News Ticker

Commercial Real Estate News 12-13-16

Credit: Phoenix Business Journal

cre1Sales Transactions

1. Tokola Properties has purchased Coronado Villas, 9225 E. Tanque Verde Road, Tucson, for $43M ($99.5K/unit) from Prime Residential. Art Wadlund and Clint Wadlund of Berkadia’s Tucson office completed the sale. The complex was built in 1994.

2. 256-unit apartment complex The Isle at Arrowhead Ranch, 20250 N., 67th Ave., Glendale, has been sold for $42M (164K/unit). Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

3. 47th Street Phoenix Airport LLC, managed by Caliber – The Wealth Management Company, has purchased the four-story, 259-room Hilton Phoenix Airport Hotel for a total investment of $37.72M. With a room count of 781, Caliber now owns 51 percent of full-service hotel rooms in the Phoenix Airport Submarket.

4. The nearly 167KSF Bell Tower Village shopping center, SEC of Bell Road and 51st Avenue in Glendale, has been purchased for $14.75M by New Bell Tower LLC, a subsidiary of DPC Development Company. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented seller Bell Tower Village LLC.

5. Circle G. Property Development has sold Gateway Mini-Storage LLC, 5750 S. Power Road, Gilbert, for $14M. Denise Nunez of NAI Horizon represented the seller and secured the buyer. The Class A, 93KSF facility is currently expanding to add another 21.5KSF rentable space.

6. The Dinerstein Companies purchased a 31KSF lot for the latest student housing project at the University of Arizona. The sale price was $10.2M ($329/SF) with 26 bidders competing for the site. Sterling University Housing is a wholly owned subsidiary of TDC and has completed student housing developments at thirty-nine different national universities.

7. Western Wealth Capital has sold the 141.6KSF Casa Mirabella apartments, 2540 W. Maryland Ave., Phoenix, to Pro Residential Services, Inc. for $9.4M ($49K/unit). Both parties were represented by Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International.

8. Russ Warner and Andrew Warner of NAI Horizon negotiated the sale of a 26.8-acre RV park property, representing the seller, Leaf Verde RV Resort, LLC, for $7.75M. The property is located at 1500 S. Apache Road, Buckeye. The buyer was Leaf Verde TIC, LLC.

9. Hewson Investment Group has bought a 46.3KSF office building at 5727 N. 7th St., south of Bethany Home Road from Davis Enterprises for $5.5M.

10. Exeter Property Group has purchased a nearly 76KSF warehouse in Phoenix’s Freeport Center, 5520 W Maricopa St., for $4.7M ($62/SF) from Maricopa Phoenix (KBP) LLC. Allen Lowe and Steve Farrell of Lee & Associates represented the seller. The buyer was represented by Rick Robertson and Scott Smith, also of Lee & Associates.

11. Synagogue Congregation Or Tzion has bought a 21KSF commercial building at 16415 N. 90th St., Scottsdale, from Covenant Community Church for $4.2M. The synagogue was represented by Patriot Commercial Properties. Greg Hopley of Colliers International represented the church.

12. Ensemble Real Estate Solutions’ Tracy Altemus, Marina Hammersmith and Autumn Storm recently negotiated the sale of a 54.5KSF Gilbert medical building, Harbor Shores Medical Center, for $4M on behalf of seller Zalanta Resort at the Village LLC. Jabel Holdings LLC, represented by Michael Gustafson of Sperry Van Ness, was the buyer.

13. A 27KSF office building at University Tech Center, 1860 W. University Dr., sold for nearly $3.8M ($142/SF) in an off -market transaction. Lee & Associates’ Bill Blake and Colton Trauter, facilitated the transaction for the buyer, 1860 W. University Drive, LLC, which is controlled by iT1 Source who will use the facility as their headquarters. University Tech Center, LLC was the seller.

14. NAI Horizon’s Barbara Lloyd and Lane Neville negotiated the sale of a 22KSF retail property, representing the seller, Grove Town Center, for $3.35M. The property is located at 1130 W. Grove Ave, Mesa. Sean Bishop with Lee & Associates represented the buyers, Grove Arizona, LLC and Nevada Ventures, LLC.

15. Garrett Homes purchased 30 acres of raw land that is being platted as Acoma Court on Acoma Drive west of Reems Road. The builder paid $3.25M. The seller was Acoma Land Company, LLC (Janette Byrne, Partner). The transaction was negotiated by City to City Commercial’s Jim Frazey, who represented the buyer.

16. SimonCRE has sold a new retail center in Payson for $2.6M ($520/SF). The center totals approximately 5KSF and is on the Beeline Highway in Payson. The buyer was Shipp Holdings LLC. Orion Investment Real Estate’s Nick Miner brokered the deal.

17. EJC Properties LLC and 18 Central LLC sold Pima Professional Plaza at 5700 E Pima Street in Tucson for $2.2M ($108/SF). The medical offices total 20KSF on 2.23 acres. Rob Fischrup and Jon O’Shea of Vast Real Estate Solutions handled the sale.

18. The former America’s Best Value Inn, 300 E. 32nd St., Tucson was sold to the Vertical Church for $2M. The church will demolish the structure to make way for a new parking lot.

Lease Transactions

19. Benson Industries has leased 93.5KSF of industrial space at 2225 S. 75th Ave., Phoenix. Isy Sonabend and Rick Foss with NAI Horizon represented the tenant. Pat Harlan with JLL represented landlord Clarion Partners.

20. CODAC Health, Recovery & Wellness, Inc. leased 21.7KSF at 380 E. Fort Lowell Rd., Tucson, from 380 Holdings, LLC.  The property will be remodeled, with expectations for a mid-2017 occupancy.

21. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon with NAI Horizon represented tenant Planet Fitness in a 180-month retail lease for nearly 20KSF at 858 S. Greenfield Rd., Gilbert. Jason Fessinger with Strategic Retail Group represented the landlord, Warner Greenfield, LLC.

22. Video security doorbell manufacturer Ring has leased 13KSF of office space in Glendale’s Westgate Entertainment District for a 100-person customer service center.

23. Aerovation Inc. leased 13KSF at 7005 S. Plumer Avenue, Tucson. Tim Healy, Bob DeLaney and Ian Stuart with CBRE represented the landlord.

24. Brian and Tom Woods of Colliers International represented Tuesday Morning on a lease with Vestar at Lake Pleasant Towne Center 10096 W. Happy Valley Road, Peoria, for 12KSF.  Torrey Briegel and Cameron Warren of Phoenix Commercial Advisors represented the landlord.

25. Russ Lyon Sotheby’s International Realty has moved its Scottsdale offices from the Scottsdale Waterfront to a 10.6KSF space in the Camelback Tower.


26. Even Stevens has opened its second Arizona location at 21 W. Van Buren St. in Downtown Phoenix. The shop also plans to open locations in Phoenix’s Arcadia District, Tempe and Scottsdale in 2017.

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