Arizona

Pennybacker Capital Management Purchases 72,142 SF Industrial Property in Tempe, Arizona

by Amy Works November 3, 2022

TEMPE, ARIZ. — Austin, Texas-based Pennybacker Capital Management has acquired Tempe Industrial Center, a freestanding industrial facility located at 6720 S. Clementine Road in Tempe. An undisclosed seller sold the asset for $11.5 million. At the time of sale, the 71,142-square-foot building was fully leased and serves as headquarters to a high-end bike manufacturing company. Phil Haenel, Mike Haenel, Will Strong and Andy Markham of Cushman & Wakefield represented the seller and buyer in the deal.

November 3, 2022

Acquisitions Arizona Industrial Western

Berkeley Partners Buys Three-Building Industrial Portfolio in Metro Phoenix for $25.5M

by Amy Works November 1, 2022

PHOENIX AND CHANDLER, ARIZ. — San Francisco-based Berkeley Partners has acquired a three-building industrial portfolio located in Phoenix and Chandler for $25.5 million. The seller was a joint venture between Bird Dog Industrial, HPI and Long Wharf Capital. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates provided market advisory. Totaling 156,112 square feet, the portfolio was 100 percent leased to four tenants at the time of sale. The portfolio includes 235 E. Pima St. in Phoenix and 5740 W. Oakland St. and 481 N. Dean Ave. in Chandler.

November 1, 2022

Acquisitions Arizona Multifamily Western

Orion Investment Arranges $24M Sale of Montana on Butler Apartment Community in Phoenix

by Amy Works November 1, 2022

PHOENIX — Orion Investment Real Estate has brokered the sale of Montana on Butler, a multifamily property located on Butler Drive in Phoenix. Artisan Prime, a joint venture between Beverly Hills, Calif.-based Artisan Capital and Newport Beach, Calif.-based Prime Capital Investments, acquired the asset for $24 million, or $160,000 per unit, in an off-market transaction. Previously known as Cedar Ridge Apartments, the property features 150 apartments. Linda Fritz-Salazar and Angelessa Ritchie of Orion represented the buyer and seller in the deal.

November 1, 2022

Teravalis-Community-Entrance--Conceptual-Rendering-Courtesy-of-The-Howard-Hughes-ID-eb679e3cf8b4

Arizona Development Mixed-Use Top Stories Western

Howard Hughes Breaks Ground on 37,000-Acre Teravalis Mixed-Use Project in Phoenix

by Taylor Williams October 31, 2022

PHOENIX — Dallas-based developer Howard Hughes Corp. (NYSE: HHC) has broken ground on Teravalis, a 37,000-acre master-planned community that will be located in the West Valley area of Phoenix. Preliminary plans for the development call for 100,000 single-family homes and 55 million square feet of commercial space. Previously known as Douglas Ranch, the project marks the largest master-planned community in the state, according to the development team. Teravalis — the name of which means “land of the valley” — will be developed with an emphasis on public space and the natural environment. Ecological sustainability will also be a focal point of the construction process. “Teravalis is an eco-friendly, sustainable community that sets the bar high for other cities to model,” says Eric Orsborn, mayor of Buckeye, a city located roughly 35 miles west of Phoenix. Arizona Gov. Doug Ducey also credits the development with “answering the call” of increased housing demand. “Since 2015, Arizona has welcomed over 584,000 new residents, and we don’t expect that momentum to stop anytime soon,” says Ducey. “This increases the demand for housing opportunities, and Howard Hughes is providing quality housing options for current and future Arizonans.” The development team also notes that the location …

October 31, 2022

Acquisitions Arizona Multifamily Western

IPA Negotiates $150M Sale of Multifamily Community in Scottsdale, Arizona

by Amy Works October 28, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of SeventyOne15 McDowell, an apartment property in Scottsdale. The asset traded for $150 million, or $547,445 per unit. The buyer and seller were not disclosed. Completed in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool and spa, private cabanas, a rooftop lounge with fire pits, two-story fitness center, direct-access parking garage, rooftop deck, electric charging stations and 24-hour parcel package concierge. Alliance Residential developed the property. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

