Arizona

Construction Commences on Phase I of Rivulon Development in Gilbert

by Nellie Day November 21, 2014

GILBERT, ARIZ. — Construction has commenced on Phase I of Rivulon, a $750-million, master-planned development in Gilbert. The project is located at the corner of Gilbert Road and AZ 202. Rivulon will eventually include about 3 million square feet of office space, 500,000 square feet of integrated retail and restaurants and a hotel component. Health and wellness leader Isagenix International recently announced it will relocate its world headquarters to a 150,000-square-foot office building at Rivulon. The building is scheduled for completion late next year. A 125,000-square-foot, speculative Class A office building is also under construction at the site, in addition to a 45,000-square-foot LA Fitness. These buildings will soon be joined by two more 60,000-square-foot, Class A office buildings, as well as a 17,000-square-foot retail center, all of which is included in this initial development phase. Rivulon is being developed by Nationwide Realty Investors.

November 21, 2014

Arizona California Multifamily Western

MG Properties Buys Two Apartment Communities for $50M

by Nellie Day November 21, 2014

NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa. Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE. MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools. Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million. This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.

November 21, 2014

Arizona Multifamily Western

Domain Acquisitions, BH Equities Buy Autumn Ridge Apartments in Phoenix

by Nellie Day November 21, 2014

PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road. The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area. This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006. BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community. The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage. The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.

November 21, 2014

Arizona Retail Western

Peoria Retail Center Sells for $3.6M

by Nellie Day November 18, 2014

PEORIA, ARIZ. – A 60,080-square-foot retail space in Peoria has sold to JGNK Investments Arizona LLC for $3.6 million. The Class B space is located at 7575 W. Cactus Road. The tenant, Lee Lee Oriental Supermarket, recently signed a new 20-year lease at the property, which was built in 2002. JGNK was represented by Vicky Papoulias of Geovest Corporation. The seller, 75 Cactus LLC, was represented by Marcus Muirhead and Lauren Rodes of Colliers International.

November 18, 2014

Arizona Multifamily Western

Southern Ridge Apartment Community in Mesa Sells for $6.5M

by Nellie Day November 13, 2014

MESA, ARIZ. – The 113-unit Southern Ridge apartment community in Mesa has sold to an unnamed buyer for $6.5 million. The community is located at 214 North Gilbert Road. It was built in 1985. The buyer was represented by John Kobierowski of ABI Multifamily. The sellers, which consisted of multiple individuals and entities, were represented by Pete Te Kampe of Marcus & Millichap’s Phoenix office.

November 13, 2014

Arizona Multifamily Western

Indigo Creek Apartments in Glendale Sells for $40.5M

by Nellie Day November 12, 2014

GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.

November 12, 2014

Arizona Retail Western

LA Fitness Building in Goodyear Sells for $12M

by Nellie Day November 11, 2014

GOODYEAR, ARIZ. – A 45,000-square-foot retail building in Goodyear that is triple-net leased to LA Fitness has sold to a private family trust from Los Angeles for $12 million. The property is located at 1382 South Cotton Lane. LA Fitness is on a long-term, 15-year lease with about 11 years remaining on the initial term. The building was originally constructed in 2009. The 1031 exchange buyer was represented by Republic Commercial Real Estate. The seller, DTD – Devco 9 LLC, was represented by Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments.

November 11, 2014

Arizona Retail Western

Retail Building at Emerald Design Center in Tempe Sells for $2.6M

by Nellie Day November 10, 2014

TEMPE, ARIZ. – A 38,225-square-foot retail building at Emerald Design Center has sold to Otium Real Estate Co. for $2.6 million. The free-standing building is located at 1725 West Ruby Drive. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store that has occupied the building since 2010. The showroom was built in 2006 as part of the 250,000-square-foot Emerald Design Center. The center features an eclectic mix of home furnishing retailers in the East Valley. Rick Robertson, Dave Johnson and Jerry Marrell of Lee & Associates represented both the buyer and the seller, Granco Enterprises, in this transaction.

November 10, 2014

Arizona Retail Western

Popeye’s Louisiana Kitchen to Open New Location in Phoenix

by Nellie Day November 10, 2014

PHOENIX – Popeye’s Louisiana Kitchen will open a 2,565-square-foot outpost in Phoenix. The new restaurant is situated at the southwest corner of Central and Dunlap. It was formerly occupied by KFC. The site will be repurposed for the new Popeye’s location, which will open next year. Popeye’s was represented by Darren Pitts, Michael Clark, Nick Ault and Dave Cheatham of Velocity Retail. The landlord, an entity controlled by Lawrence Geyser & Associates, was represented by Jason Fessinger of Strategic Retail Group.

November 10, 2014

Arizona Office Western

Palm Valley Office Park I & II in Goodyear Sell for $15.3M

by Nellie Day November 6, 2014

GOODYEAR, ARIZ. – Palm Valley Office Park I & II, an 83,575 square foot office project in Goodyear, has sold to Kootenay Holdings for $15.3 million. The space is located at 1616 and 1646 North Litchfield Road. The seller was Steve Schrag, REO asset manager, of Key Bank c/o KeyCorp Real Estate Capital Markets. The transaction was executed by Bob Buckley, Tracy Cartledge and Steve Lindley of Cassidy Turley’s Capital Markets Group. Jeffery Hartland and Scott Boardman of Cassidy Turley’s Office Group will handle the building’s leasing.

November 6, 2014

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