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Commercial Real Estate Transactions 03-19-2019

3. AZ60. Credit: Cushman & Wakefield

Sales Transactions

1. Camden Property Trust plunked down $97M for the 316-unit, low-rise property at 7350 E. Stetson Dr., Scottsdale. The community was built in 2015 and was known until this month as The Stetson. Camden has renamed it Camden Old Town Scottsdale. CBRE’s investment sales team led by Asher Gunter represented the seller, Cottonwood Residential.

2. HSL Properties, through its affiliate HSL Bear Canyon Apartments, sold Bear Canyon Apartments at 9055 East Catalina Highway in Tucson for $35.6M to M3 Multifamily Fund. Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller.

3. On behalf of Conor Commercial Real Estate and Globe Corporation, Cushman & Wakefield announced the firm facilitated the sale of AZ|60 Industrial, two buildings totaling 225.6KSF at 1343 North Colorado St., Gilbert. Trust, Bank of America Private Wealth Management facilitated the purchase on behalf of a family office for $27M. Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale.

4. The 136-unit Riverwood Apartments, located at 25157 W. Beloat Road in Buckeye, sold for $10.875M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich and Jesse Hudson represented both the seller, Riverwood Village Limited Partnership, an entity formed by Walling Development, and the buyer, Aspen Square Management, Inc.

5. SRS Real Estate Partners’ National Net Lease Group has completed the $4.49M sale of a single-tenant 13.2KSF freestanding property fully occupied by CVS Pharmacy at 901 Willow Lake Rd, Prescott. SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Southern California-based private investor. The all-cash buyer, Valencia Property, was represented by Gulf Stream Capital Ventures, LLC.

6. A California investor traded into the acquisition of the Dunkin Donuts store at 5346 East 22nd St., Tucson for $2.1M. Matthew Ault with Kidder Mathews represented the seller, C&J Donuts of Tucson.

Lease Transactions

7. Velocity Retail Group’s Dave Cheatham, Darren Pitts, Brian Gast and Brad Ranly represented the Landlord, FAE Ray & Rural, LLC in a 38.3KSF lease to EoS Fitness at the SEC of Ray Road and Rural Road in Chandler. The owners of the building, Wadsworth Development Group in a joint venture partnership with Accelerated Development Services purchased the building in September 2017 and began to redevelop the 62.2KSF building into two distinct spaces.

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