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Arizona

Courtyard-Airport-Tucson-AZ
AcquisitionsArizonaHospitalityWestern

Marcus & Millichap Brokers Sale of 149-Key Courtyard Airport Tucson in Arizona

by Amy Works

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Courtyard by Marriott Airport Tucson, a hotel located at 25050 E. Executive Drive in Tucson. Terms of the transaction were not released. Built in 1988 and renovated in 2021, Courtyard Airport Tucson offers 149 guest rooms, an outdoor pool, a fitness center, business center, an on-site bistro and meeting space. The three-story hotel is located less than one mile from Tucson International Airport. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the undisclosed seller and secured the undisclosed buyer in the transaction. Allan Miller and Chris Gomes, also of Marcus & Millichap, assisted with the deal. Ryan Sarbinoff is the firm’s broker of record in Arizona.

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ArizonaDevelopmentLoansMultifamilyStudent HousingWestern

TSB Capital Secures Construction Financing for 532-Bed Student Housing Development Near University of Arizona

by Amy Works

TUCSON, ARIZ. — TSB Capital Advisors has secured construction financing for a 532-bed student housing development near the University of Arizona campus in Tucson. The project, which is being developed by Capstone Collegiate Communities, will offer units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities are set to include a resort-style pool, sundeck, coffee bar, courtyard, multimedia room, hammock lounge, fitness center, cold plunge, sauna, clubhouse, grilling stations, tanning rooms, green spaces, private and group study lounges and an outdoor kitchen and dining area. Ankrom Moisan is providing architectural, interior design and furniture, fixtures and equipment (FF&E) services for the project, which is slated for completion in fall 2027. An undisclosed Fortune 100 insurance company provided the financing.

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AcquisitionsArizonaIndustrialWestern

FJM Merced Associates Buys 26,400 SF Industrial Space in Marana, Arizona

by Amy Works

MARANA, ARIZ. — FJM Merced Associates LP has acquired 26,400 square feet of industrial space at 6898-6910 N. Camino Martin in Marana, a suburb of Tucson. An entity doing business as Acorn Ventures LLC sold the asset for $2.5 million. Alex Demeroutis and Andrew Keim of Cushman & Wakefield | PICOR represented the buyer, while Max Fisher of BRD Realty represented the seller in the transaction.

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Source-Logistics-Center-Tempe-AZ
ArizonaDevelopmentIndustrialWestern

Creation Breaks Ground on 144,885 SF Source Logistics Center in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Creation has started construction of Source Logistics Center, a Class A industrial facility in Tempe. The company acquired the 15-acre site at the southeast corner of Warner Road and Hardy Drive in partnership with CrossHarbor Capital Partners as investor. The 144,885-square-foot project will feature a clear height of 32 feet, abundant power and 6 acres of contiguous yard space allowing for flexible storage or excess passenger vehicle, trailer or box-truck parking. The property also offers access to Interstate 10 and Loop 101, as well as Union Pacific rail spur capabilities. LGE Design Build is serving as architect and general contractor for Source Logistics Center, which is slated for completion in mid-2026. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE are handling leasing efforts for the project.

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AcquisitionsArizonaIndustrialWestern

MAG Capital Partners Acquires Infill Industrial Property in Northwest Phoenix

by Amy Works

PHOENIX — MAG Capital Partners has purchased an industrial building located at 2848 Sweetwater Ave. in northwest Phoenix for an undisclosed price. Sunrun and Kaboomracks fully occupy the 39,950-square-foot building, which is situated on 3.1 acres. Phil Haenel and Foster Bundy of Cushman & Wakefield represented the seller, a private investor, in the deal.

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ArizonaMarket ReportsRestaurantRetailWesternWestern Market Reports

Phoenix Retail Development Sees a Bright Future Ahead

by John Nelson

— Scott Hintze and Marti Weinstein of Diversified Partners Commercial Real Estate — Phoenix’s retail development market is seeing a surge in optimism as the city benefits from a growing economy and a shift in political leadership. With the new administration coming into power, the outlook for the Phoenix retail market has become increasingly positive, promising a wave of new projects and investment opportunities in the coming years. The city’s rapid population growth, expanding infrastructure and bustling job market have positioned Phoenix as one of the most attractive cities in the U.S. for retail development. The new administration has brought a renewed focus on urban development, job creation and business-friendly policies, which is expected to help stimulate both demand for retail spaces and the construction of new commercial properties. Government support, including incentives for developers and tax breaks for businesses, is anticipated to foster a thriving retail sector that will benefit both local residents and national retailers looking to expand into the area. Several projects we have been working on have seen unprecedented demand from tenants. We recently completed a 25,000-square-foot building across from Gilbert Mercy Hospital that includes a two-story Starbucks, the first in the market. In addition to …

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Cove-Logistics-Center-Phoenix-AZ
ArizonaDevelopmentIndustrialWestern

Wespac Construction Completes 99,498 SF Cove Logistics Center in Phoenix

by Amy Works

PHOENIX — Wespac Construction has completed Cove Logistics Center, an industrial development at the southwest corner of Van Buren Street and 37th Avenue in Phoenix. The company worked with Deutsch Architecture Group and ViaWest Group on the project. The 99,498-square-foot Cove Logistics Center offers two high-end speculative suites. The project scope also included full-scale underground infrastructure, advanced stormwater retention systems, the construction of truck courts and a new parking lot.

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Sterling-Grove-Surprise-AZ
ArizonaLoansRetailWestern

Common Bond Development Receives $16.5M in Financing for Sterling Grove Shopping Center in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.

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AcquisitionsArizonaMultifamilyWestern

Goodegg Investments Acquires 71-Unit North Edge Apartments in Phoenix

by Amy Works

PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix.  Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.

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