Ready Capital Closes $12.2M Loan for Multifamily Property in Mesa, Arizona

MESA, ARIZ. — Ready Capital has closed a $12.2 million loan for the acquisition, renovation and stabilization of an apartment community located in Mesa, a suburb of Phoenix.Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the 146 unit interiors and property exterior. Capital improvements will include new paint, new cabinets, vinyl-plank flooring, stainless steel appliances, upgraded landscaping and upgraded HVAC/electrical/utility …

April 21, 2021Arizona, Loans, Multifamily, Western

Cold Summit to Develop 357,000 SF Cold Storage Facility in Glendale, Arizona

GLENDALE, ARIZ. — Cold Summit Development is planning Cold Summit PHX, a speculative cold storage facility and the company’s first project in the Phoenix metro area. Sitework and construction are slated to begin immediately for completion by December 2021.The project is located at 9600 N. 151st Ave. in Glendale within the Woolf Logistics Park with Class I railway connectivity through BNSF. The 357,000-square-foot project, which is expandable to 485,000 square feet, will include …

April 20, 2021Arizona, Development, Industrial, Western

CBRE Brokers Sale-Leaseback of 49,815 SF Industrial Facility in Phoenix

PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot.Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property.Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat …

April 20, 2021Acquisitions, Arizona, Industrial, Net Lease, Western

Ready Capital Closes $19.2M in Financing for Multifamily Property in Phoenix

PHOENIX — Ready Capital has arranged $19.2 million in financing for the acquisition, renovation and stabilization of a Class B apartment community located in Phoenix’s Biltmore submarket.Upon purchase, the undisclosed sponsor will implement a capital improvements plan to renovate the interiors of the 117 units, upgrade the façade and improve landscaping.Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options and flexible …

April 19, 2021Arizona, Loans, Multifamily, Western

Bascom Group Buys 196-Unit Sierra Charles Apartments in Arizona for $11.6M

SIERRA VISTA, ARIZ. — The Bascom Group has purchased Sierra Charles Apartments, a multifamily property located at 600 Charles Drive in Sierra Vista, approximately 80 miles southeast of Tucson, for $11.6 million, or $59,164 per unit. The name of the seller was not released.Built in 1985, Sierra Charles features 196 garden-style apartments. Bascom plans to renovate the unit interiors with new countertops and appliances, wood-plank flooring, new baseboards, cabinetry improvements, new …

April 16, 2021Acquisitions, Arizona, Multifamily, Western

Comunale Properties Enters Phoenix Market with Chandler Connection Industrial Development

CHANDLER, ARIZ. — Denver-based Comunale Properties, with Stevens-Leinweber Construction as general contractor, is developing Chandler Connection, a Class A industrial property located adjacent to the Chandler Municipal Airport in Chandler.Located on Germann Road, Chandler Connection will offer 201,000 square feet of mid-bay industrial space featuring 32-foot clear heights, 140-foot to 240-foot bay depths, 52-foot by 60-foot column spacing and a 135-foot fenced and secured concrete truck …

April 16, 2021Arizona, Development, Industrial, Western

Thompson Thrift Buys Land for First Phase of 95,000 SF Retail Project in Mesa

MESA, ARIZ. — Thompson Thrift Retail Group (TTRG) has acquired the first parcel of a 15-acre master-planned development in Mesa. When fully developed, the property at the northwest quadrant of US 60 and Signal Butte Road will offer 95,000 square feet of retail space in a mix of freestanding and multi-tenant buildings.Whataburger, Backyard Taco, Black Rock Coffee and EOS Fitness have committed to the new project, with the first phase is slated to open first-quarter 2022. At build-out, TTRG …

April 15, 2021Arizona, Development, Retail, Western

Ready Capital Closes $3.8M in Bridge-to-Freddie Mac Financing for Multifamily Property in Tucson

TUCSON, ARIZ. — Ready Capital has closed $3.8 million in bridge-to-Freddie Mac agency financing for the acquisition, renovation and stabilization of a 56-unit apartment property located in Tucson’s Acaso submarket.Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the asset’s interior and exterior.The non-recourse, floating-rate loan features a 24-month term, two extension options and flexible prepayment. It is inclusive of a facility to …

April 14, 2021Arizona, Loans, Multifamily, Western

Sterling Real Estate Expands Arizona Portfolio with Pennytree Apartment Acquisition in Mesa

MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released.Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa.Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in …

April 13, 2021Acquisitions, Arizona, Multifamily, Western

CBRE Arranges $39.5M Sale of The Mesa Tower in Arizona to CAMCO Investment Group

MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million.Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal.Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a …

April 9, 2021Acquisitions, Arizona, Office, Western