Arizona

Marcus & Millichap Brokers Sale of La Gran Plaza Retail Center in Mesa, Arizona

by Amy Works June 6, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of La Gran Plaza, a retail property located at 1245 E. Southern Ave. in Mesa. An Arizona-based developer sold the asset to a California-based investor for $12.3 million. Sanford Burstyn of Marcus & Millichap represented the seller, while Bryan Ledbetter and Bryan Baits of Western Retail Advisors represented the buyer in the deal. Built in 1986 and remodeled in 2014, La Gran Plaza features 79,743 square feet of retail space. At the time of sale, the property was 96 percent occupied. Current tenants include El Super Grocery, Panda Express, Los Altos Ranch Market, dd’s Fashion, Taco Bell, WSS Shoes, Aaron’s, Walgreens and T-Mobile.

June 6, 2022

Acquisitions Arizona Multifamily Student Housing Western

Coastal Ridge, Goldman Sachs Acquire 448-Bed Student Housing Community Near Northern Arizona University

by Amy Works June 3, 2022

FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.

June 3, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Arizona

by Amy Works June 2, 2022

MESA, TEMPE AND PHOENIX, ARIZ. — Phoenix-based Taylor Street Advisors has arranged the sales of three multifamily communities in Arizona for a total of $8.7 million. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the sellers, local private capital owners, and the buyers, local syndicators and professional investors, in the transactions. The transactions include: The $3.6 million, or $200,000 per unit, sale of Williams Apartments at 530-538 N. Williams in Mesa. The property features 18 two-bedroom/one-bath units. The $3.5 million, or $250,000 per unit, sale of Don Carlos Apartments at 1825 E. Don Carlos Ave. in Tempe. Don Carlos Apartments offers 12 one-bedroom units and two two-bedroom units. The $1.6 million, or $174,444 per unit, sale of Coolidge Apartments at 2416 W. Coolidge St. in Phoenix. The community features one studio, six one-bedroom units and two two-bedroom/two-bath units. According to Taylor Street Advisors, the buyers plan to renovate each property, which are all individually metered for electric with individual HVAC units.

June 2, 2022

Acquisitions Arizona Retail Western

Orion Investment Real Estate Brokers $1M Sale of Auto Repair Shop in Mesa, Arizona

by Amy Works June 2, 2022

MESA, ARIZ. — Orion Investment Real Estate has arranged the sale of an auto repair shop property located at 8027 E. Main St. in Mesa. Faith Works Auto acquired the property for $1 million, or $194 per square foot. The buyer plans to expand its business to the new location, resulting in three locations in the East Valley. Nick Miner of Orion represented the buyer, while Aleta Ruark of Russ Lyons Realty represented the seller, Billy G Revocable Trust, in the deal.

June 2, 2022

Acquisitions Arizona Healthcare Office Western

Talia Jevan Properties Sells Optum Center Office Building in Phoenix for $20M

by Amy Works June 1, 2022

PHOENIX — Vancouver, Canada-based Talia Jevan Properties has completed the sale of Optum Center, a Class A multi-tenant office and medical building located at 20414 N. 27th Ave. in Phoenix. Cleveland-based Woodside Health Development acquired the property for $20 million. Built in 2008, the 81,907-square-foot Optum Center also includes a five-and-a-half level parking garage. At the time of sale, the property was 94 percent leased. The building features an extensive glass curtain wall and ribbon windows. Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley of Cushman & Wakefield represented the seller in the transaction.

June 1, 2022

Acquisitions Arizona Multifamily Western

Villa Delano Partners Buys 32-Unit Multifamily Property in Tucson, Arizona

by Amy Works May 31, 2022

TUCSON, ARIZ. — Villa Delano Partners LLC has acquired an apartment community, located at 123 W. Delano in Tucson, from 123 Delano LLC for $4.8 million. Villa Delano Apartments features 32 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented the seller and buyer in the transaction.

May 31, 2022

Acquisitions Arizona Build-to-Rent Development Western

Blue Vista to Develop Two Build-to-Rent Communities Near Phoenix

by Amy Works May 27, 2022

LITCHFIELD PARK AND GOODYEAR, ARIZ. — Chicago-based Blue Vista Capital Management has purchased land for two build-to-rent developments in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities. Located near the intersection of Dysart and Camelback roads, the Litchfield Park community will offer 153 residences with 54 one-bedroom duplex units and 99 detached two-bedroom, single-family units totaling 137,043 square feet. Situated near the intersection of Sarival Avenue and Yuma Road, the Goodyear community will feature 151 units in a mix of 60 one-bedroom duplexes and 91 detached two-bedroom, single-family units totaling 132,985 square feet. Upon completion, the projects will offer more than 300 homes with secure private gated entrances, private outdoor space, simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and nine- to 10-foot ceilings. Community amenities will include resort-style pools, clubhouses and outdoor lounge areas with grills.

May 27, 2022

Acquisitions Arizona Multifamily Western

Rincon Partners Sells Madison Grove Apartment Complex in Phoenix for $51.3M

by Amy Works May 27, 2022

PHOENIX — Rincon Partners has completed the sale of Madison Grove, a multifamily community in Phoenix, to Brass Enterprises for $51.3 million, or $300,000 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. Constructed in 1976, Madison Grove features 171 apartments with contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen TVs and dual-pane windows. Community amenities include a fitness center, pool, grilling stations and picnic seating, a fire pit, laundry care facility and a dog park. The garden-style property was recently renovated to include a complete unit interior redesign and property systems overhauls. Ownership also added new roofs, upgraded leasing and clubhouse spaces and a new fitness center and swimming pool.

May 27, 2022

Acquisitions Arizona Industrial Western

Sealy & Co. Acquires 85,259 SF Sky Harbor Center Industrial Property in Phoenix

by Amy Works May 24, 2022

PHOENIX — Sealy & Co. has purchased Sky Harbor Center, a Class A industrial building located at 801 S. 16th St. in Phoenix. An affiliate of Cohen Asset Management sold the asset for an undisclosed price. The 85,259-square-foot property is situated on 7.5 acres within the Sky Harbor Airport submarket and was fully leased to two tenants at the time of sale. Will Strong, Greer Oliver, Kirk Kuller and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the transaction. Cooper Fratt, John Werstler and Tanner Ferrandi of Cushman & Wakefield provide leasing advisory services for the property.

May 24, 2022

Acquisitions Arizona Multifamily Western

KB Investments Acquires 280-Unit Multifamily Community in Central Phoenix

by Amy Works May 23, 2022

PHOENIX — KB Investments has acquired Green Leaf Arts District, an apartment complex in Central Phoenix, for an undisclosed price. Located at 222 E. McDowell Road, the property features 280 units with nine-foot ceilings, gourmet kitchens, granite countertops, stainless steel appliances and modern cabinetry. Common area amenities include a two-story clubhouse with an upscale chef’s kitchen, a swim deck with a pool, spa and covered fireplace, a two-story fitness facility and outdoor yoga lawn and a gaming area with barbecue grills and fire pits. The community was built in 2017. Asher Gunter, Matt Pesch, Sean Cunningham, Austin Groen and Tyler Anderson of CBRE represented the seller, Green Leaf Capital Partners, in the transaction.

May 23, 2022

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