Arizona

Prologis Acquires Airpark Logistics Center in Suburban Phoenix for $184M

by Kristin Harlow October 12, 2023

GOODYEAR, ARIZ. — Prologis Inc. (NYSE: PLD) has acquired Airpark Logistics Center in Goodyear, a western suburb of Phoenix, for $184 million. Creation and CrossHarbor Capital Partners were the sellers. The transaction marks the largest multi-building industrial business park acquisition in Arizona history, according to Creation. Located directly adjacent to Phoenix Goodyear Airport, the campus spans 170 acres. The first phase, comprising three buildings with 1.4 million square feet of leasable space, was completed last month. LGE Design Build served as the architect and general contractor. The second phase of the project includes 84 acres of undeveloped land for build-to-suit industrial projects. At full build-out, the development will span more than 2.7 million square feet. “The recognition of Airpark Logistics Center’s potential by a logistics real estate leader like Prologis is a testament to the quality of the asset,” says Grant Kingdon, principal of Creation’s Mountain region. “The center’s strategic location, innovative design and growth potential align perfectly with our vision for delivering sustainable developments that meet the needs of modern logistics tenants. This sale is especially significant today given the current market dynamics, where deals of this scale are rare.” Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt …

October 12, 2023

Acquisitions Arizona Multifamily Western

Brixton Capital Buys 300-Unit Alta Warehouse District Apartments in Phoenix

by Amy Works October 10, 2023

PHOENIX — Brixton Capital has acquired Alta Warehouse District, a Class A apartment property in downtown Phoenix’s Warehouse District. Atlanta-based Wood Partners sold the asset for $82 million. Built in 2023, Alta Warehouse District features 300 one-, two- and three-bedroom units spread across three four-story, elevator-served residential buildings. Onsite amenities include a ground-floor bodega, resort-style pool with designated grill areas, a fitness center, yoga studio, off-leash dog park, entertainment-style clubhouse and a speakeasy lounge with a music room. Additional amenities include a rooftop sky deck, complimentary cold-brew coffee, a cybercafé, conference space and private work-from-home offices. Brixton will rebrand the property, which is located at 402 W. Lincoln St., and complete minor capital improvements. Scottsdale-based Mark-Taylor Residential will manage the asset. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Wood Partners in the transaction. Additionally, Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz of CBRE Capital Markets’ Debt and Structured Finance secured a $47.2 million, fixed-rate loan on behalf of Brixton Capital.

October 10, 2023

Acquisitions Arizona Industrial Net Lease Western

DWG Capital Partners Buys Industrial Facility in Mesa, Arizona from AirBagIt for $10M

by Amy Works October 9, 2023

MESA, ARIZ. — DWG Capital Partners has acquired a manufacturing and distribution facility, located at 260 S. Hibbert St. in Mesa, for $10 million in a sale-leaseback transaction. AirBagIt fully occupies the 72,780-square-foot property, which is a former concrete tilt-up cold storage facility situated on 1.9 acres. The building features 17-foot clear heights, three docks, one drive-in dock and three external dock levelers. The custom engineering company will continue to occupy the property under an 18-year, triple-net lease. The company specializes in manufacturing innovative motor vehicle parts and accessories. Glen Miles of Calgary, Canada-based Miles Capital Partners represented the seller in the off-market transaction.

October 9, 2023

Acquisitions Arizona Multifamily Western

CBRE Arranges $16.2M Sale of Landmark on 67th Multifamily Property in Peoria, Arizona

by Amy Works October 5, 2023

PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.

October 5, 2023

Arizona Development Industrial Western

ViaWest, Willmeng Break Ground on 1.2 MSF First Phase of Industrial Campus in Glendale, Arizona

by Amy Works October 4, 2023

GLENDALE, ARIZ. — Phoenix-based ViaWest Group, as developer, and Willmeng Construction, as general contractor, have broken ground on The Base, Phase I. Located in Glendale, The Base will be a 144-acre industrial campus at full build out. The first phase will include seven buildings, spanning 1.2 million square feet. The buildings will range in size from 85,000 square feet to 309,000 square feet with divisibility down to approximately 20,000 square feet. The second phase is proposed to include eight buildings, totaling 780,600 square feet, and ranging in size from 41,000 square feet to 141,000 square feet. The buildings will feature heavy power, ESFR sprinkler systems, a combination of dock-high and grade-level loading, concrete truck courts, ample car parking, R-38 insulation and clear heights ranging from 28 feet to 36 feet. Completion of Phase I is slated for fourth-quarter 2024. DLR Group is serving as architect and Kimley-Horn as civil engineer for the project. CBRE will handle leasing for both phases. Will Strong, Kirk Kuller, Molly Hunt, John Alascio and TJ Sullivan of Cushman & Wakefield secured equity financing for the development. JLL Capital Markets arranged a $96.5 million construction loan for the project.

