Arizona

Arizona State University, Catellus Start Construction of 275,000 SF Retail Portion of Novus Innovation Corridor in Tempe, Arizona

by Amy Works August 14, 2023

TEMPE, ARIZ. — Arizona State University (ASU) and Catellus Development Corp. have started construction of Novus Place, the 275,000-square-foot retail and entertainment portion of Novus Innovation Corridor, a 4.5 million-square-foot mixed-use development in Tempe. Located adjacent to ASU’s Tempe campus, the multi-phase project is being developed through a public-private partnership between the university and development firm. Vestar will manage the retail portion of the development. Fox Restaurant Concepts (FRC) recently signed a lease to bring three food-and-beverage concepts — Flower Child, Blanco Taco Cocina + Cantina and North Italia — to the development, with the openings scheduled for next year. Additionally, Blue Sushi Sake Grill and Eureka! have signed leases for 6,021 and 4,290 square feet, respectively. Over Easy and Nautical Bowls also plan to open restaurants at the property, leasing 3,154 and 1,211 square feet, respectively, and tea concept The Alley will occupy 1,738 square feet.

August 14, 2023

Acquisitions Arizona Hospitality Western

RADCO Cos. Buys 143-Room Aloft Phoenix-Airport Hotel

by Amy Works August 10, 2023

PHOENIX — Atlanta-based RADCO Cos. has purchased Aloft Phoenix-Airport, a six-story hotel located at 4450 E. Washington St. in Phoenix. Terms of the transaction were not released. RADCO plans to renovate the 143-room hotel, which is located across the street from the airport Sky train station and the light rail station that provides immediate access to downtown Phoenix and Tempe. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the undisclosed seller in the deal.

August 10, 2023

Acquisitions Arizona Industrial Western

Westcore Buys Hatcher Industrial Park in Glendale, Arizona for $92.7M

by Amy Works August 9, 2023

GLENDALE, ARIZ. — Westcore has completed a $92.7 million acquisition of the 906,125-square-foot Hatcher Industrial Park from Ryan Cos. US. Westcore partnered with Ryan one year ago for the development of the property, and this transaction marks the completion of the project and sale. Located in Glendale, the two-building industrial campus includes a 519,167-square-foot facility at 15101 W. Hatcher Road and a 386,958-square-foot asset at 15151 W. Hatcher Road. The warehouses feature 40-foot clear heights, ESFR sprinklers, eight grade-level doors, 167 dock-high doors and ample parking, including electric vehicle parking. Westcore is building out speculative office suites, equipping the buildings with full HVAC, LED warehouse lighting and dock packages with 40,000-pound-capacity levelers. Ryan Cos. served as the developer and builder for Hatcher Industrial Park and Ryan A+E Inc. served as architect. Tony Lydon, Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL assisted with the transaction and are managing the leasing efforts for the property.

August 9, 2023

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 9,363 SF Retail Space in Tucson

by Amy Works August 8, 2023

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 9,363-square-foot retail space located at 1028, 1034, 1040, 1046 E. Broadway Blvd. and 18, 70 and 110 S. Fremont Ave. in Tucson. Wildcat Smoke Shop Inc. acquired the property from Belmont Brothers LLC for $1.2 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the seller, while Mark Hays of Tierra Antigua Realty represented the buyer in the deal.

August 8, 2023

Acquisitions Arizona Multifamily Western

IPA Brokers $28M Sale of Country Gables Apartments in Glendale, Arizona

by Amy Works August 7, 2023

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Country Gables, a multifamily property in Glendale. Western Wealth Capital sold the asset to Dalan Management for $28 million, or $201,439 per unit. Completed in 1984, Country Gables features 139 one- and two-bedroom/two-bath apartments with walk-in closets, stackable or full-size washer/dryers, private patios or balconies with designated storage space and vaulted ceilings in second-story units. Community amenities include a swimming pool, laundry facility, covered parking and controlled access gated entry. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets’ team arranged acquisition financing on behalf of the buyer. The direct lender was not disclosed.

August 7, 2023

Acquisitions Arizona Hospitality Western

MCR Acquires Holiday Inn Express, Hampton Inn Hotels in Metro Phoenix

by Amy Works August 7, 2023

SCOTTSDALE, ARIZ., AND PHOENIX — MCR has purchased two hotels in the greater Phoenix area: Holiday Inn Express & Suites Scottsdale – Old Town and Hampton Inn by Hilton Phoenix-Biltmore. With this acquisition, MCR now owns nine hotels in Arizona. Located at 3131 N. Scottsdale Road in Scottsdale, Holiday Inn Express & Suites features 169 suites and is 1.5 miles from Fashion Square Mall. Hampton Inn Phoenix-Biltmore, located 2310 E. Highland Ave. in Phoenix, features 121 rooms. Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller, MIG Real Estate, in the transaction. The sales price was not disclosed.

August 7, 2023

Acquisitions Arizona Multifamily Western

Greenlight Communities Sells Cabana Encanto Apartments Near Phoenix for $61M

by Amy Works August 4, 2023

GOODYEAR, ARIZ. — Greenlight Communities has completed the disposition of Cabana Encanto, an attainable housing property located within the Palm Valley master-planned community in Goodyear. A partnership between Sunrise Multifamily and Ascent Equity Group acquired the asset for $61 million, or $213,287 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Situated on 8.8 acres, Cabana Encanto features 286 apartments with 9-foot ceilings, 8-foot keyless entry doors and front porches or patios. Community amenities include controlled access, a leasing office, clubhouse with social space, coworking booths with soundproof panels, a swimming pool, grilling stations, a multipurpose event lawn and Zen gardens.

August 4, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

CBRE Facilitates $27.2M Sale of Build-to-Rent Residential Community in Phoenix

by Amy Works August 4, 2023

PHOENIX — CBRE has arranged the sale of Proximity Baseline, a build-to-rent residential property located at 1700 E. Baseline Road in Phoenix. Avenue North sold the asset to CVG Properties for $27.2 million. The buyer plans to rename the asset The Linq @ South Mountain. The Linq @ South Mountain features 80 detached and duplex single-family residences in one-, two- or three-bedroom floor plans. The units offer 10- to 14-foot ceilings, stainless steel appliances, vinyl flooring and smart home technology. Additionally, each unit has a private backyard with a patio. Griffen Tymins, Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen of CBRE represented the seller in the off-market deal.

August 4, 2023

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Brokers $31.3M Sale of Plaza 32 Retail Center in Phoenix

by Amy Works August 1, 2023

PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.

August 1, 2023

Acquisitions Arizona Industrial Western

Westcore Sells 37,587 SF Industrial Building in Tolleson, Arizona for $8.3M

by Amy Works August 1, 2023

TOLLESON, ARIZ. — Westcore has completed the disposition of an industrial property located at 8590 W. Jefferson St. in Tolleson, approximately 10 miles west of Phoenix. Texas-based Stonelake Capital Partners acquired the asset for $8.3 million. Situated on 4.4 acres, the building features 37,587 square feet of industrial space. At the time of sale, the property was fully leased to a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping distributer. Phil Haenel, Foster Bundy and Will Strong of Cushman & Wakefield represented the seller in the deal. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.

August 1, 2023

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