Arizona

MEB, Raintree Investment Open Willow 38 Townhomes in Phoenix

by Amy Works September 5, 2023

PHOENIX — MEB Management Services, as property manager, and Raintree Investment Corp. have opened Willow 38, a gated townhome community located at 3842 E. Osborn Road in Phoenix’s Arcadia neighborhood. The community offers 38 floorpans, all above 2,000 square feet with three or four bedrooms and 2.5 baths. The energy-efficient residences feature smart home technology, including thermostats and stoves, Ring doorbell cameras, leak detection, touchless door locks and remote garage doors. Additionally, townhomes offer upgraded features such as pre-wiring personal garages for electric vehicle charging capabilities. Other townhome amenities include private, fenced backyards, 10-foot ceilings, gourmet kitchens, walk-in closets and private direct-access garages. Community amenities include a swimming pool with sun deck, hot tub, barbecue grills, a dog park and pickleball court.

September 5, 2023

Acquisitions Arizona Retail Western

Jewell Capital Sells SanTan Gateway North Shopping Center in Chandler, Arizona for $26.6M

by Amy Works September 1, 2023

CHANDLER, ARIZ. — Jewell Capital has completed the disposition of SanTan Gateway North, a multi-tenant retail center in Chandler. Coast Meridian Properties acquired the asset for $26.6 million, $215 per square foot. Situated on 17.1 acres at 1005-1205 S. Arizona Ave., SanTan Gateway North features 123,558 square feet of retail space. Current tenants include Walmart Supercenter, O’Reilly Auto Parts, Dollar Tree, Sky Zone and Shane Co. Additionally, Wendy’s, Del Taco and JPM Chase occupy the three outparcels. Darren Tappen, Nathan Thinnes and Peter Beauchamp of Kidder Mathews represented the seller in the transaction.

September 1, 2023

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $19.5M Sale of Via Alamos Apartments in Green Valley, Arizona

by Amy Works August 30, 2023

GREEN VALLEY, ARIZ. — ABI Multifamily has arranged the sale of Via Alamos Apartments, a 160-unit multifamily property located on West Via Alamos Drive in Green Valley. The property traded for $19.5 million, or $121,875 per unit. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group, in collaboration with Desiree Palmer, Ryan Kippes and Nathaniel McAdoo of ABI Multifamily’s Tucson Apartment Team, represented the buyer and seller in the transaction. The names of the parties were not disclosed. Built in 1984, Via Alamos Apartments features 88 one-bedroom/one-bath units, 56 two-bedroom/one-bath units and 16 two-bedroom/two-bathroom units with individual metered electricity and hot water heaters, air conditioning/heating, refrigerators, oven ranges, linen closets, high-speed internet access and cable access. Select units offer a balcony, dishwasher, garbage disposal and additional storage. Community amenities include a swimming pool, spa, fitness center, basketball court, dog park, children’s playground, leasing office, laundry room, additional storage and on-site covered and open parking.

August 30, 2023

Acquisitions Arizona Industrial Western

Western American Investments Acquires 10,963 SF Industrial Space in Tucson, Arizona

by Amy Works August 30, 2023

TUCSON, ARIZ. — Western American Investments has purchased an industrial space at 2425 W. Curtis Road in Tucson. Kassaboo LLC, Stefiboo LLC and Vegaboo LLC sold the asset for $2.2 million. The property features 10,963 square feet of industrial space. Paul Hooker of Cushman & Wakefield | PICOR represented the buyer in the deal.

August 30, 2023

Acquisitions Arizona Development Healthcare Industrial Mixed-Use Multifamily Office Restaurant Retail Western

Partnership Purchases 311-Acre Site for Mixed-Use Project in Gilbert, Arizona

by Amy Works August 29, 2023

GILBERT, ARIZ. — Indicap, Colmena Group and Langley Properties have completed the purchase of 311 acres of land at the northwest corner of Power and Warner roads in Gilbert. The property traded for $107.5 million in an all-cash transaction. The buyers plan to develop The Ranch, a billion-dollar mixed-use project on the site. With the land acquisition complete, the project will move to the site planning and design phase, with a groundbreaking slated for third-quarter 2024. The project will include: Jason Hyams of Insight Land and Investments represented the buyer. Danny Perkinson and Scott Perkinson of Perk Prop Real Estate represented the seller, The Dale C. Morrison Trust, in the deal.

