PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.
PHOENIX — Developers Concord Wilshire Capital and TLG Investment Partners have begun the abatement and demolition of the Metrocenter Mall in Phoenix, beginning the $850 million redevelopment of the property into a mixed-use community. The Metrocenter Mall opened its doors in 1973 and closed in 2020. The two-story, 140,000-square-foot mall is situated on 312 acres on the city’s northwest side. Plans for the redevelopment include more than 2,600 apartment units, as well as 100,000 square feet of retail space. The demolition process has commenced with the destruction of the former Dillard’s and U-Haul buildings. Following a survey and analysis of the materials inside the building to ensure the protection of the public, Los Angeles-based Resource Environmental Inc. will abate and remove the asbestos from the building, then proceed with the demolition of the property. The developers formed a strategic alliance in 2021 with Hines, an investment manager based in Houston, to redevelop the property, which the investment group purchased last summer. Hines is overseeing the development site on behalf of the ownership group. According to the development team, the project has been designed as a transit-oriented, self-contained community. The property encompasses Phoenix’s new light rail station that was completed in …
PHOENIX — Pacific Development Partners (PDP) has completed the disposition of Vela on Camelback, a Class A multifamily property in Phoenix’s Camelback Corridor submarket. In the company’s first acquisition in the Phoenix market in 15 years, Sherman Residenital acquired the asset for $72 million. Completed in 2017, Vela on Camelback offers 237 apartments, a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, club-style fitness center, resident lounge with a chef-inspired community kitchen, dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
PHOENIX — Stos Partners has purchased 236 and 240 North 48th Avenue in Phoenix from an owner-user for an undisclosed price. Situated on 5.3 acres, the property includes two freestanding industrial buildings totaling 94,836 square feet. Constructed in 1978, the 83,200-square-foot warehouse at 240 N. 48th Ave. features 3,450 square feet of office space, 24-foot clear heights, 19 dock-high doors, two grade-level loading doors, 7,000 amps, 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. Built in 1979, the 11,636-square-foot building at 236 N. 48th Ave. offers 4,200 square feet of office space, one dock-high door, two grade-level loading doors and 14 auto parking spaces. Stos Partners plans to commence capital improvements to enhance the two buildings’ functionality and appeal, including exterior paint, parking lot and loading areas repairs, dock and ground-level doors repairs and roof and electrical system repairs. Phil Haenel, Gary Anderson and Foster Bundy of Cushman & Wakefield facilitated the transaction. Gary Anderson and Nik Vallens of Cushman & Wakefield are handling leasing for the buildings on behalf of Stos Partners.
PHOENIX — ViaWest Group has completed the disposition of Canyon Corporate Plaza, a Class A office campus located on 11.6 acres in Phoenix, for an undisclosed price. The buyer is CaliberCos Inc., a Scottsdale, Ariz.-based financial services company in the alternative asset management space. Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Canyon Corporate Center offers 311,706 square feet of office space within a transit-oriented location in Phoenix’s I-17 Corridor and close to two stops on the newly opened light rail extension. At the time of sale, the property was nearly vacant.
PHOENIX — Clarion Partners has completed the sale of Desert Club, an apartment community in Phoenix, to Weidner Apartment Homes for $187.5 million, or $377,264 per unit. Built in 2004 on 21 acres, Desert Club features 497 apartments averaging 983 square feet in size. Units feature open-concept floor plans, 9-foot ceilings and arched entryways. Community amenities include a heated, resort-style swimming pool and spa. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
TUCSON, ARIZ. — Lincoln Property Co. has broken ground on I-10 International, a Class A industrial project on 79 acres in Tucson. The $75 million Phase I totals 373,811 square feet across two distribution buildings: the 158,944-square-foot Building 1 and the 214,867-square-foot Building B. Phase I will also include a 188,434-square-foot Building 3. All buildings at I-10 International Phase I will be cold capable with 32-foot clear heights, 14-foot tall glass entrances, full concrete truck courts, generous use of clerestory windows and an R-38 insulated roof deck system. The project team includes Brinkmann Constructors as general contractor, and Butler Design Group and Ware Malcomb as architects. Jesse Blum of PICOR/Cushman & Wakefield is providing leasing services on behalf of Lincoln Property Co.
PHOENIX — Denver-based Rectangle Investment Management, the investment management affiliate of Comunal Properties, has acquired an industrial building located at 20 S. 69th Ave. in Phoenix. Terms of the transaction were not released. Action Gypsum Supply, a key regional supplier of building materials, fully occupies the 39,588-square-foot property. The building features 28-foot clear heights, a secure truck court, dock-high and drive-in loading doors and a 1.29/1,000 parking ratio. Phil Haenel, Foster Bundy and Katie Repine of Cushman & Wakefield represented the undisclosed seller in the deal.
PEORIA, ARIZ. — On behalf of KBC Advisors Arizona, Stevens-Leinweber Construction has delivered Empire 101, a Class A industrial building offering Loop 101 freeway frontage in Peoria, a suburb northwest of Phoenix. Located at 8850 W. Sweetwater Ave., the 153,145-square-foot building features 32-foot clear heights, 21 dock doors, two drive-in bays, 10 levelers, 90 clerestory windows and generous power. Additionally, the facility offers a fully secured truck court, a 65,000-square-foot secured yard and parking for 144 automobiles, expandable to more than 200 total spaces. Empire 101 is located less than 20 miles from Phoenix Sky Harbor International Airport, six miles from Glendale Municipal Airport and 25 miles from Taiwan Semiconductor Manufacturing Co.’s Arizona FAB campus. Stevens-Leinweber Construction served as general contractor, and Deutsch Architecture served as architect. Mike Ciosek and Eric Bell of Kidder Mathews are handling leasing for the property.
CRE College Plaza Buys El Presidio at Pinnacle Park Office Building in Scottsdale, Arizona for $7.6M
SCOTTSDALE, ARIZ. — CRE College Plaza LLC has acquired El Presidio at Pinnacle Park, a two-story office building located at 8700 E. Vista Bonita Drive in the Phoenix suburb of Scottsdale. Flagg Group Scottsdale LLC sold the asset for $7.6 million. Built in 2020, El Presidio at Pinnacle Park offers 59,438 square feet of multi-tenant office space. At the time of sale, the property was 78 percent occupied. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital markets group in Phoenix represented the seller in the deal.