Arizona

PHOENIX — Related Group is developing Town Deer Valley, a 388-unit apartment community in Phoenix. The complex has been developed in five phases on a 20-acre site. A completion date has not been disclosed, but the project’s general contractor, locally based construction management firm GCON Inc., estimates that it is currently 80 percent complete with the overall development. Town Deer Valley will total 442,000 square feet across 19 buildings upon completion. Designed by Todd & Associates Architects, the property’s community amenities will include two pools with cabanas, a golf putting green, pet spa, children’s playground and a clubhouse with coworking space, a fitness center and an arts and crafts room.

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PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.

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MESA, ARIZ. — The Opus Group has begun leasing the multifamily component of Melody on Main in Mesa.  The mixed-use project includes 335 apartment units consisting of studios, one-, two- and three-bedroom apartments. Amenities include a resort-style pool, 24-hour fitness center, yoga studio, bocce ball court and a dog park and spa. Melody on Main also includes 20,000 square feet of retail space. Two of five buildings in the community are now open.  Melody on Main is scheduled to be fully complete in March 2024. Griffin Capital Co. was a co-developer on the project. MT Builders is the general contractor, and P.B. Bell is providing property management services.  Melody on Main is one of 12 communities that Griffin Capital Qualified Opportunity Zone Fund II is developing, which will comprise 4,096 units with an estimated total project cost of approximately $1.3 billion.

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Prime-Arizona

AVONDALE, ARIZ. — Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix.  The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of critical power upon completion. The speculative project will target occupancy by hyperscale service providers, large internet brands and global technology companies.  The data centers will span 260,400 square feet across three stories, and have access to a wholesale dark fiber connectivity network. Each building will include 12 data halls and 120,000 square feet of white space — which is the space where IT equipment is placed within a data center — alongside separate infrastructure galleries.  The campus will offer access to 100 percent renewable energy and a closed-loop cooling system, which is expected to save millions of gallons of water across the facilities. The first data center building is expected for completion in the third quarter of 2025. “Phoenix presents an incredible growth opportunity for Prime as a top-five, North American data center market with increasing demand from cloud and enterprise data center buyers,” says Chris Sumter, executive vice president of …

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PHOENIX — Gantry has secured a $5 million loan for the value-add acquisition of a 56,000-square-foot office property in Phoenix. The borrower is an experienced private real estate investor.  The two-story building offers 278 park spaces and is located at 2225 W. Peoria Ave. within the Black Canyon Commerce Park. Vacant space at the property is formatted for medical office, as well as general professional uses.  One of Gantry’s correspondent life company lenders provided the fixed-rate, short-term bridge loan.

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TUCSON, ARIZ. — Fortress Investment Group has sold the 575-room JW Marriott Tucson Starr Pass Resort & Spa in Tucson for $110 million.  The hotel is located at 3800 W. Starr Pass Blvd. The buyer was Southwest Value Partners.  The JW Marriott Tucson Starr Pass Resort & Spa features three nine-hole golf courses; outdoor multi-level pools with lazy river and waterslide; private cabanas; hot tub; spa; and fitness center. The property also has 83,732 square feet of meeting and event space, including outdoor space, to host up to 3,300 guests.  Christian Charre, Jennifer Bergamo, Paul Weimer and Jennifer Jin with CBRE Hotels represented the seller in the transaction.

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CASA GRANDE, ARIZ. — Arizona Land Consulting has purchased 320 acres in Casa Grande, a city between Phoenix and Tucson, for $12 million.  The land sits adjacent to the Casa Grande Municipal Airport. Casa Grande Martin Road and Scott Drive LLC were partners on the acquisition. The deal equates to approximately 86 cents per foot. The site has infrastructure in place, and Arizona Land Consulting is open to taking on investors to develop the land.

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PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix.  Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments.  Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.

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TOLLESON, ARIZ. — CorLiving has sold a 100,000-square-foot warehouse in Tolleson to a 1031 exchange buyer for $20 million. The community is located at 705 South 94th Ave., just west of Phoenix.  It is a state-of-the-art, single-tenant, front-loaded, mid-bay distribution warehouse with a secured truck court. Silver Rafter D5 LLC, a private investor from California, purchased the property with no financing contingencies. The transaction was a sale-leaseback with CorLiving, which has occupied the property for more than eight years.  Kidder Mathews’ Mike Ciosek and Eric Bell represented CorLiving, a home furnishing company, in the transaction.

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SURPRISE, ARIZ. — Rockefeller Group has purchased a 25-acre parcel in Surprise with plans to develop Surprise Pointe Commerce Center, a 415,000-square-foot speculative distribution center.  Located approximately 20 miles northwest of Phoenix, the project is designed to accommodate one to four tenants. Plans call for 36-foot clear height, 83 dock doors, a 185-foot truck yard, 103 truck trailer parking stalls, 466 auto parking stalls and custom-designed office space.  Cooper Fratt of CBRE and Kirk Kuller of Cushman & Wakefield represented Rockefeller Group and will handle the marketing and leasing of the project. Ware Malcomb will design the project and Layton Construction will be the general contractor.  Rockefeller Group’s civil engineer is Hunter Engineering.

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