Arizona

Cushman & Wakefield Arranges $7.1M Sale of Industrial Property in Phoenix

by Amy Works December 20, 2023

PHOENIX — Cushman & Wakefield has brokered the sale of a freestanding flex industrial building, located at 2655 E. Magnolia St. in Phoenix. MHS Magnolia LLC acquired the asset for $7.1 million. Constructed in 1984 and renovated in 2021, the 35,385-square-foot property is fully leased to a major local HVAC company on a triple-net-lease basis. The property features a training center, warehouse/showroom with 16-foot clear heights and 145 parking spaces. Chris Hollenbeck, Shane Carter, Tracy Cartledge and Bob Buckley of Cushman & Wakefield represented the undisclosed seller in the deal.

December 20, 2023

Arizona Development Healthcare Western

Exceptional Healthcare Buys 10-Acre Parcel, Plans Hospital Development in Eloy, Arizona

by Amy Works December 18, 2023

ELOY, ARIZ. — Exceptional Healthcare has acquired 10 acres in Eloy, approximately midway between Phoenix and Tucson. The company plans to develop a hospital on the site to serve the growing community and surrounding areas. Walton International Group sold the site for $1.1 million. The planned hospital, located at the northeast corner of Interstate 10 and Sunshine Boulevard, will have eight inpatient rooms, an 11-room emergency department and a wide range of medical services. A groundbreaking ceremony will be held on Jan. 24, with a planned opening in late 2024.

December 18, 2023

Arizona Colorado Development Industrial Multifamily Western

StarPoint Properties Plans Two Opportunity Zone Projects in Arizona, Colorado

by Amy Works December 15, 2023

MESA, ARIZ., AND DENVER — StarPoint Properties is developing two Opportunity Zone projects totaling $115 million. StarPoint has started vertical construction on Lotus Point, a $79.2 million multifamily development in Mesa, and Point Central, a $36.7 million industrial project in Denver. Located at 139 N. Dobson Road, the four-story Lotus Point will offer 245 apartments. The community will benefit from a property tax abatement agreement with the City of Mesa for eight years after construction, which will generate significant property tax savings. Point Central, located at 1051 and 1161 E. 73rd Ave. in Denver, will offer 157,473 rentable square feet split across two industrial buildings with access to Denver’s major highways. Completion of both properties is slated for 2025. StarPoint expects Lotus Point to be stabilized by fourth-quarter 2025 and Point Central by the second quarter of 2025.

December 15, 2023

Acquisitions Arizona Multifamily Student Housing Western

TSB Realty Arranges Sale of 804-Bed Student Housing Community Near Northern Arizona University in Flagstaff

by Amy Works December 14, 2023

FLAGSTAFF, ARIZ. — TSB Realty has arranged the sale of Elara at The Sawmill, an 804-bed student housing community located near the Northern Arizona University campus in Flagstaff. TSB represented the seller, a partnership between McGrath Real Estate Partners and Kayne Anderson Real Estate, in the disposition of the property to an undisclosed buyer. TSB Capital Advisors consulted on the buyer’s joint venture partnership and secured acquisition financing for the transaction. Built in 2022, the community offers studio through four-bedroom units. Shared amenities include a resort-style swimming pool, jumbotron, grilling pavilion, fitness center, private and group study lounges, a pet wash station and an outdoor bouldering rock. “We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” says Timothy Bradley, a principal with TSB Realty and founder of TSB Capital Advisors. “As the newest purpose-built property in a very high-barrier-to-entry market, with a top-of-the-line amenities package, 99 percent occupancy and impressive rent growth, Elara is an excellent addition to the buyer’s portfolio.”

December 14, 2023

Acquisitions Arizona Industrial Office Western

Cushman & Wakefield Brokers Sale of 61,997 SF Industrial/Flex Office Building in Tempe, Arizona

by Amy Works December 14, 2023

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of a freestanding flex office building in Tempe. Enzed LLC, a private individual investor, acquired the asset from a global investment advisor for an undisclosed price. Located at 8140 S. Hardy, the 61,997-square-foot building is fully leased to a single tenant. The property features a 11.2/1,000-square-foot parking ratio, 10-foot clear heights and large floor plans. The current tenant’s lease is set to expire in spring 2024. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital markets teams in Phoenix represented the seller, while Marcus Muirhead of Lee & Associates represented the buyer. Jerry Roberts and Pat Boyle of Cushman & Wakefield provided leasing advisory for the transaction.

