Arizona

Western Wealth Capital Buys Multifamily Property Near ASU for $17M

by Nellie Day October 5, 2016

TEMPE, ARIZ. — Canada-based Western Wealth Capital has acquired Amber Gardens, a 164-unit multifamily community located less than one mile away from the Arizona State University campus in Tempe, for $17 million. The property — built in 1985 — features a mix of studio, one- and two-bedroom units. Amenities include two pools, a spa, 24-hour fitness center, clubhouse and laundry facilities. United Development Group was the seller in the transaction. Carrick Sears and Chip Kloppenburg of SVN Desert Commercial Advisors represented the buyer.

October 5, 2016

Arizona Multifamily Seniors Housing Western

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Arizona Industrial Western

REI Seeks LEED-Platinum Certification for New Distribution Center in Goodyear

by Nellie Day October 4, 2016

GOODYEAR, ARIZ. — REI will build its new distribution center in Goodyear to be net zero energy as it pursues LEED-Platinum — the highest level in the U.S. Green Building Council’s (USGBC) rating system. Situated in the Arizona desert, the facility is intended to be one of the world’s most sustainable distribution centers. REI is driving sustainability and efficiency at its new distribution center in several new ways: • The facility’s 2.2 megawatt solar system produces renewable energy on-site, enough to power the entire facility annually. The system is expected to provide REI with 20 years of free energy and pay for itself in five years. • REI and its partners have designed an omnichannel one-touch fulfillment system, enabling one person to process items eight times faster than the typical distribution center. • The distribution center will help restore the nearby Verde River, enhancing water flows and recreation access. • The distribution center features a non-evaporative cooling system fully powered by renewable energy, saving millions of gallons of water every year. Butler Design Group designed the facility in collaboration with Rocky Mountain Institute. The developer is Merit Partners Inc., and the builder is The Renaissance Companies. DMW&Hand KNAPP led technology design, …

October 4, 2016

Arizona Market Reports Multifamily Western Western Market Reports

Renter, Investor Demand on the Rise in Phoenix’s Multifamily Market

by Camren Skelton October 4, 2016

The Greater Phoenix multifamily market continues to thrive in a high-demand environment, driven by strong tenant volume and investor interest. As the local economy expands, employers are adding workers at a steady pace while demand for housing is on the rise. Apartments remain the preferred choice for many, pushing multifamily vacancy rates low even as new units are added to inventory. We fully anticipate these conditions to continue in the year ahead. Multifamily vacancy in the Greater Phoenix market ended the second quarter of 2016 at 5.9 percent, 20 basis points lower than one year earlier. Vacancy typically ticks higher in the second quarter, as some part-time residents escape the summer heat wave. This trend occurred again this year. Despite the recent seasonal rise, vacancy has been below 6 percent for the past four quarters, and the rate will undoubtedly tick lower in the second half of this year. The low-vacancy conditions are fueling robust rent growth. Asking rents have spiked by more than 8 percent in the past year, while the pace of gains is accelerating. Asking rents rose more than 5 percent in the first half of 2016, with additional increases anticipated in the months ahead. More than …

October 4, 2016

Arizona Retail Western

Lee & Associates Arranges $72.5M Sale of Sonora Village Shopping Center in Scottsdale

by Nellie Day October 3, 2016

SCOTTSDALE, ARIZ. — Lee & Associates has arranged the $72.5 million sale of Sonora Village shopping center in Scottsdale. Jan Fincham and Pat Dempsey of Lee & Associates facilitated the transaction for the buyer, Sonora Village LLC, and the seller, Sonora Village Investors LLC. The 269,369-square-foot shopping center is home to tenants including Best Buy, Staples, Party City, Pearle Vision, Aaron’s, Mattress Firm and Wildflower Bakery.

October 3, 2016

Arizona Office Western

Alvarado Realty Buys McCormick Ranch Office Building Near Phoenix for $7.7M

by Nellie Day September 28, 2016

SCOTTSDALE — Alvarado Realty has purchased a 50,789-square-foot office building in the master-planned community of McCormick Ranch for $7.7 million. The building is located at 8700 E. Via de Ventura within the Phoenix suburb of Scottsdale. The space is 92.6 percent occupied. It was built in 1986. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller, TA Realty, in this transaction.

September 28, 2016

Arizona Multifamily Western

Pacific Real Estate Partners Buys Maya Linda Apartments in Phoenix for $21M

by Nellie Day September 27, 2016

PHOENIX — Pacific Real Estate Partners has purchased the 360-unit Maya Linda apartment complex in Phoenix for $21 million. The community is located at 8222 N. 19th Ave. Maya Linda was built in 1981. It is situated near I-17, Loop 101 and SR-51. Jim Crews and Brett Polachek of Cushman & Wakefield Phoenix represented the owner, MG Properties, in this transaction.

September 27, 2016

Arizona Multifamily Seniors Housing Western

Boston Capital Invests in Rehabilitation of Affordable Seniors Housing Communities in Arizona

by Nellie Day September 22, 2016

KINGMAN, ARIZ. — Boston Capital has invested an undisclosed amount of capital for the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, two affordable seniors housing communities in Kingman, located approximately midway between Phoenix and Las Vegas. The two communities feature a total of 57 units. Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will help fund the rehabilitation. The Foundation for Senior Living (FSL), a nonprofit senior living organization, owns the communities. This will be Boston Capital’s sixth partnership with FSL. Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances and roll-in showers. Boston Capital is a Boston-based investment and advisory firm specializing in affordable housing.

September 22, 2016

Arizona Industrial Western

Huhtamaki North America Buys 750,000 SF Within Cotton Lane Commerce Park in Goodyear

by Nellie Day September 20, 2016

GOODYEAR, ARIZ. — Huhtamaki North America has purchased a 750,000-square-foot manufacturing and distribution facility at Cotton Lane Commerce Park in Goodyear. The Finland-based global food packaging specialist intends to invest about $100 million at the site to create a “21st-century work environment.” The facility will serve West Coast food service packaging and retail tableware markets. Construction will begin in the second quarter of 2017, with commercial production scheduled in late 2017. NGKF’s Jim Belcher and Robert Stephens represented Huhtamaki in the transaction.

September 20, 2016

Arizona Office Western

Crown Realty & Development Buys CVS Health Building in Phoenix for $40.4M

by Nellie Day September 19, 2016

PHOENIX — Crown Realty & Development has purchased a 138,240-square-foot office building in Phoenix that is occupied by CVS Health for $40.4 million. The space, known as Four Gateway, is located at 444 N. 44th St. State Farm occupied the building on a short-term lease while the company waited to consolidate operations at its new regional campus at Marina Heights on Tempe Town Lake. CVS, which signed its lease this past April, now occupies the entire building. CBRE’s Jim Fijan and Will Mast executed the transaction. The seller was VanTrust Real Estate.

September 19, 2016

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