Arizona

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Contour Real Estate Buys 77-Acre Industrial Development Site in Buckeye, Arizona

by Amy Works January 17, 2022

BUCKEYE, ARIZ. — An entity controlled by Contour Real Estate has acquired an approximately 77-acre industrial site at the southeast corner of Apache and Southern Avenue roads in Buckeye. The Napolitano Family sold the property, which is adjacent to the Cardinal Glass and Walmart distribution facilities, for $14.5 million. Contour plans to develop a 1.2 million-square-foot, Class A, cross-dock facility targeting e-commerce and logistics tenants in needs of a regional distribution hub. Ware Malcomb is serving as architect and civil engineer for the project. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors represented the buyer in the deal. Marc Hertzberg of JLL’s Phoenix office will handle leasing for the completed facility.

January 17, 2022

Arizona Development Multifamily Top Stories

Clayco Breaks Ground on 28-Story PALMtower Apartment Building in Downtown Phoenix

by Julia Sanders January 14, 2022

PHOENIX, ARIZ. — Chicago-based Clayco has broken ground on PALMtower, a 28-story residential tower development in downtown Phoenix. The project is slated for completion by early 2024. Development costs were not disclosed. PALMtower will feature 352 apartment units with unit features including quartz countertops, luxury vinyl tile, custom finish light fixtures and views of downtown Phoenix. The property will also offer parking onsite, including six floors of above-ground parking with 370 spaces and 120 spots for bike parking. The property will also include a 17,500-square-foot seventh-floor amenity level with an indoor-outdoor common space. The outdoor amenities will include a pool, spa, outdoor kitchen, native gardens and 360-degree city views. Indoor amenities will feature a resident’s club, media room, lounge areas and fitness and yoga centers. The project is landlocked on all sides in one of downtown Phoenix’s most constrained sites, according to Clayco. The 481,980-square-foot building’s exterior cladding will include glass and metal paneling. Located at 440 East Van Buren St., PALMtower is located less than a half mile from the Arizona State University Downtown Phoenix campus and across the street from the University of Arizona College of Medicine campus. The property will be located near retailers and restaurants, including …

January 14, 2022

Arizona Development Industrial Western

Opus Development Co. Acquires 18-Acre Site in Tempe for Spec Industrial Project

by Amy Works January 12, 2022

TEMPE, ARIZ. — Opus Development Co. has purchased an 18-acre development site at 1320 and 1330 W. Warner Road in Tempe. An undisclosed seller sold the asset for $9.3 million. Opus plans to develop a two-building, 197,000-square-foot speculative industrial project. Construction is slated to begin in first-quarter 2022. Brian Ackerman and Connor Clark of JLL Capital Markets represented the seller in the deal. Additionally, Opus has engaged JLL to handle leasing of the new property.

January 12, 2022

Arizona Development Industrial Loans Western

Wharton Industrial, Madison Ventures Receive $224.1M Construction Loan for Industrial Park in Mesa, Arizona

by Amy Works January 11, 2022

MESA, ARIZ. — Wharton Industrial and Madison Ventures Plus have received $224.1 million in acquisition and construction financing for The HUB @ 202, a master-planned, 1.5-million-square-foot industrial park in Mesa. John Alascio, Dave Karson, Chris Moyer, Will Strong, Kirk Kuller, TJ Sullivan, Chuck Kohaut and Zachary Smolev of Cushman & Wakefield Capital Markets arranged the financing. Situated on 101 acres, The HUB @ 202 will feature 11 Class A buildings with 28-foot to 36-foot clear heights, ample truck and car parking, grade- and dock-high loading doors and functional divisibility with a variety of bay sizes. Construction is slated to begin in second-quarter 2022.

January 11, 2022

Acquisitions Arizona Multifamily Western

Monarch Investment Sells 410-Unit Apartment Community in Tucson for $65.5M

by Amy Works January 11, 2022

TUCSON, ARIZ. — Monarch Investment and Management Group has completed the disposition of Yardz on Kolb, an apartment complex located in Tucson. Greenwater Real Estate Management acquired the asset for $65.5 million, or $159,756 per unit. Constructed between 1972 and 1974 on 17-plus acres, Yardz on Kolb features 410 garden-style apartments. Hamid Panahi and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 11, 2022

Arizona Development Industrial Western

Contour Real Estate Buys 112-Acre Site for Industrial Development Near Mesa Gateway Airport

by Amy Works January 10, 2022

MESA, ARIZ. — An entity controlled by California-based Contour Real Estate has acquired an approximately 112-acre industrial site at the southwest corner of Warner and Sossaman roads in Mesa. Structures Investment sold the asset for an undisclosed price. Contour plans to develop a master-planned industrial park with eight buildings totaling more than 1.5 million square feet of manufacturing, logistics and e-commerce space. The property will be developed in two phases. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer and seller.

January 10, 2022

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $73.2M Sale of Bungalows on Estrella Apartments in Goodyear, Arizona

by Amy Works January 10, 2022

GOODYEAR, ARIZ. — Berkadia Institutional Solutions has arranged the sale of The Bungalows on Estrella, a garden-style apartment community located at 15545 W. Hudson Way in Goodyear. Arizona-based Cavan Cos. sold the asset to Georgia-based St. Clair Holdings for $73.2 million. The Bungalows on Estrella features 183 one-, two- and three-bedroom apartments with in-unit washers/dryers, 10-foot ceilings and walk-in closets. Community amenities include a swimming pool, fitness center, clubhouse, dog park and covered parking. Mark Forrester and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller.

January 10, 2022

Acquisitions Arizona Multifamily Western

Cushman & Wakefield|PICOR Arranges Sale of 47,808 SF Colonia de Tucson Multifamily Property in Arizona

by Amy Works January 10, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Colonia de Tucson, an apartment complex located at 1335 and 1351 W. Saint Mary’s Road in Tucson. The seller, 1335 W. Saint Mary’s LLC, sold the asset for $7.8 million. The community features 84 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.

January 10, 2022

Acquisitions Arizona Multifamily Student Housing Western

INREIT Acquires 833-Bed Student Housing Community Near Arizona State University

by Amy Works January 5, 2022

TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”

January 5, 2022

Arizona Development Hospitality Multifamily Western

Sterling Real Estate Buys Hotel Tucson City Center, Plans Multifamily Conversion

by Amy Works January 4, 2022

TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …

January 4, 2022

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