TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wildflower Apartments, a multifamily property in Tucson. An entity doing business as Wildflower Apts LLC acquired the asset from Aim Higher Properties LLC for $2.5 million. Located at 2850 N. Alvernon Way, Wildflower features 28 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
PHOENIX — Concord Summit Capital has arranged a $24.5 million construction loan for the demolition, abatement and infrastructure entitlements for the redevelopment of Metrocenter, a mall situated on 64 acres in Phoenix. The borrowers and developers are Concord Wilshire and TLG Investment Partners. Kevin O’Grady, Daniel Eidson and Ben Applebaum of Concord Summit Capital sourced the financing for the borrowers. The Metrocenter site will be redeveloped into a mixed-use residential village offering more than 1,218 townhome units and approximately 112,000 square feet of essential and service retail. Vertical construction costs are estimated to be more than $500 million. Concord Wilshire Capital and TLG Investment began the abatement and demolition of the Metrocenter Mall last month.
PHOENIX — CBRE has facilitated the sale-leaseback of the MarLam Industries Manufacturing portfolio in Phoenix. A joint venture led by Wentworth Property Co. acquired the asset from MarLam Industries for $17.5 million. Located at 2425 S. 10th St. and 834 E. Hammond Lane, the two adjacent buildings offer a total of 106,174 square feet. The 48,504-square-foot building on South 10th Street features 5,403 square feet of office space, 22-foot clear heights and 11 grade-level doors. The 47,438-square-foot facility on East Hammond Lane offers 20-foot clear heights, 11 grade-level doors and a 4,829-square-foot mezzanine office level. MarLam Industries, a manufacturer of laminate and cultured marble tops and tubs and fabricator of Corian and granite kitchen and bath countertops, leased back the portfolio as part of the transaction. Geoffrey Turbow, Anthony DeLorenzo and Matt Pourcho of CBRE represented the seller in the deal.
TUCSON, ARIZ. — Atlanta-based TPA Group has broken ground on Butterfield Logistics Center, an industrial project in Tucson. Situated within Butterfield Business Center, the logistics center is slated for completion by third-quarter 2025. The 194,879-square-foot building will feature 32-foot clear heights, ESFR fire-sprinkler systems, 50-foot column spacing and 135-foot truck courts. The Class A facility will offer lease opportunities from 32,232 square feet and larger. The project team includes Atlas Collaborative Architects and FCL Builders.
SCOTTSDALE, ARIZ. — Dallas-based StreetLights Residential has opened The Beverly, an apartment community within One Scottsdale, a mixed-use development in Scottsdale. The Beverly offers 314 studios, one-, two- and three-bedroom units, ranging in size from 504 square feet to 1,789 square feet. Each unit features granite countertops, Shaker cabinets and detailed millwork in kitchens and bathrooms, GE appliances and in-ceiling Sonos speakers. Select units include an integrated Fabita cooktop, wine fridges and smart GE Café series cooking appliances. Monthly rental rates at The Beverly range from $1,733 to $5,469, according to Apartments.com. Onsite amenities include coworking and conference rooms, a maker’s lounge, resident bar in the lobby and a fitness space with Peloton and Echelon equipment, a swimming pool, multiple landscaped courtyards, a dog park and connectivity to hike and bike trails. The project team included StreetLights Creative Studios as architect of record and interior designer, Norris Design as landscape architect and StreetLights Arizona Construction as general contractor.
PHOENIX — Berkeley Partners has completed the disposition of Pima Street Logistics Center, a standalone industrial building on 4.2 acres in Phoenix, to Ares Management Real Estate fund for an undisclosed price. Situated in the city’s Sky Harbor submarket, the 97,240-square-foot Pima Street Logistics Center offers a multi-tenant layout, multiple storefronts, LED lighting and approximately 0.5 acres of secured yard. At the time of sale, the asset was fully leased to three tenants. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Ares Industrial Management will manage the asset.
TEMPE, ARIZ. — Sagard Real Estate has purchased Trovita Rio, a multifamily property in Tempe, for an undisclosed price. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2019, Trovita Rio offers 209 apartments, a rooftop entertainment deck, fitness center, community clubhouse and electric vehicle charging stations.
SURPRISE, ARIZ. — Dallas-based Mohr Capital has completed the development of West Summit at Surprise, a Class A industrial project in Surprise. Situated on almost 47 acres within Summit Business Park, West Summit at Surprise offers 707,380 square feet across two Class A buildings, including the 453,960-square-foot Building 1 with 36-foot clear heights and 250,512-square-foot Building 2 with 32-foot clear heights. Each building offers 2,500 square feet of speculative office space, 50- by 56-foot column spacing, 3,000 amps of power, LED lighting, ESFR sprinklers, 60-foot speed bays and secured truck courts. Combined the properties provide 157 dock-high and eight grade-level doors and can accommodate parking for 706 automobiles and 225 trailers. Additionally, Building A offers rail capability to BNSF. Anthony Lydon, John Lydon and Kelly Royle of JLL will serve as leasing brokers for West Summit at Surprise.
US Capital Development Sells 402,487 SF Chandler Airpark 202 Industrial Project in Chandler, Arizona
CHANDLER, ARIZ. — US Capital Development, along with an undisclosed joint venture partner, has completed the sale of Chandler Airpark 202, a Class A industrial project in Chandler, to an undisclosed leading global private equity firm. Terms of the transaction were not released. Located at 1640-1700 Northrop Blvd., Chandler Airpark 202 features 402,487 square feet spread across four buildings that were all delivered in 2023. Three of the buildings are 100 percent leased to two tenants, bringing the total project occupancy to 57.3 percent. Current tenants include MEI Rigging and Crafting, occupying buildings A and B, and Wedgewood Pharmacy, occupying building C. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. Cushman & Wakefield’s Andy Markham, Mike Haenel and Phil Haenel negotiated the existing leases prior to sale. The team has been retained by the buyer to handle leasing efforts for the property, which has a 172,000-square-foot building available.
SCOTTSDALE, ARIZ. — DXD Capital has broken ground on a self-storage facility totaling 66,750 rentable square feet in Scottsdale. Located at 8888 E. Desert Cove Ave., the four-story property will offer 706 individual storage units and two basement levels. Extra Space Storage will manage the facility, which is slated to open in fourth-quarter 2025. The project team includes TLW Construction as general contractor and Southwest Capital Bank as construction lender. DXD Capital acquired the site in July 2024. To date, DXD has invested in 19 self-storage developments and one seven-facility portfolio acquisition across the United States.