December 14, 2023

Acquisitions Arizona Restaurant Retail Western

CBRE Arranges $3.6M Sale of Restaurant Building in Scottsdale, Arizona

by Amy Works December 12, 2023

SCOTTSDALE, ARIZ. — CBRE has brokered the sale of a restaurant property located at 3748 N. Scottsdale Road in Old Town Scottsdale. Scottsdale-based The Shipp Family purchased the building from a private individual investor for $3.6 million. Good Life Sports Bar and Grill signed a 10-year, triple-net lease to occupy the 5,265-square-foot property, which another restaurant formerly occupied. This location will be the Omaha, Nebraska-based chain’s first location in Arizona. Built in 1957, the two-tenant building is currently being renovated for the new tenant that is slated to open next year. Joe Campagno and Benjamin Farthing of CBRE negotiated the transaction.

December 12, 2023

Arizona Development Industrial Western

Super Radiator Coils Breaks Ground on 150,000 SF Industrial Heat Exchanger Manufacturing Facility in Mesa, Arizona

by Amy Works December 11, 2023

MESA, ARIZ. — Super Radiator Coils, a company specializing in heat exchanger manufacturing, has broken ground on a ground-up design/build industrial facility in Mesa. The project team includes Scannell Properties, Ware Malcomb as architect and Brinkmann Constructors as design/builder. Constructed of concrete tilt-up panels, the 150,000-square-foot facility will include more than 45,000 square feet of Class A office space, 130,000 square feet of fully conditioned manufacturing floor space, gantry crane systems and clean room areas that support advanced manufacturing. Super Radiator Coils will use the facility as its western U.S. production hub to produce industrial heat exchangers, coils and nuclear products. Completion is slated for fall 2024. John Grady, Jackei Orcutt and Jonathan Teeter of CBRE represented Super Radiator Coils in the development and building transaction.

December 11, 2023

Arizona Industrial Loans Self-Storage Western

Gantry Arranges $18.3M Loan for StorEz Self-Storage Facility in Scottsdale, Arizona

by Amy Works December 11, 2023

SCOTTSDALE, ARIZ. — Gantry has arranged an $18.3 million loan for StorEz Self Storage, located at 3030 N. 73rd St. in Scottsdale. The 71,000 rentable-square-foot property features 797 self-storage units. The five-year permanent loan was underwritten on the asset’s five-year pro forma as it moves through stabilization. An insurance company provided the financing, which features a fixed rate with an initial interest-only period followed by 25-year amortization. Andy Bratt and Sean Kuang of Gantry’s Irvine, Calif., office secured the loan on behalf of the undisclosed borrower.

December 11, 2023

Acquisitions Arizona Multifamily Western

Cushman & Wakefield | PICOR Brokers $1.6M Sale of 10th Street Apartments in Tucson, Arizona

by Amy Works December 11, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 10th Street Apartments, a residential property in Tucson. 804 E 10th LLC acquired the asset from 10th Street 12 LLC for $1.6 million. Located at 804, 814 and 858-870 E. 10th St., the 9,180-square-foot property features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

December 11, 2023

Arizona Civic Development Life Sciences Western

McCarthy Building Cos. Breaks Ground on $185M Science, Technology Building at ASU’s Polytechnic Campus in Mesa

by Amy Works December 8, 2023

MESA, ARIZ. — McCarthy Building Co., as general contractor, and SmithGroup, as designer, have broken ground on Interdisciplinary Science and Technology Building 12 (ISTB12), a $185 million project at Arizona State University’s Polytechnic campus in Mesa. The multi-level research and education building will provide a centralized location for Ira A. Fulton Schools of Engineering’s new School of Manufacturing Systems and Networks. The 173,194-square-foot building will consist of three floors and 128,828 programmable square feet for office, meeting, industrial, research and collaboration spaces. The facility will also offer specific spaces and labs specializing in additive manufacturing; robotics for smart manufacturing and industry automation; cyber manufacturing and operations research; semiconductor manufacturing; and manufacturing systems for the energy sector. Completion is slated for November 2025. Partners on the project include WOODPATEL, PK Associates and Speedie & Associates, as well as additional integrated design services performed by SmithGroup, including MEP engineering, lab planning and landscape architecture.

December 8, 2023

Newer Posts

Older Posts