GLENDALE, ARIZ. – A partnership through Dalan Management has acquired the 276-unit Glendale Commons Apartments through a trustee sale for $8.9 million. The community is located at 6565 West Bethany Home Road in Glendale. It was built in 1983. Dalan assumed the Fannie Mae loan that was originally placed in 2006. The seller was a partnership through NV Investments. The sale was executed by ABI Multifamily.
Arizona
PHOENIX – A 94,885-square-foot distribution building in Phoenix has sold to Cohen Asset Management for $5.1 million. The building is located at 2021 E. Jones Ave. It is situated southwest of Phoenix Sky Harbor International Airport. Cohen was represented by Matt McDougall of Lee & Associates. The seller, Michael Lewis Company, was represented by DTZ’s Andy Cloud.
MESA, ARIZ. – Longust Distribution Center, an 81,436-square-foot industrial property in Mesa, has sold to Industrial Property Trust for $6.5 million. The center is located at 2432 W. Birchwood Ave. The institutional-quality warehouse/distribution building is fully occupied by Longust Distributing. Both the buyer and seller, 2432 Birchwood Associates, LLC, an affiliate of EverWest Real Estate Partners, were represented by DTZ’s Will Strong, Andy Markham and Mike Haenel.
TEMPE, ARIZ. – The 58-unit Arizona Sun apartment community has sold to a limited liability company for $3.6 million. The community is located at 1895 & 1901 East Don Carlos Ave. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented both the buyer and seller, another LLC, in this transaction.
PHOENIX – The Pizza Studio has opened a 2,111-square-foot location in Phoenix. This is the restaurant’s second location in the valley and fourth in Arizona. It is located at 2375 E. Camelback Road. The landlord, Hines, was represented by DTZ’s Brent Mallonee.
PHOENIX – A 61,729-square-foot industrial building in Phoenix has sold to MLCY Investment for $3.1 million. The property is located at 3000 E. Chambers Street. It was built in 1987. The space was previously occupied by Fluoresco. The seller, WE Valoroso Holding Corporation, was represented by DTZ’s Paul Boyle, Rick Danis and Pete Klees. The firm’s Andy Cloud represented the buyer.
GLENDALE, ARIZ. – Brookwood Commerce Centre, a 209,182-square-foot office building in Glendale, has sold to United Realty MTA for $9.9 million. The mid-rise center is located at 4425 W. Olive Ave. It was built in 1974. Brookwood was 79 percent occupied at the time of sale. The seller, 4425 West Olive Holdings, was represented by DTZ’s Eric Wichterman and Mike Coover.
PHOENIX – Arizona DCS Office in Phoenix has sold to TH Stratman for $3.1 million. The space is located at 3310 and 3320 N. 19th Ave. The two-story office building is fully leased to the Arizona Department of Child Safety (DCS) through the end of 2021. The space was built in 1983. It was remodeled in 2011 and 2014. The seller, Fenway Properties, was represented by DTZ’s Eric Wichterman and Mike Coover.
TUCSON, ARIZ. – Sonora Quest Laboratories has renewed its lease for 2,393 square feet of office space in Tucson. The space is located at 1440 W. Valencia Road. The transaction was executed by Rick Kleiner and Tom Knox of Cushman & Wakefield | PICOR.
PHOENIX — Palm Glen Shopping Center, a 175,686-square-foot shopping center in Phoenix, has sold to Primestor Development for $14.3 million. The center is located at 3500 W. Glendale Ave. It is anchored by Food City. Notable tenants include Wells Fargo, Dollar Tree and Title Max. The center is set to undergo a renovation this year. The property was listed by Jason Gribin of Wilson Retail Group.