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Arizona

Vanguard-Truck-Centers-Tolleson-AZ
ArizonaDevelopmentRetailWestern

Haydon Starts Construction of 60,000 SF Vanguard Truck Centers Dealership in Tolleson, Arizona

by Amy Works

TOLLESON, ARIZ. — Phoenix-based Haydon has broken ground on a Vanguard Truck Centers dealership in Tolleson, just west of Phoenix. The project team includes Impact Development Management as the real estate development management firm and Fitzgerald Associates as architect. Situated on 12 acres, the 60,000-square-foot facility will feature 26 service bays in an air-conditioned shop, a 24,000-square-foot parts warehouse, and a state-of-the-art showroom and office area with electric charging capabilities. The facility will also feature Volvo and Mack new truck sales, premium used truck sales, finance and insurance, Vanguard Truck Leasing and comprehensive parts and service offerings.

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AcquisitionsArizonaHospitalityTop StoriesWestern

Henderson Park Acquires Arizona Biltmore Luxury Resort in Phoenix for $705M

by Kristin Harlow

PHOENIX — Henderson Park, an international private equity real estate firm, has acquired the Arizona Biltmore resort in Phoenix. Blackstone Real Estate sold the asset for $705 million. The 705-room luxury hotel recently underwent a substantial renovation. Originally opened in 1929, the property is situated on 39 acres and is located about 10 miles from the Phoenix Sky Harbor International Airport. Amenities include more than 200,000 square feet of meeting space, seven swimming pools, multiple food-and-beverage outlets and a 28,000-square-foot spa. Pyramid Global Hospitality, a hotel management company with which Henderson Park previously acquired the La Quinta Resort in Palm Springs in 2021, will serve as the hotel manager for the Arizona Biltmore. Morgan Stanley, along with Deutsche Bank and JPMorgan, provided a $460 million commercial mortgage to finance the acquisition. The resort purchase was completed through funds managed by Henderson Park, including a commitment from Cincinnati-based Western & Southern Financial Group Inc. and its real estate arm, Eagle Realty. “This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets, and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into …

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Gateway-Quads-Mesa-AZ
ArizonaDevelopmentIndustrialRetailWestern

Sun State Builders Completes 122,780 SF Gateway Quads Industrial Center in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Tempe-based Sun State Builders, on behalf of Greenwood and McKenzie Real Estate Investments, has completed Gateway Quads, a $17 million, 122,780-square-foot industrial center in Mesa. Situated on 10 acres on East Germann Road and South 18th Street, Gateway Quads features four 30,6800-square-foot industrial and retail buildings, which are divisible to 7,600 square feet. The buildings offer 24-foot ceilings and multiple truck loading areas. Winston Architects worked on the project, with construction beginning in August 2023.

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Rambler-Tempe-AZ
ArizonaDevelopmentMultifamilyStudent HousingWestern

LV Collective to Develop 829-Bed Rambler Tempe Student Housing Property Near Arizona State University 

by Amy Works

TEMPE, ARIZ. — LV Collective, in partnership with Kayne Anderson Real Estate and Pacific Life, is set to break ground on Rambler Tempe, an 829-bed student housing development serving students attending Arizona State University. The community, which is scheduled for completion in fall 2026, will span 552,380 square feet at 1020 E. Apache Blvd. in Tempe. Work on the project began in March. Upon completion, the property will offer units in studio, one-, two-, three- and four-bedroom configurations. Shared amenities will include a café, coworking space, private study rooms, content creation rooms, two swimming pools and hot tubs, a rooftop terrace, clubroom, resident lounge and two-level fitness facility with yoga and on-demand fitness studios. The development team for the project includes Shepley Bulfinch, Layton and Variant Collaborative. 

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2760-S-La-Luna-Goodyear-AZ
AcquisitionsArizonaIndustrialWestern

NAI Horizon Brokers $4.7M Sale of Industrial Building in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — NAI Horizon has arranged the purchase of an industrial property located at 2760 S. La Luna in Goodyear, a suburb of Phoenix. Packing Solutions for Any Product (PSAP) acquired the asset from Waddell-based A1 Desert Investments for $4.7 million. Built in 2022, the freestanding general industrial office and warehouse facility offers 12,052 square feet of space. Headquartered in Guadalajara, Mexico, PSAP operates 13 manufacturing facilities throughout Mexico and the United States. Jeffrey Garza Walker of NAI Horizon represented the buyer, while Chris Toci of Cushman & Wakefield represented the seller in the deal.

