SCOTTSDALE, ARIZ. — MainSpring Capital Group has announced plans to develop Mainspring Flex Phase III at Pima Center. This phase will contain 150,660 square feet of spec light industrial space for warehouse, assembly and distribution uses. Flex Phase III construction will commence during the fourth quarter of this year. Completion is scheduled for mid-year 2017. The speculative development includes two buildings. The existing buildings at Pima Center are 98 percent leased. Pima Center is a 232-acre, mixed-use business park within the Salt River Pima Indian community. The park contains a variety of commercial properties ranging from the Honor Health Rehab Hospital and Rancho Solano Private 6-12 School to multi-story Class A office space, garden office and assembly/distribution/flex facilities. The business park contains more than 1 million square feet of office space and about 430,000 square feet of light industrial/flex facilities.
GOODYEAR, ARIZ. — Hines has purchased Goodyear Crossing II, an 820,384-square-foot fulfillment center in Goodyear, for $56.2 million. The center is situated near the I-10 Freeway and Loop 101. It also features 15,000 square feet of office space. JLL’s Bo Mills and Mark Detmer represented the seller, Gramercy Property Trust, in this transaction.
TEMPE, ARIZ. — A partnership formed by Angelo, Gordon & Co, Douglas Allred Company and David Warren has purchased a two-building office complex in Tempe for $29.3 million. The complex is located at 1330 W. Southern Ave. and 3001 S. Priest Drive and contains a total of 250,000 square feet. The buildings are located near Interstate 10 and U.S. 60 freeways, a short drive from Phoenix Sky Harbor International Airport. The latter building is fully leased and was built in 1995. The seller was Cordia Capital Management.
CAREFREE, ARIZ. — ORION Investment Real Estate has arranged the $1.4 million sale of Spanish Village, a 22,819-square-foot retail center located in Carefree. The property was 26 percent occupied at the time of sale. Braxton Glass of ORION represented the buyer, Raskin Partners, in the transaction. Danny Gardiner of Phoenix Commercial Advisors represented the seller, Spanish Village Holdings LLC.
CHANDLER, ARIZ. — Passco Cos. has acquired the 389-unit Almeria at Ocotillo apartment community in Chandler for $80 million. The community is located at 2470 and 2471 W. Edgewater Way within the Ocotillo master-planned community. Almeria is walking distance to three of the largest employers in an area known as Silicon Desert. These include Intel, Orbital ATK and Wells Fargo, which is planning to expand within the area. The bank will soon occupy an additional two 13-story office towers that may eventually bring more than 13,000 employees to the area. CBRE’S Sean Cunningham represented both Passco and the seller, PB Bell, in this transaction.
FLAGSTAFF, ARIZ. — Welbrook Senior Living has started construction of a 50-bed skilled nursing facility in Flagstaff. Services at the facility will focus on transitional rehabilitation. Development costs were estimated at $13 million. Welbrook has partnered with Embree Asset Group to develop the facility. Construction is slated for completion in late 2017. Based in California, Welbrook is a seniors housing operator just entering the transitional rehab space. Embree is a construction and development company that has worked in all 50 states.
MESA, ARIZ. — SVN | Desert Commercial Advisors has arranged the $7 million sale of Village Grove Plaza, an 82,373-square-foot shopping center located in Mesa. Beau Flahart, Rommie Mojahed and Mary Nollenberger of SVN represented the buyer, Zach Bonsall with Cole Valley Partners LLC, in the transaction.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $47 million sale of Silverstone Marketplace, a newly constructed, 78,000-square-foot shopping center located in Scottsdale. The Sprouts-anchored shopping center is fully leased to tenants including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the buyer, Chicago-based LaSalle Investment Management. Ryan Amato and Jason Eisenberg of the Eisenberg Co. of Phoenix represented the seller, RHVT Limited Partnership.
LAVEEN, ARIZ. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of 51st & Southern, a 15,498-square-foot retail property located eight miles southwest of downtown Phoenix in Laveen. The property was 92 percent occupied at the time of sale by tenants including Carniceria Mi Ranchito Market, MetroPCS, Kabob Express and Smoothie Run. The center was built in 2008, and is shadow-anchored by Burger King. Eric Wohl of Hanley Investment represented the seller, an undisclosed, Scottsdale-based private investment company. Jenette Bennett of Kidder Mathews represented the buyer, a Canadian private investor.
MESA AND APACHE JUNCTION, ARIZ. — Madison Realty Cos. has purchased two seniors housing communities in the Phoenix suburbs of Mesa and Apache Junction for $14.8 million. The real estate investment firm made the acquisitions on behalf of Delaware Statutory Trust investors. Madison plans to add levels of care and other value to the properties. The Mesa property was built in 2013 and Apache Junction in 2011. The specific names of the communities were not disclosed. The properties feature a loan-to-value ratio of 41.9 percent with 25-year amortization and a fixed rate of 4.75 percent for a seven-year, no-interest-only term.