Arizona

Evergreen Devco Opens 258-Unit Multifamily Property in Tolleson, Arizona

by Amy Works February 23, 2023

TOLLESON, ARIZ. — Evergreen Devco has opened Park Tolleson, an apartment community located at 8727 W. McDowell Road in Tolleson. The project team includes BMA Architects and Scottsdale-based MT Builders as contractor. The 258-unit property features six three-story residential buildings offering a mix of one-, two- and three-bedroom units with covered and uncovered surface parking spaces. Apartments feature wood-inspired plank flooring, quartz countertops and stainless steel appliances. The community features a single-story clubhouse, resort-style pool, spa, resident great room with billiards and shuffleboard, and pet playground with a washroom.

February 23, 2023

Acquisitions Arizona Retail Western

Phoenix Commercial Advisors Brokers $11.8M Sale of Mesa Gateway Retail Property in Arizona

by Amy Works February 23, 2023

MESA, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Mesa Gateway, a three-building retail property at the southeast corner of Power and Ray roads in Mesa. The property traded for $11.8 million, or $371 per square foot. Totaling 31,824 square feet, the three buildings were fully leased to a mix of national and local tenants, including Verizon, Comerica, Jimmy John’s Sandwiches, Fit Body Boot Camp and Boba CuTea. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the transaction. The name of the buyer was not released.

February 23, 2023

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

JLL Arranges $33.8M Construction Loan for Villas Goodyear Build-to-Rent Community in Arizona

by Amy Works February 22, 2023

GOODYEAR, ARIZ. — JLL Capital Markets has arranged a $33.8 million construction loan for Villas Goodyear, a build-to-rent residential development at 816 S. Sarival Ave. in Goodyear. The borrower is a joint venture between Blue Vista Capital Management and Family Development. Upon completion, Villas Goodyear will feature 151 one- and two-bedroom, freestanding, single-story units with spacious floor plans, simulated wood flooring, quartz countertops, stainless steel appliances and private backyards. Community amenities will include a resort-style pool, fitness center, open turf spaces, outdoor lounge area and grill area. Brian Walsh, Brad Miner and Dave Hunter of JLL Capital Markets secured the three-year, fixed-rate loan through a regional bank for the borrower.

February 22, 2023

Arizona Development Industrial Western

SkyBridge Starts Construction of 205,000 SF Industrial Building in Mesa, Arizona

by Amy Works February 22, 2023

MESA, ARIZ. — SkyBridge Arizona has broken ground on SkyBridge Building 109, the latest addition to SkyBridge’s 435-acre mixed-used development adjacent to the runway at Phoenix-Mesa Gateway Airport in Mesa. Building 109 is the first of two 250,000-square-foot, Class A manufacturing/warehouse/logistics buildings that SkyBridge plans to break ground on at Gateway Airport during the first half of the year. Building 109 will feature immediate access the airport, 32-foot clear heights, 30 dock-high doors, six ground-level doors and generous power and parking. Additionally, the building is divisible to approximately 80,000 square feet, allowing it to serve a wide range of tenant types and sizes. At full build-out, SkyBridge will be the nation’s first cargo hub with a joint U.S.-Mexico Customs inspection facility on site. The project is slated for 1.3 million square feet of aeronautical development, 2.2 million square feet of non-aeronautical development and 270,000 square feet of commercial retail and office space. ADM Group is serving as architect for SkyBridge Building 109 and Graycor Construction Co. is serving as general contractor. Jackie Orcutt, Pete Wentis, Kevin Cosca, Jonathan Teeter and Alex Wentis of CBRE are the leasing brokers for the project.

February 22, 2023

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Negotiates Sale of 4,500 SF Retail Property in Chino Valley, Arizona

by Amy Works February 17, 2023

CHINO VALLEY, ARIZ. — Marcus & Millichap has brokered the sale of a retail building located at 89 West Road 2 in Chino Valley. A limited liability company sold the property to another limited liability company for $3.1 million. Sherwin-Williams occupies the 4,500-square-foot property, which was built in 2022, on a net-leased basis. Mark Ruble and Chris Lund of Marcus & Millichap represented the seller and procured the buyer in the deal.

