REBusinessOnline

CBRE Arranges $46.7M Acquisition Loan for Four-Property Industrial Portfolio in Western United States

ENGLEWOOD, COLO., COMPTON AND STOCKTON, CALIF., AND PHOENIX — CBRE has secured a $46.7 million loan on behalf of San Diego-based Westcore Properties for the acquisition of a four-property industrial portfolio in Colorado, California and Arizona.Totaling 704,065 square feet, the assets are 14101 E. Otero Avenue in Englewood, 19515 S. Susana Road in Compton, 1551 S. Fresno Avenue in Stockton and 4455 W. Camelback Road in Phoenix. The properties have a combined vacancy rate of more than 50 …

Newmark Negotiates $5.2M Sale of Shops at Tuscano in Phoenix

PHOENIX — Newmark has arranged the sale of Shops at Tuscano, a shopping center located in Phoenix. Shrisha LLC sold the property to TDN Properties for $5.2 million.Located at 7435 W. Lower Buckeye Road, the retail center features 15,938 square feet of multi-tenant space. At the time of sale, the property was 93 percent occupied by seven tenants, including Sprint/T-Mobile, Little Caesars and TitleMax. The shopping center was built in 2006.Steve Julius, Jesse Goldsmith and Chase Dorsett …

Black Lion Investment Group Buys Oracle Wetmore Shopping Center in Tucson for $38M

TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million.Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, …

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million.Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, …

Barker Pacific Group, Artemis Real Estate Partners Buy 2,189-Unit Self-Storage Portfolio Near Phoenix

PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released.Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix.This acquisition marks the joint venture’s second foray …

Millburn & Co. Acquires Heritage at Deer Valley Apartments in Phoenix for $178.5M

PHOENIX — Salt Lake City-based Millburn & Co. has purchased Heritage at Deer Valley, a multifamily community located at 3010 W. Yorkshire Drive in Phoenix. West Palm Beach, Fla.-based Priderock Capital Partners sold the asset for $178.5 million.Built in two phases in 1996 and 2000, Heritage at Deer Valley features 832 apartments in a mix of one-, two- and three-bedroom units. Community amenities includes three resort-style pools, two spas, two sand volleyball courts, a 24-hour fitness …

Berkadia Brokers $23M Sale of The Madison Multifamily Property in Downtown Mesa, Arizona

MESA, ARIZ. — Berkadia has arranged the sale of The Madison, a garden-style apartment community located in Mesa. Southern California-based Westgrove Partners sold the asset to an undisclosed buyer for $23 million.Located at 520 N. Mesa Drive, The Madison features 96 apartments in a mix of two-, three- and four-bedroom floor plans with oversized private patios or balconies and washers/dryers. Community amenities include a fully renovated clubhouse/leasing center, swimming pool, laundry …

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit.The purpose-built, "attainable housing" property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six …

IPA Negotiates $46.7M Sale of Grove Deer Valley Apartments in Phoenix to Private Buyer

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit.Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size …

LIV Development, McShane Construction to Build 242-Unit Multifamily Project in Phoenix

PHOENIX — Birmingham, Ala.-based LIV Development and McShane Construction Co. are developing an apartment community on 10.8 acres in Phoenix.The three-story, multi-building community will feature 242 apartments in a mix of studio, one- and two-bedroom layouts. Units will offer vinyl plank and carpet flooring, granite countertops, full-height kitchen backsplash tile, stainless steel appliances and lots of natural light.Additionally, the property will feature 1.5 acres of shared amenity …

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