PHOENIX — Realscape Asset Holdings has purchased a 51,809-square-foot office building in Phoenix for $11.7 million. The Class A building is located at 5055 E. Washington St. It was fully occupied at the time of sale. Eric Wichterman, Mike Coover, Bob Buckley, Steve Lindley, Tracy Cartledge and Adam Tolson of Cushman & Wakefield represented both the buyer and the seller, Irgens Development Partners, in this transaction.
TUCSON, ARIZ. — El Pollo Loco, a chicken restaurant chain based in California, has signed a franchise development deal with new partner PLM Restaurants L.C., which will open six new restaurants by August 2019 in the Tucson area. In addition, PLM Restaurants has also completed the acquisition of two existing El Pollo Loco restaurants in the Tucson market. Franchise partners David Harper and Stephan Ralston own PLM. Harper is also president and owner of Meridian Restaurants, which owns and operates 82 Burger King restaurants. El Pollo Loco has more than 435 company-owned and franchised restaurants in Arizona, California, Nevada, Texas and Utah.
SCOTTSDALE, ARIZ. — Desert Troon Cos., a Scottsdale-based real estate developer, has sold a 638,717-square-foot office portfolio within the 260-acre Perimeter Center business park in Scottsdale. The buyers, Wentworth Property Co. LLC (WPC) and Northwood Investors, purchased the Class A portfolio for $122 million. Desert Troon originally developed the five-building portfolio, which features Perimeter Gateway I, II, III and V, and Terra Verde. WPC plans to start renovations to the portfolio immediately, including upgrades to the lobbies and common areas of Perimeter Gateway I, II and V, as well as adding a cafe, tenant lounge and fitness center to Perimeter Gateway I that will be available to tenants of all four Perimeter Gateway buildings. WPC also plans to convert roughly 162,000 square feet of the portfolio into spec space, with each building having two or three spec office suites. In addition, WPC plans to build two new parking garages, with construction starting in the third quarter for an estimated 2017 completion. Tom Knoell Jr. represented Desert Troon internally in the transaction, and Jeff Wentworth, Chris Walker, Mike Beall and Sean Spellman of Cushman & Wakefield represented the buyers. “As one of the premier office portfolios in the state, it has …
PHOENIX — Life Care Services and Westminster Funds have completed the $13.2 million addition of 60 units of skilled nursing and memory care to Sagewood, a continuing care retirement community (CCRC) in Phoenix. The expansion doubled the size of the community’s Acacia Health Center, adding 36,300 square feet. The project included the addition of a 20-bed memory care neighborhood and 40 skilled nursing suites totaling 78 beds. The expansion also added new amenities, including three neighborhood dining rooms, three activity kitchens, three neighborhood living areas and an expanded rehabilitative therapy center. The CCRC as a whole, which totals 292 units, is currently 90 percent occupied. The Weitz Company served as the general contractor for the Acacia Health Center expansion. Architecture firm Todd & Associates and interior designers Spellman Brady Co. designed the project.
SCOTTSDALE, ARIZ. — Arcadia Sky LLC has purchased Corporate Center @ Kierland, a 107,846-square-foot office development in the Scottsdale Airpark submarket, for an undisclosed sum. The Class A asset was 88 percent leased at the time of sale. Notable tenants include American Express Global Business Travel and Berkshire Hathaway Home Services. Trent Rustan and Josh Gosnell of Commercial Properties represented the buyer. CBRE’s Barry Gabel, Chris Marchildon, Kevin Shannon, Glenn Smigiel and Bob Young represented the institutional seller.
TEMPE, ARIZ. — BKM Capital Partners has purchased Tempe Commerce Park, a 535,976-square-foot industrial asset in Tempe, for $58 million. The five-building park is located at 7410-7419 S. Roosevelt. Tempe Commerce Park was purchased at 30 percent below replacement costs. It is currently fully occupied. The asset was acquired through BKM Industrial Value Fund I L.P. JLL’s Mark Detmer and Bo Miles represented the seller, Invesco, which sold the asset on behalf of its client, Ohio Police and Fire.
PHOENIX — Continental Realty Advisors has purchased the 368-unit Courtney Village apartment complex in Phoenix for $45.5 million. The community is located at 4848 E. Roosevelt St. Courtney Village was built in 2002. It includes two resort-style pools, a spa, 24-hour fitness center, gated access and dog park. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Passco, in this transaction.
PHOENIX — Gardner Capital Development has announced plans for El Caro Seniors Residence, an $18 million, 102-unit affordable seniors housing property in Phoenix. The Arizona Department of Housing has reserved low-income housing tax credits (LIHTC) for the project. Construction of the five-acre development, named after the former golf course located at the site, is scheduled to begin in the first quarter of 2017, with completion expected 15 months later. All units will be leased to seniors earning generally between $18,000 and $34,000 per year, with a mix of apartments set aside at 40 to 60 percent of the Metro Phoenix median income. A quarter of the units will be reserved for seniors or family members with developmental disabilities. Gardner will serve as lead developer. Reid Butler and Scott Davis will serve as additional advisors to the project. The United Cerebral Palsy Association of Central Arizona will provide supportive services for the housing community when completed. Gardner Capital is an affordable housing and renewable energy tax credit development, syndication and investment company with offices located in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Mo.
GOODYEAR, Ariz. — REI, a specialty outdoor retailer, has teamed with Blue Oak Energy to complete a 2.2 megawatt rooftop solar installation atop REI’s new distribution center in Goodyear, a western suburb of Phoenix. The system is expected to offset all of the facility’s annual electricity consumption. REI and Blue Oak have worked together on solar projects for eight years. The partnership has resulted in a 5.4 megawatt solar portfolio for REI. Blue Oak Energy was founded in 2003 in Davis, Calif. In 2015, Panasonic Enterprise Solutions Company and Coronal Group LLC invested in the company. REI is headquartered near Seattle and has 144 stores in 35 states.
TUCSON, ARIZ. — Marcus & Millichap has arranged the $1.97 million sale of SurgCenter of Tucson, a 6,300-square-foot, net-leased property in Tucson. Jamie Medress, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, an undisclosed developer, in the sale of the property to an undisclosed limited liability company.
