MARANA, ARIZ. — Ascent Companies and Vanderbuild have received $44.9 million in construction financing for Amavida, a 200-unit apartment community in Marana. The community will be situated northwest of Tucson. The developers are planning to break ground on Amavida in the next few weeks. It will include a clubhouse, fitness center, pool, entertainment lawns, barbecues and dog parks. Amavida will also feature a 3.5-acre private park, an amenity not offered by any other multifamily property in the Tucson area. Brandon Harrington and Tyler Woodard of Northmarq’s debt and equity team secured the financing.
PHOENIX — Stevens-Leinweber Construction has completed a 160,000-square-foot custom build-out at Phoenix Logistics Center (PLC) Two in Phoenix. The new space is designed to meet the manufacturing and distribution needs of new tenant Georgia-Pacific LLC and its HP PageWide T1190 Press, the world’s largest high-volume digital pre-print solution for corrugated packing. Built originally on a speculative basis, PLC Two offers 40-foot clear height, 70-foot speed bays, a 190-foot truck court, 160 dock-high doors and six grade-level doors. It is leased to Georgia-Pacific and Owens Corning, which occupies the building’s remaining space.
PEORIA, ARIZ. — Colliers has brokered the $14.8 million sale of Crossroads Plaza, a 112,838-square-foot shopping center located in the Phoenix suburb of Peoria. The property was 91 percent leased at the time of sale to tenants including Harbor Freight, Dollar Tree, Goodwill, LA Crab Shack, Ta’ Carbon Mexican Grill, Odyssey Martial Arts and Iced Out Ice Cream Parlor. Mindy Korth, John Jackson, Caitlin Zirpolo and El Warner of Colliers represented the seller, a California-based firm. Maha Odeh Arnold of Regal Properties represented the buyer, a California-based private investor.
PHOENIX — Five new tenants are joining Christown Spectrum, a retail center in Phoenix. Naughty Tacos has opened a 1,540-square-foot restaurant at the property. KTK Chiropractic will lease 3,337 square feet at the center beginning this summer. Burlington is scheduled to open a location at the property in 2024. Hobby Lobby and Five Below will also open next year, occupying 60,000 and 10,000 square feet, respectively.
CHANDLER, ARIZ. — ViaWest Group and its institutional joint venture partners have sold Chandler Crossroads I & II, a Class A industrial project totaling 216,322 square feet in Chandler. Developed in 2016 and 2022, respectively, the Southeast Valley portfolio consists of two buildings located at 2800 and 2900 S. Gilbert Road. The project was 78 percent leased at the time of escrow, but was fully leased to seven tenants by the time the deal closed. An undisclosed investor acquired the asset for $40.1 million. Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt and Callahan Conway of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented ViaWest in the deal.
PEORIA, ARIZ. — Montecito Medical Real Estate has acquired Banner Health Center Peoria, a fully leased, 68,000-square-foot medical building in Peoria, for $29 million. The three-story medical office building features a multi-specialty ambulatory surgery center with three operating rooms, advanced imaging, and primary and specialty care. It is leased on a single-tenant basis to Banner Health. The center is a key outpatient location for Banner Health, serving its patients in the northwest Phoenix metro area. It is less than two miles from the 410-bed Banner Boswell Medical Center. JLL represented the seller, Banner Health, in this transaction. The JLL Healthcare Capital Markets Advisory team consisted of Mindy Berman, Matt Dicesare and John Chun, along with Phoenix market leader Pat Williams.
PHOENIX — CapRock Partners has purchased a 130,800-square-foot, Class A industrial building in Phoenix for an undisclosed sum. The industrial warehouse facility is located at 5810 W. Buckeye Road in the Loop 202 corridor in the southwest portion of the city. The space is pre-leased to Metrie, North America’s largest manufacturer and supplier of solid wood and composite moulding. Construction on the new industrial building was completed in the first quarter of this year, with Metrie set to take occupancy in the second quarter. Don and Payson MacWilliam of Colliers International is assisting CapRock Partners with the marketing of 5810 W. Buckeye Road. Mark Seale of Avison Young represented Metrie Inc.
PEORIA, ARIZ. — Gantry has arranged $12.9 million of permanent financing for the acquisition of a newly constructed, 157,000-square-foot warehouse facility in the Phoenix suburb of Peoria. The space is fully leased to a single credit tenant. The modern facility is the first building completed within Peoria Logistics Park, a 150-acre, master-planned industrial development two miles east of Loop 101. The acquired property includes a dedicated vehicle maintenance building. Tim Storey and Chad Metzger of Gantry’s Phoenix production office secured the loan for the buyer, a private real estate entity. One of Gantry’s correspondent life company lenders provided the fixed-rate, 11-year loan.
GILBERT, ARIZ. — McCarthy Building Companies has completed the $243 million, five-story Banner Gateway Medical Center tower expansion project in Gilbert. The expansion doubles the size of the medical center campus, which is located at 1900 N. Higley Road. It is expected to add more than 600 new jobs to the center. The 351,000-square-foot addition includes an expanded Women and Infant Services Unit with NICU, added space for inpatient cancer care by Banner MD Anderson Cancer Center (located on the same campus), and more space for surgical, emergency, endoscopy and imaging services, including four new operating rooms and a new MRI, as well as angiogram and endoscopy suites. The tower expansion increases inpatient beds from 177 to 286 with additional shell space to accommodate future growth, and the relocation of the helipad to the new tower’s rooftop. Construction on the tower expansion began in February 2021. Some campus renovation work will continue into 2024. McCarthy completed the initial Banner Gateway Medical Center campus in 2007.
AVONDALE, ARIZ. — Trilogy Investment Co. and Pinnacle Partners have announced a new $250 million national joint venture. The new JV’s first initiative is to bring more than 105 build-to-rent homes to a Qualified Opportunity Zone in the Phoenix suburb of Avondale. The new development will be situated on a 15-acre site. The propject represents the first combined effort between Trilogy and Pinnacle. Development costs are estimated at $45 million. Construction is scheduled to begin in late third-quarter 2023. Trilogy and Pinnacle have also secured at least six additional development projects and acquisitions, each located in growing and attractive established Qualified Opportunity Zones. A few of the sites will be in metro Denver and Colorado Springs.