Arizona

Marcus & Millichap Brokers $1.8M Sale of South Williams Apartment Building in Mesa, Arizona

by Jeff Shaw June 23, 2023

MESA, ARIZ. — A private investor has purchased the 12-unit South Williams apartment building in Mesa for $1.8 million. It is located at 335-359 South Williams, about two miles north of the US-60 freeway and less than a mile south of the Valley Metro Light Rail. New ownership will have the opportunity to renovate all unit interiors to capitalize on renovation premiums already proven in the submarket, notes Paul Bay of Marcus & Millichap’s Phoenix office, who secured the buyer. Bay, Adam Saylor and Darrell Moffitt arranged the transaction. The seller was also a private investor.

June 23, 2023

Acquisitions Arizona Retail Western

Whitestone Acquires Arcadia Towne Center in Phoenix for $25.3M

by Jeff Shaw June 20, 2023

PHOENIX — Whitestone REIT has acquired Arcadia Towne Center, a 70,000-square-foot retail center in Phoenix, for $25.3 million. A Safeway, not included in the sale, anchors the center. Tenants at the property include CVS/pharmacy, Tutor Time, Mathnasium, Over Easy, Sole Ports and Puff & Fluff Grooming. The seller was not disclosed.

June 20, 2023

Arizona Development Multifamily Student Housing Western

Joint Venture Acquires Development Site for 648-Bed Student Housing Community Near University of Arizona

by Jeff Shaw June 14, 2023

TUCSON, ARIZ. — A joint venture between Core Spaces, Up Campus Properties and Harrison Street has acquired a development site near the University of Arizona campus in Tucson. The site will be home to a 648-bed student housing community dubbed Hub Tucson V. TSB Capital Advisors acted as financial advisor to the joint venture in the acquisition. Set for delivery in fall 2025, the community will offer 161 units in a mix of studio, one-, two-, three-, four-, five- and six-bedroom configurations. Shared amenities will include a luxury rooftop deck with a swimming pool and grilling area; hot tub; fitness and business centers; exterior terraces; study rooms; and private parking.

June 14, 2023

Arizona Development Industrial Western

Silver Creek Starts Construction of Sossaman Business Campus Industrial Complex in Mesa, Arizona

by Jeff Shaw June 14, 2023

MESA, ARIZ. — Silver Creek Development has started construction on Sossaman Business Campus, an eight-building industrial complex in Mesa. The 330,000-square-foot asset will be built on a 26-acre site at the intersection of Sossaman and Elliot roads, across from Google’s $800 million data center campus. The development will include eight free-standing speculative industrial buildings ranging from 24,000 square feet to 60,000 square feet. They will feature 28-foot clear heights, ESFR sprinklers, 1600 to 2500 amps of power, and grade-level and dock-high loading doors for each building. A groundbreaking ceremony will take place June 20, with delivery scheduled for the first quarter of 2025. Arco Mountain West, the Arizona arm of Arco Construction Co., is serving as general contractor, while ADW Architects designed the project. Mark and Luke Krison of CBRE will handle the marketing and leasing efforts.

June 14, 2023

Acquisitions Arizona Multifamily Student Housing Western

University Partners Acquires 826-Bed Community Near Arizona State in Tempe

by Jeff Shaw June 13, 2023

TEMPE, ARIZ. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. A joint venture between Toll Brothers and Harrison Street sold the asset for an undisclosed price. Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and innovation lab. Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners. TSB Realty brokered the transaction. “Canvas marks our third acquisition in recent years in the Tempe market and is an excellent complement to our growing portfolio,” says Troy Manson, principal of University Partners.

June 13, 2023

Arizona Market Reports Retail Western Western Market Reports

Phoenix Retail Is Flying High

by Jeff Shaw June 13, 2023

Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …

June 13, 2023

Arizona Loans Retail Western

Gantry Arranges $53.4M Refinancing for The Village at Prasada Retail Center in Surprise, Arizona

by Jeff Shaw June 12, 2023

SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.

June 12, 2023

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

Empire Group Receives $120.5M in Financing for Two BTR Communities Near Phoenix

by Jeff Shaw June 9, 2023

PEORIA AND GLENDALE, ARIZ. — Empire Group has received $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals. Empire Group received $78.5 million in nonrecourse bridge financing for Village at Pioneer Park, a BTR community in the northwestern Phoenix suburb of Peoria. The bridge loan refinanced the project’s construction loan upon opening and allows Empire Group time to stabilize the asset prior to putting a permanent loan in place. Village at Pioneer Park was built in 2022 and offers 332 units averaging 921 square feet in size, as well as amenities including a clubhouse, pool, fitness center, pet wash station and dog park. Units come in one-, two- and three-bedroom floor plans, according to Apartments.com. The Scottsdale-based developer also received $42 million in nonrecourse construction financing for the Village at Skyline Ranch in Glendale. Located approximately 1.2 miles from Luke Air Force Base and related off-base housing, Village at Skyline Ranch is slated for delivery in 2024. The project will consist of 167 BTR units featuring one- and two-bedroom floor plans. Amenities will include walking paths, a dog park, clubhouse, fitness …

June 9, 2023

Arizona Industrial Leasing Activity Western

Axle on Demand Leases 126,075 SF Industrial Space at Echo Park 303 in Glendale, Arizona

by Jeff Shaw June 8, 2023

GLENDALE, ARIZ. — Axle on Demand has signed a 126,075-square-foot pre-lease at Echo Park 303, a 676,336-square-foot industrial development in Glendale. The renter is the property’s first tenant. The transaction represents Axle on Demand’s sixth metro Phoenix location. It will fill more than half of Echo Park 303’s Building A almost four months before the Class A industrial project is scheduled for completion. Axle on Demand will use the space for third-party logistics services spanning warehousing, fulfilment and IT operations. Echo Real Estate Capital is developing the project. Anthony Lydon, John Lydon and Kelly Royle of JLL represented Echo Real Estate Capital in the pre-lease transaction. John Grady with CBRE represented Axle on Demand.

June 8, 2023

Arizona Industrial Leasing Activity Western

Tempur-Pedic Preleases Space at Buckeye85 Industrial Development in Tolleson, Arizona

by Jeff Shaw June 5, 2023

TOLLESON, ARIZ. — Tempur-Pedic has signed a full building prelease at Buckeye85 near Phoenix’s I-10 Corridor. It is located at 10333 W. Buckeye Road in Tolleson. The lease brings the $60 million warehouse and distribution project to full occupancy prior to construction completion. The 321,892-square-foot space will become home to a new Tempur-Pedic distribution center, allowing to the company to continue expanding its long-standing, multi-building metro Phoenix logistics presence. JLL’s Riley Gilbert represented Tempur-Pedic in the lease agreement. Lincoln Property Co. owns Buckeye85.

June 5, 2023

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