Arizona

Living Well Homes Divests of 124-Unit Brookfield Multifamily Community in Phoenix for $31M

by Amy Works October 13, 2022

PHOENIX — Living Well Homes has completed the sale of Brookfield, an apartment property in Phoenix, to Rise48 Equity for $31 million, or $250,000 per unit. Built in 1984 on nearly five acres, the community features 124 one- and two-bedroom units, a pool and spa, fitness center, parcel lockers and grilling areas. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged the acquisition financing for the buyer.

October 13, 2022

Acquisitions Arizona Office Western

BH Properties Sells Tempe Commerce Center Flex Office Property in Arizona for $14.1M

by Amy Works October 13, 2022

TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.

October 13, 2022

Arizona Development Industrial Mixed-Use Retail Top Stories Western

Thompson Thrift Breaks Ground on 1 MSF Elliot Tech Center Mixed-Use Campus in Mesa, Arizona

by Katie Sloan October 13, 2022

MESA, ARIZ. — Thompson Thrift has broken ground on Elliot Tech Center, a 1 million-square-foot industrial and retail campus located at the intersection of Elliot and Signal Butte roads within Mesa’s Elliot Road Technology Corridor. At full build-out, the project will span 75 acres and include eight industrial and retail buildings. The project is located northeast of Phoenix-Mesa Gateway Airport, north of Apple’s Global Command Center and east of Meta’s Mesa Data Center, which is currently under construction. Phase I of the development is scheduled for completion in fall 2023 and will include three industrial buildings ranging from 79,000 square feet to 89,000 square feet and five retail pads. The industrial buildings will feature secure truck courts, a variety of bay sizes and clear heights from 28 feet to 32 feet. Black Rock Coffee Bar and an unnamed convenience store are set to open within the retail portion of Phase I, and lease negotiations are currently underway for a 4,000-square-foot, full-service restaurant. Ken McQueen and Chris McClurg of Lee & Associates are handling leasing for the industrial portions of the development, and Phoenix Commercial Advisors is marketing the retail component. The design-build team for Phase I of the project includes Butler …

October 13, 2022

Acquisitions Arizona Multifamily Western

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield Brokers $18.9M Partial Sale of Greenfield Gateway Retail Center in Mesa, Arizona

by Amy Works October 11, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of a 67,709-square-foot portion of Greenfield Gateway, a 349,143-square-foot retail center in Mesa. Southern California-based investor Greenfield Gateway LLC sold the asset to an entity formed by the Hinkson Co. for $18.9 million. Situated on 10.1 acres, the sold portion consists of fully leased buildings, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. Michael Hackett, Ryan Schubert and Chris Hollenbeck of Cushman & Wakefield in Phoenix represented the seller in the transaction.

October 11, 2022

Acquisitions Arizona Industrial Western

Schnitzer Properties Buys 109,229 SF Industrial Building in Tucson, Arizona

by Amy Works October 10, 2022

TUCSON, ARIZ. — Schnitzer Properties LLC has acquired an industrial property located at 5580 S. Nogales Highway in Tucson. WAA Nogales Hwy LLC sold the asset for $7.3 million. Robert Glaser and Paul Hooker of Cushman & Wakefield | PICOR represented the seller in the transaction.

October 10, 2022

Acquisitions Arizona Hospitality Western

Lodge Partners Divests of Lodge on the Desert Resort in Tucson, Arizona

by Amy Works October 7, 2022

TUCSON, ARIZ. — Lodge Partners has completed the disposition of The Lodge on the Desert, a hotel resort property located at 306 N. Alvernon Way in Tucson. Chicago-based Atira Hotels acquired the asset for an undisclosed price. Situated on five acres, The Lodge on the Desert offers 102 guest rooms. The property was first built in the 1934 as a residence and was converted to a guest ranch with seven rooms in 1936. The asset was expanded into a larger hotel property with the addition of deluxe guestrooms, a restaurant and outdoor space. Bill Murney and Jesse Heydorff of Cushman & Wakefield’s hospitality team in Phoenix represented the seller in the transaction.

October 7, 2022

Acquisitions Arizona Multifamily Western

Rise48 Equity Acquires Aspire Glendale Apartments in Arizona for $29.2M

by Amy Works October 7, 2022

GLENDALE, ARIZ. — Rise48 Equity has acquired Aspire Glendale, a 120-unit multifamily property in Glendale, from Clear Capital for $29.2 million, or $243,333 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged floating-rate agency financing for the buyer. Built in 1983, the community features 60 percent one-bedroom units and 40 percent two-bedroom units with in-unit washers/dryers and patios or balconies. Community amenities include a 24/7 fitness center and swimming pool.

October 7, 2022

Acquisitions Arizona Multifamily Western

Urban Communities Sells 128-Unit Elevate at South Mountain Apartment Property in Phoenix

by Amy Works October 7, 2022

PHOENIX — Urban Communities has completed the disposition of Elevate at South Mountain, a multifamily community located at 8818 S. Central Ave. in Phoenix. Gudi Real Estate Investments purchased the property for $22.3 million. Situated on 4.6 acres, Elevate at South Mountain includes two recently renovated, two-story buildings offering a total of 128 residential units. Karl Abert and Bret Zinn of Kidder Mathews represented the seller and buyer in the deal.

October 7, 2022

Acquisitions Arizona Single-Family Rental Western

Northmarq Negotiates $30.1M Sale of Single-Family Rental Community in Phoenix

by Amy Works October 6, 2022

PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.

October 6, 2022

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