TEMPE, ARIZ. – F21 red, the newest retail concept by Forever 21, will soon open at Tempe Marketplace. This will be the new iteration’s first store to open in Arizona. F21 red will debut inside a 13,000-square-foot space this fall. The F21 red brand will offer a larger merchandise selection and lower prices than the typical Forever 21 store. Tempe Marketplace is owned by Vestar.
CHANDLER, ARIZ. – The Siegel Group has purchased the 355-room Legacy Suites in Casa Grande for $8.3 million. The extended-stay hotel is located at 540 Cacheris Court. The Class A building was constructed in 2008. This was the firm’s first acquisition in Arizona. The seller, a large developer in Arizona, was represented by ABI Multifamily’s Rue Bax, Alon Shnitzer, Eddie Chang, John Kobierowski, and Doug Lazovick.
GLENDALE, ARIZ. – A 120,000-square-foot industrial manufacturing facility in Glendale has sold to AMERCO Real Estate Company for $5.7 million. AMERCO is a provider of real estate and development services for U-Haul. The facility is located at 6112 N. 56th Ave. AMFORM will occupy the building. It will allow the manufacturing division for U-Haul to triple in size from its present facility in Glendale. AMFORM plans to occupy building in about six months. David Wilson of Daum Phoenix represented both the buyer and the seller, American Park ‘n Swap, in this transaction.
PHOENIX — East Village at Shea LLC, a company formed by YAM Properties LLC, has purchased Village at Shea, a 117,025-square-foot retail center located in Scottsdale, for $32.5 million. Michael Hackett and Ryan Schubert, executive managing directors at DTZ, brokered the sale on behalf of the seller, Karlin Scottsdale Shea LLC. Village at Shea, anchored by Harkins Shea 14 Theatre, was 85 percent leased at the time of sale.
TEMPE, ARIZ. – Held Properties has acquired Crossroads of Tempe, a 96,691-square-foot office complex, for $17.1 million. The Class A complex is located at 303 and 309 West Elliot Road in Tempe. Both buildings were constructed in 2008. Chris Tocci and Chad Littell of Cushman & Wakefield represented both the buyer and seller, Via West Properties and Southwest Value Partners, in this transaction.
PHOENIX – Olympus Property has purchased Cactus Forty-2, a 200-unit apartment community in Phoenix, for an undisclosed sum. The community is located at 4242 E. Cactus Road. Common-area amenities include a resort-style pool and spa, outdoor kitchen, a social gathering space with an outdoor fireplace, a newly designed clubhouse featuring a “living wall” and a fitness center complete with on-demand fitness classes. Cactus Forty-2 is the sixth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC. The investment structure will provide investors an opportunity to diversify among six to seven Class A, multifamily assets in strong markets throughout the United States.
MESA, ARIZ. – The 276-unit Crestwood apartment complex in Mesa has sold to Aspen Square Management for an undisclosed sum. The community is located at 601 South Alma School Road. It was built in 1983. The seller, Lynd, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
PHOENIX – Long Wong’s Restaurant is adding a new location in North Phoenix. The 2,200-square-foot outpost will be located at the southwest corner of Cave Creek Road and Bell Road. The landlord was represented by Stan Sanchez and Justin Rihs.
TEMPE, ARIZ. – American Solar Electric has leased 18,800 square feet of industrial space in Tempe. The space is located at 1230 W. 23rd Street. The residential solar system and roofing services company consolidated offices into the property. The building features ground-floor and mezzanine office space, warehouse space and a fenced yard. American Solar was represented by Rod Beach of CRESA. The landlord, Bishop Family Trust Dated 1995, was represented by DTZ’s Kent Hanson.
TUCSON, ARIZ. – The Place at Tierra Rica, a 288-unit apartment complex in Tucson, has sold to Aspen Square for $14.3 million. The community is located at 3201 and 3225 West Ina Road. It was built in 1988. The seller was MC Companies. The sale was executed by Art and Clint Wadlund of Berkadia.
