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.
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.