TEMPE, ARIZ. — Western Wealth Capital has purchased the 300-unit Signature Place Condominiums in Tempe for $40 million. The community is located at 4715 N. 32nd St. It is situated near Discovery Business Campus, ASU Research Park and Chandler’s Price Technology Corridor, known as the Silicon Valley of the Desert. Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax of ABI Multifamily represented both the buyer and the seller, Mercury Investment, in this transaction.
PHOENIX — Exeter Property Group has purchased a three-property industrial portfolio in metro Phoenix for $66 million. The portfolio contains a total of 937,655 square feet. The acquisition includes the 603,909-square-foot Riverside Business Center; the 250,157-square-foot Estrella Buckeye distribution center; and the 83,589-square-foot 2021 S. 51st Ave. truck terminal facility. The portfolio is leased to six tenants. JLL’s Bo Mills and Mark Detmer represented the seller, Duke Realty Corp., in this transaction.
ORO VALLEY, ARIZ. — Nonprofit owner/operator La Posada and architecture firm three: living architecture have unveiled plans for Nakoma Sky, a 268-unit independent living, assisted living and memory care community in Oro Valley, just north of Tucson. The community will be a resort-style complex situated on 79 acres in the foothills of the Catalina and Saguaro mountain ranges. The main building will be 500,000 square feet and five stories tall. Development costs are estimated at between $90 million and $100 million. When complete, the community will offer 220 independent living units, 24 assisted living units and 24 memory care units. The development team expects Nakoma Sky will open in early 2019. Diversified Design and Construction, landscaping firm Talley Associates, interior design firm THW Design, and three: living architecture will collaboratively design the project.
GLENDALE, ARIZ. — CBRE has arranged the $10 million sale of Shops at Arrowhead Gateway, a 35,684-square-foot shopping center located on an outparcel of Arrowhead Towne Center Mall in Glendale. Steve Julius and Jesse Goldsmith of CBRE negotiated the transaction on behalf of the buyer, NLT Properties LLC. Chad Tiedeman and Steve Underwood of Phoenix Commercial Advisors represented the seller, FPWL Bell and 75th LLC, in the transaction. The 95 percent-occupied property is home to tenants including Red Mountain Weight Loss, iRepair Plus, Salon Boutique and Merle Norman. The center is also home to a medical component, with tenants including IMS Urologist, IMS Allergist, Noah’s Ark Pediatrics and Desert Valley Dental.
SCOTTSDALE, ARIZ. — Five Star Development has announced plans to build a high-end mixed-use center that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned development in Scottsdale. Phase I of The Palmeraie will encompass approximately 160,000 square feet of mixed-use space located on 18 acres at the corner of Scottsdale Road and Indian Bend. Tenants at Phase I will include over 60 luxury and specialty retailers and a variety of chef-driven restaurant concepts. A future phase is expected to include luxury residences, a gourmet grocery store and food emporium, and a boutique hotel. Five Star is consulting with Hanna Struever, principal of Retail Portfolio Solutions, to guide and create the luxury merchant mix within the center. Nelsen Partners is heading up the architectural vision of the project, which will be designed to create a series of indoor and outdoor spaces. The Ritz-Carlton, Paradise Valley will break ground this summer with completion of the hotel and residences expected for 2018. Construction on The Palmeraie is expected to break ground in the second half of this year.
PHOENIX — Presidio has leased 2,915 square feet of office space at 24th at Camelback, a Class A office building in Phoenix. The building is also home to Cisco Systems, Presidio’s largest vendor. Other notable tenants in the building include AAA Arizona, Greenberg Traurig and Regus Business Centre. Presidio has been in the Phoenix market for seven years. It will open its newest office with 12 local employees. Peter Menna of Cushman & Wakefield represented the IT services provider. Jeff Hartland and Scott Boardman of the same firm represented the landlord, Hines, in this transaction.
TEMPE, ARIZ. — TruAmerica Multifamily and institutional capital partner Investcorp have acquired the 379-unit Little Cottonwoods apartment complex in Tempe for $56.7 million. The community is located at 1820 E. Bell De Mar Drive. Little Cottonwoods was built in phases between 1985 and 1991. This transaction represents TruAmerica’s third and largest multifamily investment in the Phoenix area to date. It is the fourth venture the firm has completed with Investcorp in the past 15 months.
PHOENIX — Gabriel Partners has signed a 19,200-square-foot lease at Renaissance Square in Phoenix. The financial and risk analytics provider will occupy the entire 22nd floor of Two Renaissance Square. It will move in this June. Savills Studley represented Gabriel Partners. Pat Devine of Cushman & Wakefield represented the landlord, Hines, in this transaction.
PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
MESA, ARIZ. — CBRE has arranged the sale of Tri-CityPavilions, a 96,336-square-foot shopping center anchored by Safeway in Mesa. Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham of CBRE’s Phoenix office negotiated the transaction on behalf of the seller, J.G. Management Co. of Westlake Village, California. The buyer is Fairfield, N.J.-based Lamar Cos. The property, located at the northeast corner of Dobson Road and Main Street, was 75 percent leased at the time of sale.