Arizona

EastGroup Properties Buys 519,112 SF Akimel Gateway Industrial Facility in Chandler, Arizona

by Amy Works January 10, 2025

CHANDLER, ARIZ. — EastGroup Properties has acquired Akimel Gateway, a Class A industrial property at 17500 S. 40th St. in Chandler, from Trammel Crow Co. and CBRE IM for $83 million. Situated on 38 acres, Akimel Gateway offers 519,112 square feet of industrial space. The property’s four buildings are located alongside the Loop 202 freeway frontage with immediate access to the diamond interchange at 40th Street and Loop 202. Built in 2022, each of the buildings are fully occupied and feature 139 dock-high doors, 24-foot to 32-foot clear heights, 2,500 amps to 3,000 amps power and drive-around capabilities with multiple points of ingress and egress. Rusty Kennedy, Joe Cesta, Cooper Fratt, John Werstler, Tanner Ferrandi and Mike Parker of CBRE represented the seller in the deal.

January 10, 2025

Acquisitions Arizona Industrial Western

Partnership Sells 536,122 SF Tempe Commerce Park in Tempe, Arizona

by Amy Works January 7, 2025

TEMPE, ARIZ. — A global investment manager and BKM have completed the sale of Tempe Commerce Park, a five-building industrial complex located at 7340-7360 S. Kyrene Road and 7333-7343 S. Hardy Drive in Tempe. Terms of the transaction were not released. Situated on 36.8 acres, Tempe Commerce Park features 536,122 square feet with 24-foot clear heights, dock-high and grade-level doors and ample parking. At the time of sale, the property was 92 percent leased to eight tenants, including McKesson, Genuine Cable Group and Rivian. Mark Detmer, Greer Olive and Connor Nebeker-Hay of JLL Capital Markets represented the seller in the deal. Jackie Orcutt and Jonathan Teeter of CBRE are handling local market leasing efforts for the property.

January 7, 2025

Acquisitions Arizona Retail Western

Flying Horse Investments Acquires 53,630 SF Retail Center in Mesa, Arizona

by Amy Works January 7, 2025

MESA, ARIZ. — Flying Horse Investments (FHI) has acquired Fiesta Palms Shopping Center, a 56,630-square-foot retail center located in Mesa, roughly 20 miles outside Phoenix. A specialty grocer anchors the property, which was 83 percent leased at the time of sale. 1st Century Bank, a division of MidFirst Bank, provided acquisition financing, and Justin Weissman of 1st Century Bank arranged the bridge loan on behalf of the buyer. A local family was the seller. FHI plans to collaborate with Pegasus Capital Markets to secure permanent financing for the property.

January 7, 2025

Acquisitions Arizona Industrial Western

Discount Tire Acquires 275,208 SF Desert Ridge Corporate Center in Phoenix

by Amy Works January 3, 2025

PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.

January 3, 2025

Acquisitions Arizona Office Western

George Oliver, Ascentris Purchase 165,220 SF Office Building in Scottsdale, Arizona for $42.2M

by Amy Works January 2, 2025

SCOTTSDALE, ARIZ. — Phoenix-based developer George Oliver, in partnership with Ascentris, has acquired 7272 East Indian School Road, a 165,220-square-foot office building in the Old Town neighborhood of Scottsdale, for $42.2 million. The purchase, which follows the partnership’s mid-2024 acquisition of 4141 and 4167 N. Scottsdale Road, expands the companies’ Old Town Scottsdale footprint to more than 350,000 square feet. The partnership plans to redevelop the properties into a new trademark George Oliver experiential office campus. The Old Town assemblage occupies approximately 6 acres at the corner of Scottsdale and Indian School roads. Design concepts for the campus are underway, with renovations slated to begin in 2025. The design and architecture for the new Old Town Scottsdale assemblage is being led by George Oliver Design. JLL’s Ben Geelan, Will Mast, Jack Miller and Gigi Martin represented the seller in the acquisition.

