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GCU-Campus-Phoenix-AZ
ArizonaLoansMultifamilyStudent HousingWestern

Colliers Arranges $520M Bond Refinancing for Grand Canyon University in Phoenix

by Amy Works

PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix.  Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021.  Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction.  “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller. 

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Smith-Rio-Tempe-AZ.jpg
AcquisitionsArizonaMultifamilyWestern

PGIM Real Estate, HSR Sell 310-Unit Smith & Rio Multifamily Community in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — A partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has completed the disposition of Smith & Rio, an apartment property in Tempe. A global investor acquired the asset for an undisclosed price. Completed by HSR in 2023, Smith & Rio offers 310 apartment units, a rooftop deck, resident clubhouse with gaming tables, a fireplace and seating areas, and a central courtyard including a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, reception area and leasing office, multiple seating areas, coworking offices, pet spa and another outdoor courtyard with a dog park and yoga lawn. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.

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ArizonaMarket ReportsRetailWesternWestern Market Reports

Phoenix Retail Landscape Evolves with Market Dynamics

by John Nelson

— By Patrick Dempsey, senior managing director of JLL Capital Markets — The Phoenix retail capital markets environment is showing signs of resilience in the face of current economic conditions. While the market has experienced a period of lower transaction volume, recent drops in interest rates have begun to bridge the gap between buyer and seller expectations, potentially paving the way for increased activity. Notably, Phoenix stands out with impressive positive rent growth, recording the highest rate at 7.4 percent among major metros and Sun Belt markets. Phoenix’s robust employment market, especially in the semiconductor sector, continues to be a major advantage. The city boasts a strong base of major employers, contributing to its ongoing economic vitality.  Investor demand remains concentrated on grocery-anchored properties and premium retail locations, highlighting the enduring value of strategically positioned assets. This trend is especially pronounced in high-growth submarkets. For example, the Southeast Valley is experiencing significant suburban and residential growth, driving the development of new grocery centers to serve the expanding population. Similarly, Northwest Phoenix with areas like Peoria and Glendale are seeing strategic investments from grocers anticipating future population growth.  Looking ahead, there’s increasing optimism for a stabilization of retail capital markets transactions …

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Emberwood-Seniors-Casa-Grande-AZ
ArizonaLoansMultifamilySeniors HousingWalker & DunlopWestern

Walker & Dunlop Arranges $23.9M in Equity for Construction of Seniors Housing Complex in Arizona

by Amy Works

CASA GRANDE, ARIZ. — Walker & Dunlop has secured $23.9 million in equity for the construction of Emberwood, a to-be-built affordable seniors housing community in Casa Grande. Aaron Krasnow of Walker & Dunlop Affordable Equity team arranged the equity, which included 4 percent low-income housing tax credits and renewable energy investment tax credits, on behalf of the client, Roers Cos. Situated on 8.2 acres, Emberwood will offer 176 apartments for residents aged 55 or older, along with a separate single-story community center. The three-story residential building will feature 55 one-bedroom and 121 two-bedroom apartments all with elevator access. The property will be adjacent to a 55,000-square-foot community recreation center, which opened in 2019, that offers senior programs.

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7980-7990-W-Buckeye-Rd-Tolleson-AZ
AcquisitionsArizonaIndustrialWestern

SENTRE Acquires 322,070 SF Industrial Property in Tolleson, Arizona from Brennan Investment Group

by Amy Works

TOLLESON, ARIZ. — San Diego-based SENTRE has purchased a freestanding industrial asset located at 7980-7990 W. Buckeye Road in Tolleson, approximately 12 miles west of Phoenix. Chicago-based Brennan Investment Group sold the property for $48.8 million. Situated on more than 15 acres, the 322,070-square-foot facility was originally built in 1988 and expanded in 2010. The asset features a clear height of 35 feet, ample loading and heavy power. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield’s Private Capital Group represented the seller in the transaction.

