Arizona

Continental Realty Buys 203,525 SF Sundance Towne Center Near Phoenix for $54.3M

by Amy Works June 18, 2025

BUCKEYE, ARIZ. — Continental Realty Corp. has expanded into the Phoenix market with the acquisition of Sundance Towne Center, a regional power center in Buckeye. Shin Yen Management sold the asset for $54.3 million. Located at 466 S. Watson Road, Sundance Towne Center features 203,525 square feet of retail space occupied by nearly 50 retailers and restaurants, including PetSmart, Boot Barn, Bealls Outlet, AutoZone, BMO Bank, Cracker Barrel, Dollar Tree, Dunn-Edwards Paints, Mattress Firm and Peter Piper Pizza. At the time of sale, the property was 94 percent leased. Michael Hackett, Jimmy Slusher, Ryan Schubert and Zach Aulick of CBRE represented the seller in the transaction.

June 18, 2025

Acquisitions Arizona Healthcare Office Western

MIG Real Estate Sells 163,311 SF Scottsdale Centre Medical Outpatient Building in Arizona

by Amy Works June 18, 2025

SCOTTSDALE, ARIZ. — MIG Real Estate has sold Scottsdale Centre, a medical outpatient building in Scottsdale, to an Arizona-based commercial real estate investment company for $44.6 million. Located at 7373 N. Scottsdale Blvd., the 163,311-square-foot Scottsdale Centre is 78 percent leased, of which 66 percent was medical and 34 percent was office tenancy. Current tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers. Originally constructed in 1984 and upgraded and converted from office to primary medical space post-pandemic, Scottsdale Centre is a two-story building situated on 8.7 acres. The property features 254 surface parking spaces and 466 subterranean parking spaces. Travis Ives, Gino Lollio and Tyler Moses of Cushman & Wakefield’s U.S. Healthcare Capital Markets represented the Newport Beach, Calif.-based seller in the deal. Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore and Patrick Schrimsher of Cushman & Wakefield provided local market leasing advisory on the sale and have been retained by the buyer to continue handling leasing for the property.

June 18, 2025

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Purchases 4.4-Acre Storage Site in Phoenix

by Amy Works June 17, 2025

PHOENIX — Industrial Outdoor Ventures (IOV) has completed its seventh acquisition in Phoenix with the purchase of 2115 S. 16th St., a 4.4-acre site in Phoenix. Situated one mile from Sky Harbor International Airport, the site features six maintenance and office buildings totaling 33,266 square feet. The six structures offer high-clearance maintenance bays, lower clearance shop space, will-call areas and several dedicated offices. Currently the property is leased to Action Scaffolding, a regional construction support firm utilizing the site for equipment storage, scaffold fabrication and its headquarters, and Johnson Controls, a global building systems and HVAC company. Terms of the acquisition were not disclosed.

June 17, 2025

Acquisitions Arizona Healthcare Office Western

Cushman & Wakefield | PICOR Brokers $3.1M Sale of Medical Office Building in Tucson, Arizona

by Amy Works June 17, 2025

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 10,405-square-foot medical office building located at 2155 W. Orange Grove Road in Tucson. OGFP Building LLC sold the asset to The Kenneth M. Phrang & Cynthia L. Phrang Trust for $3.1 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Ryan Gonzales of Marcus & Millichap represented the buyer in the deal.

June 17, 2025

Arizona Loans Multifamily Western

Northmarq Secures $68M Refinancing for Multifamily Community in Phoenix

by Amy Works June 16, 2025

PHOENIX — Northmarq has arranged a $68 million refinance of IMT Desert Ridge, an apartment property at 21155 N. 56th St. in Phoenix. Scott Botsford, Joe Giordani and Brendan Golding of Northmarq secured the permanent floating-rate financing for IMT Capital LLC through a correspondent life company relationship. Built in 2014, IMT Desert Ridge offers 370 one- and two-bedroom apartments with in-home washers/dryers, fully equipped kitchens, kitchen islands or breakfast bars, quartz countertops with tile backsplashes, walk-in closets, wood-style flooring, high ceilings, private patios or balconies and detached garages.

June 16, 2025

Acquisitions Arizona Loans Multifamily Western

IPA Negotiates $37.5M Sale of Apartment Property in Tucson, Arizona

by Amy Works June 16, 2025

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of The Place at Arroyo Verde, a multifamily property in Tucson’s Casas Adobes neighborhood. MC Cos. sold the asset to Olympus Property for $37.5 million, or $240,385 per unit. Completed in 2024, The Place at Arroyo Verde features 156 apartments in a combination of one-story casitas and two-story, walk-up floor plans. The open-concept apartment interiors offer stainless steel appliance packages, sizable interior storage space, single French doors and walk-in showers with custom tile surrounds. Community amenities include a leasing office, clubhouse, swimming pool, an oversized sundeck, a fitness center, grilling stations and covered parking. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.

