PHOENIX — Triumph Properties Group is set to open a new Safeway location and start renovations on Moon Valley Shopping Center in Phoenix. Safeway recently signed a 20-year lease with Triumph Properties, and is investing several million dollars into the renovation and expansion of the entire store façade and interior of its new space. Ownership is also set to renovate the entire center, and to offer two new 5,000-square-foot pads for lease.
CHANDLER, ARIZ. — Evergreen Industrial Properties has purchased a 96,000-square-foot manufacturing facility in Chandler for an undisclosed sum. The facility is located at the nexus of the I-10 Maricopa and the Loop 202 San Tan freeways. It was built in 1978. Evergreen plans to reposition the building with a new spec office, lights in the warehouse and additional loading doors. Matt McDougall of Lee & Associates represented Evergreen. Jones Lang LaSalle represented the seller, Schneider-Chandler.
TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.
PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.
PHOENIX — Granite Investment Group has purchased a 104,016-square-foot office tower in Phoenix for $9.8 million. The 14-story property is located at 2828 N. Central Ave. It recently underwent a renovation. The building is currently 53 percent occupied. DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Mark Stratz and Scott Baumgarten represented the seller, Ironline.
CHANDLER, ARIZ. — Real estate deveoper Irgens has broken ground on the first phase of the Ascend at Chandler Airport Center Corporate Campus. Phase I will include an 81,712-square-foot, single-story building. The four-phase project will eventually contain 400,000 square feet. Phase I is scheduled for completion this January. The Ascend campus is situated at the northwest corner of Germann and Cooper roads in Chandler. Balmer Architectural Group is designing the project, which Chasse Building Team will construct. Cushman & Wakefield is serving as the leasing agent.
PHOENIX — An unnamed buyer has purchased the 74-unit Cabana on Seventh apartment community in Phoenix for $5 million. The community is located at 5615 North 7th St. It was built in 1972. Steve Gebing of Institutional Property Advisors and Cliff David and Trevor Hardy of Marcus & Millichap represented both the buyer and seller in this transaction.
GILBERT, ARIZ. — IPF Rancho Solano has purchased Rancho Solano Gilbert Campus, a 33,265-square-foot building in Gilbert, for $4.5 million. The building operated as a preschool through fifth grade until it closed at the end of the 2014 school year. The new tenant, Lauren’s Institute For Education (L.I.F.E.), is a nonprofit organization that provides programs for developmentally disabled children through a variety of therapies. Jim Wilson and Scott Shelbourne of Cushman & Wakefield represented the seller, Arizona Prep Real Estate.
PHOENIX – The 80-unit Greenbrook apartments in Phoenix has sold to Greenbrook B and L LLC for $4.1 million. The community is located at 3536 E. Cambridge Ave. It was built in 1974. The seller was Greenbrook Apartments LLC. The transaction was executed by CBRE’s Brian Smuckler and Jeff Seaman.
Owners, investors and developers are bullish about the Phoenix industrial market – and for good reason. We occupy one of the most strategic supply chain locations in the West – a sweet spot between West Coast ports, manufacturing in Mexico, and alongside truck and rail routes leading product into the heart of the nation. Add to this Governor Ducey’s mandate to grow Arizona’s trade volume with Mexico by 20 percent per year – not to mention Mexico itself being on the verge of becoming the world’s largest manufacturer – and you have a Phoenix market entering a new era of long-term growth. This has expanded our already robust industrial construction industry, where design-build is hot and will likely stay that way, thanks to the 8 million square feet to 10 million square feet of industrial requirements seriously considering Arizona for their location solutions. For energy-centric companies with high employee head counts in particular, Arizona offers as much as a 30 percent to 40 percent savings proposition over higher-cost Tier 1 markets. The West Valley has welcomed 10 million square feet of larger build-to-suit corporate projects looking for specialized footprints and visibility along I-10 in the past three years. These include …