Arizona

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

Arizona Multifamily Western

Tesoro Apartments in Phoenix Sells for $8.9M

by Nellie Day May 11, 2015

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.

May 11, 2015

Arizona Office Western

BH Properties Buys Office, Industrial Portfolio in Phoenix for $22.8M

by Nellie Day May 10, 2015

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.

May 10, 2015

Arizona Multifamily Western

Cabana on Thomas Apartments in Phoenix Sells for $24.3M

by Nellie Day May 8, 2015

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.

May 8, 2015

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