PHOENIX — Matthews Real Estate Investment Services has arranged the sale of a retail property located at 4836 E. Chandler Blvd. in Phoenix. The asset traded for $9.5 million. The names of the buyer and seller were not released. Built in 2002 on 5.13 acres, the building features 45,000 square feet of flex space. LA Fitness has occupied the property for 18 years. The gym’s current lease term runs through 2025. Brandon Perez of Matthews represented the seller in the deal.
TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.
PHOENIX — A joint venture between locally based developer Creation and New York City-based investment firm Clarion Partners has acquired nearly 100 acres in Phoenix. Located on the northwest corner of the Loop 101 and Indian School Road, the site will be used to develop a $250 million industrial project known as Park Algodon. Park Algodon is a speculative industrial development that totals approximately 1.3 million square feet across 86 acres. The project will be built in two phases, with construction on the first phase slated to begin by the end of the year. The first phase comprises four buildings totaling 670,000 square feet. The second phase will include one 556,000-square-foot building. LGE Design Build is leading the construction, which is scheduled for completion in late 2025. Creation and Clarion Partners acquired the land from the John F. Long family in an off-market transaction. Greg Vogel and Max Xander of Land Advisors represented both parties in the deal. “This acquisition marks our first joint venture with Clarion Partners. We’re honored to work alongside them on this significant project, addressing a key gap in the West Phoenix industrial market,” says Grant Kingdon, principal of Creation’s Mountain West region. “Park Algodon serves as a catalyst to attract new …
GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a ground lease at SWC Loop 101 and Northern Avenue in Glendale. A limited liability company sold the asset to a limited liability company for $2.3 million. The asset includes a 3,200-square-foot Slim Chickens location, which has an absolute triple-net ground lease with 20 years remaining. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.
PEORIA, ARIZ. — CBRE has arranged the $12.7 million sale of Arrowhead Ranch Business Park, located at 21461-21509 N. 78th Ave in the Phoenix suburb of Peoria. Pacifica Real Estate Group sold the asset to a California-based private buyer in a 1031 exchange. Situated on 9.5 acres, the six-building business park features 18 suites, each with its own private secured yard. The transaction included 11 of the 18 units within the park, totaling nearly 50,000 square feet. Geoffrey Turbow, Gary Cornish, Anthony DeLorenzo and Nick Williams of CBRE Investment Properties, alongside CBRE’s Evan Koplan and Serena Wedlich, represented the seller in the transaction.
BUCKEYE, ARIZ. — Parklane Development Group and Miramar Industrial Partners have completed the development of Southern Industrial Center, a 1.2 million-square-foot, speculative, Class A industrial project in Buckeye. Totaling 1.2 million square feet, Southern Industrial Center features 40-foot clear heights, 202 sectional overhead dock doors, four drive-through dock doors, reinforced speed bays and parking for 914 autos and 250 trailers. The project team included Graycor Construction Co., Ware Malcomb, DWS, Westpine Partners and Bank OZK. Marc Hertzberg, John Lydon and Kelly Royle of JLL’s Phoenix office are the exclusive leasing brokers.
PHOENIX — ViaWest Group has acquired a single-tenant, Class A industrial property situated on 3.5 acres in central Phoenix. Buckeye RRV LLC sold the asset for an undisclosed price. Located at 1450 E. Buckeye Road, the building features 39,360 square feet of industrial space. At the time of sale, the property was fully leased to Core & Main (formerly HD Supply), a specialized distributor of water, wastewater, storm drainage and fire protection products and related services. The property features cross-dock access, truck-well and grade-level loading, more than 4,600 square feet of office space, drive-around ingress and egress, outside storage yard and heavy power. Paul Boyle of Cushman & Wakefield’s Phoenix office represented the seller and buyer in the deal.
PHOENIX — Milhaus and Banyan Residential are developing Alanna, an apartment community located at 48th and Washington streets in Phoenix. Spread across four residential buildings, Alanna will feature 320 apartments with quartz countertops, luxury vinyl tile flooring and tile tub/shower surrounds. The property will offer 10,000 square feet of amenity space, including a fitness center, yoga studio, social lounge, golf simulator and saltwater pool. McShane Construction Co. will provide design-assist construction services for the project, which Todd & Associates designed. Before construction began, McShane performed site work, which included using deep dynamic compaction and imported fill prior to mass grading, as well as installing a vapor/methane mitigation system for site remediation.
SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.
GLENDALE, ARIZ. — Saddle Creek Logistics Services has signed a deal to occupy a 570,080-square-foot industrial building in Glendale. The tenant is a third-party logistics company specializing in designing and delivering omnichannel logistics solutions for manufacturers, retailers and ecommerce companies. Ladson Montgomery, Rob Stephens and Chase Gabriel of Newmark represented the tenant in the deal. The name of the landlord was not released. The 620-foot-deep building features 40-foot clear heights, 87 dock-high doors, four large grade-level doors, 190-foot concrete truck courts, 132 trailer parking stalls with 89 future trailer stalls, and 356 auto parking stalls. The building also offers clerestory windows, energy-efficient LED lighting, an ESFR fire sprinkler system, two existing groundwater wells in the business center and heavy industrial zoning.
