Arizona

Northmarq Negotiates $8.2M Sale of Apartment Community in Phoenix

by Amy Works May 21, 2025

PHOENIX — Northmarq has arranged the sale of The Retro on 32nd Street, a garden-style multifamily property in Phoenix. Goodyear, Ariz.-based Belbrook 32 LLC sold the asset to La Jolla, Calif.-based Cane Capital for $8.2 million. Built in 1968 and renovated in 2002, The Retro at 32nd Street offers 62 studio, one- and two-bedroom units. Apartments feature stainless steel appliances, high-speed internet, vinyl plank flooring, oversized closets, open kitchens and ceiling fans. The pet-friendly community includes a swimming pool, leasing office and onsite management, laundry facility, an outdoor grilling space, onsite patrol and gated access. The property is located at 3025 N. 32nd St. Ryan Boyle, Trevor Koskovich, Jesse Hudson and Logan Baca of Northmarq’s Phoenix Multifamily Investment Sales represented the seller in the deal.

May 21, 2025

Acquisitions Arizona Multifamily Western

PB Bell, PCCP Sell Zaterra Multifamily Property in Chandler, Arizona for $137.5M

by Amy Works May 20, 2025

CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

May 20, 2025

Acquisitions Arizona Multifamily Western

Providence Property Group Buys Tropicana Apartments in Tucson, Arizona for $1.7M

by Amy Works May 20, 2025

TUCSON, ARIZ. — Providence Property Group has purchased Tropicana Apartments, a multifamily complex in Tucson, from TropicanaApartments LLC for $1.7 million. Located at 3815-3816 E. 3rd St., the 8,650-square-foot asset offers 14 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

May 20, 2025

Arizona Loans Retail Western

Gantry Secures $9M Construction Loan for Retail Center in Avondale, Arizona

by Amy Works May 19, 2025

AVONDALE, ARIZ. — Gantry has secured a $9 million construction loan for the development of Phase IV of Park 10 at Avondale, a mixed-use development located in the West Valley Phoenix suburb of Avondale. Situated on 8 acres, Phase IV will include a build-to-suit restaurant for Cooper’s Hawk, as well as a second building that offers inline restaurant space for 85C Bakery and an unannounced third tenant. Adam Parker and Chad Metzger of Gantry’s Phoenix office represented the borrower, Parkland Development, in the transaction. A regional bank provided the three-year, interest-only loan. Owned and developed by Park Development, Park 10 at Avondale is a 43-acre master-planned project that will offer 424,000 square feet of entertainment, hotel, restaurant, retail and medical office space upon completion, according to AZ Big Media.

May 19, 2025

Acquisitions Arizona Industrial Western

Phelan Development Sells 141,117 SF Industrial Building in Mesa, Arizona

by Amy Works May 16, 2025

MESA, ARIZ. — Phelan Development has completed the sale of Phelan Pecos Center I—Building C, a 141,117-square-foot Class A industrial asset located at 8341 E. Pecos Road in Mesa. Emeryville, Calif.-based Libitzky Property Cos. acquired the asset for $29.4 million. Cyclic Materials is occupying the property on a brand new 10-year lease. Phil Handel, Will Strong, Foster Bundy, Molly Hunt and Katie Repine of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the transaction. Building C features a clear height of 32 feet, a heavy 6,000 amps of power, a private truck court with optimal loading capabilities, 28 dock doors, three grade doors, multiple access points, functional column spacing, full-building HVAC, LED lighting, ample parking and freeway and airport proximity.

May 16, 2025

Arizona Leasing Activity Restaurant Retail Western

Red Development, Globe Corp. Welcome Three New Retail Tenants to Goodyear Civic Square in Arizona

by Amy Works May 14, 2025

GOODYEAR, ARIZ. — A partnership between Red Development and Globe Corp. has signed three new retail tenants to Goodyear Civic Square (GSQ), its 150-acre mixed-use development located in the Phoenix suburb of Goodyear. Trader Joe’s will open a 13,500-square-foot store — the first in Goodyear — while Black Rock Coffee Bar will open a 1,460-square-foot drive-thru coffee shop. Additionally, Firebirds Wood Fired Grill will open a 5,658-square-foot standalone building that also houses a 700-square-foot outdoor patio. All new tenants are scheduled to open in 2026. The first phase of GSQ features a newly constructed city hall and library, 2-acre park, two parking garages, as well as office space. An outpatient medical building is currently under construction and a 132-room hotel is also planned for the development. Other tenants already open at the property include Bacchus Wine & Debauchery, BJ’s Restaurant & Brewhouse, Cheddar’s Scratch Kitchen, Copper & Sage, F45 Training, Harkins Theatres and Miyu Nails and Spa.

