Arizona

Heritage to Develop Third Phoenix-Area Community for $22M

by Nellie Day July 6, 2015

PEORIA, ARIZ. — Heritage Communities of Omaha, Neb., has announced its plans to develop the company’s third seniors housing community in the Phoenix metro area: Orchard Pointe at Terrazza. Working in partnership with Telis Commercial Real Estate of Phoenix, the $22 million project will be located in Peoria as part of the Terrazza mixed-use development. When completed, Orchard Pointe at Terrazza will feature 118 units: 40 independent living, 56 assisted living and 22 memory care. Reece Angel Rowe, the architect for Heritage Communities’ other Phoenix properties, will also design this third location. Construction on the new project is slated to begin in 2016 with a projected open date in 2017. Heritage Communities’ first project in Arizona, Orchard Pointe, is located in Surprise. Opening in 2013, the community serves nearly 100 residents. Construction on Orchard Pointe at Arrowhead — Heritage’s second Phoenix-area community — is scheduled to begin this month in Glendale. Established in 2001, Heritage Communities owns and operates 10 senior living communities throughout Nebraska, Iowa and Arizona.

July 6, 2015

Arizona Retail Western

Catellus and Arizona State to Redevelop Athletic Facilities District

by Nellie Day June 26, 2015

TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. will develop an urban community adjacent to ASU’s Tempe Campus. Catellus, in collaboration with ASU, has developed a preliminary master development plan to transform the 330-acre Athletic Facilities District at the northeast end of the Tempe campus. The plan includes new and renovated NCAA athletic facilities, and more than seven million square feet of office, multifamily residential, hospitality and retail space, interconnected with sidewalks, bicycle paths and urban open spaces. The facilities district will generate revenue to help fund the renovation and reinvention of Sun Devil Stadium and other University athletic facilities, without the use of tax dollars, through payments made by new private real estate development projects on University-owned land. ASU will oversee the development, marketing, leasing and management of the district. The district’s preliminary land use plan reflects a phased approach to private development over the next 20 years. An initial phase that may include office, multifamily and retail development is expected to be underway as soon as 2016. The district encompasses most university-owned property generally bounded by Sun Devil Stadium, Veterans’ Way, University Drive, McClintock Road and Tempe Town Lake. Until a permanent name is selected …

June 26, 2015

Arizona Multifamily Western

Villa De La Paz Apartments in Phoenix Sells for $4.9M

by Nellie Day June 26, 2015

PHOENIX – The 103-unit Villa De La Paz Apartments in Phoenix has sold to Maryland Gardens Investors LLC for $4.9 million. The community is located at 6041 W. Thomas Road. It is 90 percent occupied. Villa De La Paz was built in 1983. The LLC was represented by Tony Werstler of Solutions Real Estate. The seller, Superior Estates, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.

June 26, 2015

Arizona Office Western

Scottsdale Office Building Sells for $4.2M

by Nellie Day June 26, 2015

SCOTTSDALE, ARIZ. – A 41,348-square-foot office building in Scottsdale has sold to EDU3 Ventures and SHOP LLC for $4.2 million. The Class B building is located at 13430 North Scottsdale Road. The structure, formerly known as Scottsdale Airpark Plaza, was built in 1985. It is being redesigned, renovated and renamed Habitat-X, or “Hab-X.” The buyers were represented by Marc Bonilla of Colliers’ Scottsdale office. Bonilla is also the president of EDU3 Ventures. The seller, Charles Meyer, was represented by Mike Milic and Tyler Bush of Colliers International.

June 26, 2015

Arizona Industrial Western

Tempe Distribution Building Sells for $2.1M

by Nellie Day June 26, 2015

TEMPE, ARIZ. – A 25,570-square-foot distribution building in Tempe has sold to Adler Realty Investments for $2.1 million. The building is located at 1401 S. Siesta Lane. It is about 50 percent leased. Kurt Saulnier and Ken McQueen of Lee & Associates represented both the buyer and seller, Dunbar Siesta, in this transaction.

June 26, 2015

Arizona Industrial Western

KH Chandler Buys Warehouse, Distribution Facility in Chandler for $4.1M

by Nellie Day June 26, 2015

CHANDLER, ARIZ. – KH Chandler has purchased a 168,750-square-foot warehouse/distribution property for $4.1 million. The facility is located at 6920 West Allison Road, within the Lone Butte Business and Industrial Park. It will be occupied by Total Solutions. DTZ’s Steve Mardian, Pete Klees and James Harper represented the seller, a financial institution, in this REO transaction.

June 26, 2015

Arizona Office Western

Western Refining Expands at Papago Buttes Corporate Plaza in Tempe

by Nellie Day June 25, 2015

TEMPE, ARIZ. – Western Refining has expanded its lease at Papago Buttes Corporate Plaza in Tempe. The independent refining and marketing company will lease an additional 17,723 square feet at the office plaza, which is located at 1250 W. Washington Street. The company will take occupancy of the additional space this summer. Western Refining was represented by Larry Downey of Cushman & Wakefield of Arizona. The landlord was represented by Tony Hepner and Janet Ehrlich of Metro Commercial.

June 25, 2015

Arizona Office Western

One North Central Office Tower in Phoenix Sells for $93.7M

by Nellie Day June 24, 2015

PHOENIX — Parallel Capital Partners has acquired One North Central, a 410,000-square-foot office tower in Phoenix, for $93.7 million. The Class A tower is located at 201 North Central Ave. Parallel Capital plans to invest more than $1.5 million to renovate and upgrade the property. This will include lobby modernizations, common-area upgrades, a new tenant lounge and spec suites. The tower was originally built in 2001. It has LEED-Silver certification. One North Central is currently 95 percent leased. Notable tenants include Ryley, Carlock and Applewhite, Arizona Summit Law School, Comerica Bank and the Bureau of Land Management. Parallel represented itself in the transaction. The seller was represented by Eastdil Secured. Parallel currently maintains a portfolio of 1.2 million square feet of office and retail space in Phoenix, including the City Square and Midtown regions.

June 24, 2015

Arizona Industrial Western

White Star Industrial Portfolio in Phoenix Sells for $42.2M

by Nellie Day June 24, 2015

PHOENIX — Realty Associates Fund X L.P. has purchased the White Star Portfolio, which contains nine industrial buildings throughout Phoenix, for $42.2 million. The buildings are all situated near Phoenix Sky Harbor International Airport. The portfolio features a total of 460,669 square feet of multi-tenant industrial space. It includes White Star Corporate Center at 2110 – 2140 S. 7th Ave.; Baseline Foothills at 4401 – 4409 E. Baseline Road; 3710 E. University Drive; and 2501 W. Phelps Road. The transaction was executed by JLL’s Mark Detmer and Bo Mills.

June 24, 2015

Arizona Office Western

El Dorado Tech Center in Gilbert Sells for $18.6M

by Nellie Day June 23, 2015

GILBERT, ARIZ. – El Dorado Tech Center, a 180,480-square-foot flex/back-office facility in Gilbert, has sold to a joint venture formed by Everest Holdings and Walton Street Capital for $18.6 million. The facility is located at 2299 W. Obispo Ave. It was built in 1998. GoDaddy has occupied about 118,000 square feet at the facility since 2005. The joint venture is called W-EH El Dorado Holdings JV VII LLC. DTZ’s Mike Haenel, Andy Markham, Will Strong, Paul Boyle, Rick Danis, Marc Tuite and Phil Haenel represented both the buyer and seller in this transaction.

June 23, 2015

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