Arizona

IDEAL Capital Group Buys Sentio Apartment Community in Phoenix for $108M

by Amy Works March 11, 2024

PHOENIX — California-based IDEAL Capital Group has acquired Sentio, a multifamily property in North Phoenix, from Hines for $108 million. Completed in 2023, Sentio features 325 open-concept floorplans with top-of-market unit interiors. The Class A property offers smart-home technology; energy-efficient appliances and window treatments; sustainability-focused construction; high-end finishes; interconnected, resident-centric amenity spaces; and walking paths. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Greon of CBRE represented the seller in the deal. Trevor Breaux, Troy Tegeler and Ryan Greer of CBRE Debt & Structured Finance arranged financing for the buyer.

March 11, 2024

Acquisitions Arizona Industrial Western

MDC Realty Advisors Acquires 114,907 SF Industrial Facility in Phoenix for $24.3M

by Amy Works March 8, 2024

PHOENIX — Canada-based MDC Realty Advisors has purchased an industrial property located at 2632 E. Chambers St. in Phoenix. American Refrigerator Supplies sold the asset for $24.3 million. In conjunction with the acquisition, the seller signed a long-term lease for the Class A facility. Situated on seven acres, the 114,907-square-foot building features 28-foot clear heights, 30,500 square feet of office space and immediate access to Phoenix Sky Harbor International Airport, SR-143 and Interstate 10. Phil Haenel, Will Strong, Foster Bundy and Katie Rapine of Cushman & Wakefield’s private capital group represented the buyer and seller in the deal.

March 8, 2024

Arizona Market Reports Multifamily Western Western Market Reports

Phoenix Multifamily Remains Promising Amid Challenges

by Jeff Shaw March 8, 2024

— By John Kobierowski, President/CEO, ABI Multifamily — Phoenix has experienced a surge in population due to its favorable climate, affordable cost of living and thriving job market. Since 2012, Phoenix has seen an average of 1.6 percent in population growth per year versus an annual U.S. average of 0.6 percent. The city’s allure is particularly strong among young professionals drawn to its continued job growth and retirees seeking sunny skies. This rising demand has translated into increased rental rates and occupancy levels over time, making the Phoenix market highly appealing to investors seeking stable and profitable ventures To meet the rising demand for multifamily housing, developers have ramped up construction activities in Phoenix. There are 40,459 new construction projects planned for 50-plus-unit construction. The market has also witnessed an escalation in the number of new projects — 28,841, according to Yardi). These include luxury apartments, mixed-use developments and affordable housing options. These projects not only cater to professionals, but target Millennials and members of Generation Z, who are increasingly gravitating toward rental properties. However, ABI Multifamily outlook sees a substantial drop-off in completions starting at the end of 2024 through 2025 as a result of increased pricing in materials, …

March 8, 2024

Arizona Development Retail Western

Peak Development, Hungry Investments Acquire 5.5-Acre Retail Development Site in Chandler, Arizona

by Amy Works March 7, 2024

CHANDLER, ARIZ. — Peak Development Partners, along with Kristian Cotta of Hungry Investments, has purchased a 5.5-acre land parcel at the corner of Chandler Boulevard and Cooper Road in Chandler. NGAI Family Trust sold the property for an undisclosed price. The buyers plan to break ground on multiple retail pads on the site in fourth-quarter 2024. The pads are slated to open by first-quarter 2025. Brian Gast of Velocity Retail Group is handling leasing of the pads. Phil Bramsen of SanTan Commercial Advisors represented the buyers, while Mike Sutton of Lee & Associates represented the seller in the deal.

March 7, 2024

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $2.4M Purchase of Apartment Building in Phoenix

by Amy Works March 6, 2024

PHOENIX — ABI Multifamily has arranged the acquisition of a multifamily property located at 1525 W. Indian School Road in Phoenix. The asset traded for $2.4 million, or $136,111 per unit. Both the undisclosed buyer and seller are based in Arizona. Built in 1959, the two-story property features 18 apartments in a mix of four studio units, eight one-bedroom/one-bath units and six two-bedroom/one-bath units. The asset also offers parking for each unit and an on-site laundry facility. Andrew Arambula, Tom Palestina and Bryce Neagle of ABI Multifamily represented the buyer in the deal.

