Arizona

IPA Negotiates $21.8M Sale of Elevate Apartments in Tucson, Arizona

by Amy Works November 17, 2022

TUSCON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Elevate, an apartment property in Tucson. Sheiner Group/Living Well Homes sold the asset to an undisclosed buyer for $21.8 million, or $151,389 per unit. Constructed in 1985, Elevate consists of six three-story buildings offering 144 units, a business center, swimming pool and fitness center. Apartments feature private balconies or patios, oversized/walk-in closets and all-electric kitchens. Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller and procured the buyer in the deal.

November 17, 2022

Arizona Development Industrial Western

IndiCap, AECOM-Canyon Partners Break Ground on 1.6 MSF Eastmark Center Industrial Park in Mesa, Arizona

by Amy Works November 16, 2022

MESA, ARIZ. — IndiCap and AECOM-Canyon Partners have broken ground on Eastmark Center of Industry, a 113-acre industrial park in Mesa’s Gateway Airport submarket. Upon completion, the park will total 10 buildings offering more than 1.6 million square feet of mid-bay and cross-dock Class A industrial space. Situated in the Elliot Road Technology corridor, Eastmark Center of Industry will offer buildings ranging from 83,200 square feet to 426,400 square feet with 30-foot to 36-foot clear heights and 160-foot to 500-foot building depths. Future phases may include the opportunity for build-to-suit facilities. The project team includes Layton as general contractor, Kimley Horn as civil engineer and Deutsch Architecture as architect. IndiCap acquired the project site in April 2022 for $48 million. Steve Larsen, Pat Harlan and Jason Moore of JLL are handling leasing for the project.

November 16, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Trailside at Hermosa Pointe in Phoenix for $91M

by Amy Works November 15, 2022

PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 15, 2022

Acquisitions Arizona Office Western

Evergreen Associates Buys Black Canyon Commerce Center in Phoenix for $11.2M

by Amy Works November 15, 2022

PHOENIX — Everett, Wash.-based Evergreen Associates has acquired Black Canyon Commerce Center from Next Gen Black Canyon LLC for $11.2 million as part of a 1031 exchange. OpenTech Alliance and Convergent Outsourcing fully occupy the asset, which is located at 2102 W. Peoria Ave. Bill Swirtz of Colliers Arizona represented the buyer, while Eric Wichtreman of Cushman & Wakefield represented the seller in the deal.

November 15, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

Acquisitions Arizona Office Western

Next Gen Black Canyon Sells Multi-Tenant Office Building in Phoenix for $11.2M

by Amy Works November 11, 2022

PHOENIX — Next Gen Black Canyon LLC has completed the disposition of Black Canyon Commerce Center – Building A, a multi-tenant office property in Phoenix. Washington-based Evergreen Associates acquired the asset for $11.2 million. Located at 2101 W. Peoria Ave., the single-story building features 62,771 square feet of office space. At the time of sale, the property was fully leased to two tenants. Building A was originally built in 1999. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital team in Phoenix represented the seller in the deal.

November 11, 2022

Acquisitions Arizona Multifamily Western

Newmark Arranges Sale of 200-Unit Cobblestone Apartments in Phoenix

by Amy Works November 9, 2022

PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.

November 9, 2022

Acquisitions Arizona Restaurant Retail Western

Phoenix Commercial Advisors Brokers $22M Sale of The Pavilions Shopping Center in Mesa, Arizona

by Amy Works November 7, 2022

MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.

November 7, 2022

Acquisitions Arizona Multifamily Student Housing Western

Vesper Holdings Buys Sol y Luna Student Housing Community Near the University of Arizona for $203M

by Amy Works November 3, 2022

TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.

November 3, 2022

Acquisitions Arizona Build-to-Rent Development Single-Family Rental Western

Empire Group Plans 287-Unit Build-to-Rent Community in Pinal County, Arizona

by Amy Works November 3, 2022

PINAL COUNTY, ARIZ. — Scottsdale-based Empire Group has acquired a 27-acre land parcel in Pinal County from Galeb Cos. and Borgata Ventures for $13.8 million. The company plans to develop Village at Borgata, a build-to-rent community on the site, which is situated at the southwest corner of Hunt Highway and Thompson Road near the foothills of the San Tan mountains. The gated community will feature 287 one-, two- and three-bedroom homes for rent, ranging in size from 680 square feet to 1,300 square feet. The single-story homes will offer modern designs and finishes and include private landscaped backyards with doggie door access, smart technology packages and security. Community amenities will include a resort-style pool and hot tub, walking paths, a community clubhouse with kitchen, a fitness center, barbecue area and fire pits areas. Empire Group plans to break ground on the project in spring 2023, with leasing slated to start by fall 2024. Village at Bortaga is part of the larger master-planned Borgata at San Tan, a 100-acre development with mixed-use commercial space, apartments, condominiums and single-family residences. Brett Rinehart of Land Advisors Organization represented Empire Group in the land acquisition.

November 3, 2022

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