Arizona Industrial Leasing Activity Western

Brennan Investment Group Completes Acquisition, Leaseback of 79,968 SF Industrial Facility in Phoenix

by Amy Works May 3, 2018

PHOENIX — Brennan Investment Group has acquired a two-building industrial facility, located at 4245 N. 40th Ave. in Phoenix, for an undisclosed price. The 79,968-square-foot property was simultaneously leased back to the seller, F&B Manufacturing, a provider of parts for the aerospace, automotive, power generation and semi-conductor industries. F&B Manufacturing uses the facility at its headquarters and for manufacturing and distribution.

May 3, 2018

Acquisitions Arizona Retail Western

NAI Horizon Facilitates $6.3M Sale of Flex Building in Scottsdale, Arizona

by Amy Works May 1, 2018

SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.

May 1, 2018

Acquisitions Arizona Multifamily Western

L5 Investments, MLA Properties, BH Equities Buy Apartment Community in Phoenix for $27.2M

by Amy Works April 30, 2018

PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.

April 30, 2018

Acquisitions Arizona Retail Western

Orion Investment Brokers Sale of LA Fitness-Anchored Retail Center in Chandler, Arizona

by Amy Works April 30, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the sale of a portion of Valle Del Sol, a multi-building retail property located at the corner of Dobson and Warner roads in Chandler. AVD Land 2 LLC acquired the property located at 2090 N. Dobson Road for $2.1 million, or $268 per square foot, and the property at 2080 N. Dobson Road for $1.2 million, or $305 per square foot. LA Fitness and Lee Lee International Market occupy the buildings. Judi Butterworth and Lacey Eyman of Orion Investment Real Estate represented the seller, Arizona-based BCB-WB Partners LLC, in the transaction.

April 30, 2018

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