PHOENIX — Benjamin Covaciu has acquired the 115-unit Lincoln Village apartments in Phoenix for $6.1 million. The community is located at 2211 W. Campbell Ave., within the Black Canyon Corridor. It was built in 1980. The seller was Arie de Jong. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers executed the transaction.
DEER VALLEY, ARIZ. — Griffin Opportunities has purchased 22 acres of industrial land for an undisclosed sum. The parcel is situated on the southeast corner of 23rd Avenue and West Alameda Road in Deer Valley, just north of Phoenix. The land was previously part of a 40-acre nursery. Griffin plans to hold the property for future real estate development. Robert Lundstedt, Trevor McKendry and Chris Rogers of Daum Phoenix represented both the buyer and seller, Arizona Wholesale Nursery of Phoenix, in this transaction.
SCOTTSDALE, ARIZ. — Hyatt Hotels Corp. has purchased the 119-room Royal Palms Resort and Spa in Scottsdale for $88.2 million. The hotel is located at 5200 E. Camelback Road. The hotel will continue to operate as the Royal Palms, though it will become affiliated with the Unbound Collection by Hyatt. It first opened in 1929 as the home of wealthy New York financier Delos Willard Cooke. Hodges Ward Elliott represented the seller, Lowe Enterprises Investors, in this transaction.
PHOENIX — Walmart has broken ground on a 148,000-square-foot Walmart Supercenter located at Metrocenter Mall in Phoenix. The new Supercenter will feature a full-service pharmacy and a complete line of groceries, including organic selections, fresh dairy and meat departments. Walmart will construct the supercenter with LED lighting, high-efficiency HVAC units and drought-tolerant landscaping, irrigated with a low-flow and drip water system. The Supercenter is scheduled for completion in spring 2017, and will employ an estimated 250 associates. Metrocenter Mall, owned by Carlyle Development Group, opened in 1973.
CASA GRANDE, ARIZ. — Marcus & Millichap has arranged the $3.4 million sale of a 3,616-square-foot, net-leased property occupied by Raising Cane’s in Casa Grande. Jamie Medress and Mark Ruble of Marcus & Millichap represented the seller, an undisclosed developer, and secured and represented the buyer, an undisclosed limited liability company, in the transaction.
PHOENIX — NorthMarq Capital has arranged $5.2 million in acquisition financing for Ahwatukee 48, an 87,772 –square-foot office/warehouse property in Phoenix. The space is located at 15905-15915 S. 46th St. and 15920-15930 S. 48th St. The transaction was structured with a 20-year term and 25-year amortization schedule. Shari Stults of NorthMarq arranged the financing through its correspondent relationship with Ohio National. Keller Williams Desert Foothills Realty and Synaptics Inc. are the property’s major tenants.
TEMPE ARIZ. — Orion Investment Real Estate has arranged the $2 million sale of Red Devil Center, an 18,170-square-foot shopping center located near Arizona State University in Tempe. Fry’s Food Store shadow-anchors the property, which was 81 percent occupied at the time of sale by tenants including H&R Block, Red Devil Italian Restaurant and Trophy Den. Derek Buescher of Orion represented the seller, John A. Teberg Trust, in the sale of the property to Norte Land Holdings LLC.
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.
