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Commercial Real Estate News 08-08-17

Credit: Mike Sunnucks/Phoenix Business Journal

Sales Transactions

1. Holliday Fenoglio Fowler, L.P. announced that, on behalf of Westwood Financial, it has arranged $171M in first lien financing for two separate portfolio loans in a deal comprising 13 multi-tenant retail centers totaling 1MSF in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas markets. The Arizona properties include the 77KSF Camelback Village in Phoenix and the 89KSF Mercado del Rancho in Scottsdale.

2. Harbart Management Corp. has paid $129.5M for the High Street mixed-use development in north Phoenix. The sellers were ScanlanKemperBard Cos and Wayzata Investment Partners LLC.

3. DSW Mesa Grand/Spectrum acquired Mesa Grand and Mesa Spectrum shopping centers located on Stapley and Baseline Roads at US Highway 60 in Mesa, for $42.9M from Vestar Arizona LLC. DSW Commercial Real Estate with investment partner Iridius Capital, purchased the 233KSF in a multi-building configuration. Ryan Schubert and Michael Hackett of Cushman and Wakefield handled the disposition for the sellers, and Michael Sarabia and James Hardman of DSW Commercial Real Estate represented DSW Mesa Grand/Spectrum. Tim Storey with Newmark Realty Capital arranged financing. Sukrit Seghal, Iridius Capital, raised equity for the acquisition.

4. Ovation at Tempe, a 270-unit complex, was sold for $36M by Passco Companies LLC and its JV partner, InSite Property Ventures. Berkadia’s Phoenix team of Mark Forrester, Ric Holway and Dan Cheyne represented the seller, while Berkadia’s Jackson Cloak of the firm’s Irvine office arranged financing through Freddie Mac.

5. A joint venture between two Swiss real estate companies, Stoneweg US LLC and Varia US Southwest LLC, bought the Zona Village Apartments in Tucson for $10.05M from SFF Investments, Ltd. Art and Clint Wadlund of Berkadia’s Tucson office represented the sellers.

6. Juniper Canyon Apartments in Tucson sold for $6.23M to Bozeman, Montana investors. Art and Clint Wadlund of Berkadia’s Tucson office represented the sellers.

7. Scottsdale-based investor and attorney Zach Sakas sold a 40-acre parcel of land in North Scottsdale for $5.5M to Toll Brothers. Bret Rinehart, Ryan Semro, and Ben Heglie at Land Advisors Organization represented the seller.

8. Cushman & Wakefield completed the sale of Camelback Center, a CVS/Pharmacy anchored, neighborhood shopping center at Camelback Road and 16th Street in Phoenix, on behalf of an undisclosed seller. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller. Perry Investment Trust purchased the property for an estimated $5M.

9. CBRE has completed the sale of two multifamily properties located in the metro Phoenix area in two separate transactions totaling $4.8M. Brian Smuckler Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyers and sellers in both transactions. Northern Palms is a 50-unit community in the Metrocenter submarket. S & L Millennium Investments, LLC, sold the property to APLUSREALTY, LLC, for $3.125M. Keswick is a 28-unit multifamily community located at 1623 W. Denton Ln. in Phoenix. The buyer, Castaic, purchased the property from Keswick Apartments, LLC, for $1.7M.

10. CBRE has completed the sale of a single-tenant, 2KSF Starbucks in Flagstaff. The property commanded a sale price of $2.73M. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Ponderosa FAZ, LLC. Wade Six of VI Commercial Real Estate represented the buyer, 249 A Street, LLC.

11. Freddy’s Frozen Custard and Steakburgers in Oro Valley sold in a net lease sale for $2.46M to a California Investor, The Marsha A. Covert Trust. John Andreini with Capital Pacific handled the sale for the seller. The buyer, a broker with Capital Growth, was self-represented.

Lease Transactions

12. Bossard Group, of Zug, Switzerland, has leased 40.5KSF of office and industrial space at the Desert Gateway development. Daum Commercial Real Estate Services’ Chris Rogers, Trevor McKendry and Carl Johnson represented Desert Gateway’s developer Griffin Opportunities. Bossard Group was represented by Tom Louer, Stein Koss and Nick Nudo of Lee & Associates. The Swiss company recently acquired Aero-Space Southwest, a distributor of fasteners and electronic components. Both companies will occupy the space.

13. A lease for 41KSF to Aspire Fitness Clubs was recently consummated at Peoria Station Plaza in Peoria. The owner of the center is Imagine Peoria Properties, LLC. Jared Lively of Rein & Grossoehme CRE represented the tenant, and Bob Schure of the Laurel Group represented the owner on this transaction.

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