Arizona

BKM Capital Partners Sells 159,304 SF Rose Garden Business Park in Phoenix

by Amy Works March 14, 2025

PHOENIX — Newport Beach, Calif.-based BKM Capital Partners has completed the sale of Rose Garden Business Park, a small-bay industrial park on 10.2 acres in Phoenix. An undisclosed affiliate of BKM Capital Partners acquired the asset for $35.1 million. Located at 1801-1831 W. Rose Garden Lane and 20801-20823 N. 19th Ave., the property consists of nine buildings offering a total of 159,304 square feet of industrial space. Originally built in 1987, Rose Garden Business Park features 18-foot clear heights, 43 grade-level doors and 16 dock doors. At the time of sale, the property was fully leased. Bob Buckley and Tracy Cartledge of Cushman & Wakefield, in collaboration with Will Strong, Michael Matchett, Molly Hunt, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, represented the seller in the deal.

March 14, 2025

Acquisitions Arizona Multifamily Western

Neighborhood Ventures Buys 123-Unit Multifamily Community in Phoenix for $13M

by Amy Works March 11, 2025

PHOENIX — Neighborhood Ventures (NV), a crowdfunding company, has acquired Venture on Colter, an apartment property in central Phoenix, from an undisclosed lender for $13 million. For the acquisition, NV raised nearly $4.5 million from 95 investors. Formerly known as Thom Slate on Colter, Ventura on Colter offers 123 apartments with modern cabinetry, fixtures, updated painting and new appliances. The community also offers two swimming pools and ramadas.

March 11, 2025

Arizona Industrial Market Reports Western Western Market Reports

Phoenix Industrial: Record Development, Rising Vacancies

by John Nelson March 11, 2025

— Phillip Hernandez, Research Director, Colliers — The Phoenix industrial market showed resilience throughout 2024. Arizona ranked fifth in net migration as of October, with 62,533 new residents — 52.8 percent of whom relocated from California. This influx of residents has positively impacted the labor market, growing Phoenix’s workforce by 42,900 employees by November, a 1.7 percent increase from the previous year. Investor interest in Phoenix’s industrial sector also remains strong. Fourth-quarter sales volume reached $1.9 billion, a 74 percent increase compared to the previous quarter and a 91.8 percent year-over-year increase. This brought last year’s total sales volume to $4.3 billion, with average prices per square foot rising by 2 percent (to $204.20) compared to fourth-quarter 2023. Vacancy Trends and Absorption Despite strong investor activity, the Phoenix market is experiencing rising vacancy rates. New deliveries in the fourth quarter added 7.8 million square feet to the market, bringing total deliveries for 2024 to 34.8 million square feet. However, the vacancy rate increased to 10.6 percent, marking a year-over-year 390 basis points rise. This increase is largely attributed to the completion of vacant product. Net absorption reached 3.8 million square feet in the fourth quarter, contributing to a year-to-date total of …

March 11, 2025

Acquisitions Arizona Office Western

SAFME Holdings Acquires 10,000 SF Office Space in Tucson, Arizona for $2.3M

by Amy Works March 10, 2025

TUCSON, ARIZ. — SAFME Holdings LLC has purchased 10,000 square feet of office space at 1575 E. River Road in Tucson from Rabb Investments LLC for $2.3 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Kyle Kilgore of NAI Horizon, Tucson, represented the buyer.

March 10, 2025

Acquisitions Arizona Industrial Western

Wane Investments Buys 21,518 SF Industrial Building in Tucson, Arizona for $2.1M

by Amy Works March 10, 2025

TUCSON, ARIZ. — Wane Investments LLC has purchased an industrial building located at 990 S. Cherry Ave. in Tucson from Gould Family Properties VIII for $2.1 million. Paul Hooker of Cushman & Wakefield | PICOR represented the seller, while Christopher McClurg and Michael Giuliano of Lee & Associates represented the buyer in the transaction.

