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Commercial Real Estate News 01-03-17

Credit: CBRE

cre1Awards & Accolades

1. Real Estate Daily News has named the $47.3M ($340/SF) sale of the 139KSF Wilmot Plaza multi-building retail center at Broadway and Wilmot roads as Tucson’s retail “Deal of the Year”.  The “trophy asset” was purchased in September by DSW Wilmot Plaza LP from BP Wilmot Plaza, a Bourn Companies redevelopment. Bourn had purchased the property for $6.2 in 2013 and extensively redeveloped it.

2. SVN Desert Commercial Advisors has named the Chandler Crossings Retail Development as its 2016“Deal of the Year”. The company announced the first sale at the development, located at the NEC of Arizona Avenue and Chandler Heights Road in Chandler, in January for $2.6M.

Sales Transactions

3. Bourn Companies and FHM Partners, LLC have purchased Foothills Mall at the NWC of Ina Road and La Cholla Boulevard in Tucson. The property is approximately 515KSF on 52 acres. Bourn had previously acquired the mall in 1994 and sold it in 1999, during which time occupancy increased from 12 percent to 95 percent. Current occupancy is approximately 73 percent.

4. Invesco Real Estate has purchased the 224-unit CityScape Residences at Central Avenue and Washington Street from RED Development for $75.25M ($336K/unit). CBRE’s Tyler AndersonSean CunninghamAsher Gunter and Matt Pesch helped broker the deal. CityScape Residences is managed by Alliance Residential.

5. JLL Capital Markets announced it has completed the sale of the 330-unit Broadstone Scottsdale Horizon apartment complex at 9259 East Raintree, Dr., for $51M on behalf of Rockwood Capital and Alliance Residential Company. The JLL team was led by John Cunningham and Charles Steele. The development was built in 1986 and has undergone regular improvements.

6. Baron Properties has purchased the 360-unit Sun King Apartments at 5900 E. Thomas Road for $35.1M ($97.5K/unit). Cliff David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors brokered the deal between Baron Properties and seller CRS Scottsdale Housing Corporation.

7. CBRE has completed the sale of Mirabella and 3800 Lux, two adjacent multifamily communities totaling 715 units. The two communities are located at 3800 N. El Mirage Road in Avondale. The buyer was Priderock Capital Management. Seller FPA Multifamily was represented by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office. Sale price was not disclosed, but a rate of $35M ($50K/unit) is assumed.

8. Dwell Apartments, a 193-unit complex at 1923 N. 70th St., Scottsdale, has sold for $20.85M ($108K/unit). David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented seller Zev Hendeles and procured buyer Capital Real Estate.

9. Cushman & Wakefield announced the $18.1M ($110K/unit) sale of Tatum Place, a 164-unit apartment community located at 16801 N. 49th St., to Clear Sky Capital EBH, LLC. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented seller NNC Tatum Place, LLC.

10. A 112.5KSF self-storage property at 5750 S. Power Road, Gilbert, sold for $14M. Denise Nunez of NAI Horizon, represented both seller Circle G Property Development and buyer, a national REIT.

11. CBRE Multifamily Investment Group recently completed five apartment property sales in North and Central Phoenix. The properties were Mountain View (26 units, $1.33M), Heritage Park (22 units, $1.27M), Palm Vista (40 units, $2.5M), Morningside Pointe (11 units, $860K) and The Wells (11 units, $920K). The total combined consideration was $6.8M.

12. CBRE has completed the sale of a 21.7KSF Tractor Supply Co. location at 24930 S. Ellsworth Road, Queen Creek. Total consideration for the transaction was nearly $5.9M. Joseph R. Compagno with CBRE’s Phoenix office represented seller Long Development Corporation and buyer Mid Pacific Asset Advisors, LLC.

13. Montana Avenue Capital Partners has purchased the Heard Building, 112 N. Central Ave., from One Twelve North Central, LLC for $5M. Cushman & Wakefield’s Scott Baumgarten and Mark Stratz facilitated the transaction.

14. Monument Capital Management has acquired Glendale apartment community Casa Bellisima for an undisclosed sum. The 276-unit property will be managed by the investment firm’s sister company, Monument Real Estate Services. Upgrades are being planned.

15. TRI Pointe Group’s Maracay Homes has bought 93 home sites near West Encanto Boulevard and I-10 in Goodyear for $3.8M from WQC Rio Paseo Investors IV LLC.

16. Dermody Family Limited Partnership I purchased a 5KSF retail building at 90 W. River Rd. in Tucson, from 90 W River, LLC for $2.9M. Aaron LaPrise with Cushman & Wakefield | PICOR represented the seller, and Matt Harris with Avison Young, represented the buyer.

17. EastGroup Properties, LP purchased a 21.76 acre parcel at Drexel Road and Commerce Center Place, Tucson, from Ferr-Con Partners, LLP and Diamond Ventures, Inc. for $2.8M. Rob Glaser with Cushman & Wakefield | PICOR represented the buyer in this transaction. Bill Di Vito and Jesse Blum with CBRE, Inc. represented the seller.

18. 17-unit Cherry Park Studios, a student housing complex near The University of Arizona campus, has sold for $2.7M ($165.32/SF). Seller Roja Cruz Apartments, LLC was represented by Zack Mishkin and Jamie Canute of Orion Investment Real Estate. Chris Cunning of Marcus & Millichap represented buyer Riverhill Drive, LLC.

19. Bar-K Development II LLC has sold its 34KSF High Security Self Storage facility, 13360 W. Van Buren St., Goodyear, for $2M to River Crossing Goodyear LLC. Denise Nunez of NAI Horizon represented both parties.

Lease Transactions

20. Retirement and college saving services provider Ascensus, will lease space for 170 associates with an option to expand in the UA Tech Park on Rita Road in Tucson. The University of Arizona owns and operates the 1,345-acre park, which is home to more than 40 companies.

21. Isy Sonabend and Rick Foss of NAI Horizon represented landlord Tempe Partnership in a 108-month industrial lease for 26KSF at 1888 E. Broadway Rd., Tempe, AZ. Foss also represented the tenant, TDIndustries, Inc.

22. EverWest Real Estate Partners and CBRE announced the signing of six new leases totaling more than 98KSF in five months at the 10 Chandler industrial park on North 54th Street, Chandler. The tenants are: Babytown, 12KSF; DNB Engineering, 16KSF; Heads Up Helmets, 6KSF; M+W U.S., Inc., 33KSF; Inyati Bedliners, 20KSF, and Stretch to Win Institute, 11KSF.

23. Trammell Crow Company and Artis REIT have announced the development of the third phase of Park Lucero, an industrial build-to-suit, and a full-building lease commitment by Silent-Aire USA, Inc. Silent-Aire has signed a lease for the 147KSF building located at 280 East Germann Road. Construction has commenced and the project is estimated to deliver in May 2017. Butler Design Group serves as lead architect and D.L. Withers Construction serves as general contractor. Rusty Kennedy with CBRE Phoenix represented Silent-Aire. The team of Pat Harlan and Steve Larsen of JLL represented the landlord and handles the leasing and marketing for Park Lucero.

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