Arizona

Thompson Thrift to Develop 224-Unit Refinery at Pointe17 Multifamily Community in Phoenix

by Amy Works November 7, 2023

PHOENIX — Thompson Thrift has released plans for Refinery at Pointe17, a Class A apartment property to be located near the $40 billion Taiwan Semiconductor Plant in northern Phoenix. Construction is set to begin this month, with completion slated for the latter half of 2025. Refinery at Pointe17 will feature 224 one-, two- and three-bedroom apartments that average 1,000 square feet. Apartments will feature nine-foot ceilings, stainless steel appliances, tile backsplashes, designer fixtures and finishes, hardwood-style flooring, walk-in closets, patio and balcony options and full-size washers/dryers, as well as a suite of Alexa-compatible smart home technology. Community amenities will include a fully equipped, 24-hour fitness center; yoga and spin studio; bike storage; resort-style swimming pool; fire pits with seating areas; community grilling areas; pickleball courts; 24-hour business center; private focus rooms and offices for rent; rooftop deck; event lounge; over 80 on-site electric vehicle charging stations; dog park and pet spa; billiards; and a shuffleboard court. Refinery is the multifamily component of Pointe17 mixed-use development. Retail tenants at Pointe17 include Oregano’s, Twisted Sugar, Over Easy, Foothills Grille, Heartland Dental, Yoga Six, BFT fitness studio, The Bar and a nail salon.

November 7, 2023

Acquisitions Arizona Retail Western

Matthews Negotiates $9.5M Sale of LA Fitness-Occupied Building in Phoenix

by Amy Works November 7, 2023

PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.

November 7, 2023

Arizona Loans Multifamily Western

Marcus & Millichap Arranges $19.3M Refinancing for Harmony at Hurley Farms Apartments in Tolleson, Arizona

by Amy Works November 6, 2023

TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.

November 6, 2023

Arizona Development Industrial Top Stories Western

Creation, Clarion Partners Acquire 100 Acres in Phoenix for $250M Park Algodon Industrial Campus

by Jeff Shaw November 3, 2023

PHOENIX — A joint venture between locally based developer Creation and New York City-based investment firm Clarion Partners has acquired nearly 100 acres in Phoenix. Located on the northwest corner of the Loop 101 and Indian School Road, the site will be used to develop a $250 million industrial project known as Park Algodon. Park Algodon is a speculative industrial development that totals approximately 1.3 million square feet across 86 acres. The project will be built in two phases, with construction on the first phase slated to begin by the end of the year. The first phase comprises four buildings totaling 670,000 square feet. The second phase will include one 556,000-square-foot building. LGE Design Build is leading the construction, which is scheduled for completion in late 2025. Creation and Clarion Partners acquired the land from the John F. Long family in an off-market transaction. Greg Vogel and Max Xander of Land Advisors represented both parties in the deal. “This acquisition marks our first joint venture with Clarion Partners. We’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” says Grant Kingdon, principal of Creation’s Mountain West region. “Park Algodon serves as a catalyst to attract new …

November 3, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers Sale of 3,200 SF Retail Property in Glendale, Arizona

by Amy Works November 2, 2023

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

November 2, 2023

Acquisitions Arizona Industrial Office Western

CBRE Negotiates $12.7M Sale of Arrowhead Ranch Business Park in Peoria, Arizona

by Amy Works November 1, 2023

PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.

November 1, 2023

Arizona Development Industrial Western

Parklane, Miramar Complete 1.2 MSF Southern Industrial Center in Buckeye, Arizona

by Amy Works October 31, 2023

BUCKEYE, ARIZ. — Parklane Development Group and Miramar Industrial Partners have completed the development of Southern Industrial Center, a 1.2 million-square-foot, speculative, Class A industrial project in Buckeye. Totaling 1.2 million square feet, Southern Industrial Center features 40-foot clear heights, 202 sectional overhead dock doors, four drive-through dock doors, reinforced speed bays and parking for 914 autos and 250 trailers. The project team included Graycor Construction Co., Ware Malcomb, DWS, Westpine Partners and Bank OZK. Marc Hertzberg, John Lydon and Kelly Royle of JLL’s Phoenix office are the exclusive leasing brokers.

October 31, 2023

Acquisitions Arizona Industrial Western

ViaWest Group Buys 39,360 SF Industrial Building in Phoenix

by Amy Works October 27, 2023

PHOENIX — ViaWest Group has acquired a single-tenant, Class A industrial property situated on 3.5 acres in central Phoenix. Buckeye RRV LLC sold the asset for an undisclosed price. Located at 1450 E. Buckeye Road, the building features 39,360 square feet of industrial space. At the time of sale, the property was fully leased to Core & Main (formerly HD Supply), a specialized distributor of water, wastewater, storm drainage and fire protection products and related services. The property features cross-dock access, truck-well and grade-level loading, more than 4,600 square feet of office space, drive-around ingress and egress, outside storage yard and heavy power. Paul Boyle of Cushman & Wakefield’s Phoenix office represented the seller and buyer in the deal.

October 27, 2023

Arizona Development Multifamily Western

Milhaus, Banyan Residential to Develop 320-Unit Alanna Multifamily Property in Phoenix

by Amy Works October 26, 2023

PHOENIX — Milhausa and Banyan Residential are developing Alanna, an apartment community located at 48th and Washington streets in Phoenix. Spread across four residential buildings, Alanna will feature 320 apartments with quartz countertops, luxury vinyl tile flooring and tile tub/shower surrounds. The property will offer 10,000 square feet of amenity space, including a fitness center, yoga studio, social lounge, golf simulator and saltwater pool. McShane Construction Co. will provide design-assist construction services for the project, which Todd & Associates designed. Before construction began, McShane performed site work, which included using deep dynamic compaction and imported fill prior to mass grading, as well as installing a vapor/methane mitigation system for site remediation.

October 26, 2023

Acquisitions Arizona Hospitality Western

Colliers Negotiates $23M Sale of 3 Palms Hotel in Scottsdale, Arizona

by Amy Works October 25, 2023

SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.

October 25, 2023

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