TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 10,405-square-foot medical office building located at 2155 W. Orange Grove Road in Tucson. OGFP Building LLC sold the asset to The Kenneth M. Phrang & Cynthia L. Phrang Trust for $3.1 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Ryan Gonzales of Marcus & Millichap represented the buyer in the deal.
SEATTLE — A partnership between Kennedy Wilson, Kenedix Inc. and Hulic Co. has purchased The Danforth in Seattle for $173 million. Kennedy Wilson has a 10 percent interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and earn customary fees. Built in 2018, the 16-story tower features 265 one-, two- and three-bedroom layouts, a Studio Fit fitness center, rooftop solarium, dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen and barbecue patio with multiple grills. Additionally, Whole Foods Market occupies the ground-floor retail space.
PHOENIX — Northmarq has arranged a $68 million refinance of IMT Desert Ridge, an apartment property at 21155 N. 56th St. in Phoenix. Scott Botsford, Joe Giordani and Brendan Golding of Northmarq secured the permanent floating-rate financing for IMT Capital LLC through a correspondent life company relationship. Built in 2014, IMT Desert Ridge offers 370 one- and two-bedroom apartments with in-home washers/dryers, fully equipped kitchens, kitchen islands or breakfast bars, quartz countertops with tile backsplashes, walk-in closets, wood-style flooring, high ceilings, private patios or balconies and detached garages.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of The Place at Arroyo Verde, a multifamily property in Tucson’s Casas Adobes neighborhood. MC Cos. sold the asset to Olympus Property for $37.5 million, or $240,385 per unit. Completed in 2024, The Place at Arroyo Verde features 156 apartments in a combination of one-story casitas and two-story, walk-up floor plans. The open-concept apartment interiors offer stainless steel appliance packages, sizable interior storage space, single French doors and walk-in showers with custom tile surrounds. Community amenities include a leasing office, clubhouse, swimming pool, an oversized sundeck, a fitness center, grilling stations and covered parking. Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David of IPA represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer.
CORONADO, CALIF. — Marcus & Millichap has arranged the sale of Del Island, an affordable housing community in Coronado. Motel Del Island sold the asset to 308 Orange LLC for $9.6 million. Aaron Bove and Jared Wallach of Marcus & Millichap represented the seller, while Scott Darnell of Darnell Capital Management procured the buyer in the transaction. Located at 308 Orange Ave., Del Island consists of four contiguous parcels across eight lots. The property is currently operated as 29 affordable housing units with a mix of studio, one- and two-bedroom layouts. The 28,198-square-foot site is situated within the R-4 zoning of Orange Avenue Corridor Specific Plan and offers 30 off-street parking spaces.
LAS VEGAS — CBRE has arranged the sale of a 24,285-square-foot office property located at 9525 Hillwood Drive in Las Vegas. 9525 Hillwood LLC sold the asset to 9525 HQ LLC for $6 million. Michael Hsu of CBRE represented the seller in the deal.
LITCHFIELD, ARIZ. — EQT Real Estate has purchased Sarival Logistics Center, an industrial development in Litchfield, from an undisclosed real estate investment management firm for $128.2 million. Located at 6390 N. Sarvial Ave., the single-tenant building features 1.2 million square feet of industrial space. Logistics Plus, a worldwide provider of transportation, logistics and supply chain solutions, fully occupies the asset. Situated 25 miles west of Phoenix, Sarival Logistics Center is positioned at Loop 303 and West Bethany Home Road and offers access to I-10. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group — Mountain West represented the seller in the sale. Mike Haenel, Andy Markham and Justin Smith of Cushman & Wakefield provided market leasing advisory in the sale.
STEAMBOAT SPRINGS, COLO. — Newmark has arranged a $63 million construction loan for the development of the first phase of ROAN Steamboat Springs, a multi-phased, lift-serviced residential community within Wildhorse Meadows in Steamboat Springs. The borrower is a Steamboat Meadows LLC, a partnership between RAL Development Services, KZ Capital and Latitude Investment Properties. Jordan Roeschlaud, Jonathan Firestone, Nick Scribani and Tim Polglase of Newmark Debt & Structured Finance arranged the financing with Builders Capital. Ryan Shattuck and Jon Wade of The Steamboat Group are marketing the property.
SOUTHERN CALIFORNIA — Nuveen Real Estate has selected Vestar to provide property management, strategic leasing oversight, marketing and construction management services for its newly purchased retail portfolio in Southern California. Totaling more than 600,000 square feet, the grocery-anchored portfolio has occupancy rates exceeding 98 percent. The portfolio includes: The addition of these five properties brings Vesta’s Southern California footprint to more than 8.5 million square feet, including The District at Tustin Legacy in Tustin, Long Beach Towne Center in Long Beach, Peninsula Center in Rolling Hills Estates and Rancho San Diego Towne Center in San Diego.
COSTA MESA, CALIF. — CBRE has negotiated the $8.6 million sale of a 13-unit property at 553 and 555 Victoria St. in Costa Mesa, about 40 miles south of Los Angeles. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE represented the Costa Mesa-based private seller. The 1031 buyer is a private investor based in Huntington Beach, Calif. The property was on the market for the first time in approximately 47 years. Located on a 0.8-acre lot, the property contains 10 buildings with 13,712 square feet of rentable space. The unit mix includes eight two-bedroom cottages (built in 1962) and five three-bedroom townhomes (built in 1990), each with a private backyard.