Arizona

Cushman & Wakefield Brokers $10.5M Sale-Leaseback of CP North America Headquarters Building in Prescott, Arizona

by Amy Works December 1, 2023

PRESCOTT, ARIZ. — Cushman & Wakefield has arranged the sale-leaseback of a single-tenant corporate headquarters building in Prescott, approximately 100 miles north pf Phoenix. Sewell Trust, a Montana-based private investor, acquired the asset from CP North America for $10.5 million. The seller, a high-tech defense company wholly owned by Israel-based Rafael Defense Systems, will lease back the 50,135-square-foot property, which is located at 2620 Deep Well Ranch Drive. The building features reflective store-front windows, roll-up and dock-high loading doors, and a large, fenced yard. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the deal.

December 1, 2023

Acquisitions Arizona Industrial Western

Stos Partners Acquires 49,513 SF Industrial Complex in Phoenix

by Amy Works November 29, 2023

PHOENIX — Stos Partners has purchased an industrial complex located on 3.3 acres at 620 N. 43rd Ave. in Phoenix. Auto Body Parts LLC sold the asset for $9 million, or $181.77 per square foot. The 49,513-square-foot property features 20- to 22-foot clear heights, eight dock-high doors, four drive-in, ground-level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space. The property can accommodate a full-building user, a two-tenant user or three separate tenants ranging from 12,000 square feet to 49,513 square feet. Stos plans to implement a capital improvement program to stabilize and re-tenant the asset.

November 29, 2023

Arizona Development Industrial Loans Western

JLL Arranges $12M Construction Loan for ATLAS Germann Industrial Development in Gilbert, Arizona

by Amy Works November 28, 2023

GILBERT, ARIZ. — JLL Capital Markets has arranged $12 million in construction financing for ATLAS Germann, an industrial development in Gilbert. The borrowers are ATLAS and OakPoint. Jason Carlos, Jarrod Howard, Steve Larsen and Kyle Westfall of JLL Capital Markets secured the five-year, fixed-rate loan from a regional bank. Snack-food manufacturer Frito-Lay Inc., a subsidiary of PepsiCo, will fully occupy the 60,500-square-foot property that is situated on 8.2 acres.

November 28, 2023

Acquisitions Arizona Retail Western

Crow Holdings Buys 34,151 SF Shops at Sossaman Retail Center in Mesa, Arizona

by Amy Works November 27, 2023

MESA, ARIZ. — A joint venture that Crow Holdings Capital manages has purchased The Shops at Sossaman, a neighborhood shopping center in Mesa. Abington Emerson Investments sold the asset for $8.1 million. Built in 2002, The Shops at Sossaman features 34,151 square feet of retail space. At the time of sale, the property was fully occupied by a variety of tenants, including Banner Health Physical Therapy, East Valley Pet Urgent Care, Empower Academy and Crave Pizza. The asset is located at 7641 E. Guadalupe Road. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the buyer and seller in the deal.

November 27, 2023

Arizona Loans Retail Western

Gantry Arranges $7.8M Refinancing for Retail Center in Marana, Arizona

by Amy Works November 27, 2023

MARANA, ARIZ. — Gantry has secured a $7.8 million permanent loan to refinance 26,387 square feet of retail space within The Shoppes at Continental Ranch at 9110-9150 Silverbell Road in Marana, a suburb of Tucson. Tony Kaufmann and Alex Poulos of Gantry arranged the financing for the borrower, a California-based retail developer. The 10-year permanent loan features a fixed rate locked at application and a 30-year amortization schedule. The retail space includes an inline strip and four pad buildings. An independently owned Safeway grocery store shadow anchors the property. Current tenants include a mix of national and local dining, professional services and essential retailers.

November 27, 2023

Arizona Development Industrial Western

Cushman & Wakefield Arranges JV Equity for 1.3 MSF Spec Industrial Development in Phoenix

by Amy Works November 22, 2023

PHOENIX — Cushman & Wakefield has arranged a joint venture equity partnership between Phoenix-based Creation and Clarion Partners for the development of Park Algodon, a proposed $250 million speculative industrial project that was previously announced. The partnership plans to construct a two-phase industrial park totaling approximately 1.3 million square feet at the northwest corner of Loop 101 and Indian School Road in Phoenix’s West Valley. Phase I will consists of four buildings totaling 670,000 square feet, with groundbreaking expected by the end of the year. Phase II will feature a 556,000-square-foot warehouse, which is slated to for completion in late 2025. LGE Design Build will lead construction for the project. Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the venture in the negotiations.

November 22, 2023

Affordable Housing Arizona Development Multifamily Seniors Housing Western

Pennrose Breaks Ground on $28M Affordable Seniors Housing Project in Phoenix

by Amy Works November 20, 2023

PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.

November 20, 2023

Acquisitions Arizona Multifamily Top Stories Western

MG Properties Acquires NOVO Broadway Apartments in Tempe, Arizona for $100.2M

by Taylor Williams November 20, 2023

TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …

November 20, 2023

Acquisitions Arizona Office Western

PREG Scottsdale Buys Scottsdale Northsight Office Building in Arizona for $26.5M

by Amy Works November 17, 2023

SCOTTSDALE, ARIZ. — PREG Scottsdale LLC, a company formed by a private individual investor, has acquired Scottsdale Northsight, a Class A multi-tenant office building in Scottsdale. MIREF Northsight LLC sold the asset for $26.5 million. Located at 14350 N. 87th St., the three-story property features 138,693 square feet of office space. At the time of sale, the building was 69 percent leased. The asset offers suites ranging in size between 2,000 square feet and 8,000 square feet. Chris Toci, Eric Wichterman and Mike Coover of Cushman & Wakefield’s Capital Market and Private Capital Group teams in Phoenix represented the seller in the transaction.

November 17, 2023

Arizona Development Industrial Western

Echo Real Estate Breaks Ground on Four-Building Industrial Project in Surprise, Arizona

by Amy Works November 17, 2023

SURPRISE, ARIZ. — Echo Real Estate Capital, with PREMIER Design + Build Group, has broken ground on Echo Park @ P132, a speculative industrial development in the Phoenix suburb of Surprise. Located at the intersection of Peoria Avenue and 132nd Avenue, the four-building project will offer a total of 182,870 square feet of industrial space ranging from 43,000 square feet to 48,000 square feet. Construction is slated for completion in October 2024. The project team includes Winton Architects, GF Group, KAEKO, Mechanical Designs and Hawkins Design Group.

November 17, 2023

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