Arizona

CBRE Brokers $17.2M Sale of Warehouse Facility in Phoenix

by Amy Works October 6, 2022

PHOENIX — CBRE has negotiated the sale of an industrial warehouse in Phoenix. James Greaves of G2 Capital sold the asset to a partnership of three private 1031 exchange buyers for $17.2 million. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, while Geoffrey Turbow and Gary Cornish of CBRE represented the buyer in the transaction. Built in 1983 and renovated in 2022, the 115,260-square-foot, rail-served warehouse features 28-foot clear heights, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.

October 6, 2022

Acquisitions Arizona Multifamily South Carolina Southeast Student Housing Texas Top Stories Western

Global Student Accommodation Completes Acquisition of 1,600-Bed Student Housing Portfolio

by Jeff Shaw October 4, 2022

AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd

October 4, 2022

Acquisitions Arizona Loans Multifamily Western

Tauro Capital Advisors Arranges $15M Acquisition Loan for Summit on Thomas Apartments in Phoenix

by Amy Works October 3, 2022

PHOENIX — Tauro Capital Advisors has secured a $15 million acquisition loan for a value-add multifamily community in Phoenix. Patrick O’Donnell of Tauro Capital’s Scottsdale office negotiated the financing . Karl Abert and Bret Zinn of Kidder Mathews represented the buyer, Summit on Thomas, while Bill Hahn of Northmarq represented the seller, Rise Thomas LLC (Rise48 Equity), in the acquisition. The two-story apartment complex is located at 2735 E . Thomas Road. Formerly Rise on Thomas, the community has been rebranded to Summit on Thomas. The purchase price was $21 million. Built in 1967, 44 of 100 units were renovated at time of sale. The property features two pool areas with built-in barbecues, two workout rooms and communal patio space. Future plans include renovating the remaining 56 units and continuing improvements across the common areas. All units will have in-unit washers/dryers once renovations are complete.

October 3, 2022

Acquisitions Arizona Healthcare Office Western

Joint Venture Purchases Simon Medical Plaza in Phoenix for $14.8M

by Amy Works September 28, 2022

PHOENIX — A joint venture between Cypress West Partners and an institutional real estate advisor has acquired Simon Medical Plaza, a fully leased medical office building in Phoenix. Completed in 2020, Simon Medical Plaza is a two-story facility that a variety of healthcare tenants occupy. Services available at the property include pediatric healthcare, imaging services, podiatry, dentistry, physical therapy, ophthalmology, chiropractor services, counseling and elder services. Aldon Cole and Aiden Hayes of JLL Capital Markets secured a $7.6 million five-year, floating-rate loan through CIT, a division of First Citizens Bank, for the acquisition.

September 28, 2022

Acquisitions Arizona Industrial Self-Storage Western

Teakwood Real Estate Buys 292-Unit Self-Storage Facility in Mesa, Arizona

by Amy Works September 28, 2022

MESA, ARIZ. — Teakwood Real Estate Partners has acquired a self-storage facility located at 462 S. Gilbert Road in Mesa. Terms of the transaction were not released. Westport Properties will oversee management and operation of the property under the US Storage Centers brand. The facility features 292 single-story, drive-up units, electronic gate access and 24-hour surveillance. Teakwood Real Estate Partners represented itself in the acquisition.

September 28, 2022

Arizona Development Industrial Western

Echo Real Estate, LGE Break Ground on 676,176 SF Echo Park Industrial Project in Glendale, Arizona

by Amy Works September 26, 2022

GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build, as design-build contractor, have broken ground on Echo Park 303, a two-building industrial facility situated on nearly 40 acres in Glendale. Located near the intersection of Northern Parkway and Reems Road, Echo Park 303 will feature a 455,936-square-foot facility, a 220,240-square-foot building, 743 parking spaces and gated yards for nearly 250 trailer spaces. The buildings will feature two stories of storefront window systems to allow for natural lighting in the lobbies and offices situated on the corners of the buildings. Completion of the 676,176-square-foot park is slated for third-quarter 2023.

