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Commercial Real Estate News 01-17-17

Credit: NewsFunnel

CRE1Sales Transactions

1. American Hotel Income Properties REIT LP has added two more hotels totaling 529 keys – and including the 224-room Embassy Suites by Hilton Phoenix Tempe, 4400 S. Rural Rd. – to its portfolio for a total of $57.6M ($109K/room).

2. Cypress Equities has acquired Flagstaff Mall, a 388KSF facility. The price was not disclosed, but it is assumed to be approximately $50M given the location, size and market conditions.

3. Solano Terrace Apartments at 4715 N. Black Canyon Highway in Phoenix has sold to a California investor for $19M.

4. JLL Capital Markets has completed a $10.5M, 3.62 percent refinancing for the fully-occupied Paradise Valley Medical Plaza on behalf of Bayport PV Associated LP. The eight-story plaza on North Scottsdale Road near the Scottsdale Shea Medical Center houses 16 tenants and is anchored by an outpatient surgical facility.

5. Levrose Commercial Real Estate/TCN Worldwide recently completed the sale of Hayden Professional Park, a 65.6KSF office complex at 3200 N. Hayden Road in Scottsdale, for $8.25M. Blue Diamond Properties, LLC purchased the property from 3200 Hayden Plaza, LLC. The property was 100 percent leased.

6. HSL Casa Loma of Tucson sold Casa Loma Apartments, a 135-unit complex at 6639 East Broadway Blvd. for $6.5M ($62/SF) in the central submarket of Tucson. A private California investor, Shalom Babay, purchased the value-add investment property.

7. In a portfolio sale, West Ajo Properties of Tucson (Sonny Cray, manager) sold a three-property portfolio for $7.05M ($29.8K/unit). Located in thriving Southwest Tucson, 3 at West Ajo, consists of 236-units across three well-maintained properties, Westlake Village, Riverview Villas, and Santa Cruz Villas with a single leasing office located at Westlake Village.

8. Ron Schwabe and Marcel Dabdoub have partnered to buy 44 East Broadway Blvd. in Tucson for $4M ($135/SF) with 30KSF of parking lots from The Providence Service Corporation of Stamford, CT. The four downtown residential lofts each come complete with huge windows, a balcony and rooftop deck with private rooftop pool.

9. Dermody Family Limited Partnership I purchased a 5,274SF retail building located at 90 W. River Rd. in Tucson, from 90 W River, LLC for $2.86M ($541/SF). The property was fully occupied by Southern Arizona Urgent Care and sold in an investment sale. Aaron LaPrise with Cushman & Wakefield | PICOR, represented the seller. Matt Harris with Avison Young represented the buyer.

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