Arizona

Cushman & Wakefield Arranges $15.1M in Financing for The Palazzo in Phoenix

by Jeff Shaw November 29, 2016

PHOENIX — Cushman & Wakefield has arranged $15.1 million in acquisition and renovation financing for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care. The firm’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer arranged the financing on behalf of a joint venture between Westport Capital Partners and Integro Healthcare Consulting. PNC Bank provided the capital. Integro will operate the community after the acquisition.

November 29, 2016

Arizona Retail Western

Armstrong Development Properties to Develop Retail Strip Center in Peoria

by Nellie Day November 28, 2016

PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.

November 28, 2016

Arizona Multifamily Western

Olympus Property Acquires 194-Unit Vive Apartments in Chandler

by Nellie Day November 17, 2016

CHANDLER, ARIZ. — Olympus Property has purchased the 194-unit Vive in Chandler apartment community for an undisclosed sum. The Class A community is located at 1901 W. Germann Road in the South Price Corridor submarket. Vive was built in 2014. Property amenities include a 24-hour fitness center, resort pool with spa, clubhouse with billiard table, cinema room and an outdoor fireplace with seating. The South Price Corridor features notable employers like Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk and Pearson Education.

November 17, 2016

Arizona Industrial Western

Breakthru Beverage Facility in Phoenix Sells for $33.5M

by Nellie Day November 16, 2016

PHOENIX — An affiliate of Cohen Asset Management has purchased a 452,271-square-foot industrial facility in Phoenix for $33.5 million. Breakthru Beverage Group occupies the entire property. The facility is located at 1115 S. 47th Ave. in West Phoenix. The beverage company recently signed a new 15-year lease at the space. Cohen Asset Management purchased the property in a double escrow transaction from Breakthru. Breakthru acquired the property through a 2011 purchase option agreement with then-owner Crexus AZ Holdings 1 LLC. Don and Payson MacWilliam of Colliers International executed the transaction.

November 16, 2016

Arizona Office Western

Equus Sells 107,000 SF Scottsdale Financial Center

by Nellie Day November 14, 2016

SCOTTSDALE, ARIZ. — Equus Capital Partners has sold Scottsdale Financial Center, a 107,000-square-foot office building, for an undisclosed sum. The Class A building is located at 4110 N. Scottsdale Road in Scottsdale. It is 93 percent leased. The buyer was Alternative Investments & Manager Selection Real Estate Group, a business unit within Goldman Sachs Asset Management.

November 14, 2016

Arizona Retail Western

Commercial Properties Inc. Arranges Sale of 12,849 SF Strip Center in Casa Grande

by Nellie Day November 14, 2016

CASA GRANDE, ARIZ. — Commercial Properties Inc. (CPI) has arranged the sale of a 12,849-square-foot strip center located in Casa Grande. The property was fully occupied at the time of sale by tenants including Cold Stone Creamery, UPS Store, Supercuts and Firehouse Subs. Sarge Glenn of CPI’s Industrial Team represented the seller, LBUBS 2004-C8 Retail 1664 LLC. Mike Sayre of Cushman & Wakefield represented the buyer, SimonMed Imaging, which purchased the property for $1.8 million.

November 14, 2016

Arizona Multifamily Western

Broadstone Sixteen 75 Apartments in Phoenix Sells for $60M

by Nellie Day November 8, 2016

PHOENIX — ConAm Asset Management Corp. has acquired Broadstone Sixteen 75, a 225-unit apartment complex in Phoenix, for $60 million. The Class A community is located at 1675 E. Morten Ave. Broadstone Sixteen 75 was built in 2015. Amenities include a two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Alliance Residential, in this transaction.

November 8, 2016

Arizona Multifamily Western

FW Group Buys Dorinda Vista in Tucson for $27.9M

by Nellie Day November 8, 2016

TUCSON, ARIZ. — FW Group has purchased the 254-unit Dorinda Vista apartments in Tucson for $27.9 million. The community is located at 7596 N. Mona Lisa Road. Dorinda Vista was built in 1998. Major nearby attractions include Omni Tucson National Resort and the Foothills Mall. The top employers in the area include the Omni resort, the Tucson Mall and Northwest Hospital. Art and Clint Wadlund of Berkadia represented the seller, Prime Residential, in this transaction.

November 8, 2016

Arizona Retail Western

JV to Begin $25M Renovation of Arizona Center in Phoenix

by Nellie Day November 1, 2016

PHOENIX — A joint venture between Parallel Capital Partners and Angelo, Gordon and Co. is set to begin a $25 million renovation of Arizona Center, a 1 million-square-foot mixed-use development in Phoenix. The renovation will include new landscaping, lighting, fixtures, finishes, wayfinding and furnishings. The current parking garage will also be upgraded, and a valet parking element will be added. Construction is set to begin in early 2017, and will take approximately nine months to complete. All tenants at the office, retail and entertainment center will remain open during the renovation. Gensler is the architect in charge of the retail renovation. PdO will work on the interior redesign for One Arizona Center, the office component of the project, and Smith Group JJR is supporting development strategies for the entire property. Tempe-based Zion & Zion will help to rebrand the center.

November 1, 2016

Arizona Hospitality Western

Columbia Sussex Corp. Buys Phoenix Marriott Tempe at the Buttes Hotel

by Nellie Day October 26, 2016

PHOENIX — Columbia Sussex Corp. has acquired the 353-room Phoenix Marriott Tempe at the Buttes hotel for an undisclosed sum. The recently renovated hotel is located at 2000 W. Westcourt Way. The property contains four dining facilities and 40,000 square feet of indoor meeting space, including a 25,000 square-foot conference space. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad. Mark Elliott and Bill Hodges of Hodges Ward Elliott represented the seller in this transaction.

October 26, 2016

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