Arizona

Matthews Real Estate Negotiates $5.2M Sale of Industrial Building in Chandler, Arizona

by Jeff Shaw June 29, 2023

CHANDLER, ARIZ. — Matthews Real Estate Investment Services has arranged the sale of a freestanding, single-tenant industrial building in Chandler for $5.2 million. The property is located at 590 E. Pecos Road. Erik Manarino and John Stroud facilitated a 1031 exchange for the seller into a more profitable asset. The pair sourced the buyer, Sunbelt Rentals, through Matthews’ database. This sale marks the highest comparable price achieved in the surrounding area for an owner-user transaction, according to the brokers.

June 29, 2023

Arizona Development Industrial Western

Martens, Willmeng Break Ground on 723,508 SF Mission Park Industrial Project in Buckeye, Arizona

by Jeff Shaw June 27, 2023

BUCKEYE, ARIZ. — Martens Development and Willmeng Construction have broken ground on Mission Park, a Class A industrial development in Buckeye. Located at near I-10 and Perryville Road in the emerging Buckeye industrial submarket, the 723,508-square-foot project will comprise two buildings. The north building will feature 196,353 square feet with 32-foot clear heights. The south building will encompass 527,155 square feet with 40-foot clear heights. Both are scheduled for completion in the second quarter of 2024.

June 27, 2023

Arizona Development Industrial Western

Blue Vista, Kentwood Ventures Start Construction of KV Casa Grande Industrial Building in Arizona

by Jeff Shaw June 27, 2023

CASA GRANDE, ARIZ. — Blue Vista Capital Management and Kentwood Ventures have started construction of KV Casa Grande, a Class A industrial building in Casa Grande, southeast of Phoenix. The 314,453-square-foot project will feature 32-foot clear heights, a 175-foot concrete truck court, 32 dock-high doors and 14 grade-level doors. The building will utilize tilt-up construction and a panelized thermoplastic polyolefin roofing, which improves energy efficiency by reflecting heat and is resistant to ultraviolet, ozone and chemical exposures. The project is currently 15 percent pre-leased. It is scheduled for completion in summer 2024.

June 27, 2023

Arizona Development Mixed-Use Western

HCCJ Family Partners Breaks Ground on 35,000 SF Sunrise Market Mixed-Use Development in Verrado, Arizona

by Jeff Shaw June 26, 2023

VERRADO, ARIZ. — HCCJ Family Partners has broken ground on Sunrise Market, a 35,000-square-foot mixed-use development in Verrado, roughly 30 miles west of Phoenix. Tenants at the property, which is currently 65 percent pre-leased, will include Copper & Sage, Bobazona, Bosa Donut and Honey Nail. James DeCremer, Matt Milinovich, Alec Miller and Drew Sampson of Avison Young manage leasing at the project on behalf of HCCJ. Construction is scheduled for completion in January 2024.

June 26, 2023

Arizona Hospitality Loans Western

HALL Structured Finance Funds $19M Bridge Loan for Residence Inn by Marriott Phoenix Mesa East

by Jeff Shaw June 26, 2023

MESA, ARIZ. — HALL Structured Finance (HSF) has provided a $19.1 million bridge loan to Khangura Development, the owner of Residence Inn by Marriott Phoenix Mesa East. The newly constructed hotel in Mesa offers 127 suites with modern amenities. It has consistently maintained high occupancy rates due, in part, to its proximity to the Mountain Vista Medical Center, according to the lender. HSF’s loan aims to support the long-term viability of the hotel and secure its permanent financing.

June 26, 2023

Acquisitions Arizona Industrial Self-Storage Western

Buchanan Street Buys Two Self-Storage Facilities Near Phoenix for $41M

by Jeff Shaw June 23, 2023

CAVE CREEK AND MESA, ARIZ. — Buchanan Street Partners has acquired two Class A self-storage facilities in the Phoenix metro. The properties, located at 29640 N. Tatum Blvd. in Cave Creek and 2862 S. Signal Butte Road in Mesa, offer a combined 160,500 rentable square feet and 1,620 units. With a total purchase price of $41 million, or $255 per square foot, the acquisitions mark Buchanan’s entrance into the greater Phoenix self-storage market. Both recently constructed facilities offer climate-controlled units, video surveillance and security access controls. Westport Properties, Inc., operating under the US Storage Centers brand, will manage the properties as a third-party manager. CBRE’s Nick Walker and Walter Brauer arranged the sale.

June 23, 2023

Acquisitions Arizona Multifamily Western

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

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