Arizona

ViaWest Group, Taconic Capital Advisors Divest of 140,161 SF Concorde Commerce Center in Phoenix for $23M

by Amy Works February 24, 2022

PHOENIX — Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors have completed the disposition of Concorde Commerce Center, a three-story office building in Phoenix. Idaho-based Stafford Holdings acquired the asset for $23 million. Located at 2222 W. Dunlap Ave., the 140,161-square-foot property features a two-story atrium lobby. At the time of sale, the building was 84 percent leased to Ciox/Datavant, a health data provider, and Kiewit, a construction and engineering company. Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo and Gary Cornish of CBRE represented the seller in the transaction.

February 24, 2022

Acquisitions Arizona Multifamily Northmarq Western

Northmarq Brokers $42M Sale of Standard Raintree Multifamily Community in Tucson

by Amy Works February 23, 2022

TUCSON, ARIZ. — Northmarq has arranged the sale of Standard Raintree, an apartment property located at 6450 E. Golf Links Road in Tucson. Next Round Asset Management I, an entity of Next Round Asset Management, acquired the asset from SPL Cos. of Denver for $42 million, or $115,385 per unit. Built in 1983, Standard Raintree features 364 apartments in a mix of studio and one-bedroom layouts, ranging from 327 square feet to 418 square feet. The gated community also features a pool, gazebo, volleyball courts, racquetball courts and a dog park. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the deal. Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq’s Debt & Equity team arranged a $31.3 million acquisition loan for the buyers.

February 23, 2022

Acquisitions Arizona Industrial Western

ScanlanKemperBard Acquires 620,000 SF Distribution Center in Glendale, Arizona

by Amy Works February 23, 2022

GLENDALE, ARIZ. — ScanlanKemperBard and an institutional investor have purchased a 620,000-square-foot Class A industrial distribution center in Glendale. Slate Real Estate Capital, the private credit business of Slate Asset Management, provided a $46.3 million senior loan facility to the buyers. Ramsey Daya and Grant Gooding of Newmark represented the borrower in the transaction.

February 23, 2022

Acquisitions Arizona Industrial Net Lease Western

DWG Capital Acquires Industrial Property in Phoenix in Sale-Leaseback Deal

by Amy Works February 22, 2022

PHOENIX — DWG Capital Partners has purchased an industrial facility, located at 3420 W. Catalina Drive in Phoenix, for an undisclosed price. The sale-leaseback deal includes a new, 15-year, triple-net lease with the seller, Rembrandt Stone Masters. The stone fabrication company occupies the 29,600-square-foot property, which is situated on 1.7 acres. Founded in 1996, the company operates a state-of-the-art facility with leading-edge CNC machinery and technology supported by a team of craftsmen and artisans. Dugan Kelley of Kelley Clarke PC represented the buyer, while Steve Lowe and Oscar Lopez of Matthews Real Estate represented the seller in the transaction. WaFd Bank provided acquisition financing, which Jim McCann arranged.

February 22, 2022

Hampton-Inn-Phoenix-Airport-North-Phoenix-AZ

Acquisitions Arizona Hospitality Western

CBRE Negotiates Purchase of 106-Room Hampton Inn Phoenix Airport North

by Amy Works February 18, 2022

PHOENIX — CBRE has arranged the acquisition of Hampton Inn Phoenix Airport North, a hotel located near Phoenix Sky Harbor International Airport in Phoenix. A private, California-based investor acquired the asset from a Washington, D.C.-based real estate investment firm for an undisclosed price. Located at 601 N. 44th St., the hotel features 106 guest rooms, three meeting rooms, 2,024 square feet of event space, a fitness center and outdoor pool. Jennifer Bergamo, Rick Rush and Cater Gradwell of CBRE Hotels Capital Markets represented the buyer and seller in the transaction.

