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Arizona

Metro-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms, and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private owner, and procured the buyer in the deal.

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Metro-Tucson-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property located in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private party, and procured the buyer in the deal.

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Office-Bldg-Camelback-Corridor-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Holualoa Cos., LaPour Partners Divest of 115,000 SF Office Building in Phoenix

by Amy Works

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of a Class A office building in Phoenix’s Camelback Corridor. Oklahoma City-based Humphreys Capital bought the asset for $66.3 million, or $573 per square foot. The four-story, 115,000-square-foot building was 95 percent leased upon sale. The sellers acquired the site, which included seven existing two-story office buildings, in 2016. The existing structures were demolished and a LEED-certified building with a 326-space underground parking garage was developed on the site in 2018. Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield represented the seller in the transaction. The team also worked with Jerry Roberts and Pat Boyle of Cushman & Wakefield for office leasing advisory and Beth Lambert of Cushman & Wakefield for debt and equity finance.

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Andara-Senior-Living-Scottsdale-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

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Andara-Senior-Living-Scottsdale-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

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Office-Bldg-Camelback-Corridor-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Holualoa Cos., LaPour Partners Divest of 115,000 SF Office Building in Phoenix

by Amy Works

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of a Class A office building in Phoenix’s Camelback Corridor. Oklahoma City-based Humphreys Capital bought the asset for $66.3 million, or $573 per square foot. The four-story, 115,000-square-foot building was 95 percent leased upon sale. The sellers acquired the site, which included seven existing two-story office buildings, in 2016. The existing structures were demolished and a LEED-certified building with a 326-space underground parking garage was developed on the site in 2018. Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield represented the seller in the transaction. The team also worked with Jerry Roberts and Pat Boyle of Cushman & Wakefield for office leasing advisory and Beth Lambert of Cushman & Wakefield for debt and equity finance.

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Hatcher-Industrial-Park-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

Ryan Cos., Westcore Break Ground on 906,000 SF Hatcher Industrial Park in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Ryan Cos. and Westcore have broken ground on Hatcher Industrial Park, a two-building industrial campus located along Loop 303 corridor in Glendale. The 906,000-square-foot project will provide Class A industrial space for manufacturing, logistics and supply chain users in the West Valley. Completion of the development is slated for June 2023. Ryan Cos. is serving as builder and Ryan A+E Inc. is serving as architect. Anthony Lydon, Marc Hertberg, Riley Gilbert and Kelly Royle of JLL are marketing the project for lease.

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AcquisitionsArizonaMultifamilyWestern

Goodegg Investments, Break of Day Capital Acquire 248-Unit Mission Antigua Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — San Francisco-based Goodegg Investments and Manhattan Beach, Calif.-based Break of Day Capital have jointly acquired Mission Antigua, a 248-unit apartment community located in the Midvale Park area of Tucson, for an undisclosed price. Julie Lam and Annie Dickerson of Goodegg Investments and Gary Lipsky at Break of Day Capital led the acquisition teams. This is the eighth asset in Arizona for Break of Day Capital and the first for Goodegg Investments. Completed in 1989, Mission Antigua comprises 248 one-, two- and three- bedroom units and includes amenities such as a swimming pool, picnic area, fitness center and clubhouse. Individual unit amenities include fireplaces, ceiling fans, walk-in closets and balconies and patios. Select units include vaulted ceilings and in-unit washers and dryers. Approximately 70 percent of the units have been renovated, and Goodegg Investments and Break of Day Capital plan to renovate the remaining units.

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The-Wyatt-Gilbert-AZ
AcquisitionsArizonaMultifamilyWestern

Thompson Thrift Residential Sells The Wyatt Multifamily Community in Gilbert, Arizona for $91M

by Amy Works

GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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Westech-Business-Center-I-II-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

LBA Logistics Divests of 225,333 SF Westech Business Center Light Industrial Complex in Phoenix

by Amy Works

PHOENIX — LBA Logistics has sold Westech Business Center I & II, a seven-building light industrial complex in Phoenix, to Schnitzer Properties, formerly Harsch Investment Properties, for an undisclosed price. Westech Business Center I & II features 225,333 square feet of space, which was 99 percent leased to 51 tenants at the time of sale. The asset offers functional divisibility with a variety of smaller bay sizes, freeway visibility, parking, ample loading and fully built-out offices. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the deal.

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