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 California Retail Western

Progressive Real Estate, Newmark Broker $6.1 Sale of Bank of America-Occupied Property in Rancho Cucamonga

by Amy Works February 17, 2022

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Newmark have arranged the sale of a single-tenant retail building located at 8700 Baseline Road in Rancho Cucamonga. A private, Northern California-based investor acquired the property from WM Capital for $6.1 million. Brad Umansky of Progressive Real Estate Partners and Glenn Rudy of Newmark represented the seller in the transaction. Bank of America has occupied the 9,195-square-foot drive-thru property since 1976. The building is located within Country Village shopping center.

February 17, 2022

Content Partner Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Video Walker & Dunlop Western

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

by Sarah Daniels February 17, 2022

Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …

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