Arizona

Joint Venture Plans 394-Unit Atlas Mesa Apartment Property in Mesa, Arizona

by Amy Works February 2, 2023

MESA, ARIZ. — A joint venture between PCCP and The Dinerstein Cos. has unveiled plans to develop Atlas Mesa, a Class A multifamily community in Mesa. The partnership plans to break ground on the property in late July, with initial occupancy slated for first-quarter 2025 and final completion scheduled for late 2025. Located at the northwest corner of East Baseline Road and South Sunview, Atlas Mesa will feature 394 studio, one-, two- and three-bedroom layouts, ranging from 562 square feet to 1,394 square feet. Situated on 9.8 acres, the 400,000-square-foot community will consist of four four-story buildings served by elevators and a leasing and amenity building. Community amenities will include an outdoor pool with spa, clubhouse and coworking space. Additionally, the property features smaller outdoor amenity spaces throughout the community.

February 2, 2023

Acquisitions Arizona Idaho Industrial Self-Storage Utah Western

Wentworth Property Sells 18-Property Self-Storage Portfolio for $266.2M

by Amy Works February 1, 2023

PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.

February 1, 2023

Talbert-Mount-Washington-Industrial-Park-Fountain-Valley-CA

Acquisitions Arizona Industrial Western

Manhattan West Acquires Talbert-Mount Washington Industrial Park in Fountain Valley, California for $16.5M

by Amy Works February 1, 2023

FOUNTAIN VALLEY, CALIF. — Manhattan West Real Estate has purchased Talbert-Mount Washington Industrial Park, a multi-tenant industrial park in Fountain Valley. DDK Investments Ltd. sold the asset for $16.5 million. Situated on 2.9 acres, the park includes a 28,754-square-foot building at 18071 Mt. Washington St. and a 31,000-square-foot building at 11190-11240 Talbert Ave. Six tenants, including OC Art & Home, Harwood Galleria, The Drawer Shop and RADCO, fully occupy the property. Both two-story buildings feature outdoor storage yards, 18-foot to 23-foot clear heights, fire protection, oversized ground-level doors and HVAC. Additionally, the property offers 113 parking spaces. Joseph Harmon and Charles Johnson of DAUM Commercial Real Estate Services represented the buyer, while Devin Ray and Mike Barreiro of DAUM represented the seller in the deal.

February 1, 2023

Arizona Development Industrial Western

Graycor Construction Completes Three Industrial Buildings at Gilbert Spectrum in Arizona

by Amy Works January 31, 2023

GILBERT, ARIZ. — On behalf of GID and SunCap Property Group, Graycor Construction Co. has completed development of Buildings 9, 10 and 11 at Gilbert Spectrum, a 64-acre industrial park at McQueen and Elliot roads in Gilbert. Northrop Grumman, a multinational aerospace and defense technology company, has leased the 100,000-square-foot Building 9. S&M Moving Systems, a full-service local and long-distance moving company, has leased the 142,200-square-foot Building 10. At the 66,400-square-foot Building 11, Banner Industries, which specializes in high-purity and industrial flow component distribution, is occupying 27,097 square feet and Varsity Brands, an American apparel company, is leasing 18,047 square feet. The new buildings offer 28-foot to 32-foot clear heights, a mix of dock-high and drive-in doors, generous power and ESFR sprinklers. Additionally, the three buildings share a 190-foot loading court. Graycor served as design-build general contractor and Balmer Architectural Group was the project architect. At build-out, Gilbert Spectrum will include up to 850,000 square feet of office, flex industrial and technology-related space. Ken McQueen and Chris McClurg of Lee & Associates Arizona are handling leasing for the three facilities.