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Tucson-Commerce-Center-Tucson-AZ
AcquisitionsArizonaIndustrialWestern

Flint Development Divests of 806,606 SF Tucson Commerce Center in Tucson, Arizona for $118.6M

by Amy Works

TUCSON, ARIZ. — Bridge Investment Group and an undisclosed separate buyer have purchased Tucson Commerce Center, a collection of three Class A industrial/logistics buildings on 47.5 acres in Tucson. The total price was $118.6 million. Owned and developed by Flint Development, Tucson Commerce Center features 806,606 square feet of space. At the time of sale, the asset was 91 percent leased to five tenants, including prominent global and regional brands. Bridge Investment Group purchased Building II, a 259,274-square-foot, multi-tenant building, and Building III, a 244,889-square-foot, multi-tenant building, totaling a combined 504,163 square feet on 30.2 acres for $79 million. Building II is fully leased to two tenants and Building III is approximately 70.5 percent leased to two tenants, with a vacant 72,169-square-foot suite. Flint Development will stay involved in the project with Bridge as a joint venture partner. The separate buyer acquired Building I, a full leased, 302,443-square-foot, single-tenant building on 17.3 acres, for approximately $39.6 million. Located 3610 E. Valencia Road, Tucson Commerce Center features modern design and functionality including 32-foot clear heights, abundant dock and grade loading, ample car and trailer parking, exterior LED lighting and ESFR sprinklers. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley …

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AcquisitionsArizonaIndustrialWestern

Cushman & Wakefield | PICOR Brokers Sale of 24,920 SF Industrial Asset in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the acquisition of an industrial property at 3120 E. Medina Road in Tucson. Block “C” Properties LLC purchased the asset from GLRT Partners LLC for $3.8 million. Horizon Spa & Pool Parts occupies the 24,920-square-foot space. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer, while Gary Emerson of GRE Partners represented the seller in the deal.

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AZUL-Phoenix
ArizonaDevelopmentIndustrialOfficeWestern

Baker Development Receives Zoning Approval for 72-Acre AZUL Corporate Campus in Phoenix

by Amy Works

PHOENIX — Baker Development has received zoning approval for AZUL, a 72-acre project on the former ON Semiconductor site at 52nd Street and Loop 202 in Phoenix. The site is now zoned for a wide variety of commercial and industrial uses, including corporate headquarters, advanced manufacturing, logistics, hospitals, hyperscales and other quantum computing users. Demolition of the former semiconductor factory is underway and scheduled for completion by fourth-quarter 2024. AZUL plans to develop up to 2 million square feet of corporate campus space on the site.

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8727-W-McDowell-Rd-Tolleson-AZ
AcquisitionsArizonaMultifamilyWestern

Evergreen Devco Sells 258-Unit Multifamily Property in Tolleson, Arizona

by Amy Works

TOLLESON, ARIZ. — Evergreen Devco has sold Parc Tolleson, a 258-unit multifamily property located about 15 miles west of Phoenix. The sales price was $62.7 million. Completed in 2023, the garden-style community features one-, two- and three-bedroom units with an average size of 961 square feet. Residences features nine-foot ceilings, vinyl plank flooring and full-size washers and dryers. Amenities include a pool with fireplace lounges and poolside dining areas, electric vehicle charging stations, a pet spa, 24-hour fitness center and a clubhouse with gaming tables, seating areas and a coffee bar. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Evergreen Devco in the transaction. Troy Tegeler and Trevor Breaux, also with CBRE, arranged acquisition financing on behalf of the buyer, Millburn & Co.

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10857-N-95th-Ave-Peoria-AZ
AcquisitionsArizonaIndustrialNAIWestern

NAI Horizon Brokers Sale of 198,304 SF Industrial Building in Peoria, Arizona

by Amy Works

PEORIA, ARIZ. — NAI Horizon has brokered the sale of a 198,304-square-foot industrial facility located at 10857 N. 95th Ave. in Peoria, a northwestern suburb of Phoenix. An entity doing business as Glez C Properties LLC acquired the asset from Chris Finn for $9.5 million. Jeffrey Garza Walker of NAI Horizon represented the buyer in the transaction, while the seller was self-represented.

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