Arizona

EKN Development Receives $24.5M Construction Loan for Dual-Branded Hotel Development in Tempe

by Amy Works July 19, 2022

TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.

July 19, 2022

Acquisitions Arizona Office Western

BatchService Acquires Office Building in Tempe, Arizona for $8.8M

by Amy Works July 18, 2022

TEMPE, ARIZ. — BatchService has purchased an office property, located at 4625 S. Wendler Drive in Tempe, for $8.8 million. BatchService is a software company that provides an all-in-one prospecting platform for residential real estate investors, agents and brokers. Built in 1985 and renovated in 2016, the two-story building offers 44,000 square feet of useable office space. The property is currently undergoing tenant improvements for additional offices, new paint and new flooring. Eddie Gonzalez of SVN Desert Commercial Advisors represented the buyer in the transaction.

July 18, 2022

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Berkadia Negotiates $75M Sale of Built-to-Rent Community in Flagstaff, Arizona

by Amy Works July 15, 2022

FLAGSTAFF, ARIZ. — Berkadia has arranged the sale of The Overlook at Buffalo Park, a built-to-rent multifamily property at 1651 N. Gemini Drive in Flagstaff. Georgia-based St. Clair Holdings sold the asset to San Diego-based Logan Capital Advisors for $75 million. Built in 2021, The Overlook at Buffalo Park features 155 rental homes in a mix of one-, two- and three-bedroom cottage-style designs. The homes feature largely detached floor plans with vaulted ceilings, front porches and stainless steel appliances, including full-size washers and dryers. Community amenities include a clubhouse with porch seating, two pet parks, a dog washing station, fire pits and a fitness center. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal.

July 15, 2022

Acquisitions Arizona Industrial Western

Koll Co. Buys Industrial Portfolio in Phoenix for $13.7M in Sale-Leaseback Deal

by Amy Works July 14, 2022

PHOENIX — The Koll Co. has purchased a two-building industrial portfolio, totaling 65,594 square feet in southwest Phoenix. JFN Mechanical sold the properties for $13.7 in an off-market transaction. The portfolio consists of a 32,608-square-foot building, delivered first-quarter 2022, at 4587 W. McDowell Road that is fully leased to Phoenix WinSupply, and a 32,986-square-foot facility at 5127 W. Roosevelt St. that JFN will continue to occupy through the sale-leaseback agreement. JFN Mechanical is a plumbing contractor that works exclusively on student housing, multifamily, seniors housing and hospitality construction projects. The property at 4587 W. McDowell Road features 24-foor clear heights, 1,200 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secured truck court. The facility at 5127 Roosevelt St. features 24-foot clear heights, 3,000 square feet of office space, dock and grade doors, evaporative cooling systems, LED lighting, ESFR sprinklers and a fully secure truck court. Phil Haenel and Will Strong of Cushman & Wakefield represented both parties in the portfolio sale and leaseback.

July 14, 2022

Acquisitions Arizona California Hospitality Western

NewcrestImage to Acquire Four La Quinta Hotels in California, Texas, Arizona

by Amy Works July 14, 2022

DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.

July 14, 2022

Acquisitions Arizona Office Western

Colliers Arranges Sale of 31,962 SF Office Building in Tempe, Arizona

by Amy Works July 14, 2022

TEMPE, ARIZ. — Colliers has brokered the sale of Kyrene Corporate Center, an office property located at 9280 S. Kyrene Road in Tempe. Handwrytten Software Co. acquired the asset for an undisclosed price. The company, which provides software and hardware to mimic human handwriting for use in marketing materials, will use the 31,962-square-foot property as its headquarters. Situated on 2.6 acres, the asset was built in 1998. Michael Marsh of Colliers Arizona represented the buyer, while Michael Milic of Colliers Arizona represented the undisclosed seller in the deal.

July 14, 2022

Arizona Development Loans Mixed-Use Multifamily Office Retail Student Housing Western

CIM Group Provides $204M Construction Loan for 1.1 MSF Central Station Mixed-Use Development in Phoenix

by Amy Works July 13, 2022

PHOENIX — A CIM Group-managed fund has closed a $204 million construction loan to Medistar Corp., GMH Communities and a fund sponsored by CBRE Investment Management to finance the development of Central Station, a mixed-use transportation hub in downtown Phoenix. Located at 300 N. Central Ave. at Van Buren Street, Central Station will consist of 362 apartments, 435 student housing units with 655 beds, more than 100,000 square feet of office and retail space, and 427 subterranean parking spaces across two 22- and 23-story towers and a podium. The development is adjacent to an existing bus and light-rail transit center and is a public-private partnership with the City of Phoenix and the federal Transit Authority. The development team broke ground on the project in April.

July 13, 2022

Arizona Build-to-Rent Development Loans Single-Family Rental Western

Northmarq Arranges $49.5M Construction Loan for Honeycutt Run Build-to-Rent Community in Maricopa, Arizona

by Amy Works July 13, 2022

MARICOPA, ARIZ. — Northmarq’s Debt & Equity has arranged a $49.5 million construction loan for the development of Honeycutt Run, a build-to-rent residential property in Maricopa. Mesa-based Bela Flor Communities is developing the community. Situated on 19.2 acres at 36351 W. Honeycutt Run Road, Honeycutt Run will feature 209 single-story homes. The site plan is approved for one-, two- and three-bedroom single-family casita-style homes with private, fenced-in backyards. Community amenities will include a swimming pool, clubhouse, fitness center and barbecue areas with fire pits. Brandon Harrington, Bryan Mummaw, Tyler Woodard, Chris McCook and Bryan Liu of Northmarq secured the loan, which was structured at an 80 percent loan-to-cost ratio. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team brokered the sale of the fully zoned and entitled land on behalf of the seller, Phoenix-based Suncrest Real Estate & Land.

July 13, 2022

Acquisitions Arizona Office Western

Edgewood REIT Acquires Two Office Properties in Scottsdale, Arizona for $85M

by Amy Works July 11, 2022

SCOTTSDALE, ARIZ. — North Dakota-based Edgewood Real Estate Investment Trust has purchased two office properties in Scottsdale from Wentworth Property Co. and Northwood Investors for $85 million. Barry Gabel and Chris Marchildon of CBRE represented the sellers in the transaction. Developed in 2008 and 2009, Terra Verde I and Tower at Scottsdale Landing, located at 16767 N. Perimeter Drive and 8660 E. Hartford Drive, total 269,064 square feet. The two Class A properties are 92 percent leased to a variety of tenants, including Pulte Homes, BOK Financial, Annexus Management, Sagicor Life Insurance and Pulice Construction. The office buildings offer recent capital improvements, high-end tenant finishes, garage parking, building storage and Loop 101 Freeway exposure. Both properties are located within the 260-acre, master-planned Perimeter Center Business Park.

July 11, 2022

Acquisitions Arizona Industrial Western

Refrigeration Supplies Distributor Buys 40,794 SF Industrial Building in Phoenix

by Amy Works July 8, 2022

PHOENIX — Phoenix-based Refrigeration Supplies Distributor has purchased a freestanding industrial property, located at 3935 W. Adams St. in Phoenix. BECMED LLC sold the asset for $7.2 million in an off-market transaction. Michael Kitlica and Jason Ward of Cushman & Wakefield represented the buyer in the transaction. The 40,794-square-foot building features 24-foot clear heights, dock-high loading and a secured, fenced yard.

July 8, 2022

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