MARANA, ARIZ. — Gantry has secured a $7.8 million permanent loan to refinance 26,387 square feet of retail space within The Shoppes at Continental Ranch at 9110-9150 Silverbell Road in Marana, a suburb of Tucson. Tony Kaufmann and Alex Poulos of Gantry arranged the financing for the borrower, a California-based retail developer. The 10-year permanent loan features a fixed rate locked at application and a 30-year amortization schedule. The retail space includes an inline strip and four pad buildings. An independently owned Safeway grocery store shadow anchors the property. Current tenants include a mix of national and local dining, professional services and essential retailers.
PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.
PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.
TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …
SCOTTSDALE, ARIZ. — PREG Scottsdale LLC, a company formed by a private individual investor, has acquired Scottsdale Northsight, a Class A multi-tenant office building in Scottsdale. MIREF Northsight LLC sold the asset for $26.5 million. Located at 14350 N. 87th St., the three-story property features 138,693 square feet of office space. At the time of sale, the building was 69 percent leased. The asset offers suites ranging in size between 2,000 square feet and 8,000 square feet. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Market and Private Capital Group teams in Phoenix represented the seller in the transaction.
SURPRISE, ARIZ. — Echo Real Estate Capital, with PREMIER Design + Build Group, has broken ground on Echo Park @ P132, a speculative industrial development in the Phoenix suburb of Surprise. Located at the intersection of Peoria Avenue and 132nd Avenue, the four-building project will offer a total of 182,870 square feet of industrial space ranging from 43,000 square feet to 48,000 square feet. Construction is slated for completion in October 2024. The project team includes Winton Architects, GF Group, KAEKO, Mechanical Designs and Hawkins Design Group.
PHOENIX — Marcus & Millichap has arranged the sale of a retail property located at 320 W. Bell Road in Phoenix. A limited liability company sold the asset to another limited liability company and private investor for $3.6 million. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Jarecki, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer in the transaction. At the time of sale, the 7,700-square-foot property was fully occupied by Tropical Smoothie Café, Athletico Physical Therapy and The Buffalo Spot, which are all operating under triple-net leases. The leases have terms ranging from five to eight years, featuring annual rental increases and multiple renewal options for all tenants.
EL MIRAGE, ARIZ. — Melbourne, Fla.-based Ti Cold, as designer and builder, has completed the construction of Phoenix Cold Storage Facility, a nearly 300,000-square-foot cold storage property in El Mirage, approximately 20 miles northwest of Phoenix. Arcadia Cold Storage and Logistics fully occupies the property, which serves as the company’s hub for the Southwest United States with access to key metropolitan markets in Southern California, Arizona, Nevada, Utah, New Mexico and Colorado. The fully racked facility features five fully convertible rooms with the ability to handle frozen and chilled temperatures from negative 10 to 40 degrees Fahrenheit; 60-foot-deep refrigerated dock; and doors to manage distribution and handling services. The property also features 40,500 pallet positions situated in a 50-foot clear height rooms and utilizes the ALTA EXPERT Industrial Freon Refrigeration System. This facility represents one of the first large-scale, third-party logistics cold storage facilities in the Phoenix market.
PEORIA, ARIZ. — A private investor has acquired a net-leased property, located at 9156 W. Peoria Ave. in Peoria, from an undisclosed seller for $3.1 million. Dunn-Edwards Paints occupies the 12,900-square-foot building. The sale included a triple-net lease with corporate guarantee and eight percent rental increases every five years. The tenant has operated at the site for more than 20 years and recently extended its lease. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller.
PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.