PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 million in interior and exterior upgrades to the property.
MARANA, ARIZ. — Marcus & Millichap has arranged the $5.4 million sale of a 14,820-square-foot net-leased Walgreens property located in Marana. Jamie Medress and Mark Ruble of Marcus & Millichap worked on behalf of the seller, a developer, and Ryan Shook and Evan Barry of Marcus & Millichap worked on behalf of the buyer, a limited liability company, in the transaction.
PHOENIX — Manning & Kass, Ellrod, Ramirez, Trester LLP has leased 16,360 square feet of office space at Security Title Plaza in downtown Phoenix. The space is located at 3636 North Central Ave. The company was previously headquartered in Scottsdale. Tiffany Winne and Luke Raimondo of Savills Studley represented the law firm. DTZ’s Mark Stratz and Scott Baumgarten represented the landlord, Reven Capital.
PHOENIX — Grandbrige Real Estate Capital’s seniors housing and healthcare finance team has arranged a $10.5 million refinancing for Avista North Mountain, an assisted living, memory care and independent living community in Phoenix. The community comprises 134 units. BB&T Real Estate Funding provided the capital.
MESA AND GILBERT, ARIZ. — Two new Pure Barre locations are set to open in the Phoenix area. Leases include a 1,935-square-foot space in Village Square at Dana Park in Mesa, and a 1,658-square-foot space in Spectrum Town Center in Gilbert. Alan Houston of SRS Real Estate represented the tenant, Pure Barre, in both transactions.
PHOENIX — Sagewood, a luxury senior living retirement community in northeast Phoenix, plans to add The Estates at Sagewood, a new neighborhood featuring 24 independent living homes. The new homes have multiple floor plans, including villas and duplexes. Sagewood is also expanding its onsite Acacia Health Center. With the addition of The Estates at Sagewood, the community will have 316 independent living residences.
PHOENIX — Physicians Realty Trust has acquired the Integrated Medical Services portfolio, which contains four Class A medical office buildings in Phoenix, for $141 million. The acquisition set a new record as the highest price paid for an on-campus, multi-tenant medical office portfolio in Metro Phoenix, according to Newmark Grubb Knight Frank’s (NGKF) Phoenix office, which brokered the sale. The portfolio includes a total of 406,894 square feet, which equated to a price tag of $347 per square foot. The sale includes Paradise Valley IMS, North Mountain IMS Medical Building, Palm Valley Medical Office Building and Avondale IMS. The portfolio is currently 96 percent leased on average. It is anchored by physician practice groups. The properties were built between 2004 and 2009. Physicians Realty Trust represented itself in this transaction. NGKF’s Garth Hogan, Todd Perman, Trisha Talbot and Kathleen Morgan, in collaboration with Global Healthcare Services, represented the unnamed sellers.
TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.
PHOENIX — Cushman & Wakefield has arranged the $8 million sale of Rancho Encanto, a 70,859-square-foot, grocery-anchored shopping center in Phoenix. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Weingarten Nostat Inc., in the transaction. Massco Investments LLC acquired the property, which was 75.3 percent leased at the time of sale to tenants including Smart & Final, UFC Gym/LA Boxing, Springleaf Financial, Tandy Leather, Little Caesar’s Pizza and Southwest Title.
GLENDALE, ARIZ. — Brixmor Property Group is set to open a new LA Fitness anchor and begin renovations at Glendale Galleria, a shopping center in Glendale. LA Fitness will occupy 36,894 square feet formerly occupied by Food City, and will open in the fourth quarter of 2016. Renovations at the center will include a contemporary façade, new signage and lighting, parking lot improvements and decorative landscaping.