SAN DIEGO – Sabre Springs Plaza, a 15,038-square-foot retail center in San Diego, has sold to Capstone Advisors for $4.5 million. The center is located at the intersection of Poway Road and Springbrook Drive. The core-plus asset is anchored by 7-Eleven. Capstone plans to make capital improvements to the landscaping and parking lot, among other things. The unnamed seller was represented by Pat Toomey and Kyle Mathews of Colliers International. Financing was provided by Silvergate Bank.
TEMPE, ARIZ. – Kyrene Corporate Center has sold to RMK Holdings for $3.3 million. The 30,000-square-foot office building is located at 9280 South Kyrene Road. It was about 50 percent occupied at the time of sale. Notable tenants include enChoice, Triton Medical Solutions and Great American Title Agency. RMK Holdings is a joint venture between Kent Nielson, Ryan Sandell and Michael Jones, the local principals of Primary Residential Mortgage (PRMI). Holdings will lease 15,000 square feet at the center to PRMI. The seller, Kyrene 919280 LLC, was represented by DTZ’s Eric Wichterman and Mike Coover.
PHOENIX – ITT Technical Institute has renewed its lease for 18,000 square feet of office space in Phoenix. The space is located at West 101 Business Center. The center contains three Class A office buildings totaling 118,853 square feet. The center is about 88 percent leased. ITT Technical Institute has more than 130 locations in 38 states across the U.S. ITT Tech currently has four campuses throughout Arizona, serving thousands of students annually. The five-year lease renewal was executed by ViaWest Group and Lee & Associates.
PHOENIX – ConnectionsAZ has leased 36,000 square feet at Phoenix Memorial Center. The center is located at 1201 S. 7th Ave. in Phoenix. The building is the former Phoenix Memorial Hospital. The physician-led company specializes in emergency/crisis psychiatric services. It plans to operate a patient intake center from this location. ConnectionsAZ was represented by Kevin Lange of Keyser. The landlord, Memorial Key LLC, was represented by Kate Morris and Vince Femiano of CBRE’s Phoenix office.
PHOENIX — Crow Holdings has purchased Esplanade III, a 218,266-square-foot office building in Phoenix, for an undisclosed sum. The Class A property is located at 2415 East Camelback Road. It is part of the Esplanade mixed-use development. Esplanade III was about 95 percent leased at the time of sale. Notable tenants include CBRE, Alliance Residential, Regus, Helios and Major League Baseball’s western headquarters. The ten-story building was developed in 1997. It is situated in the Camelback Corridor. The seller was an institutional client of AEW Capital Management L.P. The transaction was executed by CBRE’s Jim Fijan, Will Mast and Kevin Shannon.
PHOENIX — MG Properties Group (MGPG) has acquired the 270-unit Trillium Papago Apartments in Phoenix for $36.2 million. The community is located at 4950 E. Van Buren Street. The property is situated northeast of Phoenix Sky-Harbor Airport. It was built in 2007. Common-area amenities include a resort-style pool and spa, modern fitness center, movie theater and pool room. MGPG plans to rebrand the property as Ascent at Papago Park. This is the firm’s fourth acquisition in the past six months. MGPG is targeting further acquisitions in Arizona, California, Colorado, Nevada, Oregon and Washington. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by CBRE. The seller was Trillium Residential.
PHOENIX – Smart & Final has opened three new stores in the Phoenix Valley. The expansion includes a 28,985-square-foot space at the northeast corner of 35th Avenue and Greenway Road; a 28,280-square-foot space at the northeast corner of Tatum Boulevard and Thunderbird Road; and a 35,949-square-foot space at the southwest corner of Gilbert Road and Guadalupe Road in Gilbert. The grocer was represented by Martin Leon and Chris Corso of De Rito Partners in all three transactions.
MESA, ARIZ. – Augusta Ranch Marketplace, an 80,247-square-foot shopping center in Mesa, has sold to an undisclosed investor for $14 million. The center is located at 9931 E. Baseline Road. It is anchored by Bashas’ grocery store. Other notable tenants include Great Clips, Sylvan Learning Center, Geno’s Pizza and Fat Willy’s Family Sports Grill. The center was built between 2005 and 2006. The acquisition included an adjacent developable pad. The seller was Shopoff Realty Investments.
TUCSON, ARIZ. – ReCommunity Recycling Center, a 59,000-square-foot, built-to-suit complex in Tucson, has sold to a joint venture composed of three Alaska-based partnerships for $7 million. The complex is located at 3780 E. Ajo Way. It contains 53,783 square feet of warehouse space and 5,258 square feet of office space. The property is wholly leased and operated by ReCommunity Holdings. ReCommunity is the nation’s largest pure-play recycler. It also operates recycling and recovery facilities in Phoenix and Scottsdale. The company has a total of 36 facilities operating in 13 states across the country. Mike Sandahl, David Blanchette and Wyatt Campbell in CBRE’s Tucson office represented both the buyer and seller, Olyver Land LLC, in this transaction.
SCOTTSDALE, ARIZ. – Canyon Village, a mixed-use office project in Scottsdale has sold to Laurus Corp. for $18.7 million. The Class A project is located at 18801, 18835, 18867 and 18899 N. Thompson Peak Parkway. It is situated within the 8,800-acre, master-planned DC Ranch at the base of the McDowell Mountains. Canyon Village is primarily composed of office tenants, but also includes high-end medical office, retail and restaurant users like Ciao Wine Bar & Bistro and the Village Health Club’s hot yoga studio. It was 75.9 percent occupied at the time of sale. The seller, Canyon Village LLC, an entity of DMB, was represented by JLL’s Dennis Desmond and Brian Ackerman. DMB’s Michael Burke and T.A. Shover also participated in this sale, as did Alfred Hackbarth of SRS Real Estate Partners and JLL’s John Bonnell and Brett Abramson.