March 10, 2025

Acquisitions Arizona Development Multifamily Restaurant Retail Western

SimonCRE Acquires 64 Acres for Mixed-Use Project in Mesa, Arizona

by Amy Works March 7, 2025

MESA, ARIZ. — SimonCRE has acquired 64 acres of land for a new mixed-use development dubbed Medina Station in Mesa, roughly 20 miles outside Phoenix. Plans for the roughly 305,335-square-foot project include a multi-tenant retail center, retail outparcels, a restaurant district and a multifamily complex. Tenants at Medina Station will include Boot Barn, Einstein Bros. Bagels, Zara Nails, Café Zupas, GoodVets, U.S. Bank and Hawaiian Bros Island Grill. A Target store and a two-story, 80,000-square-foot Dick’s Sporting Goods will anchor the development. SimonCRE plans to break ground on the project in 2025, with initial tenant openings expected for 2026.

March 7, 2025

Acquisitions Arizona Office Western

CBRE Brokers $23.5M Sale of The Forum at Gilbert Ranch Office Campus in Arizona

by Amy Works March 7, 2025

GILBERT, ARIZ. — CBRE has brokered the sale of The Forum at Gilbert Ranch, a Class A, 97,000-square-foot office campus in Gilbert. A private, high-net-worth 1031 exchange investor acquired the asset from a private seller for $23.5 million. The Forum at Gilbert Ranch consists of a single-story building and four two-story buildings, with an average suite size of 4,500 square feet. Additionally, the property offers onsite amenities and covered parking. The asset is situated on 6.5 acres at 1475, 1482, 1528 and 1530 E. Williams Field Road and 2314 S. Val Vista Drive. At the time of sale, the property was 96 percent leased. Geoff Turbow, Anthony DeLorenzo, Matt Pourcho and Charlie von Arentschildt of CBRE represented the seller in the deal. The buyer was self-represented.

March 7, 2025

Acquisitions Arizona Industrial Western

Diversified Healthcare Trust Sells 82,266 SF Industrial Facility in Tempe, Arizona

by Amy Works March 7, 2025

TEMPE, ARIZ. — Diversified Healthcare Trust has completed the $16.8 million disposition of an industrial building, located at 1415 W. Third St. in Tempe, to an undisclosed buyer. Evan Koplan and Charlie von Arenstchildt of CBRE represented the seller in the transaction. Situated on 5.3 acres, the 82,266-square-foot building features a floor plate divisible to 23,000 square feet, 18- to 20-foot clear heights, a double truck well, four grade-level doors, 100 percent air conditioning and 265 parking stalls. The facility was built in 1981. The asset includes 3 acres of excess land for heavy parking, yard use or future building expansion.

March 7, 2025

Arizona Development Mixed-Use Office Restaurant Retail Western

Diversified Partners Opens 11-Acre Mixed-Use Development in Gilbert, Arizona

by Amy Works March 6, 2025

GILBERT, ARIZ. — Scottsdale, Arizona-based Diversified Partners has opened Mercy Center, an 11-acre mixed-use development in Gilbert, approximately 22 miles southeast of Phoenix. A mix of retail and office tenants — Galleria Nails, Prizm Dental, Honoré Skin Clinic, Beem Light Sauna, Brickhouse Dental and Willow Midwife — have already opened. Kolache Café and The Cabinet Design Studio are under construction and will soon join the tenant roster. Additionally, Arizona’s largest Starbucks Coffee is open at Mercy Center, which features a two-story design, a 23-car drive-thru, designated mobile order parking, an elevator and rooftop solar panels that supply 80 to 100 percent of the store’s energy needs. The center is designed to serve the needs of the growing medical and residential community surrounding Mercy Gilbert Medical Center and the soon-to-open Phoenix Children’s Hospital – East Valley.

March 6, 2025

Arizona Build-to-Rent Development Single-Family Rental Western

Porter Kyle Breaks Ground on 100-Unit Build-to-Rent Community in Chandler, Arizona

by Amy Works March 6, 2025

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Porter Kyle has broken ground on The Wayne, a $60 million multifamily build-to-rent (BTR) project situated on an infill site at 1535 N. Dobson Road in Chandler. The first units are slated for delivery in spring 2026. The community will feature 100 one-, two- and three-bedroom rental homes offering two-car direct-access garages and private backyards. Community amenities will include a resident clubhouse with coworking spaces, private offices, a gym, swimming pool and outdoor kitchen, as well as a dog park and community trail system.

March 6, 2025

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