February 17, 2023

Arizona Market Reports Office Western Western Market Reports

Office Tenants are Small, Subleases are Big in Phoenix

by Jeff Shaw February 17, 2023

— By Andrew Cheney, Principal, Lee & Associates — The metro Phoenix office market continues a slow recovery as it battles the nation’s highest rates of both sublease growth and inflation. Starting off the fourth quarter at only 532,000 square feet (year-to-date), net absorption in Greater Phoenix remained well off the 20-year average mark of 1.6 million square feet. Direct office vacancy stands at a seemingly high figure of 17.6 percent. However, this is in line with the 20-year average of 18 percent. Currently, there are six key trends impacting Phoenix’s office market. Small tenants are back in the office. I imagine most brokers will report that the highest concentration of active, touring prospects are in the market for less than 10,000 square feet. These company sizes want to be in the office in metro Phoenix, and not just a few days a week. High-quality spec suites rule. Landlords recognize that smaller tenants are driving leasing activity — and that these small tenants will not wait for a build-out. Instead of holding one or two spec suites in inventory at any one time, landlords are building out large batches of five to seven spec suites at a time. And they’re spending money to build …

February 17, 2023

Rinchem-Dysart-Rd-Summit-Pkwy-Surprise-AZ

Arizona Development Industrial Western

Graycor Starts Construction of 123,516 SF Rinchem Co. Industrial Build-to-Suit Project in Surprise, Arizona

by Amy Works February 15, 2023

SURPRISE, ARIZ. — Graycor Construction Co. has started construction of a flex industrial facility situated on 21 acres at the northwest corner of Dysart Road and Summit Parkway in Surprise. The 123,516-square-foot building is a build-to-suit project for Rinchem Co., a network of chemical and gas distribution centers. The new facility will be Rinchem’s third in metro Phoenix and part of a global Rinchem supply chain that safely handles more than 4 billion pounds of chemicals and gasses each year. The Class A facility will feature highly specialized warehouse space, administrative offices, shipping/receiving capabilities and an 11 truck loading docks. The main building will offer high bay and freezer bay chemical storage, as well as super flat concrete floors. Six individual pads will allow for maximum chemical containment, to include an outdoor bottled gas pad and detached ISO tank storage that maintain Rinchem’s commitment to proper segregation to hazard classes in multiple temperature zones. For the new facility, Graycor is serving as general contractor, providing both shell and interior build-out services. Phoenix-based Archicon Architecture + Interiors is serving as designer. Completion is slated for fourth-quarter 2023.

February 15, 2023

Acquisitions Arizona Industrial Western

Cushman & Wakefield Brokers $22.3M Sale of Last-Mile Distribution Facility in Tucson, Arizona

by Amy Works February 15, 2023

TUCSON, ARIZ. — Cushman & Wakefield has arranged the sale of a last-mile distribution building located at 775 W. Silverlake Road in Tucson. A California family trust acquired the property from an East Coast investor for $22.3 million, or $451 per square foot. Situated on 10.7 acres, the 49,500-square-foot facility features 15 loading docks and close proximity to interstates 10 and 19, downtown Tucson and Tucson International Airport. At the time of sale, the property was fully leased to a Fortune 10 global e-commerce company. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield San Francisco, in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson, represented the seller in the transaction.

February 15, 2023

Acquisitions Arizona Multifamily Western

29SC Buys 193-Unit Dwell Apartments in Scottsdale, Arizona

by Amy Works February 15, 2023

SCOTTSDALE, ARIZ. — 29th Street Capital (29SC) has purchased Dwell Apartment Homes, a multifamily community in Scottsdale, from Denver-based Avanti Residential for $41.6 million. This transaction marks the company’s 20th multifamily acquisition in the metro Phoenix market. Developed in 1963/1975, Dwell features 193 apartments in a mix of studio, one- and two-bedroom apartments, three swimming pools, a fitness center, business center, dog park and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities. Renovations include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas and enhancing apartment interiors. Unit upgrades will include adding smart home technology packages, while upgrading kitchen appliances, countertops, backsplashes, cabinet faces, hardware, flooring, baseboards, bathroom mirror frames, ceiling fans and lighting packages. Haven Residential, the 29SC-owned property management company, will oversee management and leasing. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while 29SC was self-represented in the deal.

February 15, 2023

Acquisitions Arizona Multifamily Western

IPA Brokers $26.5M Sale of Eden Apartments in Tempe, Arizona

by Amy Works February 14, 2023

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eden Apartments, a multifamily community in Tempe. Living Well Homes sold the asset to Rise48 Equity for $26.5 million, or $236,607 per unit. Built in 1980, Eden Apartments features 112 apartments spread across eight two-story buildings. Each residence features an in-unit washer/dryer connection and a private balcony or patio. Community amenities include a swimming pool, fitness center, laundry facility, picnic area and courtyard. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. The IPA Capital Markets team led by Brian Eisendrath and Cameron Chalfant arranged acquisition financing for the buyer.

February 14, 2023

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