January 31, 2023

Acquisitions Arizona Hospitality Western

Sun Valley Hotels Buys 108-Key La Quinta Inn & Suites in Peoria, Arizona

by Amy Works January 31, 2023

PEORIA, ARIZ. — Toronto-based Sun Valley Hotels LLC has acquired La Quinta Inn & Suites at 16321 N. 83rd Ave. in Peoria. The name of the seller and acquisition price were not released. The hotel features 108 guest rooms, a heated outdoor pool, fitness center and Wi-Fi. Bill Murney of Cushman & Wakefield’s Hospitality team in Phoenix represented the seller in the deal.

January 31, 2023

Arizona Development Industrial Western

Thompson Thrift Breaks Ground on 1 MSF Germann Commerce Center in Queen Creek, Arizona

by Amy Works January 30, 2023

QUEEN CREEK, ARIZ. — Thompson Thrift has started construction on the first phase of Germann Commerce Center, a 1 million-square-foot industrial development in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Located on the southwest corner of Germann and Meridian roads, the first phase will consist of 400,000 square feet of speculative light industrial space spread across five standalone buildings on 26 acres. The facilities will feature front-park/rear-load industrial space, 28-foot to 32-foot clear heights and frontage on East Germann Road. At full buildout, the multi-phase project will provide up to 1 million square feet of warehouse, distribution, light assembly and manufacturing space covering 68 acres. Thompson Thrift plans to complete the first phase in first-quarter 2024, with build-to-suit and for-sale options in Phase II following immediately after.

January 30, 2023

Arizona Development Multifamily Western

Sterling Real Estate Begins Presidio Palms Hotel-to-Apartment Conversion Project in Tucson, Arizona

by Amy Works January 27, 2023

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has started construction of Presidio Palms Apartments, a hotel-to-apartment conversion project located at 475 N. Granada Ave. in downtown Tucson. The project’s first units are slated for delivery by summer 2023. Sterling has been working on the project since January 2021 to change the zoning to allow residential use. The 10-acre property has been entitled and permitted to convert the underperforming and functionally obsolete hotel to a 212-unit apartment complex and allow for development of an additional 154 units. Presidio Palms will offer a modern, market-rate, low-cost rent option in the downtown Tucson submarket. The community’s studio and one-bedroom units will offer new plumbing, electrical, HVAC units, outdoor patios, finished cabinets, quartz countertops, stainless steel appliances, flooring, washers/dryers and modern fixtures. Onsite amenities will include a full-service coffee bar with café seating, residential lounge, private business center, arcade nook, gym and yoga studio, resort-style pool, sand volleyball court, outdoor kitchen area and dog park.

January 27, 2023

Arizona Development Industrial Western

Joint Venture Starts Construction of 599,351 SF Sub-Zero Industrial Project in Goodyear, Arizona

by Amy Works January 27, 2023

GOODYEAR, ARIZ. — ViaWest Group, Scottsdale Investment Management and building partners Willmeng Construction, DLR Group and Kimley-Horn have broken ground on a build-to-suit industrial warehouse in Goodyear for Sub-Zero Group. The 599,351-square-foot development will be the third facility that the Madison, Wis.-based kitchen appliance company operates in the West Valley. Situated on 36.4 acres, the warehouse and distribution center is located on the southwest corner of Camelback Road and Cotton Lane. The company’s other facilities are located at 3865 W. Van Buren and 4295 N. Cotton Lane.

January 27, 2023

Acquisitions Arizona Retail Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Arizona Development Industrial Western

Schnitzer Properties Completes 560,352 SF Queen Creek Commerce Center in Chandler, Arizona

by Amy Works January 26, 2023

CHANDLER, ARIZ. — Portland, Ore.-based Schnitzer Properties has completed the construction of Queen Creek Commerce Center, a two-building industrial project at Queen Creek Road and Hamilton Street in Chandler. Situated on 34 acres, Queen Creek Commerce Center features 560,352 square feet of industrial space. Three tenants have pre-leased the development: Intel, NEHP and Horsepower Automotive Group. Rick Collins of JLL brokered the leases on behalf of Schnitzer Properties.

January 26, 2023

Newer Posts

Older Posts