Arizona

NAI Horizon Brokers $10.6M Sale of Office Building in Gilbert, Arizona

by Amy Works September 15, 2023

GILBERT, ARIZ. — NAI Horizon has arranged the sale of an office building located at 1555 N. Fiesta Blvd. in Gilbert. The Commerce Insurance Co. sold the property to Graduation Solutions for $10.6 million. The buyer will relocate its business to the 29,000-square-foot second floor of the Fiesta Boulevard office building. Woodside Homes occupies the first floor of the property. Don Morrow and Dylan Whitwer of NAI Horizon represented the seller, while Julie Hance of Rick Brandt Real Estate represented the buyer in the transaction.

September 15, 2023

Arizona Development Healthcare Western

Willmeng Breaks Ground on 34,000 SF Clarence Wesley Health Center in Bylas, Arizona

by Amy Works September 15, 2023

BYLAS, ARIZ. — Willmeng Construction has broken ground on Clarence Wesley Health Center, which will serve the San Carlos Apache Tribe’s community in Bylas. Designed by Cuningham Architects, the 34,000-square-foot health center will provide the community with a modern medical facility, offering dental, pharmacy, optometry and imaging services. Clarence Wesley Health Center will replace the existing facility. Completion is slated for first-quarter 2025. The namesake of the new facility, Clarence Wesley, was dubbed “A Champion of Indian Rights.” Wesley served as chairman of the San Carlos Apache Tribe, president of the Inter-Tribe Council of Arizona and president of the National Congress of American Indians.

September 15, 2023

Acquisitions Arizona Healthcare Office Western

CBRE Negotiates $4.6M Sale of Medical Office Complex in Sun City West, Arizona

by Amy Works September 15, 2023

SUN CITY WEST, ARIZ. — CBRE has arranged the sale of Sun West Medical Complex, a medical office property located at 13920 W. Camino Del Sol in Sun City West. Miami-based Creative Realty Group sold the property to a private buyer for $4.6 million. Built in 2001, the 17,484-square-foot complex was 92 percent occupied at the time of sale. Situated on 1.7 acres, the asset features 60 parking spaces and 16 covered spaces. Geoffrey Turbow, Gary Cornish and Nick Williams of CBRE’s Investment Properties represented the seller in the deal.

September 15, 2023

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Sale of 4,425 SF Net-Leased Retail Property in Bullhead City, Arizona

by Amy Works September 12, 2023

BULLHEAD CITY, ARIZ. — Marcus & Millichap has arranged the sale of net-leased retail property, located at 1885 AZ-95 in Bullhead City, near the state borders of both Nevada and California. Maverik occupies the 4,425-square-foot building, which was completed this year. A limited liability company sold the property to an undisclosed buyer for $2.7 million. The sale included a new, 20-year, absolute triple-net corporate ground lease with an eight percent rental increase every five years. Mark Ruble and Chris Lund of Marcus & Millichap’s Phoenix office represented the seller in the transaction.

September 12, 2023

Acquisitions Arizona Multifamily Western

IPA Brokers Sale of 140-Unit Juniper Canyon Multifamily Property in Tucson, Arizona

by Amy Works September 11, 2023

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Juniper Canyon, an apartment community in Tucson. Terms of the transaction were not released. Clint Wadlund, Hamid Panahi, Art Wadlund, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Situated near Interstate 10 and Oracle Road/State Route 77, Juniper Canyon features 140 apartments.

September 11, 2023

Arizona Development Industrial Western

Echo Real Estate Capital Buys Land for 182,610 SF Industrial Development in Surprise, Arizona

by Amy Works September 8, 2023

SURPRISE, ARIZ. — Echo Real Estate Capital has acquired an 11.6-acre land parcel at the northwest corner of Peoria and 132nd avenues in Surprise. The site is zoned and approved for four small-bay industrial buildings totaling 182,610 square feet. Slated for completion by the fourth quarter of 2024, Echo Park @ P132 will include four fully air conditioned buildings with 2,500 square feet of speculative office suites and secured concrete truck courts. Echo has partnered with Chicago-based Premier Design + Build to construct the project. This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.

September 8, 2023

Arizona Loans Multifamily Western

Gantry Arranges $16.5M Refinancing for Lakeview at the Bay Apartments in Tempe, Arizona

by Amy Works September 8, 2023

TEMPE, ARIZ. — Gantry has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay, an apartment complex in Tempe. Located at 995 E. Baseline Road, the 34-building community offers 370 apartments. The property was built in 1985. George Mitsanas, Tim Storey and Keegan Bridges of Gantry secured the low-leverage, 10-year, fixed-rate loan on behalf of the undisclosed borrower. Gantry will service the loan, which features interest-only terms for the life of the financing.

September 8, 2023

Arizona Development Loans Multifamily Western

IDM Cos. Receives $62.6M Construction Financing for Meritum Sonoran Desert Multifamily Project in Phoenix

by Amy Works September 6, 2023

PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.

September 6, 2023

Milhaus-Banyan-Residential-Phase-One-Phoenix-AZ

Arizona Development Multifamily Western

Milhaus, Banyan Residential Break Ground on $117M Multifamily Project in Phoenix

by Amy Works September 5, 2023

PHOENIX — Developer Milhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025. Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.

September 5, 2023

Acquisitions Arizona Multifamily Western

Orion Investment Real Estate Negotiates $87.8M Sale of Aerie Happy Valley Apartments in Phoenix

by Amy Works September 5, 2023

PHOENIX — Orion Investment Real Estate has brokered the sale of Aerie Happy Valley, an apartment community located at 1717 W. Happy Valley Road in Phoenix. The asset, formerly known as FirstStreet Happy Valley, sold for $87.8 million, or $439.25 per square foot. The names of seller and buyer were not released. Aerie Happy Valley features 214 apartments in a mix of 55 one-bedroom/one-bath, 101 two-bedroom/two-bath and 58 three-bedroom/two-bath units. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate handled the transactions.

September 5, 2023

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