TEMPE, ARIZ. — ViaWest Group has acquired a 68,000-square-foot retail site located in Tempe for $2 million.The fully occupied property is home to a single-tenant building leased to Title Max, and a multi-tenant automotive repair building, which is home to tenants including Luxury Legends, Babbitt Motor Werks and Euro Motor Works. Mark Wilcke of NAI Horizon represented the seller, a California-based private owner, and Andrew Fosberg of CBRE represented ViaWest Group in the transaction.
PHOENIX — Velocis has purchased Park One, a 205,405-square-foot office and retail project in Phoenix, for $39 million. The project is located at 2111, 2121 and 2141 E. Highland Ave. The property contains two office buildings, along with a restaurant space that is fully leased to Half Moon Windy City Sports Grill. The office portion was 84 percent occupied at the time of sale. Park One was built between 1982 and 1983. CBRE’s Barry Gabel, Chris Marchildon and Kevin Shannon (Shannon is now with NGKF) executed the transaction. The seller was MS MCC Park One LLC, a joint venture between Morgan Stanley and McCarthy Cook & Co.
PHOENIX — NXT Capital has provided $29.6 million in acquisition financing for its sponsor to acquire 300 units of the 440-unit Signature Place apartment community in Phoenix. The community is located at 600 W. Grove Parkway. Signature Place is situated near Arizona State University, Tempe Town Lake, ASU Research Park, the South 101 corridor and the Sky Harbor International Airport. Amenities include a fitness center, two pools, an indoor racquetball court, tennis court, and access to mountain trails and a putting green. NXT’s sponsor in the transaction manages more than 2,000 units across metro Phoenix. Brandon Harrington of Walker & Dunlop placed the loan with NXT.
SCOTTSDALE, ARIZ. — TruAmerica Multifamily has purchased the 644-unit Scottsdale Springs apartment complex for $81 million. The community is located at 7791 E. Osborn Road in Scottsdale. Scottsdale Springs was built in 1980. TruAmerica plans to renovate the property, which will include the addition of a clubhouse, fitness center, and media and business center. It will also include a new rooftop lounge overlooking a redesigned resort-style pool. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Abacus Capital Group, in this transaction.
THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living. The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale. The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds. The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $15.6 million sale of Zocallo Plaza, a 51,195-square-foot shopping center located in the Phoenix suburb of Scottsdale. The property, located within the master-planned community of Kierland, is fully occupied by tenants including Corner Bakery Café, Pella Windows, Desert Schools Credit Union and Classy Closets. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Enright Zocallo LP. The buyer was undisclosed.
PHOENIX — 29th Street Capital has acquired the 180-unit Park Tower Apartments in Phoenix for $21.6 million. The community is located at 1283 W. Parklane Blvd. It was built in 1986. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Clear Sky Park Tower, in this transaction.
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 …
