Arizona

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

Acquisitions Arizona Industrial Western

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

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