August 29, 2023

Acquisitions Arizona Multifamily Western

Olympus Property Acquires 111-Unit Trailside Apartments in Flagstaff, Arizona

by Amy Works August 21, 2023

FLAGSTAFF, ARIZ. — Olympus Property has purchased Trailside Apartments, a multifamily community in Flagstaff. Terms of the transaction were not released. This acquisition expands Olympus’ presence in Flagstaff, where the company also owns Mountain Trail Apartments. Built in 2020, Trailside Apartments features 111 studio, one- and two-bedroom floor plans, ranging from 463 square feet to 951 square feet. Apartments offer nine-foot ceilings, hardwood floors, stainless steel appliances, private balconies and patios, in-unit washers/dryers and detached garages in select units. Community amenities include a clubhouse, business center, fitness center, steam room and outdoor fireplace.

August 21, 2023

Acquisitions Arizona Multifamily Western

Propeller Properties Buys Halmark Apartments in Tucson, Arizona for $2.3M

by Amy Works August 21, 2023

TUCSON, ARIZ. — Propeller Properties LLC has acquired Halmark Apartments, a multifamily property in Tucson. AZBAHAY LLC sold the asset for $2.3 million. Located at 3130 E. 4th St., the building features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

August 21, 2023

Arizona Development Retail Western

Sprouts Opens 50,000 SF Grocery Store at Vineyard Towne Center in Queen Creek, Arizona

by Amy Works August 21, 2023

QUEEN CREEK, ARIZ. — Sprouts Farmers Market has opened a 50,000-square-foot store at Vineyard Towne Center, a 23-acre retail development that Vestar is currently developing in the Phoenix suburb of Queen Creek. Sprouts is the anchor tenant of Phase I of the project. A 145,000-square-foot Target is scheduled to open in April 2025 and anchor the development’s Phase II. Other tenants at Phase I, which is currently 90 percent leased, include Chunk Cookies, Cinnaholic, Dentists of Queen Creek, European Wax Center, MOD Pizza, Mountain America Credit Union, Mr. Pickles, Nekter Juice Bar, Ono Hawaiin BBQ, Over Easy and Zara Nail Bar.

August 21, 2023

Acquisitions Arizona Office Western

LPC Desert West Divests of Gainey Center Office Building in Scottsdale, Arizona for $26.5M

by Amy Works August 18, 2023

SCOTTSDALE, ARIZ. — LPC Desert West, Lincoln Property Company’s Southwest division, has completed the disposition of Gainey Center, a Class A office property in Scottsdale. Presson Cos., headed by long-time Phoenix commercial real estate investor Daryl Burton, acquired the asset for $26.5 million. Situated on 4.7 acres at 8501 N. Scottsdale Road, Gainey Center features 143,653 square feet of office space. The building offers functional floor plates, private tenant balconies, on-site security, a covered parking garage and views of Camelback Mountain, the McDowell Mountains and Mummy Mountain. During its ownership, LPC renovated the property. Upgrades included an extensive renovation of the lobby, which features a 22-foot atrium, upgraded seating and contemporary artwork. Improvements were also made to the building corridors, restrooms, elevator banks and mechanical systems. Barry Gabel and Chris Marchildon of Newmark represented LPC in the transaction.

August 18, 2023

Acquisitions Arizona Net Lease Retail Western

Pinnacle Real Estate Arranges $5.8M Acquisition of Single-Tenant Retail Property in Gilbert, Arizona

by Amy Works August 18, 2023

GILBERT, ARIZ. — Pinnacle Real Estate Advisors has brokered the purchase of a retail property located at 777 W. Ray Road in Gilbert. Lanwin 120 Windsor LLC acquired the asset from an undisclosed seller for $5.8 million. A gas station occupies the 2,044-square-foot property on an absolute, triple-net, 20-year lease with zero landlord responsibilities and 3 percent annual rent increases. The asset was built in 2000 and remodeled in 2023. Barton Thompson of Pinnacle Real Estate Advisors represented the buyer in the deal.

August 18, 2023

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