Arizona

MC Cos. Receives $49.8M Loan to Acquire Tucson Multifamily Portfolio

by Nellie Day May 29, 2015

TUCSON, ARIZ. — MC Companies has received a $49.8 million loan to acquire FHR Portfolio, an eight-property multifamily portfolio in Tucson. The total sales price was $66.7 million. FHR Portfolio contains a total of 1,576 units throughout a range of studio, one- and two-bedroom floor plans. Some of the properties contain amenities like gyms, clubhouses, swimming pools and laundry facilities. Notable employers in the Tucson area include Davis-Monthan Air Force Base, University of Arizona and Raytheon. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The loan was originated by Clay Akiwenzie of Berkadia through the firm’s Freddie Mac Program. The seller was Family Housing Resources (FHR). The sale was executed by Berkadia’s Art and Clint Wadlund.

May 29, 2015

Arizona Office Western

ViaWest Group Sells Crossroads of Tempe for $17.2M

by Nellie Day May 28, 2015

TEMPE, ARIZ. – ViaWest Group has sold Crossroads of Tempe, a 96,691-square-foot office complex, to Held Properties for $17.2 million. The property is located at 303 & 309 W. Elliot Road in Tempe. It is 96 percent occupied. Notable employers in the area include Go Daddy, AVNET, Qualcomm, Iridium Satellite, Intel, Motorola, Honeywell, Xerox, Microsoft, Bank of America, Wells Fargo, eBay/PayPal and AT&T. Held Properties was represented by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona, and by Mark Gustin, Karsten Petersen and Dave Seeger of Jones Lang LaSalle. ViaWest will continue to manage the property. The Jones Lang LaSalle team will serve as the leasing agents.

May 28, 2015

Arizona Multifamily Western

Aura Apartments in Phoenix Sells for $8.7M

by Nellie Day May 28, 2015

PHOENIX – The 96-unit Aura Apartments in Phoenix has sold to Capital Real Estate for $8.7 million. The community is located at 3623 N. 5th Ave. It was built in 1959 and 1962. The space underwent a $1.3 million renovation program to modernize, rebrand and reposition it. The seller was Pathfinder Partners.

May 28, 2015

Arizona Industrial Western

FedEx Ground Distribution Center Portfolio Receives $52M in Financing

by Nellie Day May 22, 2015

CHANDLER, ARIZ. — A trio of FedEx Ground distribution centers has received $52 million in acquisition financing. The portfolio includes a 312,539-square-foot facility in Chandler, Ariz., a 254,353-square-foot facility in Spartanburg, S.C., and a 151,088-square-foot facility in Wichita Falls, Texas. The borrower was TIC – RI Pullman LLC, RI Cascade LLC, RI Elk Grove LLC (Rood TICs). The portfolio acquisition satisfied a 1031 exchange. The properties received $31.2 million, $12.2 million and $8.6 million, respectively. Financing was arranged by Todd B. Harding and Mick Stapleton of NBS Financial Services. It was provided by State Farm Insurance Company through the firm’s correspondent relationship. The loans featured 10-year terms with 30-year amortization schedules.

May 22, 2015

Arizona Office Western

Dunbar Purchases Arrowhead Business Center in Glendale for $5.6M

by Nellie Day May 21, 2015

GLENDALE, ARIZ. – Dunbar Real Estate Investment Management has purchased Arrowhead Business Center, a 43,915-square-foot office campus in Glendale, for $7 million. The three-building campus is located at 7025, 7055 and 7075 West Bell Road. It was 88.9 percent occupied at closing. Dunbar purchased the asset through its investment advisor AEGON USA Realty Advisors LLC. The seller, Warranty of America, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.

May 21, 2015

Arizona Multifamily Western

Aura at Midtown Apartments in Phoenix Sells for $8.6M

by Nellie Day May 19, 2015

PHOENIX – The 96-unit Aura at Midtown in Phoenix has sold to Capital Real Estate for $8.6 million. The community is located at 3623 North 5th Ave. It is situated inside Encanto Village. The seller, Pathfinder Partners and Avenue North, was represented by Steve Gebing, Cliff David, Richard Butler, Brian Tranetzki and Trevor Hardy of Marcus & Millichap.

May 19, 2015

Arizona Industrial Western

ViaWest Buys Industrial Building in Phoenix for $3M

by Nellie Day May 19, 2015

PHOENIX – ViaWest Group has acquired a 72,129-square-foot industrial building in Phoenix for $3 million. The building is located at 77 N. 45th Ave. The building, known as Riverside Industrial, is situated just south of a full diamond interchange at the I-10 freeway, with immediate access to 43rd and 51st avenues. It is fully leased. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of DTZ will continue leasing the property. The group also represented the seller, Cordia Capital Management, in this transaction.

May 19, 2015

Arizona Office Western

Palm Plaza Office Building in Phoenix Sells for $2M

by Nellie Day May 18, 2015

PHOENIX – Palm Plaza, a 25,000-square-foot office building in Phoenix, has sold to MDR Enterprises for $2 million. The building is located at 141 E. Palm Lane in the Midtown submarket. The property is 85 percent occupied. MDR Enterprises was represented by John Oliver of Century 21 AZ Foothills. The seller, Lee Center, was represented by Justin Horwitz and Jonathan Levy of Sperry Van Ness, and by Paul Christ of Encom Properties. Both parties were completing 1031 exchange transactions.

May 18, 2015

Arizona Multifamily Western

Stone Canyon Apartment Complex in Mesa Sells for $47M

by Nellie Day May 13, 2015

MESA, ARIZ. — The 392-unit Stone Canyon apartments in Mesa has sold to Olen Residential Realty Corp. for $47 million. The community is located at 5210 E. Hampton Ave. Stone Canyon was built in 2000. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance. Notable employers near the complex include Banner Gateway Hospital, Banner Baywood Hospital and the Boeing Company. Stone Canyon is situated near US-60. The sellers, a group of tenant-in-common co-owners, were represented by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch. The co-owners were supported throughout their hold period and the sales process by National Asset Services.

May 13, 2015

Arizona Office Uncategorized Western

JV Buys Buildings at Cotton Center Business Park in Phoenix

by Nellie Day May 12, 2015

PHOENIX – A joint venture between True North Management Group and Crown West Realty has purchased three buildings within the Cotton Center business park in Phoenix. The sales price was not disclosed. The acquisition included Corporate Cotton Center I, II and III, located at 4645, 4625 and 4675 E. Cotton Center Parkway. Two of the spaces are flex office buildings, while the third is a corporate office building. Cotton Corporate Center I is a 116,858-square-foot, Class A office property. The building includes a two-story lobby, fitness center, men’s and women’s bathrooms with locker rooms, a cafeteria/restaurant and a break room. The building was constructed in 2001 as a build-to-suit for Aetna, though it’s currently vacant. Cotton Corporate Center II and III is a Class A flex office complex that contains two single-story buildings that were constructed in 2000. The complex totals 147,627 square feet. It was 87 percent occupied at the time of sale.

May 12, 2015

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