1. L’Auberge de Sedona, along with its sister property Orchards Inn Sedona, have been purchased by Maryland-based DiamondRock Hospitality Co. for $97M from IMH Financial Corp. DiamondRock also purchased 89 Agave Cantina for an undisclosed amount. IMH Financial Corp. plans to invest in property enhancements at the 88-room L’Auberge and 70-room Orchards Inn, followed by expanding the L’Auberge brand into new markets.
2. A portfolio of four multifamily communities in Tucson has been sold to a NY based Real Estate Firm, DASMEN Residential, LLC, signaling more strength for the area’s investment market. The properties, were built between 1974 and 1980 and contain 1,166 apartment units totaling 572KSF. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the sale of the portfolio for Omninet Capital. Sale consideration is estimated at $46M.
3. Preferred Apartment Communities Inc. has announced the acquisition of a student housing community adjacent to Arizona State University in Tempe. The company purchased the 225-unit, 640-bed campus asset through its wholly-owned subsidiary Preferred Campus Communities LLC. The company financed by borrowing $37.5M. Estimated purchase price is $30M.
4. Capital Real Estate purchased a 203-unit Chandler apartment complex for $28.75M from Stratford Partners. Palm Trails Apartments were built in 2002 by CMH Corp., and is located at 235 E. Ray Rd., in Chandler. The price for the apartment community equates to nearly $142K/unit. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer.
5. Lincoln Property Company has purchased 2777 Camelback for $24.65M. The 105KSF Class A building is located at 28th Street and Camelback Road. The acquisition brings LPC’s metro Phoenix Class A office portfolio to more than 3.5MSF across 20 assets. LPC purchased the building from DRA Advisors/Fountainhead Equity Partners. Chris Toci of Cushman & Wakefield served as the investment sales broker. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho serve as the building’s exclusive leasing brokers.
6. Fund management firm, BKM Capital Partners, acquired Northwest Business Center, an 11-building multi-tenant light industrial business park totaling nearly 228KSF in Phoenix for $17.2M. The company plans $3.5M in improvements to the property. Robert Buckley at Cushman & Wakefield represented the seller.
7. Spirit Realty Capital purchased the new 54KSF Century Tucson Marketplace-14 for $15.8M million ($294/SF). Randolph Titzck and Chad Russell with Land Advisors Organization in Phoenix represented the seller, Eastbourne Investments. Chad Tiedeman and Steve Underwood with Phoenix Commercial Advisors represented Spirit Realty.
8. The South Forty RV Park Ranch at 3600 West Orange Grove Road, Marana, sold to South Forty RV Resort LLC (George McGavin, Jr.) for $6.5M ($28K/unit). The 55+ community has 233-spaces.
9. Oracle Junction Mobile Home Park at 35590 South Highway 77 in Oracle Junction sold to the Camille Mouchawar Trust for $2.68M ($33.5K/ unit) from sellers Andrew and Mary Bowdin. The 78 spaces plus two apartments is a 55+ community. In December the buyer sold Cottonwood Manor and Esperanza Mobile Home Parks, two adjacent parks in south Tucson, a total of 83 units, for $2.4M million ($29K/unit). Tom Hoch of Park Properties & Investment handled these transactions for the Mouchawar Trust and also represented the sellers Andrew and Mary Bowdin in the sale of Oracle Junction park.
10. Biltmore Corporate Park office project at 6245 N. 24th St. has been sold to a local investor for $7.1M. The new owner plans to modernize the multi-story building. Fountainhead Equity Partners with KEMF BCP Investments, LLC, acquired the property from Johnson Grove Partnership. Ryan Timpani of Colliers International handled the sale transaction and has been retained as exclusive leasing agent for the property.
11. An investment group traded into the inline shops at Midvale Park Community Shopping Center at 1625-1645 West Valencia in Tucson. The property commanded a sale price of $6.9M ($235/SF). The center has 7.8KSF of inline shop space under construction, and mostly pre-leased by Rick Volk and Brenna Lacey of the Volk Company.
12. Charter School Solutions Sonoran, LLC has purchased a school campus at 17667 N. 91st Ave. in Peoria for $6M. The site is home to Sonoran Science Academy, which has leased the property since 2014. Charter purchased the campus from Fenway Properties. Todd Noel of Colliers International in Greater Phoenix negotiated the sale transaction.
13. Commercial Properties, Inc./CORFAC International, has announced the sale of two industrial investment buildings located at 3249 & 3259 E Harbor Drive in Phoenix. The buildings equaled approximately 42KSF and are located in Southbank Business Center, just off the I-10 and 40th Street. Ron Schooler of CPI’s Investment Specialist Team represented the seller. Daum represented the buyer, Tashi G Zouras, Trustee, who acquired the properties for $4.8M ($114/SF).
14. Cushman & Wakefield has announced the $4.75M sale of an industrial property located at 1733 W. Parkside Lane in Phoenix. West End Hotel, LLC purchased the 37KSF building from Accutron Real Estate Holdings, LLC of Phoenix. Cushman & Wakefield’s Rick Danis, Kent Hanson and Paul Boyle represented the seller. Bob Broyles of Colliers International represented the buyer.
15. Papago Hills, an 11.6KSF freestanding retail center, sold for $3M ($260/SF). The property is located on the NEC of Priest Drive and Washington Street in Tempe. Derek Buescher of ORION Investment Real Estate facilitated the sale. ORION represented the seller, SMJ Investment Properties, LLC. The Buyer was MMH Priest and Washington, LLC.
16. The Brix Apartments in Tempe have been sold for $2.6M. The Fivey Company, Inc. purchased the community from Western Wealth Capital. Bill Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction. Brix Apartments consists of two, two-story buildings with a total of 24 units.
17. Vestis Group has announced the sale of MODE @ 38th Street Apartments, a 15-unit complex located at 3122 North 38th Street, for $2.5M ($167K/unit). The Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, MODE Apartments+Homes. The buyer, a private investor, was represented by Victoria Miachika of Arizona Investment & Management, LLC.
18. CMOC International has recently signed a 7+, 16.3KSF office lease at 2600 Tower, 2600 N. Central Ave. Lee & Associates’ Michael Marsh, Craig Coppola, Andrew Cheney and Gregg Kafka, negotiated the transaction on behalf of CMOC. JLL brokers represented the property ownership, Adler Realty Investments, Inc.