SURPRISE, ARIZ. — SWC Development Partners has broken ground on its second building, a warehouse/distribution facility, within Skyway Business Park in Surprise. The 135,896-square-foot building will feature 32-foot clear heights, nine-foot by nine-foot dock-high doors, 12-foot by 14-foot grade-level doors, full concrete truck court and a fenced truck yard. Located at 11701 N. 132nd Ave., the property is slated for completion in second-quarter 2023. In October 2021, Avison Young’s Kevin Helland brokered the acquisition of 27.9 acres of land located within Skyway Commons on behalf of SWC Development Partners. Since the acquisition, SWC commenced construction on a 59,352-square-foot warehouse/distribution building, which is nearly complete. Additional buildings are currently going through the design review process, including two 25,000-square-foot speculative flex buildings. Helland and Mark Seale of Avison Young continue to represent the ownership on the leasing and sale of the project.
Arizona
MESA, ARIZ. — NextGen Apartments has completed the disposition of Craft @ Gilbert & Baseline, a multifamily community in Mesa. An undisclosed buyer acquired the asset for $45 million, or $432,692 per unit. Completed in 2019, Craft @ Gilbert & Baseline features 104 apartments in a mix of one- and two-bedroom open-concept layouts that average 1,018 square feet. Units feature full-size washers/dryers, smart home features and garage access. Community amenities include a resort-style swimming pool, outdoor yoga space, grilling stations and a firepit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.
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MDH Partners Sells 58-Property Sunbelt Logistics Portfolio Located Across 10 States for $1.3B
by Katie Sloan
ATLANTA — MDH Partners has sold its 58-property Sunbelt Logistics Portfolio to an undisclosed global institutional investor for $1.3 billion. MDH will retain an ownership stake in the portfolio and will continue to operate the properties. The portfolio spans 9.7 million square feet of industrial space across 10 states, including 11 properties in Georgia; 10 properties in Florida; eight properties in Texas; seven properties each in Arizona and Missouri; four properties each in Tennessee and North Carolina; two properties each in South Carolina and Virginia; and one property in Kentucky. The final two properties include nearly 675,000 square feet of newly constructed buildings in Nashville and Charlotte that were constructed with CarbonCure, a technology for the concrete industry that introduces recycled carbon dioxide into fresh concrete to reduce its carbon footprint. The portfolio consists of modern, state-of-the-art industrial and bulk distribution properties with an average size of 169,000 square feet. The properties feature average clear heights of 30 feet with 130-foot truck courts. The portfolio was 97 percent occupied at the time of sale by more than 100 regional, national and international tenants with an average remaining lease term of 5.7 years. “This diversified portfolio provides immediate scale and operating …
Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Retail Property in Mesa, Arizona
by Amy Works
MESA, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 1158 S. Crismon Road in Mesa. A limited liability company sold the asset to an undisclosed buyer for $3.3 million. Walgreens occupies the 14,992-square-foot retail building, which was built in 2001, on a triple-net corporate lease with more than four years remaining. Chris Land and Mark Ruble of Marcus & Millichap represented the seller in the deal.
MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.
TUCSON, ARIZ. — Lincoln Property Co. (LPC) has released plans to develop I-10 International, a more than 1 million-square-foot, Class A industrial property in Tucson. LPC purchased the land site from Tucson-based Diamond Ventures for an undisclosed price. Keri Lazarus Silyvn served as entitlement counsel for LPC. Situated on 77 acres, the four-building warehouse/distribution campus will feature a 476,000-square-foot facility, a 214,882-square-foot property, a 188,327-square-foot asset and a 158,908-square-foot building. All buildings will be state-of-the-art cold storage capable, 32-foot to 36-foot clear heights, 14-foot glass entrances, full concrete truck courts and R-83-insulated roof deck systems. Construction is slated to begin in second-quarter 2022, with completion scheduled for second-quarter 2023. The project will be built in two phases, with Phase I including the three smaller buildings and Phase II including the large cross-dock facility. Butler Design Group and Ware Malcomb are the project’s architects, while Rick Engineering is the project’s civil engineer. A general contractor has not been selected.
Creation Sells Industrial Building Near Phoenix for $130M, Plans 4.2 MSF New Development
by Jeff Shaw
BUCKEYE, ARIZ. — Creation, a real estate development and alternative investment firm headquartered in Phoenix, has sold 10 West Commerce Park in the Phoenix suburb of Buckeye for $130 million. The seller says it’s the highest gross sales price for an industrial property in Buckeye’s history. The buyer was Los Angeles-based investment firm Cohen Asset Management. Funko, a toy company best known for its pop culture figurines, bobbleheads and other collectibles, fully occupies the 10 West property, signing the lease in advance of completion in 2021. The 860,602-square-foot asset serves as the company’s U.S. distribution center. Will Strong of Cushman & Wakefield’s Phoenix office brokered the sale transaction. “We are firm believers that the Buckeye industrial submarket will continue to mature and attract industry-leading organizations as it establishes its place among sought-after West Coast industrial development hubs,” says Brandon Delf, principal and co-chief investment officer with Cohen Asset Management. Simultaneously with the sale announcement, Creation unveiled plans for a new industrial development in Buckeye. Named Ten85, the proposal calls for 4.2 million square feet of speculative space on a 270-acre parcel. The planned Ten85 logistics park will include four buildings ranging in size from 650,000 to 1.2 million square feet …
Phoenix Commercial Advisors Negotiates $18.4M Sale of Paloma Village Shopping Center in Tucson
by Amy Works
TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.
Pro Residential Sells The Waterfront Apartments in North Phoenix to Rise48 Equity for $75.3M
by Amy Works
PHOENIX — Los Angeles-based Pro Residential has completed the disposition of The Waterfront, a multifamily community in North Phoenix. Arizona-based Rise48 Equity acquired the asset for $75.3 million, or $261,458 per unit. Located at 11459 N. 28th Drive, The Waterfront features 228 apartments spread across 14 three-story residential buildings. The one-, two- and three-bedroom units range in size from 527 square feet to 899 square feet. At the time of sale, the community was 91 percent occupied. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the transaction. Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu of Northmarq Phoenix’s Debt & Equity team arranged a $61.7 million acquisition loan, as a debt fund execution, for the buyer.