October 28, 2022

Acquisitions Arizona Office Restaurant Retail Western

Tortosa Sells Retail/Office Property in Phoenix for $4.4M

by Amy Works October 28, 2022

PHOENIX — Tortosa LLC has completed the disposition of The Strip, a two-story retail and office building in Phoenix, to 4700 Alliance LLC, a Seattle-based investment company, for $4.4 million. Located at 4700 N. 12th St., the multi-tenant property was fully leased at the time of sale. The ground-floor space consists of retail tenants, including a craft beer and wine bar/restaurant, a craft coffee shop, a wine shop and café, a locally famous cake bakery and a soon-to-be completed speakeasy bar and co-working lounge. The second floor includes a salon, two architectural firms, a fitness tech company and headquarters for a restaurant group. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 28, 2022

Building-D-North-Central-Logistics-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westcore Acquires Four-Building Central Logistics Industrial Campus in Phoenix for $93.5M

by Amy Works October 27, 2022

PHOENIX — Westcore has purchased Central Logistics, a four-building industrial campus located in the Central Phoenix market of Arizona. Phoenix-based ViaWest Group sold the asset for $93.5 million. Situated on 24.9 acres, Central Logistics offers a total of 1.1 million square feet of industrial space spread across four buildings with 32-foot clear heights. Currently leased to Bay Logistics, the 76,189-square-foot cold storage facility Building D North offers 13 dock-high doors and one grade-level door. Waymo occupies the 72,349-square-foot Building D South, which features 10 dock-high doors, one grade-level door and ESFR sprinklers. Ferguson occupies the 94,612-square-foot Building E, which offers a four-acre, fully secure concrete yard, two grade-level doors, 12 dock-high doors and ESFR sprinklers. Westcore plans to renovate the 165,518-square-foot Building B, which is currently vacant. John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property for lease.

October 27, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona

by Amy Works October 27, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.

October 27, 2022

Acquisitions Arizona Multifamily Western

Tower 16 Capital Sells 456-Unit Multifamily Portfolio in Tucson, Arizona for $65.1M

by Amy Works October 26, 2022

TUCSON, ARIZ. — San Diego-based Tower 16 Capital Partners has completed the disposition of two apartment properties in Tucson to an undisclosed buyer for $65.1 million. The seller assembled the portfolio over the last 24 months and repositioned the properties, Sierra Vista and La Mirada. Both assets received significant renovations, including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of the units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements. The new buyer plans to continue the renovation efforts. Located at 3535 N. 1st Ave., Sierra Vista features 258 apartments, two pools and a new clubhouse, leasing office and gym. La Mirada, located at 4415 E. Grand Road, offers 201 apartments, two pools, a new clubhouse with a fitness center and new outdoor amenity area. Art Wadlund, Clint Wadlund and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

October 26, 2022

Arizona Development Industrial Western

ViaWest Group, Willmeng Construction Break Ground on Sight Logistics Park in Tempe, Arizona

by Amy Works October 26, 2022

TEMPE, ARIZ. — Phoenix-based ViaWest Group, with Willmeng Construction as general contractor, has broken ground on Sight Logistics Park in Tempe. The infill redevelopment project will revitalize the 17.9-acre parcel that was the former global headquarters for Insight Enterprises. Located at 6820 S. Harl Ave., Sight Logistics Park will offer two industrial buildings totaling 356,904 square feet. The 155,717-square-foot building and the 201,187-square-foot building will both feature 32-foot clear heights, 33 dock-high doors and four drive-in doors. McCall & Associates Architects designed the project, which is slated for completion in nine months. Demolition of the former Insight headquarters began in July for completion in July 2023. Rob Martensen, Phil Breidenbach and Sam Jones of Colliers Arizona are handling the leasing of Sight Logistics Park.

October 26, 2022

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