October 4, 2023

Arizona Development Multifamily Western

High Street Residential Completes 310-Unit Smith & Rio Apartment Community in Tempe, Arizona

by Amy Works October 4, 2023

TEMPE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Cros Co., has completed construction on Smith & Rio, a multifamily property located at 1979 E. Rio Salado Parkway in downtown Tempe. The five-story property features 310 apartments in a mix of studio, one-, one-plus-den and two-bedroom layouts. Community amenities include a fifth-floor sky lounge; two outdoor courtyards; a dog park; pet lounge; work-from-home area with individual workspaces; pool; spa; fitness center; clubhouse with multiple lounges and seating areas; fireplace; and demonstration kitchen.

October 4, 2023

Arizona Development Multifamily Seniors Housing Western

Cogir, Ryan Cos. Open 147-Unit Seniors Housing Property in Scottsdale, Arizona

by Amy Works October 3, 2023

SCOTTSDALE, ARIZ. — Cogir Senior Living and Ryan Cos. US Inc. have opened ACOYA Shea, an independent living, assisted living and memory care community in the Phoenix suburb of Scottsdale. The community features 147 units in a four-story building. “ACOYA Shea is located right in the heart of Scottsdale, and residents will be able to enjoy the walkability of the community and the proximity to all that the area has to offer,” says Dave Eskenazy, chief executive officer of Cogir Management USA. Cogir Senior Living develops, owns and/or operates 60 communities throughout the United States.

October 3, 2023

Arizona Hospitality Loans Western

Seven Hills Realty Trust Arranges $17.3M Recapitalization for Home2 Suites Hotel in Scottsdale, Arizona

by Amy Works October 3, 2023

SCOTTSDALE, ARIZ. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $17.3 million first mortgage floating-rate bridge loan for the recapitalization of Home2 Suites by Hilton in Scottsdale. The borrower is a joint venture between Highgate and Rockpoint. Located at 20001 N. Scottsdale Road, the recently constructed hotel features 130 guest rooms. CBRE introduced SEVN’s manager, Tremont Realty Capital, to the transaction. Tremont Realty Capital is an affiliate of The RMR Group (Nasdaq: RMR).

October 3, 2023

Acquisitions Arizona Hospitality Western

Miller Global Sells Canopy by Hilton Scottsdale Old Town Hotel in Arizona for $102M

by Amy Works October 2, 2023

SCOTTSDALE, ARIZ. — Miller Global Properties has completed the disposition of Canopy by Hilton Scottsdale Old Town, located at 7142 E. 1st St. in Scottsdale. Dynamic City Capital acquired the hotel for $102 million, according to local business journals. Built in 2020, Canopy by Hilton Scottsdale Old Town features 177 guest rooms and two restaurants — Outrider Rooftop and Cobre Kitchen. Additionally, the property is within walking distance to more than 100 restaurants, venues and art galleries. Rick Rush and Carter Gradwell of CBRE Hotels represented the seller in the transaction.

October 2, 2023

Arizona Development Multifamily Western

Brinkmann Constructors, X Co. Break Ground on 19-Story Apartment Tower in Phoenix

by Amy Works October 2, 2023

PHOENIX — Brinkmann Constructors, as general contractor, and Denver-based The X Co., as developer, have broken ground on X Roosevelt, a 19-story multifamily building in downtown Phoenix. Located in the Roosevelt Row Arts District, the 350,000-square-foot X Roosevelt will feature 370 apartments in a live, work and play environment. The community will also feature coworking space; a gym and fitness studio designed around classes; and 3,500 square feet of first-floor retail space. Chicago-based Lamar Johnson Collaborative is serving as architect for the project, which is slated for completion in fall 2025.

October 2, 2023

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