March 6, 2024

Acquisitions Arizona Retail Western

Red Mountain Group Sells Multi-Tenant Retail Property in Phoenix for $1.6M

by Amy Works March 5, 2024

PHOENIX — Orange County, Calif.-based Red Mountain Group has completed the sale of a shopping center in Phoenix to North Creek LLC for $1.6 million. At the time of sale, the 5,587-square-foot property was fully occupied by four tenants. The asset is located at 12831-12839 N. Cave Creek Road in Phoenix. Jonathan Selznick of Lee & Associates represented the seller in the deal.

March 5, 2024

Arizona Development Industrial Loans Self-Storage Western

Clear Sky Capital Receives $17.5M Construction Loan for Self-Storage Project in Scottsdale, Arizona

by Amy Works March 4, 2024

SCOTTSDALE, ARIZ. — Clear Sky Capital has obtained $17.5 million in construction financing for a self-storage facility at 16136 N. Pima Road in Scottsdale. With completion slated for third-quarter 2025, the four-story, Class A facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. Additionally, the property will feature a state-of-the-art security system, including exterior surveillance. Kevin Mackenzie and Jason Carlos of JLL Capital Markets’ debt advisory team secured the loan for the borrower through Enterprise Bank and Trust.

March 4, 2024

Arizona Industrial Market Reports Western Western Market Reports

The Infinite Potential of Nearshoring in Phoenix

by Jeff Shaw March 1, 2024

— By Anthony Lydon, Executive Managing Director, JLL — At $403 billion in annual gross domestic product, Arizona is now the nation’s 18th largest GDP economy, recently passing Minnesota and Indiana. With its expected growth over the next 24 months, the state is on track to become the nation’s 16th largest GDP economy, surpassing Tennessee and Maryland. Like a shortlist of other fortunate U.S. markets, Arizona can credit a portion of this growth to its thriving logistics sector. The potential that industrial real estate offers for nearshoring — that commanding force with the power to rapidly diversify and expand a local economy. In Arizona alone, every $1 spent in the logistics industry has a $2 to $2.50 “multiplier effect” in the categories of earnings, revenue and jobs. The ability to capture that growth has been transformed in recent years by the CHIPS Act. This has provided, among other things, a 25 percent tax credit for investing in facilities that manufacture semiconductors or related manufacturing equipment. The Inflation Reduction Act has also provided more than $270 million in tax credits for clean energy projects involving solar, wind, hydrogen, carbon sequestration and EV charging. These programs played a role in attracting TSMC, …

March 1, 2024

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Inland Brokers Sale of 190-Unit Onyx at Westgate Build-to-Rent Property in Glendale, Arizona

by Amy Works February 28, 2024

GLENDALE, ARIZ. — Inland Real Estate Acquisitions, on behalf of an Inland affiliate, has negotiated the purchase of a 190-unit build-to-rent community in Glendale. Mark Cosenza of Inland Real Estate Acquisition, with assistance from David Neboyskey of The Inland Real Estate Group law department, completed the transaction. Renamed Onyx at Westgate, the property features 58 one-bedroom, 85 two-bedroom and 47 three-bedroom bungalows, all rising one story. Each unit offers upscale amenities, including gourmet kitchens, oversized windows, 10-foot ceilings, wood plank LVT flooring, high-end finishes and a smart-home technology package. The community features a resort-style pool and spa, outdoor firepits, a community lawn area, fitness center, dog park, clubhouse, covered parking and optional garages for residents. Developed in 2022, Onyx at Westgate was 92 percent occupied at the time of closing.

February 28, 2024

Acquisitions Arizona Retail Western

Mister Car Wash Buys Property in Tucson for New Location

by Amy Works February 28, 2024

TUCSON, ARIZ. — Mister Car Wash has purchased a property, located at 5523 E. Grant Road in Tucson, from Nam Nguyen Inc. for $1.2 million. The buyer plans to redevelop the property into a new car wash location, scheduled to open in late 2024. Aaron LaPrise of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.

February 28, 2024

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