Arizona

LGE Design Build Completes New Warehouse, Distribution Center in Goodyear

by Nellie Day August 5, 2016

GOODYEAR, ARIZ. — LGE Design Build has completed construction on a new 300,000-square-foot U.S. Western warehouse and distribution center in Goodyear. The facility is situated within Goodyear Gateway industrial park. The property has been fully leased to Michael Lewis Company (MLCo). Approximately 100,000 square feet of the 300,000-square-foot building is a refrigerated freezer. The company distributes food and catering supplies to major airlines. MLCo had outgrown its previous 100,000-square-foot facility near Phoenix Sky Harbor International Airport.

August 5, 2016

Arizona Retail Western

Cushman & Wakefield Arranges $18M Sale of Lakeview Village Near Phoenix

by Nellie Day August 2, 2016

GILBERT, ARIZ. — Cushman & Wakefield has arranged the $18 million sale of Lakeview Village, a 93,741-square-foot shopping center located in the Phoenix suburb of Gilbert. The property is located within the master planned community of Morrison Ranch. Bashas’ anchors the 97 percent-occupied center, which is home to tenants including Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Lakeview Village Center LLC, which is a company formed by North American Development Group and Morrison Ranch. The buyer was Vestar Lakeview LLC.

August 2, 2016

Arizona Industrial Western

The Koll Company Buys 1 MSF Amazon Distribution Center in Phoenix for $74.7M

by Nellie Day August 1, 2016

PHOENIX — The Koll Company has purchased a 1 million-square-foot distribution center in Phoenix for $74.7 million. The warehouse is located at 6835 W. Buckeye Road within the Buckeye Logistics Center. The property is fully leased to Amazon, which uses the facility as a small package sorting and distribution facility. The original 604,678-square-foot facility was built in 2007. It was expanded by an additional 404,673 square feet in 2008. Seera Investment Bank B.S.C. served as Koll’s private equity partner. CBRE Capital Advisors advised the bank. Jones Lang Lasalle represented the unnamed seller in the sales transaction. The firm also helped the buyer source debt, which Benefit Street Partners provided.

August 1, 2016

Arizona Multifamily Western

Benjamin Covaciu Buys Lincoln Village Apartments in Phoenix for $6.1M

by Nellie Day July 27, 2016

PHOENIX — Benjamin Covaciu has acquired the 115-unit Lincoln Village apartments in Phoenix for $6.1 million. The community is located at 2211 W. Campbell Ave., within the Black Canyon Corridor. It was built in 1980. The seller was Arie de Jong. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers executed the transaction.

July 27, 2016

Arizona Industrial Western

Griffin Opportunities Buys 22 Acres in Deer Valley for Development

by Nellie Day July 26, 2016

DEER VALLEY, ARIZ. — Griffin Opportunities has purchased 22 acres of industrial land for an undisclosed sum. The parcel is situated on the southeast corner of 23rd Avenue and West Alameda Road in Deer Valley, just north of Phoenix. The land was previously part of a 40-acre nursery. Griffin plans to hold the property for future real estate development. Robert Lundstedt, Trevor McKendry and Chris Rogers of Daum Phoenix represented both the buyer and seller, Arizona Wholesale Nursery of Phoenix, in this transaction.

July 26, 2016

Arizona Hospitality Western

Hyatt Hotels Buys Royal Palms Resort and Spa in Scottsdale for $88.2M

by Nellie Day July 21, 2016

SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.

July 21, 2016

Arizona Retail Western

Walmart Breaks Ground on Supercenter at Metrocenter Mall in Phoenix

by Nellie Day July 21, 2016

PHOENIX — Walmart has broken ground on a 148,000-square-foot Walmart Supercenter located at Metrocenter Mall in Phoenix. The new Supercenter will feature a full-service pharmacy and a complete line of groceries, including organic selections, fresh dairy and meat departments. Walmart will construct the supercenter with LED lighting, high-efficiency HVAC units and drought-tolerant landscaping, irrigated with a low-flow and drip water system. The Supercenter is scheduled for completion in spring 2017, and will employ an estimated 250 associates. Metrocenter Mall, owned by Carlyle Development Group, opened in 1973.

July 21, 2016

Arizona Retail Western

Marcus & Millichap Arranges $3.4M Sale of Raising Cane’s in Arizona

by Nellie Day July 20, 2016

CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $3.4 million sale of a 3,616-square-foot, net-leased property occupied by Raising Cane’s in Casa Grande. Jamie Medress and Mark Ruble of Marcus & Millichap represented the seller, an undisclosed developer, and secured and represented the buyer, an undisclosed limited liability company, in the transaction.

July 20, 2016

Arizona Industrial Loans Western

NorthMarq Arranges $5.2M Acquisition Loan for Ahwatukee 48 Warehouse Property in Phoenix

by Nellie Day July 19, 2016

PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.

July 19, 2016

Arizona Retail Western

Orion Investment Arranges $2M Sale of Red Devil Center in Tempe

by Nellie Day July 15, 2016

TEMPE ARIZ. — Orion Investment Real Estate has arranged the $2 million sale of Red Devil Center, an 18,170-square-foot shopping center located near Arizona State University in Tempe. Fry’s Food Store shadow-anchors the property, which was 81 percent occupied at the time of sale by tenants including H&R Block, Red Devil Italian Restaurant and Trophy Den. Derek Buescher of Orion represented the seller, John A. Teberg Trust, in the sale of the property to Norte Land Holdings LLC.

July 15, 2016

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