Arizona

Marcus & Millichap Brokers $18.2M Sale of Brookstone Office Complex in Phoenix

by Amy Works March 2, 2022

PHOENIX — Marcus & Millichap has arranged the purchase of Brookstone Office Complex, an office property located at 340 and 350 E. Palm Lane in Phoenix. Pete Katz of Katz Real Estate, a San Diego-based private investor, acquired the asset from a Phoenix-based investment group for $18.2 million. The asset includes two buildings offering a total of 126,806 square feet of office space and a parking lot. The buildings feature brick design; lobbies and balconies; and gardens with courtyards, mature landscaping and koi ponds. At the time of sale, the property was 69 percent leased to a variety of local, regional and national professional office and medical tenants. Nicholas Totah of The Totah Group of Marcus & Millichap represented the buyer in the deal.

March 2, 2022

Acquisitions Arizona Multifamily Western

Tide Equities, CIM Group Purchase 1,012-Unit Del Mar Terrace Apartments in Phoenix for $255M

by Amy Works March 1, 2022

PHOENIX — Tide Equities and CIM Group have acquired Del Mar Terrace, a multifamily community located at 7007 W. Indian School Road in Phoenix’s West Valley submarket. Del Mar Terrace Apartments LLC, an entity of Heers Development, sold the asset for $255 million, or $251,976 per unit. Built in 1986, Del Mar Terrace features 1,012 apartments in a mix of four one- and two-bedroom floorplans that range in size from 626 square feet to 885 square feet. The pet-friendly property features a swimming pool, fitness center and daycare center. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the buyer in the deal. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heinkenfeld of Northmarq’s Dallas Debt & Equity team secured bridge loan financing and buyer’s equity for the acquisition.

March 1, 2022

Acquisitions Arizona Multifamily Western

SAM Residential Group Buys Multifamily Community Near Phoenix for $36M

by Amy Works March 1, 2022

AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.

March 1, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $3.1M Sale of Wilson Studios Apartment Building in Tempe

by Amy Works March 1, 2022

TEMPE, ARIZ. — Taylor Street Advisors has arranged the sale of Wilson Studios, a multifamily property located at 110-114 S. Wilson St. in Tempe. A private, out-of-state investor acquired the property from a local private capital firm for $3.1 million, or $192,500 per unit. The buyer plans to renovate the 16-unit property, which is located less than a mile from Arizona State University. Brian Tranetzki and Anton Laakso of Taylor Street Advisors handled the transaction.

March 1, 2022

Acquisitions Arizona Company News Healthcare Southeast Tennessee Top Stories Western

Healthcare Realty Trust, Healthcare Trust of America Agree to Merge, Forming $11.6B Medical Office Building REIT

by John Nelson March 1, 2022

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

March 1, 2022

Acquisitions Arizona Development Industrial Western

GO Industrial Acquires Land in Phoenix for 1.3 MSF in Spec Projects

by Amy Works February 28, 2022

PHOENIX — GO Industrial has purchased land parcels on the east and west sides of Phoenix for the development of approximately 1.3 million square feet of space in two speculative industrial projects: GO | 99 North and GO | AZ Ave. Located on the west side of Phoenix, GO | 99 North will be a 1.1 million-square-foot facility situated on 70 acres. The building will feature 40-foot clear heights, concrete truck courts, and 217 trailer and 1,315 auto parking stalls. Groundbreaking is slated for third-quarter 2022. The building is the continuation of GO Industrial’s 1.3 million-square-foot GO | 99 industrial project, which is now under construction. Together, the two projects will bring a total of 2.4 million square feet to the area. Located on the East Valley, GO | AZ Ave. will be a 181,655-square-foot building on 10 acres. The facility will feature 32-foot clear heights, concrete truck courts, and 53 trailer and 212 auto parking stalls. Construction is scheduled to begin during the second quarter of 2022. DLR Group is serving as architect for both projects. General contractors have not yet been selected. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield represented GO Industrial in the …