February 18, 2022

Arizona Market Reports Office Western Western Market Reports

Phoenix’s Office Market is Coming Back (Whether Some Companies Like It or Not)

by Jeff Shaw February 18, 2022

By Phil Breidenbach, Senior Executive Vice President, Colliers Companies are coming back to the office in Phoenix. Businesses are envisioning the return of their workforce as many look for new space or reconfigure their existing facilities. Building owners feel the momentum. We have reason to be optimistic — the future of the office and how we use the workplace is exciting! Getting there, however, will be turbulent. Your patience may be tested. Colliers’ fourth-quarter office report shows vacancies stabilizing market wide, positive absorption occurring in key submarkets and rents increasing marginally. Positive fourth-quarter absorption was led by leasing in new Class A+ buildings like 100 S. Mill. This Hines/Cousins project is 80 percent leased by institutional, “household name” tenants at record rents several months prior to completion. Vacancy rates may, however, continue to fluctuate as certain downsizing continues. Some institutional users are adopting work from home for much of their workforce, convinced this strategy will help with employee retention and cost reduction without impacting productivity — assumptions yet to be proven. This strategy has corporate America subleasing space, allowing leases to expire and vacating spaces, which is stagnating recovery. ‘Short Term’ — The Renewal Mantra for 2022 We speak with office occupiers regularly about back-to-work strategies. …

February 18, 2022

Arizona Development Industrial Retail Western

Sigma Contracting to Develop 100,000 SF Warehouse, Manufacturing, Retail Project in Goodyear for Potato Barn

by Amy Works February 17, 2022

GOODYEAR, ARIZ. — Sigma Contracting is scheduled to break ground in March on a $14 million, 100,000-square-foot warehouse, manufacturing and retail space in Goodyear for Potato Barn, a family-owned furniture store. Situated on eight acres at the southwest corner of West McDowell Road and Pebble Creek Parkway, the ground-up building will feature eight loading docks, 25,000 square feet of warehouse space, 20,000 square feet of manufacturing space and more than 54,000 square feet of retail/showroom space with administrative offices in the mezzanine area. Completion is slated for late fourth-quarter 2022. The project team includes R&M Concrete, State Electric and Alstate Steel.

February 17, 2022

Acquisitions Arizona Healthcare Mixed-Use Office Restaurant Retail Western

Woodside Health Buys 44,680 SF Il Palazzo at Arrowhead Ranch Mixed-Use Project in Glendale, Arizona

by Amy Works February 17, 2022

GLENDALE, ARIZ. — Cleveland, Ohio-based Woodside Health has purchased Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use retail and medical office property in Glendale. An undisclosed seller sold the property for $12.5 million. Consisting of five one- and two-story buildings, the asset was 96 percent leased at the time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining space is occupied by medical, wellness and professional office tenants. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover of Cushman & Wakefield’s capital markets and private capital teams in Phoenix negotiated the sale.

February 17, 2022

Acquisitions Arizona Multifamily Top Stories Western

IPA Arranges $193.5M Sale of Roadrunner on McDowell Multifamily Community in Scottsdale, Arizona

by Katie Sloan February 17, 2022

SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $193.5 million sale of Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, roughly 12 miles outside Phoenix. The transaction marks the second-largest single-asset multifamily sale in Arizona history, according to IPA. The community was completed in 2022 by developer JLB Partners and is located within a 10-mile radius of major employers, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. The buyer in the transaction was undisclosed. The property offers a mix of studio, one- and two-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa with private poolside cabanas; an outdoor entertainment area with seating, flatscreen televisions, a misting system and grilling stations; a zen garden; fitness center and yoga room; pet park; entertainment lounge; and co-working space with individual offices and a conference room. “The property was built to attract a top-tier resident profile of high-wage-earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale’s outstanding citywide demographics,” says Steve Gebing, executive managing director with IPA. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.” …

February 17, 2022

Arizona Development Multifamily Seniors Housing Western

Civitas Nears Completion of 212-Unit The Bluffs at Flagstaff Seniors Housing Community in Arizona

by Amy Works February 16, 2022

FLAGSTAFF, ARIZ. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features 123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.

February 16, 2022

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