June 16, 2025

Acquisitions Arizona Industrial Western

EQT Real Estate Buys 1.2 MSF Sarival Logistics Center in Litchfield, Arizona for $128.2M

by Amy Works June 13, 2025

LITCHFIELD, ARIZ. — EQT Real Estate has purchased Sarival Logistics Center, an industrial development in Litchfield, from an undisclosed real estate investment management firm for $128.2 million. Located at 6390 N. Sarvial Ave., the single-tenant building features 1.2 million square feet of industrial space. Logistics Plus, a worldwide provider of transportation, logistics and supply chain solutions, fully occupies the asset. Situated 25 miles west of Phoenix, Sarival Logistics Center is positioned at Loop 303 and West Bethany Home Road and offers access to I-10. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group — Mountain West represented the seller in the sale. Mike Haenel, Andy Markham and Justin Smith of Cushman & Wakefield provided market leasing advisory in the sale.

June 13, 2025

Arizona Development Industrial Office Western

Brinkmann Constructors Completes 150,000 SF Office, Manufacturing Facility for Super Radiator Coils in Mesa, Arizona

by Amy Works June 12, 2025

MESA, ARIZ. — Brinkmann Constructors has completed a build-to-suit office and manufacturing facility in Mesa for Super Radiator Coils. Founded in 1928, the family-owned engineering and manufacturing company specializes in industrial heat exchangers and ancillary products used in a variety of applications, including power generation, gas compression, HVAC, industrial refrigeration, data center and electronics cooling, wind tunnels and semiconductor manufacturing. Designed by Ware Malcomb, the 150,000-square-foot property includes 18,000 square feet of Class A office uses, an engineered clean room area and the capacity to expand by another 50,000 square feet. The facility’s fully air conditioned manufacturing area is equipped with extra-thick cement flooring to accommodate an array of specialized machinery, overhead cranes and above-ground testing tanks. The facility features individual employees lockers, a large break room on the main floor and a coffee bar/quick mart. Additionally, the 11-acre site is equipped with EV charging stations and the structure design incorporates the correct roof loading and electrical infrastructure to accommodate future solar panel installation.

June 12, 2025

Arizona Development Multifamily Western

Habitat Metro Delivers 70-Unit Apartment Project in Downtown Phoenix

by Amy Works June 11, 2025

PHOENIX — Habitat Metro, as owner/developer, has completed ECO Phoenix, a multifamily property located at 301 E. Roosevelt in downtown Phoenix. CCBG Architects designed the 125,000-square-foot five-story property that offers 70 apartments and 3,300 square feet of retail space. Units feature quartz countertops, wood-style flooring, stainless steel appliances and efficient lighting. The $20 million project features solar energy utilization, a car-share program, greywater recycling and other urban sustainability amenities. Proof Bread occupies 600 square feet of the retail space. The bakery and café offers baked goods, beverages, indoor seating and a kids’ play area. Sletten Cos. served as general contractor. PK Associates, WERK Studio, Hartford Engineering and Ritcoh/Powell Associates served as subcontractors for the project.

June 11, 2025

Acquisitions Arizona Office Western

Avnet Purchases 150,000 SF Office Building in Tempe, Arizona as New Corporate Headquarters

by Amy Works June 9, 2025

TEMPE, ARIZ. — Avnet, a global technology distributor and solutions provider, has acquired 2155 East GoDaddy Way in Tempe from ElmTree Funds LLC for an undisclosed price. Avnet will use the 150,000-square-foot Class A office building as its new global headquarters. Currently headquartered at 2211 S. 47th Street in Phoenix, Avnet plans to move into the building in mid-2026. Built in 2014, 2155 S. Science Drive recently served as GoDaddy’s corporate headquarters and its address was changed to 2155 E. GoDaddy Way. The building features a variety of onsite and nearby amenities, including pickleball courts, a skate park, basketball and volleyball courts, soccer field, full-service kitchen, conference and training rooms, huddle rooms, fitness center, locker rooms and shower facilities, yoga room and a game center. Jim Fijan, Jack Fijan and Scott Baumgarten of Transwestern Real Estate Services represented ElmTree Funds in the deal.

June 9, 2025

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