September 26, 2022

Arizona Civic Development Western

McCarthy Building Cos. Starts Construction of $17.5M Student Experience Center at Arizona Western College in Yuma

by Amy Works September 26, 2022

YUMA, ARIZ. — McCarthy Building Cos. has broken ground for development of the $17.5 million Student Experience Center at Arizona Western College in Yuma. Serving more than 11,000 students, the two-story, 45,000-square-foot center will be situated on 3.5 acres. Slated to open in fall 2023, the center will feature a lecture hall, multiple instructional modalities, shared common areas, conference rooms, maker space, an eatery, game areas and a multimedia center and esports arena. The multimedia center will house the KAWC radio station and broadcast television studio with an emphasis on modern technology. Students and the public will be able to observe behind-the-scenes production through glass walls and TV monitors. The Student Experience Center will also offer a space for honors students to study and collaborate on group projects; a food pantry and clothing program for disadvantaged students; and 13,000 square feet of administrative space on the second floor. EMC2 is serving as the design architect on the project. The project team also includes Haxton Masonry, Delta Diversified Enterprises, Yuma Valley Contractors, Pacific Steel Inc. and Progressive Roofing.

September 26, 2022

Arizona Development Industrial Western

Provident Realty Advisors Acquires 16.6-Acre Site in Glendale, Arizona for Spec Industrial Development

by Amy Works September 23, 2022

GLENDALE, ARIZ. — Dallas-based Provident Realty Advisors has purchased a 16.6-acre land site at 6550 W. Orangewood Ave. in Glendale for an undisclosed price. The company plans to develop a 302,400-square-foot speculative warehouse and distribution facility on the site. Construction is slated to begin in the first half of 2023 with completion scheduled for early 2024. The building will feature 36-foot clear heights, 61 dock doors, a 185-foot truck court and 86 trailer parking spaces. Case Van Lare, Chris Martin and Cavanaugh Adams of Provident Realty Advisors provided in-house representation for the acquisition. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE will handle leasing of the development.

September 23, 2022

Arizona Market Reports Office Western Western Market Reports

Reimagined Class A Office Projects Lead Phoenix’s Road to Recovery

by Jeff Shaw September 23, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Class A landlords are answering the call from tenants for captivating workplaces. These re-imagined environments are drawing businesses to buildings and invigorating absorption in the market. Greater Phoenix office vacancy fell to 13.5 percent at mid-year, which was a 0.6 percent drop from last quarter and 0.7 percent lower than mid-year 2021. This number also sits 1.6 percent below the national average. While 287,000 square feet of new product was delivered, more than 587,000 square feet was absorbed. This is evidence the workforce is finding its way back to the office, if not full-time at least a few days a week. The refreshing surge in absorption is driven by companies coming to the best and newest buildings — redefining Class A with amenities that compel the workforce back into the office. New buildings like 100 Mill and Cavasson are two great examples. The first, 100 Mill, was completed in the second quarter and is more than 90 percent preleased. The building will feature next-level common areas and best-in-class meeting and lounge areas. The flight to quality trend has evolved into a flight to experience trend. Companies are finally coming to grips with the reality that how they …

September 23, 2022

Arizona Development Industrial Loans Western

JLL Arranges $99M Construction Loan for Five-Building Sossaman Park Industrial Project in Mesa, Arizona

by Amy Works September 20, 2022

MESA, ARIZ. — JLL Capital Markets has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial project in Mesa. Totaling 828,718 square feet, the first phase will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25 to 41 dock-high doors, 50-foot by 52-foot column spacing and 32-foot clear heights throughout. Sossaman Park will be built in two phases with the second phase expected to include three additional buildings that will collectively total 722,000 square feet. A portion of the loan proceeds were used to fund the sponsor’s acquisition of the Phase II land site. The development is located on 108.9 acres at the southwest corner of Sossaman and Warner roads in the Chandler North/Gilbert submarket. Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos of JLL Capital Markets arranged a four-year, floating-rate loan for the borrower, a joint venture led by Contour. Pacific Western Bank provided the loan.

September 20, 2022

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