Arizona

Partnership Breaks Ground on 444-Unit Lanai Townhome Community in Buckeye, Arizona

by Amy Works September 25, 2023

BUCKEYE, ARIZ. — A partnership between Tucson-based Holualoa Cos. and Phoenix-Countrywalk Community Developers has broken ground on Lanai, a multifamily property in Buckeye. Built over two phases, Lanai will feature 444 townhome-style residences. Designed by WORKSBUREAU, Lanai units will feature dormer windows, vaulted ceilings and living rooms with glass sliders to enable indoor-outdoor living. Ground-floor unit will feature semi-private front courtyards. Community amenities will include a pool and lounge area, splash pad, playground, outdoor fitness equipment and area, dog park and dog run.

September 25, 2023

Acquisitions Arizona Healthcare Office Western

Plaza Cos., Ryan Cos. Sell Ironwood Medical Pavilion in Queen Creek, Arizona for $23.3M

by Amy Works September 25, 2023

QUEEN CREEK, ARIZ. — Plaza Cos. and Ryan Cos. have completed the disposition of Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek. Hammes Partners acquired the asset for $23.3 million. Plaza Cos. will remain a minority joint venture investor and will continue to provide leasing and property management services for the property. Completion in September 2019, the three-story Ironwood Medical Center features 60,000 square feet of medical office space. The facility is adjacent to the Banner Ironwood Medical Center, a 78-acre medical center campus at the southwest corner of Gantzel and Combs roads. Bill Cook and Margaret Lloyd of Plaza Cos. will lead leasing efforts, while Scott Rubin of Plaza Cos. will oversee property management of the facility.

September 25, 2023

Arizona Development Multifamily Western

Greenlight Communities, MEB Management Open Cabana Bridges Apartments in Tucson, Arizona

by Amy Works September 25, 2023

TUCSON, ARIZ. — Greenlight Communities and MEB Management, as property manager, have opened Cabana Bridges, a multifamily community located at 1102 E. 36th St. in South Tucson. The 170,784-square-foot property features studio, one- and two-bedroom apartments. Community amenities include a 24/7 fitness center, outdoor fitness circuit, yoga yard, swimming pool, clubhouse, shared spaces, a community garden and electric vehicle charging stations.

September 25, 2023

Arizona Development Industrial Loans Western

Trez Capital Funds Construction Loan for 153,000 SF Hawes Commerce Park Industrial Project in Mesa, Arizona

by Amy Works September 25, 2023

MESA, ARIZ. — Trez Capital has closed a construction loan for Dale Cavan for the development of Hawes Commerce Park, an industrial project at the intersection of East Pecos and South Hawes roads in Mesa. Currently under construction, Hawes Commerce Park will feature 10 buildings with a combined 16 units and a total of 153,000 net rentable square feet. The property sits adjacent to Phoenix’s secondary airport, Phoenix-Mesa Gateway Airport. Completion is slated for third-quarter 2024.

September 25, 2023

Acquisitions Arizona Office Western

LPC Desert West Sells Camelback Corridor Office Buildings in Phoenix for $72.1M

by Amy Works September 22, 2023

PHOENIX — LPC Desert West, Lincoln Property’s Co.’s (LPC) Southwest division, has completed the sale of 3131 and 3133 Camelback office buildings in Phoenix to an entity of Presson Corp., led by local investor Daryl Burton, for $72.1 million. Barry Gabel, Chris Marchildon and C.J. Osbrink of Newmark represented the seller in the deal. LPC will retain leasing and management duties for the Class A buildings. Totaling 295,401 square feet, the project spans two adjacent multi-story office buildings at 3131 and 3133 E. Camelback Road. 3131 Camelback is a four-story, 196,332-square-foot building, and 3133 Camelback is a three-story, 99,069-square-foot facility. The property also features an onsite parking garage.

September 22, 2023

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana Happy Valley Apartment Complex in Phoenix for $79.2M

by Amy Works September 21, 2023

PHOENIX — Greenlight Communities has completed the disposition of Cabana Happy Valley, a multifamily community in Phoenix, to Ideal Capital Group for $79.2 million, or $271,404 per unit. Built in 2023 on nine acres, Cabana Happy Valley features 292 apartments with eight-foot keyless entry doors, European wood-style cabinetry, smart thermostats and full-size washers/dryers. Community amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, swimming pool, car charging stations, bike storage, mail room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 21, 2023

Acquisitions Arizona Industrial Western

DAUM Brokers $5.5M Sale of 23,443 SF Industrial Building in Gilbert, Arizona

by Amy Works September 21, 2023

GILBERT, ARIZ. — DAUM Commercial Real Estate Services has brokered the sale of an industrial building located at 1416 W. San Pedro St. in Gilbert. Sunstone Rover LLC sold the asset to a family-owned corporation for $5.5 million. With the sale, the building will become the headquarters of Swain Electric, a Gilbert-based electrical contractor. Dan Casey of the DAUM Commercial Phoenix represented the seller, while Blake Hardison of Ike Commercial Real Estate represented the buyer in the deal.

September 21, 2023

Arizona Civic Development Western

Willmeng Completes Sundance Park Phase II Civic Project in Buckeye, Arizona

by Amy Works September 21, 2023

BUCKEYE, ARIZ. — Willmeng Construction and the City of Buckeye have completed Phase II of Sundance Park, located at 22865 Lower Buckeye Road in Buckeye. Sundance Park now encompasses 68 areas in total with the additional of the 38 acres of Phase II and features the city’s first public fishing lake. Willmeng served as general contractor on the project, which was designed by Phoenix-based J2 Engineering and Environment Design. The 38-acre expansion of Sundance Park includes a three-acre fishing lake, which will be stocked with catfish, bluegill, bass and rainbow trout. Other features include a grand pavilion, splash pad, lighted basketball courts, four multi-use sports fields, playgrounds, ramadas, restrooms and ample parking.

September 21, 2023

Acquisitions Arizona Retail Western

ORION Investment Brokers $4.6M Sale of Retail Center in Chandler, Arizona

by Amy Works September 19, 2023

CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.

September 19, 2023

Acquisitions Arizona Multifamily Western

Wolff Sells Aiya Multifamily Community in Gilbert, Arizona to Olympus Property for $112M

by Amy Works September 15, 2023

GILBERT, ARIZ. — The Wolff Co. has completed the disposition of Aiya, an apartment property in Gilbert. Olympus Property acquired the asset for $112 million, or $311,11 per unit. Built in 2022 on 16 acres, Aiya features 360 studio, one-, two- and three-bedroom apartments with high ceilings, oversized windows and washers/dryers. Community amenities include electric vehicle charging stations, a swimming pool and spa, a conference room, private offices and a community kitchen with an espresso bar. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Additionally, Brain Eisendeath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing for the buyer.

September 15, 2023

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