SCOTTSDALE, ARIZ. — A joint venture between Optima and DeBartolo Development received $49.8 million in first mortgage debt to refinance the 206-unit Optima Sonoran Village in Old Town Scottsdale. The community is located at 6895 East Camelback Road. CBRE’s Rocco Mandala arranged the financing, and Mesa West Capital provided the funding.
MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.
PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.
SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.
AVONDALE, ARIZ. — Parkmeed Properties has acquired the 314-unit Ashton Pointe apartments in Avondale for $42.5 million. The community is located at 12175 W. McDowell Road, just a mile from the Coldwater Depot Logistics Center. Notable employers in the area include Nike Golf, Ogio International, Eddie Bauer, Red Kap, Bulwark and New Era. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, P. B. Bell Companies, in this transaction.
PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lamplight Inn, a 114-unit assisted living community in the Phoenix suburb of Peoria, for $5.4 million. The seller was a private ownership group looking to divest non-core assets. The buyer was not disclosed. The sales price equates the $48,000 per unit. Jacob Gehl and Ben Firestone were lead advisors on the transaction.
MESA, ARIZ. — A joint venture between Harvard Investments and Lincoln Property Co. (LPC) has purchased Riverview Point in Mesa for $34.3 million. The two-building property will be part of the JV’s new Waypoint office campus, which will be situated along the Loop 202 at the borders of Tempe, Scottsdale and Mesa. The new 34.5-acre development will include the recently completed Waypoint One, as well as Waypoint Two, which has yet to break ground. Riverview Point was built in 2008. It is currently 98 percent occupied. Notable tenants include Ashton Woods, Mitel Corp. and Udall Shumway PLC. It also serves as the corporate headquarters for Nextcare. The JV plans to renovate Riverview Point as it creates the cohesive Waypoint office campus. LPC will manage all four buildings at the project. CBRE’s Barry Gabel and Chris Marchildon represented the seller, R&R Riverview LLC, in the transaction. The financing partner is BMO Harris.
YUMA, ARIZ. – A California-based hotel investor has purchased the 150-room Hilton Garden Inn and Convention Center Pivot Point in Yuma for an undisclosed sum. The hotel is located at 310 N. Madison Ave. The transaction includes a 20,000-square-foot convention center. The new owner is in the process of completing Hilton-required upgrades to the hotel. The buyer owns and operates a hotel portfolio under major brands including Marriott and Hilton. The seller is a private equity fund that acquired the hotel in 2012. HREC Investment Advisors executed the transaction.
PHOENIX — Carlisle Cos. has leased 46,503 square feet at Kierland One, a 175,441-square-foot office building in Phoenix. The property is located at 16430 N. Scottsdale Road. The Fortune 1000 company is relocating its corporate headquarters from North Carolina to Arizona by year-end. CBRE’s Tom Adelson represented Carlisle. Jeff Hartland and Scott Boardman of Cushman & Wakefield represented the landlord, Hines, in this transaction.
SCOTTSDALE, ARIZ. — The Praedium Group has purchased the 264-unit Broadstone Lincoln apartment complex in Scottsdale for an undisclosed sum. The Class A community is located at 7100 E. Lincoln Drive. Broadstone Lincoln features a two-story fitness center and a resort-style pool with outdoor cabanas. It has also achieved LEED-Platinum certification. “Broadstone Lincoln is among the newest and highest-quality assets in Scottsdale,” says Asim Hamid, Praedium’s managing director. “Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers.” Notable employers in the area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly and CA Technologies. Broadstone Lincoln is situated less than three miles from downtown Scottsdale, near Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. It is adjacent to the recently approved $2 billion Ritz-Carlton Paradise Valley project, which is scheduled for completion in 2018. The new Five Star Development project will feature a 200-room Ritz-Carlton hotel, 94 townhome-style villas and 45 single-family homes with access to Ritz-Carlton hotel services and amenities. The Praedium Group is a New York-based, privately held real estate investment firm that focuses on under-performing and undervalued assets throughout the United States. The firm executed the transaction …
