SCOTTSDALE, ARIZ. — River City Bank has provided a $15 million loan for the refinancing of Villa Montaña, a 208-unit apartment complex located at 11350 E. Sahuaro Drive in Scottsdale. Built in 1986, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a 24-hour laundry room. Mark Plenge and Grant Robertson of Walker & Dunlop arranged the fixed-rate loan on behalf of the borrower, The Al Angelo Co.
GLENDALE, ARIZ. — JLL has arranged an undisclosed amount of financing for Inspira Arrowhead, a newly constructed seniors housing property in Glendale. Inspira Arrowhead is a three-story building that spans 187,393 square feet and totals 165 units. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. Alanna Ellis and Alex Sheaffer led the JLL team on the transaction. The direct lender was also not disclosed.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged $34 million in acquisition financing for Northsight Corporate Center, a 136,682-square-foot office property in Scottsdale. Completed earlier this year, Northsight Corporate Center features 45,000-square-foot flexible floor plates, a 5/1000 parking ratio, electric vehicle charging stations and an onsite restaurant. An investment management company fully occupies the three-story complex. Kristian Brown of Cushman & Wakefield arranged the financing, which consists of a $25 million loan and $9 million in preferred equity, on behalf of the borrower, Northern California-based Vertical Ventures.
PHOENIX — Stos Partners has sold a 94,186-square-foot industrial building located at 1002 S. 54th Ave. in Phoenix to ViaWest Group for an undisclosed price. Copper State Bolt & Nut Co. fully occupies the building, which was originally built on 4.2 acres in the early 1990s and most recently renovated in 2023. The property features 7,000 square feet of office space, 24-foot clear heights, 17 dock-high doors, two grade-level doors, a fenced and secured yard, LED lighting and ample parking. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield, along with Anna Josephson of KBC Advisors, represented the seller in the transaction. Mike Haenel and Andy Markham of Cushman & Wakefield also advised on the deal.
CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.
AVONDALE, ARIZ. — Berkadia has arranged the sale of Cottages at McDowell, a newly constructed, cottage-style build-to-rent community in the Phoenix suburb of Avondale. Arizona-based WS Avondale LLC sold the asset to Arizona-based CTAZ McDowell 117 LLC, an entity formed by Christopher Todd Capital, for $56.9 million, or $262,613 per unit. Located at 1350 N. 117th Ave., Cottages at McDowell features 217 one- and two-bedroom units with 10-foot ceilings, private backyards, stainless steel appliances, walk-in closets and detached garages. The community offers two swimming pools and a fitness center. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller.
PHOENIX — Avison Young has arranged the sale of a 3.9-acre land parcel located at 1500 N. Central Ave. in downtown Phoenix. Donnelley Financial sold the asset to Scottsdale-based Aspirant Development for $13 million. The buyers plan to use the site for the development of a 25-story building offering 325 apartment units and 17,000 square feet of retail space. Development of the project is underway, with completion slated for 2025. The site is situated on the corner of Central Avenue and McDowell Road and offers immediate access to the Valley Metro Light Rail stop. Mark Seale, Jonathan Larsen and Sally Zesut of Avison Young represented the seller, while Ray Cashen of Cashen Commercial represented the buyer in the transaction.
PHOENIX — Newmark has arranged the $86.1 million all-cash sale of 24th at Camelback, an office asset in Phoenix’s Camelback corridor. Barry Gabel, Chris Marchildon, CJ Osbrink and Kevin Shannon of Newmark represented the seller, an institutional owner. The buyer was a family office based abroad. Located at 2375 E. Camelback Road, the eight-story 24th at Camelback offers 308,481 square feet of office space. Developed by Hines in 2000, the property features a fitness center, onsite dining options, shared tenant conference facilities, 24/7 security, two subterranean levels of parking and a detached, six-level, above-grade parking structure.
BUCKEYE, ARIZ. — Philadelphia-based EQT Exeter has acquired an industrial building, located at 440 N. 215th Ave. in Buckeye, from BET Investments for $60.1 million. The buyer plans to rebrand the property as I-10 Gateway. Buckeye is located approximately 30 miles west of Phoenix. Situated on 40 acres, I-10 Gateway features 641,906 square feet of Class A industrial and logistics space. At the time of sale, the property was fully vacant. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller and buyer in the deal. EQT Exeter retained Andy Markham and Mike Haenel of Cushman & Wakefield to serve as the project’s leasing team.
MESA, ARIZ. — Wespac Construction has broken ground on the new U.S. headquarters and manufacturing facility for XNRGY Climate Systems at Gateway East at Phoenix-Mesa Gateway Airport in Mesa. The new facility will serve as the U.S. headquarters for XNRGY’s HVAC and climate control solutions. The 275,000-square-foot first phase is part of a four-phase development plan that will eventually include 1 million square feet of sustainable manufacturing space. Located within Gateway East, a master-planned development on the east side of Phoenix-Mesa Gateway Airport, the site offers connectivity with direct access to major transportation routes, including Loop 202 and State Route 24, as well as nearby connections to Ray, Ellsworth and Pecos roads. Project stakeholders include The Boyer Co., Gensler, Dibble Engineering, Caruso Turley Scott and IMEG.
