Arizona

TCC, Artis REIT Complete Construction on Park Lucero Phase II in Arizona

by Nellie Day March 15, 2017

GILBERT, ARIZ. — A joint venture between Trammell Crow Co. (TCC) and Artis REIT has completed construction on Park Lucero Phase II, a 131,796-square-foot spec industrial building in Gilbert. The Class A building fronts the Santan Freeway (Loop 202). Park Lucero is situated on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border. Phase II is situated adjacent to Park Lucero’s Phase I, which was completed in 2015, and Phase III, which is currently under construction. Both Phase I and Phase II are fully leased. Park Lucero is a four-phase industrial park featuring buildings with dock-high, truck well and grade-level loading; 24- to 30-foot ceiling clear heights; and an overall 2.1:1,000 parking ratio. The project will eventually contain nearly 600,000 square feet of industrial space in six buildings.

March 15, 2017

Arizona Loans Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $9M Loan to Build 88-Unit Seniors Housing Community in Arizona

by Nellie Day March 14, 2017

YUMA, ARIZ. — Cushman & Wakefield Senior Housing Capital Markets has negotiated a $9 million loan for Mission Senior Living. The capital will be used to build River Valley Estates, an 88-unit assisted living and memory care community in Yuma. River Valley Estates will feature 56 assisted living units and 32 memory care units in a 66,000-square-foot building on a 5.3-acre site. It will be Mission’s fifth property and third ground-up development. The Cushman & Wakefield team of Aaron Rosenzweig, Richard Swartz, Jay Wagner and James Dooley arranged the loan. Contemporary Healthcare provided the capital.

March 14, 2017

Arizona Market Reports Multifamily Western Western Market Reports

Demand, Product Coming to Phoenix’s Multifamily Market

by Camren Skelton March 14, 2017

With record-low cap rates dipping as far as 2.9 percent, the nation’s top multifamily markets have become expensive. In response, investors have turned to secondary markets like Phoenix, where upside potential is still strong, pricing is manageable and cap rates are hovering in the high 4 percent to mid-5 percent range. Although multifamily sales have maintained their accelerated pace nationwide, that pace is being driven by secondary markets — particularly in the West. Metro Phoenix captured more than $5.2 billion of this activity, up significantly from its previous peak of $4.6 billion in total multifamily sales in 2006. As of year-end 2016, the average multifamily price per unit in Phoenix was $110,000, compared to a national average of $145,000 for properties valued at more than $2.5 million. In the eyes of investors, Phoenix offers a stable inventory of existing Class A and B product, and a wave of new Class A units that have taken luxury in the market to a new level. This high-end product provides a key benefit for investors: it attracts residents who are willing and able to pay premium rents for a better lifestyle. The Valley is in a good position to support luxury product, with …

March 14, 2017

Arizona Office Western

Southwest Network Leases Space at West 101 Business Center in Phoenix

by Nellie Day March 10, 2017

PHOENIX — Southwest Network has leased 18,000 square feet of office space at West 101 Business Center in Phoenix. The center is located at 1840 N. 95th Ave. The Arizona nonprofit organization will relocate from the Garden Lakes area in the Southwest Valley, a smaller space than in the new lease. Michael Waxman of Levrose Commercial Real Estate represented Southwest. Tyler Smith of NAI Horizon represented the landlord, ViaWest Group, in this transaction.

March 10, 2017

Arizona Office Western

Lincoln Property Buys 104,618 SF Office Building in Phoenix for $24.6M

by Nellie Day March 9, 2017

PHOENIX — Lincoln Property Co. (LPC) has purchased a 104,618-square-foot office building in Phoenix for $24.6 million. The Class A building is located at 2777 E. Camelback Road in the Camelback Corridor. LPC plans to reposition the asset with lobby and common area renovations, an indoor tenant lounge and conference facility, a new outdoor lounge area, improved signage, and upgraded landscape and hardscape. Notable tenants at the property include UMB Bank, WFG National Title, The Lavidge Company, Hill International and Avison Young. Chris Toci of Cushman & Wakefield executed the sale. JLL’s John Bonnell and Chris Latvaaho serve as the building’s exclusive leasing brokers.

March 9, 2017

Arizona Colorado Retail Western

Petco to Open 12 New Stores in March

by Nellie Day March 8, 2017

SAN DIEGO — Petco, a San Diego-based pet supplies retailer, has announced plans to open 12 new storesduring March 2017. Each new store will offer dog training areas, adoption centers and grooming salons. New store locations include Denver and Marana, Ariz. Petco has more than 1,500 Petco and Unleashed by Petco locations across the United States, Mexico and Puerto Rico.

March 8, 2017

Arizona Industrial Western

BKM Buys Northwest Business Center in Phoenix for $17.2M

by Nellie Day March 6, 2017

PHOENIX — BKM Capital Partners has purchased the Northwest Business Center, a 227,603-square-foot industrial facility in Phoenix, for $17.2 million. The warehouse is located at 2310-2440 W. Mission Lane, 9014-9034 N. 23rd Ave. and 9013-9033 N. 24th Ave. BKM plans to implement a $3.5 million capital improvement program at the property. Planned improvements include a new roof, new parking lot, improved HVAC system and upgrades to the exterior including paint, landscaping and signage. Robert Buckley of Cushman & Wakefield represented the undisclosed seller.

March 6, 2017

Arizona Office Western

Riva Ridge Development Buys CBIZ Plaza Office Tower in Phoenix for $26M

by Nellie Day March 1, 2017

PHOENIX — Riva Ridge Development has purchased CBIZ Plaza, a 266,231-square-foot office property in Phoenix, for $26 million. The 16-story tower is located at 3101 and 3111 N. Central Ave. CBIZ Plaza is 78 percent occupied. The Class B project was constructed in 1980. The seller was LNR Property Corp. Eric Wichterman and Mike Coover of Cushman & Wakefield executed the sale.

March 1, 2017

Arizona Hospitality Top Stories Western

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

by Nellie Day March 1, 2017

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L’Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L’Auberge, among other improvements. The renovations will be completed during the off seasons over the next two years for minimal disruptions. “This acquisition represents a rare opportunity to own two high-quality resort properties in a coveted, high-barrier-to-entry resort market,” says Mark Brugger, DiamondRock’s president and CEO. “While we believe the initial pricing of the deal is attractive, we have identified significant opportunities to increase profitability.” About $14 million has been invested in the resorts, its guest rooms and restaurants since 2015. Sedona is one of the highest growth markets in the U.S. hospitality industry, DiamondRock notes, with RevPAR (revenue per available room) increasing 11.3 percent in 2016. L’Auberge includes dining options Cress on Oak Creek and Etch Kitchen & Bar, while Orchards Inn features 89Agave Mexican restaurant, among other casual dining …

March 1, 2017

Arizona Loans Multifamily Seniors Housing Western

MidCap Financial Funds $4.5M Loan to Compass Senior Living Community Near Phoenix

by Nellie Day February 27, 2017

PAYSON, ARIZ. — MidCap Financial has arranged a $4.5 million bridge-to-HUD loan to refinance Compass Senior Living’s Majestic Rim Retirement Living, located in the Phoenix suburb of Payson. Majestic Rim is a 50-unit independent living facility built in 2006. Compass purchased the property in 2014 as an underperforming asset. MidCap’s bridge loan will refinance existing debt on the property.

February 27, 2017

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