PHOENIX — Cushman & Wakefield has arranged the sale of the former Giant Industries corporate headquarters office building in Phoenix for $8.5 million. United Insurance Co. of America sold the asset to Generations at Pinnacle Peak LLC, a Michigan-based investor that plans to convert the office property into an assisted living community. The two-story building was constructed in 1989 and contains approximately 66,283 square feet of space. The structure is situated on four acres of land. Larry Downey, vice chairman for Cushman & Wakefield, represented the seller in the transaction.
Arizona
PHOENIX — Gabriel Partners has signed a long-term agreement for 19,202 square feet of office space in downtown Phoenix. The space is located at 40 North Central Ave. The technology-based, anti-money-laundering company will occupy the entire 22nd floor. Ryan Bartos and Matthew Coxhead of Savills Studley represented Gabriel Partners in the transaction. Pat Divine of Cushman and Wakefield represented the landlord.
PHOENIX — The Opus Group has commenced construction on a 393,300-square-foot speculative warehouse and distribution building in Phoenix. The Opus Airport Industrial will be situated on 23 acres of land at the northeast corner of 7th and Elwood streets, near Phoenix Sky Harbor International Airport. Opus Airport Industrial will be the largest available industrial space in the submarket once it’s completed in September, according to the developer. It will also be able to accommodate single- or multi-tenant occupants looking for manufacturing, distribution and light assembly uses, among others. Opus Development Company LLC is developing the project. Opus Design Build LLC is the design-builder, while Opus AE Group LLC is the architect and structural engineer of record. Ware Malcomb is the design architect. CBRE’s John Werstler, Cooper Fratt and Jerry McCormick will market the property for lease. The team also executed the land sale between Opus and the seller, 7th Street Industrial LLC.
CHANDLER, ARIZ. — CSW Land Co Riggs has purchased a 25,234-square-foot office and warehouse property in Chandler for $3.1 million. The asset is located at 11237 E. Riggs Road. It was formerly home to telecommunications contractor Stewart Electric & Communications. CSW Contractors plans to relocate to the space. CBRE’s John Werstler represented the buyer. Gail Brown of GPE represented Stewart Electric.
PHOENIX — WLA Realty Group has purchased Roosevelt Business Park, a 223,257-square-foot industrial campus in Phoenix, for $14.9 million. The park is located at 7150 W. Roosevelt St. It was 75 percent leased at the time of sale. Gary Anderson, Paul Boyle, Rick Danis and Mike Gilbert of Cushman & Wakefield executed the transaction. The seller was Pearlman Property Management. The Cushman & Wakefield team was also retained to lease the business park.
CHANDLER, ARIZ. — Medical Development Partners have unveiled plans for Parkland Memory Care, a 72-bed memory care community to be built in the Phoenix suburb of Chandler. Development costs were not disclosed. The City of Chandler recently approved the rezoning of the 4.5-acre site to construct the 36,377-square-foot community. The majority of the community’s 72 beds will be in private units. In addition to the single-story memory care community, the developers plan to construct two medical office buildings on the site. Lenity Architecture, an Oregon-based architecture firm, designed the building while Phillip Ryan of Ryan & Associates provided landscape architecture services. Raymond Poe and Neal Salmen are leading the development team at Scottsdale-based Medical Development Partners. JF Construction Co. is scheduled to start construction during the summer of 2016. Upon completion in 2017, Seasons Management Group, based out of Oregon, will operate the community.
PHOENIX — Westcore Properties has purchased a 170,625-square-foot industrial property in Phoenix for $10.2 million. The facility is located at 125 North 67th Ave. The tenants include Goodman Distribution and Omni Workspace. JLL’s Bo Mills and Mark Detmer represented Westcore in the transaction.
TUCSON, ARIZ. — Hamilton Zanze has purchased the 320-unit Centrepoint apartment complex in Tucson for $33.6 million. The community is located at 3220 West Ina Road. Centrepoint was 96 percent occupied at the time of sale. The property is situated near some of Tucson’s largest employers, including Raytheon and Davis-Monthan Air Force Base. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mike Sandahl executed the transaction. The seller was Independence Realty Trust.
YUMA, ARIZ. — MCR Development LLC has completed the renovation of the 108-room Homewood Suites by Hilton Yuma. The hotel is located at 1955 E. 16th St. in Yuma. The renovation included an update to the hotel’s public gathering spaces and guest suites. Homewood now features modern furniture and décor in each guestroom, while the lobby was redesigned to provide open gathering space. Yuma is home to the U.S. Army Proving Ground, the principal demand testing facility for weapons and missile systems, which is one of the largest military installations in the world. The hotel is also situated near a variety of other government and healthcare demand generators. MCR Development owns and operates the property.
Watermark, Freshwater, Weitz Break Ground on $21M Seniors Housing Community in Arizona
by Nellie Day
TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.