Arizona

CCRC in Phoenix Completes $13.2M, 60-Unit Expansion

by Nellie Day June 22, 2016

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.

June 22, 2016

Arizona Office Western

Arcadia Sky Acquires Corporate Center @ Kierland in Scottsdale

by Nellie Day June 22, 2016

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.

June 22, 2016

Arizona Industrial Western

BKM Capital Partners Purchases Tempe Commerce Park for $58M

by Nellie Day June 21, 2016

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.

June 21, 2016

Arizona Multifamily Western

Continental Realty Advisors Acquires Courtney Village Apartments in Phoenix for $45.5M

by Nellie Day June 21, 2016

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.

June 21, 2016

Arizona Multifamily Seniors Housing Western

Gardner Capital to Develop 102-Unit, $18M Affordable Seniors Housing Community in Phoenix

by Nellie Day June 16, 2016

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.

June 16, 2016

Arizona Retail Western

REI Completes Rooftop Solar Installation on Distribution Facility in Arizona

by Nellie Day June 14, 2016

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.

June 14, 2016

Arizona Office Western

Marcus & Millichap Brokers Sale of 6,300 SF Net-Leased Property in Tucson

by Nellie Day June 13, 2016

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.

June 13, 2016

Arizona California Multifamily Seniors Housing Western

Grace Healthcare Sells Three Skilled Nursing Facilities for $14.7M, Exits California and Arizona

by Nellie Day June 9, 2016

MORAGA, CALIF., PLEASANT HILL, CALIF., AND PHOENIX — Grace Healthcare has sold Grace Healthcare of Moraga, Grace Healthcare of Pleasant Hill and Grace Healthcare of Phoenix for a total of $14.7 million. The dispositions mark the owner-operator’s exit from the states of California and Arizona. Located 20 miles east of San Francisco, Grace Healthcare of Moraga features 49 beds on 1.9 acres. Built in 1965, the 12,484-square-foot community offers dementia care and rehabilitative care. Grace Healthcare of Pleasant Hill is located 10 miles east of the Moraga community and features 51 beds. The community was built in 1958 on one acre, and underwent renovations in 2012. Grace Healthcare of Phoenix features 100 beds in a 26,621-square-foot facility on three acres. A California-based investor bought both California communities for a total of $8.2 million. The new owner will lease the community to a new operator. A regional investment group bought the Phoenix property for $6.5 million. Evans Senior Investments, a seniors housing brokerage firm, represented Grace Healthcare in the three transactions.

June 9, 2016

Arizona Office Western

VenSure Employer Services Leases Space at Chandler Freeway Crossing

by Nellie Day June 8, 2016

CHANDLER, ARIZ. — VenSure Employer Services has leased 25,000 square feet at Chandler Freeway Crossing. The Class A office space is located in Building One at the intersection of the Loop 101 and Loop 202 freeways in Chandler. All three buildings at Chandler Freeway Crossing are now fully occupied. VenSure will relocate from Mesa to the new space this September. Hani Aldulaimi of KW Commercial represented the firm. JLL’s Dave Seeger, Karsten Peterson, Mark Gustin and Elizabeth Collins are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction.

June 8, 2016

Arizona Multifamily Western

Bridge Investment Group Acquires Saratoga Ridge Apartments in Phoenix for $75.5M

by Nellie Day June 2, 2016

PHOENIX — Bridge Investment Group has purchased the 856-unit Saratoga Ridge apartment complex in Phoenix for $75.5 million. The community is located at 1450 E. Bell Road in the Deer Valley submarket. It was built in 1984 and is currently 95 percent occupied. Jim Crews and Brett Polachek of Cushman & Wakefield represented the seller, the Variable Annuity of Life Insurance Company (AIG Asset Management LLC), in this transaction.

June 2, 2016

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