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20-E-Thomas-Rd-Phoenix-AZ.jpg
AcquisitionsArizonaOfficeWestern

U-Haul International Buys 548,938 SF Office Tower in Midtown Phoenix for Corporate Headquarters

by Amy Works

PHOENIX — U-Haul International, a Phoenix-based moving and self-storage company, has acquired 20 E Thomas, a 25-story office tower at 20 E. Thomas Road in Phoenix’s Midtown submarket, from an entity controlled by Bank of America for $23.7 million. The 548,938-square-foot asset is part of a 10.5-acre mixed-use development containing 1.5 million square feet of office space, 30,500 square feet of retail space, a 242-room Embassy Suites hotel and an 11-story parking garage immediately adjacent to 20 E. Thomas Road. The sale also included 49 E Thomas, a 1.1-acre excess land parcel for additional parking. U-Haul intends to occupy most of the building, in what will be a real estate expansion for the company. U-Haul plans to consolidate its team members from other nearby buildings it currently owns. The company will continue to lease approximately 16 percent of space at the building to existing tenants. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented a Bank of America entity in the sale after foreclosing on the property in summer 2024, several months after leases covering more than two-thirds of the building expired. Cushman & Wakefield’s Jerry Roberts and Pat Boyle also provided leasing advisory services. Ryan Eustice of …

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1325-N-Litchfield-Rd-Goodyear-AZ
ArizonaHealthcareLoansWestern

JLL Arranges $13.4M in Refinancing for Medical Office Building in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — JLL Capital Markets has secured a $13.4 million loan on behalf of PMB for the refinancing of Goodyear Medical Plaza, a Class A medical office building in Goodyear. Daniel Digerness of JLL Medical Properties Capital Markets secured the fixed-rate loan through a national healthcare real estate lender for the borrower. PMB redeveloped Goodyear Medical Plaza from a movie theater into a 47,483-square-foot medical outpatient building for Abrazo Health, part of Tenet Health, in 2019. The single-story building is 99 percent leased to Abrazo Health and affiliated tenants occupying approximately 49 percent of the space and providing services, including orthopedics, cardiology and a wound clinic. Other tenants at the facility include an imaging center, internal medicine, pain management and physical therapy. Goodyear Medical Plaza is located at 1325 N. Litchfield Road on the Abrazo West hospital campus.

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ArizonaMarket ReportsMultifamilyWesternWestern Market Reports

Rapid Population Growth Keeps Phoenix Apartment Developers, Investors Engaged

by John Nelson

— By Ryan Sarbinoff, first vice president and regional manager, Marcus & Millichap —  Phoenix ranks third among the major markets in terms of both total net in-migration and job creation since the end of 2019. The region has also posted one of the largest jumps in median household income. Combined, these factors underpin heightened demand for housing and support elevated multifamily development.  While total deliveries will rise for the fourth consecutive year in 2024 to a record high of 22,000 rentals, apartment absorption has notably kept pace through mid-year. As such, metro-wide vacancy is on track to dip to 7 percent by December. This would mark both a 30-basis-point decline from the 2023 peak, as well as an 18-month low. The improving alignment of supply and demand will encourage a return to rent growth, albeit slight. The average effective rent will end 2024 at $1,585 per month, up from the year before but down 5.3 percent from the peak set in 2021. Apartment completions over the past year (ending in June) were most prevalent in the Avondale-Goodyear-West Glendale submarket, where a collective 5,200 units opened. This represented a 23.8 percent boost to existing stock. Yet, the substantial wave of openings …

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Rancho-Las-Palmas-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

Pinnacle Holdings Sells 112-Unit Rancho Las Palmas Apartments in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Boca Raton, Fla.-based Pinnacle Holdings has completed the disposition of Rancho Las Palmas Apartments in Tempe to an Arizona-based private investor for $18 million, or $160,714 per unit. Built in 1986 on 5.2 acres, Rancho Las Palmas features 112 apartments spread across six two-story and three-story buildings. The community offers 48 one-bedroom units and 64 two-bedroom units with an average size of 777 square feet. Unit amenities include balconies/patios, vaulted ceilings in select units and fully equipped kitchens with stainless steel appliance packages in select units. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry and ample parking. Avison Young’s Peter Sherman, Keith O’Donnell and Mark Seale, along with Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman of ABI Multifamily, brokered the transaction.

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222-E-Main-St-Mesa-AZ
AcquisitionsArizonaIndustrialOfficeWestern

Marcus & Millichap Brokers Sale of 22,722 SF Flex Building in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Marcus & Millichap has arranged the sale of AMR Mesa – 222 E Main, a flex building in Mesa. A Spokane, Wash.-based limited liability company sold the asset to an undisclosed buyer for $5 million. Located at 222 E. Main St., the 22,722-square-foot building is used as flex/office space and is an AMR tenant under a nine-year lease with annual CPI adjusted rent escalations. The property was renovated in 2023. Brandon Kramer and Maxwell Rist of Marcus & Millichap represented the seller in the deal. Ryan Sarbinoff of Marcus & Millichap assisted in the closing, and Rob Cronenberg of Marcus & Millichap Capital Corp. provided up-to-date financing quotes.

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