PHOENIX — Regent Properties has completed the sale of a two-building flex industrial and office portfolio in Phoenix’s Deer Valley submarket to a private investor for $22.5 million. Geoffrey Turbow, Anthony DeLorenzo and Ashley Brooks of CBRE represented the seller in the transaction. Located within the North Loop 101 Business Center, the single-story buildings were constructed in 2001. The portfolio includes:
PHOENIX — Vestar has received approval from the Village Planning Committee to develop Laveen Towne Center, an open-air shopping center in Phoenix’s southwest submarket of Laveen. Set to break ground in summer 2026 with grand opening targeted for winter 2027, Laveen Towne Center will feature 500,000 square feet of retail, dining and entertainment space on 90 acres. Vestar plans to preserve the character and charm of the area through the project’s design and programming. The development will reuse existing materials and features found onsite, including from Hudson Farmhouse and informational plaques will inform visitors about the site and Laveen’s agrarian heritage. Additionally, the project will include a landscaped community space named Laveen Village Green that will host seasonal events, outdoor entertainment and public gatherings throughout the year. Laveen Towne Center is one of five ground-up projects that Vestar has brought to the Phoenix metro area since 2020, with an additional 1.5 million square feet of new projects in pre-development, set to be completed by 2031.
LAKE SAMMAMISH, WASH., AND CHANDLER, ARIZ. — TruAmerica Multifamily has acquired two apartment properties in Lake Sammamish and Chandler, adding 423 units to its Pacific Northwest and Southwest portfolios. Located in Lake Sammamish, Archstone Redmond Lakeview offers 166 garden-style apartments and 45 income-generating boat slips. TruAmerica plans to rebrand and renovate the community, which was built in 1987, as The Docks at Redmond Lakeview. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE facilitated the transaction. Situated in Chandler, Park Tower Apartments & Townhomes features 180 garden-style apartments built in 1986 and 77 condominium-quality townhomes built in 2017. TruAmerica will combine the two properties and rebrand the community as Parkland Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark, along with Dan Cheyne of Berkadia, arranged the off-market transaction. Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark facilitated financing for the deal.
PITTSBURGH AND LAKEWOOD, COLO. — The PNC Financial Services Group Inc. (NYSE: PNC) has entered into a definitive agreement to acquire Lakewood-based FirstBank Holding Co., including its banking subsidiary FirstBank, in a deal valued at $4.1 billion. Founded in 1963, FirstBank Holding has $26.8 billion in assets under management as of June 30 and provides commercial and retail banking services across Colorado and Arizona. The bank operates 95 FirstBank retail bank branches. PNC plans to retain all of FirstBank’s retail branches, as well as the onsite banking team members. The bank branches will be rebranded as PNC Bank branches following the closing of the merger, after which FirstBank will be fully merged into PNC Bank NA. “For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees,” says Kevin Classen, CEO of FirstBank. “In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.” Upon completion of the merger, Classen …
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Casa Estrella del Norte, an apartment community in Tucson. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer. Terms of the deal were not released. Built in 1959 on 7.4 acres, Casa Estrella del Norte features 196 studio and one-bedroom apartments spread across eight residential buildings and a standalone clubhouse.
PHOENIX — Sword Industrial Partners has purchased Mountain Vista Commerce Center, a three-building industrial complex in Phoenix’s Southwest Valley. Sword Industrial Partners was formed by MAG Capital Partners and Scott Word to pursue multi-tenant infill industrial properties in the Western United States. Located at 14647 S. 50th St., the 135,000-square-foot Mountain Vista Commerce Center features 18-foot clear heights, 33 grade-level roll-up doors and flexible floor plates of varying bay depths. At the time of sale, the warehouse asset was fully leased to tenants in engineering, real estate and light manufacturing. Eric Wichterman, Chris Toci, Mike Coover, Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Jack Stamets and Madeline Warren of Cushman & Wakefield represented the seller, a Dallas-based private fund. Terms of the transaction were not released.
PEORIA, GILBERT AND MARICOPA, ARIZ. — CBRE has secured $116 million in pre-stabilized bridge financing for a three-property multifamily portfolio in the greater Phoenix market. Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Shaun Moothart of CBRE secured an initial two-year, floating-rate term featuring full-term interest-only payments with three extension options on behalf of the owner. The lender was MF1 Capital. The portfolio includes the 112-unit Bella Olivia in Peoria, the 120-unit Woodcrest at Power Ranch in Gilbert and the 209-unit Honeycutt Run in Maricopa. The properties were each built in 2025 and are all currently leased. Each community features a resort-style pool, clubhouse, fitness center and attached one- and two-car garages.
PHOENIX, CHANDLER, TEMPE AND SCOTTSDALE, ARIZ. — City Office REIT has completed the disposition of six office buildings totaling 1.2 million square feet in the Phoenix area to Southwest Value Partners for $266 million. Ben Geelan, Will Mast and Charlie von Arenstschildt of JLL Capital Markets represented the seller. Sher Hafeez, Michael Leggett, Dan Freeze and Josh Lieberman of JLL provided advisory services. The portfolio includes:– Block 23, a 307,000-square-foot property at 101 E. Washington St. in downtown Phoenix;– 5090 N. 40th Street, a 173,000-square-foot asset at 5090 N. 40th St. in Phoenix’s Camelback corridor;– SanTan, a 267,000-square-foot asset in Chandler;– Papago Tech, a 163,000-square-foot property at 1600-1700 N. Desert Drive in Tempe;– The Quad, a 163,000-square-foot building at 6200-6390 E. Thomas Road in Scottsdale;– Camelback Square, a 174,000-square-foot building at 6991 E. Camelback Road in Scottsdale.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of CIRC Tucson, an apartment property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Terms of the transaction were not disclosed. Built in 1986 on 17 acres, CIRC Tucson offers 368 apartments, two swimming pools, a fitness center, package lockers and electric vehicle charging stations.
PHOENIX — Voit Real Estate Services has arranged the purchase of 4645 E. Cotton Center Boulevard, a multi-tenant office property in Phoenix. PRH XXXXV LLC, a private investor, acquired the asset for $10 million, or $86 per square foot, from an undisclosed seller. Situated within Cotton Corporate Center, the 116,858-square-foot property underwent $9.4 million in renovations and capital improvements over the past decade. Mike Bench of Voit represented the buyer, while Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.