January 2, 2025

Parc-Germann-Industrial-Park-Chandler-AZ

Arizona Industrial Loans Western

Gantry Secures $39.5M in Refinancing for Two Industrial Properties in Arizona

by Amy Works January 2, 2025

CHANDLER AND MESA, ARIZ. — Gantry has secured a total of $39.5 million in permanent loans for the owner of Parc Germann Industrial Park and Ray Industrial Park. Located at 2215 and 2225 E. Germann Road in Chandler, Parc Germann offers 225,000 square feet of fully occupied industrial space spread across two buildings. Located at 7535 E. Ray Road in Mesa, Ray Industrial Park offers a 139,000-square-foot fully occupied, multi-tenant industrial building. Tony Kaufman and Joe Foley of Gantry represented the borrower, a Bay Area real estate investor with a legacy-hold Arizona investment strategy. Each fixed rate loan was secured from Gantry’s correspondent insurance company lenders. The individual nonrecourse loans feature interest-only payments and have no ongoing structure or operating covenants.

January 2, 2025

Acquisitions Arizona Development Industrial Western

GO Industrial, Clarion Partners Buy Infill Parcel in Phoenix, Plan 159,305 SF Industrial Project

by Amy Works January 2, 2025

PHOENIX — GO Industrial, in partnership with Clarion Partners, has acquired a 9.4-acre infill parcel at 3050 S. 35th St. in Phoenix. The site is located on the southern border of Sky Harbor International Airport. Terms of the transaction were not released. GO Industrial plans to demolish the existing single-story, office/light industrial building on the site by the end of first-quarter 2025 and begin construction of Three Five Logistics. Designed by DLR Group, the 159,305-square-foot industrial facility will feature a clear height of 32 feet, 27 dock-high doors, four drive-in loading doors, 47 trailer stalls and 164 auto parking spots. Payton Kruidenier and Kyle McGinley of Ross Brown Partners facilitated the transaction, representing both the buyer and undisclosed seller.

January 2, 2025

Acquisitions Arizona Office Western

Cushman & Wakefield | PICOR Arranges $2.4M Purchase of Office Space in Tucson

by Amy Works December 24, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the acquisition of a 6,313-square-foot office space at 3935 E. Fort Lowell in Tucson. Entities doing business as FTL 3935 LLC and Dalehurst LLC acquired the asset from Harlequin LLC for $2.4 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the buyer in the deal.

December 24, 2024

Acquisitions Arizona Industrial Office Western

Cushman & Wakefield | PICOR Negotiates $3.8M Sale of Commercial Building in Tucson

by Amy Works December 23, 2024

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a flex building located at 1455 W. River Road in Tucson. Escalante Concrete Construction Inc. acquired the asset from 1455 River Rd LLC for $3.8 million. The 20,000-square-foot building was originally built for ITT Technical Institute. Greg Furrier and Natalie Furrier of Cushman & Wakefield | PICOR represented the seller, while Max Fisher of BRD Realty represented the buyer in the deal.

December 23, 2024

Acquisitions Arizona Development Hospitality Western

Waterton Acquires 137-Key Resort in Sedona, Arizona, Plans Repositioning

by Amy Works December 20, 2024

SEDONA, ARIZ. — Chicago-based Waterton has purchased Poco Diablo Resort, a 137-key hotel located at 1752 AZ-179 in Sedona. Terms of the transaction were not released. Waterton plans to reposition and rebrand the asset as Outbound Sedona. Planned renovations include adding a heated pool and hot tub with rock formations, mini-waterfall features and zero gravity lounging options, as well as expanding the spa to include new treatment rooms. Situated on 18 acres adjacent to Oak Creek, the hotel features a lobby, onsite restaurant, 8,500 square feet of indoor/outdoor event space, a swimming pool and spa center. Outbound Sedona will be operated by Denver-based CoralTree Hospitality. The property will the fifth hotel under Waterton’s Outbound Hotels brand, a collection of lifestyle hotels in outdoor destinations.

December 20, 2024

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