PHOENIX — SRS Real Estate Partners has arranged the sale of Arcadia Crossing, a grocery-anchored power center located at 44th Street and Thomas Road in Phoenix. A Phoenix-based family office sold the asset to a Denver-based family office for $65.8 million. Chris Tramontano, John Redfield, Mike Polachek and Brian Polachek of SRS represented the seller, while Pinnacle Real Estate Partners represented the buyer in the transaction. Situated on 44 acres, Arcadia Crossing features 453,457 square feet of retail space. At the time of sale, the property was 95 percent occupied. Tenants include Fry’s Food & Drug, Target, Burlington, Conn’s HomePlus, Costco, Ross Dress for Less, Petco and Five Below.
Arizona
GID, SunCap Start Construction on Three Spec Industrial Buildings at Gilbert Spectrum in Arizona
by Amy Works
GILBERT, ARIZ. — GID and SunCap Properties, along with Graycor Construction Co., have broken ground for the development of three speculative industrial buildings, totaling 309,547 square feet, at Gilbert Spectrum, a 64-acre industrial park in Gilbert. The buildings will range in size from 66,446 square feet to 142,200 square feet, with divisibility to 20,000 square feet. Totaling 100,000 square feet, Building 9 will feature 32-foot clear heights and a mix of 38 dock-high and drive-in doors. The 142,200-square-foot Building 10 will offer 32-foot clear heights and a mix of 50 dock-high and drive-in doors. Totaling 66,400 square feet, Building 11 will feature 28-foot clear heights and a mix of 25 dock-high and drive-in doors. The three buildings will share a 190-foot loading court and each building will feature generous power and ESFR sprinklers. Completion is slated for May 2022. Graycor serves as the design-build general contractor and Balmer Architectural Group is the project architect. Ken McQueen and Chris McClurg of Lee & Associates Arizona are the project’s leasing brokers.
PHOENIX — Ready Capital has closed $11.7 million in financing for the acquisition, renovation and stabilization of a 98-unit, Class B apartment community in Phoenix’ Southwest Valley submarket. Upon acquisition, the undisclosed borrower will update the unit interiors and perform exterior capital expenditures. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Palm Valley Office Park III, a multi-tenant, Class A office property in Goodyear. Southern California-based Pacifica Palm Valley Center LLC sold the building to Greenwich, Conn.-based Goodyear 1626 LLC for $14.5 million. Built in 2007 on 5.2 acres, the three-story Palm Valley Office Park III features 60,436 square feet of office space. The asset is located at 1626 N. Litchfield Road. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, while Mike Kitlica of Cushman & Wakefield represented the buyer in the transaction.
Ready Capital Closes $29.4M Acquisition Loan for Multifamily Community in Glendale, Arizona
by Amy Works
GLENDALE, ARIZ. — Ready Capital has closed $29.4 million in financing for the acquisition and renovation of a 208-unit, Class B apartment property in Glendale. Upon acquisition, the undisclosed borrower will perform capital improvements to the unit interiors and property exteriors. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options and a facility to provide future funding for capital expenditures.
PHOENIX — A joint venture between San Antonio, Texas-based USAA Real Estate and Tempe, Ariz.-based Metro Commercial Properties has completed the disposition of Norterra West Two, an office property located at 25800 N. Norterra Parkway in Phoenix. SCD Norterra II LLC, an entity controlled by Phoenix-based Silver Creek Development, acquired the property for an undisclosed price. The three-story suburban office building features 144,800 square feet of office space with approximately 50,000-square-foot floor plates, up to 15-foot slab-to-slab ceiling heights, dual restroom cores and triple redundant stairwells. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller. Charles Essig of Silver Creek represented the buyer in the deal.
CA Industrial, DWS/RREEF Break Ground on 1.5 MSF Luke Logistics Center in Glendale, Arizona
by Amy Works
GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.
GLENDALE, ARIZ. — Ready Capital has closed a $4.3 million bridge-to-Freddie Mac financing for the acquisition, renovation and stabilization of an apartment community in Glendale. Upon acquisition, the undisclosed sponsor will implement a capital expenditure plan for the property’s 42 units and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 24-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. Additionally, the sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac SBL loan program.
Bridge Investment Group Buys Lakeside Casitas in Tucson from Monarch Investment for $63.2M
by Amy Works
TUCSON, ARIZ. — Bridge Investment Group has acquired Lakeside Casitas, a multifamily property in Tucson, from Monarch Investment and Management Group for $63.2 million, or $204,032 per unit. Built in 1983 on 21 acres, Lakeside Casitas features 310 apartments, a business center, pool, spa, koi pond and covered parking. Apartments offer open-concept living areas, washers, dryers, oversized walk-in closets and private patios. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller and procured the buyer in the deal.
PHOENIX — Jevan Capital has completed the disposition of The Halifax, an apartment community in Phoenix. Western Wealth Capital acquired the property for $76 million, or $253,333 per unit. Originally constructed in 1973, the 300-unit property underwent a large-scale reconstruction from 2018 to 2021, with apartments receiving luxury finishes, property systems being upgraded and community amenities added. The Halifax offers one-, two- and three-bedroom layouts with custom cabinetry, breakfast bars and wood-style plank flooring. Select units offer granite countertops, stainless steel appliances, kitchen pantries and walk-in closets. Community amenities include a centrally located and rebuilt swimming pool and spa, modernized leasing office, business center, fitness center, two laundry facilities, freshly installed dog park and covered parking. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.