February 28, 2022

Affordable Housing Arizona Development Multifamily Western

Holualoa Cos. to Build 129-Unit Workforce Housing Project in Tempe

by Amy Works February 28, 2022

TEMPE, ARIZ. — Holualoa Cos. has released plans for Dwell: A Work @ Home Community at the intersection of Fifth Street and Farmer Avenue in Tempe. The 129-unit workforce community will complete Farmer Studios, a mixed-use development, and provide housing opportunities for residents in downtown Tempe, Arizona State University and other locations. Holualoa purchased the two-acre parcel for $12 million. The residences will be integrated into two existing office buildings and a pocket park onsite to create a mixed-use development. The community will feature live/work-oriented amenity rooms for residents, conference rooms with green screens, private meeting rooms, a fitness center, dog-friendly features and walkable access to light rail, streetcar, restaurants and other amenities. Architekton and Worksbureau are serving as architects for the project.

February 28, 2022

Scottsdale-Resort-McCormick-Ranch-Scottsdale-AZ

Arizona Hospitality Loans Western

Cottonwood Group Arranges $104M Loan for Acquisition, Renovation of Scottsdale Resort at McCormick Ranch in Arizona

by Amy Works February 25, 2022

SCOTTSDALE, ARIZ. — Cottonwood Group has closed a $104 million acquisition and renovation loan for The Scottsdale Resort at McCormick Ranch, a destination hotel located at 7700 E. McCormick Parkway in Scottsdale. Florida-based Driftwood Capital acquired the asset. The Scottsdale Resort at McCormick Ranch features 278 guest rooms, six meeting rooms and a total of 23,245 square feet of meeting space.

February 25, 2022

Arizona Industrial Market Reports Western Western Market Reports

No End in Sight for Phoenix’s Industrial Strength

by Jeff Shaw February 25, 2022

By Pat Harlan, Managing Director, JLL Labor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total 8.5 million square feet. Nearly 94 percent of that activity was generated from ecommerce and food and beverage users. Vacancy had also dipped to pre-pandemic levels, falling by 100 basis points year-over-year to just 6.8 percent as of the end of the third quarter of 2021. Construction continues to ramp up, trying to meet a seemingly unending stream of demand. As of the end of the third quarter, there was 16.6 million square feet of metro Phoenix industrial space under development. The West Valley accounts for about 11.3 million square feet of this activity. The Southeast Valley represents an additional 3.4 million square feet. Two of the largest buildings underway in the market right now are the Cubes Glendale, totaling 1.2 million square feet, and Building …

February 25, 2022

Acquisitions Arizona Industrial Western

Martens Development, Dune Real Estate Sell Seven-Building Industrial Portfolio in Mesa for $130M

by Amy Works February 24, 2022

MESA, ARIZ. — A joint venture between Scottsdale-based Martens Development and New York City-based Dune Real Estate Partners have completed the disposition of Landing 3, a newly completed Class A industrial development in Mesa. An affiliate of Cohen Asset Management and ASB Real Estate Investments acquired the asset for $130 million. Located at 7827-8009 E. Ray Road, Landing Phase III was built in 2021 and features 525,342 square feet of industrial space spread across seven buildings. Landing 3 is part of the multi-phase, master-planned industrial project known as The Landing, which totals 858,901 square feet. Landing 3 consists of seven freestanding light industrial buildings and a cross-dock facility, all with 36-foot clear heights, 100 percent concrete throughout, loading and heavy parking, ESFR sprinklers and fenced yards. At the time of sale, Landing 3 was 100 percent leased to a diversified tenant mix. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, as well as Adam Spies and Marcella Fasulo of Cushman & Wakefield’s New York Capital Markets team, represented the seller in the deal. Rob Rubano and Brian Share of Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged financing …

February 24, 2022

Newer Posts

Older Posts