PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.
PHOENIX – BH Properties has acquired a three-property office and industrial portfolio in the Phoenix area for $22.8 million. The portfolio, known as DMC Portfolio, contains two office buildings and an industrial park that total 230,524 square feet. The 65,857-square-foot Tempe Commerce Park is located at 7420 S. Kyrene Road in Tempe. The 62,115-square-foot ADP Building is located at 7474 W. Chandler Blvd. in Chandler. The 102,552-square-foot Ocotillo Business Center is located at 7910, 7970 and 8060 S. Kyrene Road in Tempe. The portfolio was 72.2 percent occupied at the time of sale. The seller, Buchanan Street Partners, was represented by DTZ’s Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan.
PHOENIX — The 382-unit Cabana on Thomas apartment community in Phoenix has sold for $24.3 million. The buyer was not named. The community is located at 1645 East Thomas Road. Cabana on Thomas is situated a half-mile west of State Route 51, also known as the Piestewa Freeway, which provides access to Downtown Phoenix and Sky Harbor International Airport. Nearby employers include public entities like the City of Phoenix, Maricopa County and the State of Arizona, as well as companies like Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare and Cigna Healthcare. Common-area amenities include a clubhouse, four resort-style pools, a fitness center, electric vehicle charging stations, a bike storage room and a dog park. It offers studios to three-bedroom units. The seller, Deco Communities, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
DEER VALLEY, ARIZ. – ViaWest has acquired nine acres of land in Deer Valley for $3.2 million. The land is located at 50 and 100 E. Pinnacle Peak Road in the Phoenix submarket. It is currently leased to Cemex, a global building materials company that provides high-quality products and services. ViaWest Group was represented by John Pompay and Gary Anderson of DTZ. The seller, Luke Land 80 LLC, was represented by Luke Lewis of Luke Land Realty.
PHOENIX — First Industrial Realty Trust and Merit Partners have joined forces to purchase 21.1 acres of land in Tolleson for a 386,100-square-foot distribution building. The project will be located at the northeast corner of 94th Avenue and Buckeye, just west of Phoenix. The cross-dock distribution building is slated for completion this December. It will be fully owned by First Industrial, which expects to invest about $21.1 million into the Class A facility. Mattress Firm is the first tenant to sign on at the project. Its new 170,000-square-foot lease will allow the mattress store chain to expand from its neighboring location. The building will be constructed by Sun State Builders. The land sale transaction was executed by Payson and Don MacWilliam and Jimmy Leaf of Colliers International.
PHOENIX – Select Income REIT has purchased the Farmers Insurance Building, a 106,397-square-foot office building in Phoenix, for $16.8 million. The building is located at 16001 N. 28th Ave. in the Arizona Business Park. The property will be managed by Reit Management & Research LLC. The seller, Sabal Financial Group, was represented by CBRE’s Barry Gabel, Chris Marchildon, Ashley Brooks, Jim Bayless and Jenny Aust. Sabal purchased the property through its Granite Twenty Eighth Holdings entity.
SCOTTSDALE, ARIZ. — Hilton Worldwide has acquired the 150-room Boulders Resort & Spa near Scottsdale for an undisclosed sum. The 1,300-acre resort is located at 34631 N. Tom Darlington Drive in the Sonoran Desert foothill town of Carefree, just north of Scottsdale. The property will soon undergo a significant remodel and upgrade. Hilton announced the hotel will now operate under the “Curio – A Collection by Hilton” portfolio. Curio is a global brand of upper-upscale and luxury hotels that focus on delivering travel experiences tailored to the local attractions and culture. Boulders Resort & Spa offers one-, two- and three-bedroom guest casitas, or small houses, in addition to a five-bedroom, 5,000-square-foot villa retreat. The resort also features two 18-hole, Jay Morrish-designed championship golf courses, a terraced tennis garden, four swimming pools, six restaurants, a 33,000-square-foot spa, a fitness center and a variety of outdoor adventure activities. The renovation will upgrade the casitas. The lobby bar, front desk and Palo Verde restaurant will also be remodeled. The redesign will be carried out by DiLEONARDO. The seller, an affiliate of Blackstone Group, was represented by Hodges Ward Elliott in this transaction. There are six hotels currently under the Curio brand, including the …
TEMPE, ARIZ. – Freedom Financial Network has leased 45,000 square feet of office space at Tempe 10/60 Corporate Center. The recently redeveloped office project is located at 4415 – 4625 S. Wendler Drive. The property was originally built in 1985. The building is now 50 percent leased. The remaining 45,000-square-foot building is still vacant. This is the financial solutions services company’s second office. Its first is in San Mateo, Calif. Tempe 10/60 Corporate Center was redeveloped by Greenlaw Partners and the Broe Group. Freedom Financial was represented by JLL’s Pat Williams, Steve Corney, Vicki Robinson, Andrew Medley and Chris Corney.
PHOENIX – Gateway Four, a 137,069-square-foot office building in Phoenix, has sold to VanTrust Real Estate for nearly $23 million. The building is located at 444 N. 44th Street. It is fully leased by State Farm Insurance, though the company is scheduled to vacate the building late next year when it consolidates its local operations. Gateway Four is part of the larger Phoenix Gateway Corporate Center. The seller was LBA Realty. The sale was executed by CBRE’s Tom Adelson and Jim Fijan.
GILBERT, ARIZ. — Clear Sky Vintage LP has purchased the Vintage, a 106-unit apartment community in Gilbert, for $14.2 million. The community is located at 1303 West Juniper Ave. The Vintage was built in 2000. It was originally slated to become a condominium conversion before it was purchased by Vintage Gilbert LLC through a trustee sale in 2013. Common-area amenities include a clubhouse, fitness center, business center, swimming pool and spa. Units range from studio/lofts to three-bedroom apartments. Clear Sky was represented by DTZ’s David Fogler and Steven Nicoluzakis.
