PHOENIX — A partnership between Wood Partners and American Realty Advisors has acquired the 350-unit Pinnacle Towne Centre apartments in Phoenix for an undisclosed sum. The community is located at 1601 E. Highland Ave. The partnership plans to renovate the property into an upscale townhome community called Altera Highland. Altera Highland will include a luxury clubhouse, a fitness center and two resort-style pools with spas. The community fits with Wood’s strategy of acquiring and renovating well-located assets in growing markets. The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE Group.
Arizona
GOODYEAR, ARIZ. – A 6,810-square-foot building in Goodyear that is net leased to Romano’s Macaroni Grill has sold to an unnamed buyer for $3 million. The building is located at 1828 North Litchfield Road. The seller, a limited liability company, was represented by Jamie Medress and Mark Ruble of Marcus & Millichap’s Phoenix office.
SCOTTSDALE, ARIZ. – Holiday Inn has debuted the new 117-room Holiday Inn Hotel & Suites Scottsdale North-Airpark. The 75,000 square-foot hotel is located at 14255 N. 87th Street. The property was formerly a Wingate by Wyndham. The new hotel is owned by Northsight Hospitality and managed by Henderson Hospitality Management. The hotel is franchised by an affiliate of IHG.
PHOENIX – Metro Commons, a 17,755-square-foot retail center in Phoenix, has sold to Roseben MC LLC for $7.7 million. The Class A center is located at 3121 W. Peoria Ave. It is fully leased to tenants like Verizon, Smashburger, the Joint, Potbelly’s, Menchie’s, Mod Pizza and Yogi’s Grill. The seller, an entity formed by Jacor Partners, was represented by CBRE’s Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch.
PHOENIX – Washington Business Park, a 139,196-square-foot business park in Phoenix, has sold to CAM-10 LLC for $11.1 million. The four-building park is located at 5324-5330 E. Washington Street. It was built in 1985. Washington Business Park is currently 72 percent leased. Tenants include Walgreens Drug Co., Arizona Department of Revenue and Quality Care Network, Inc. CAM-10 is an affiliate of Covington Asset Managemen LLC. The seller, BREOF AIP Phoenix, was represented by CBRE’s Barry Gabel and Chris Marchildon.
PHOENIX – The 280-unit Bella Place apartments in Phoenix has sold to an individual/personal trust for $7.7 million. The community is located at 2025 West Indian School Road. It was developed in 1973 by Lincoln Property Co. Community amenities include two swimming pools, a spa, two common barbecue areas and two on-site coin operated laundry facilities with new laundry equipment. The buyer was represented by Pete Te Kampe of Marcus & Millichap. The seller, Mentor Properties Inc., was represented by Cliff David and Steve Gebing of the same firm.
SCOTTSDALE, ARIZ. – Soilworks has signed a lease for Class A office space in Scottsdale. The dust control and soil stabilization provider plans to relocate its new world headquarters inside the space. The office will be located at 7580 N. Dobson Road. It is situated just east of the Loop 101 freeway, within Riverwalk Arizona. Soilworks was represented by JLL’s John Pierson and Trevor Pratt. The landlord, the Alter Group, was represented in-house by Justin Miller.
MESA, ARIZ. – The 126-room Country Inn & Suites Mesa has sold to KCS Investment for $10.9 million. The hotel is located at 6650 East Superstition Springs Blvd. It is situated at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, just five miles west of Phoenix-Mesa Gateway Airport. The Country Inn was built in 1998. Gordon Allred, David Greenberg and James Meng of Marcus & Millichap represented both the buyer and seller, Suites of Arizona, in this transaction.
MESA, ARIZ. – Phoenix Heart, the valley’s leading cardiology group, has purchased the Talavi Building in Mesa for $6.2 million. The 35,904-square-foot building is located at 5859 W. Talavi Blvd., within the Talavi Business Park. Phoenix Heart currently occupies half of the building. The remaining space is fully occupied by tenants like Credit Union West, John C. Lincoln and Wallick & Volk. Phoenix Heart was represented by Marcus Muirhead of Colliers International. The seller, Credit Union West, was represented by JLL’s Brian Ackerman.
PHOENIX – The 176-unit Indian Wells apartment complex near Phoenix has sold to Sonoma Valley LLC for $9.6 million. The community is located at 975 South Royal Palm Road. It was built in 2001. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team, represented both the buyer and seller, CSFB 2004-C5 Apache Apartments, in this transaction.