May 14, 2025

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

Tower Capital Arranges $79.5M Refinancing for Village at Bronco Trail Build-to-Rent Community in Phoenix

by Amy Works May 13, 2025

PHOENIX — Tower Capital has arranged $79.5 million to refinance an existing loan for the Village at Bronco Trail, a 354-unit build-to-rent (BTR) community in Phoenix. The sponsor, Scottsdale, Ariz.-based Empire Group, started construction on the project in 2023. Kyle McDonough, George Maravilla, David Stull and Noah Schott of Tower Capital originated the nonrecourse construction financing via a debt fund. Situated on 30 acres at 28th Avenue and Sonoran Desert Drive, Village of Bronco Trail will offer one-, two- and three-bedroom units with floor plans averaging 923 square feet. Each home will offer a private yard, kitchen with quartz countertops, stainless steel appliances and backsplashes, full-size washers/dryers and upgraded smart-home features and technology. Community amenities will include detached garages, a fitness center, car wash station, playground, dog park, grilling area, resort-style pool, clubhouse and common area open spaces.

May 13, 2025

Arizona Development Industrial Western

Brinkmann Constructors, Scannell Properties Complete 150,000 SF Manufacturing Facility in Mesa, Arizona

by Amy Works May 12, 2025

MESA, ARIZ. — Brinkmann Constructors, in partnership with Scannell Properties, has completed an industrial manufacturing build-to-suit facility in Mesa for Super Radiator Coils. The Minnesota-based company specializes in heat exchanger manufacturing and will use the facility to consolidate and expands its local operations. The 150,000-square-foot property features 45,000 square feet of Class A office space, 130,000 square feet of fully conditioned manufacturing floor space, 11 gantry crane systems, multiple gas process piping systems and a black ops assembly area with a cleanroom. Ware Malcomb served as architect for the project.

May 12, 2025

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

Crescent Communities Breaks Ground on 125-Unit Build-to-Rent Community in Metro Phoenix

by Amy Works May 9, 2025

AVONDALE, ARIZ. — Crescent Communities has broken ground on HARMON Ascend, a build-to-rent multifamily community in Avondale. Situated on West Indian School Road, HARMON Ascend will feature 125 three- and four-bedroom, two-story townhomes featuring individual two-car garages. The property is slated to welcome its first residents in spring 2026. HARMOND Ascend will offer charcoal grills, green spaces, lawn games and more to foster community engagement. The project team includes Heitman LLC as account manager, Atwell and Kimley-Horn as civil engineers, BSB Design as architects and Mosaic as general contractor.

May 9, 2025

Arizona Development Mixed-Use Multifamily Restaurant Retail Top Stories Western

Creation, Horizon Break Ground on $120M Mixed-Use Project Near Phoenix

by Channing Hamilton May 9, 2025

QUEEN CREEK, ARIZ. — Creation, in partnership with Horizon Real Estate Ltd., has broken ground on The Switchyard, a $120 million mixed-use project in Queen Creek, about 40 miles southeast of Phoenix. The 10-acre project will feature 54,000 square feet of restaurant, retail and office space, as well as a 215-unit apartment community. The development’s restaurant lineup will feature Postino, a restaurant and wine café; Snooze, an A.M. Eatery, a breakfast and brunch restaurant founded in Denver; and Shake Shack, a modern burger chain. Creation states that lease negotiations are currently underway for most of the remaining spaces. The Switchyard will open in phases, with the first phase slated to deliver in mid-2026. Dallas-based GFF Design is the project’s architect, and LGE Design Build will lead the construction. “The Switchyard represents Queen Creek’s first true walkable, mixed-use development, marking a milestone in the town’s continued growth and evolution,” remarked David Sellers, co-founder of Creation. “With construction now underway, we’re eager to see this place come to life, seamlessly blending retail, dining, office spaces, apartments and a vibrant outdoor environment.” As part of the groundbreaking event for The Switchyard, the development team donated $25,000 to Ryan House, a nonprofit organization that …

May 9, 2025

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