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Commercial Real Estate News 01-23-18

Credit: Commercial Properties, Inc.

Sales Transactions

1. Rich Uncles NNN REIT Inc. of Costa Mesa, Calif. expanded into the Phoenix market through a $26.5M purchase of AvAir’s headquarters. The 163KSF creative office/warehouse space is located at 6877 and 6971 West Frye Road in Chandler. Andy Ogan of Lee & Associates Arizona brokered the sale. The seller, Reasons Aviation LLC, was assisted by John Hink of Tiffany & Bosco P.A.

2. ABI Multifamily announced the $12.2M sale of the 288-unit garden-style, The Quails Apartments at 1120 E Irvington Road in Tucson. The ABI Multifamily Team of Alon Shnitzer, Lance Parsons and Ryan Kippes handled the transaction. The buyer, Irvington Meadows, LLC was formed by a private investment firm. The seller, an entity formed through Alpha Wave Investors LLC, is also a private investment company.

3. REIT firm VEREIT, Inc. purchased a 56KSF retail pad at Houghton Town Center in Tucson, for $10.9M. The Ryan Companies US, Inc. was the seller, developer and general contractor of this retail project.

4. HFF has secured $9.5M in financing for The Traditions, a 160-unit apartment community in Mesa. The borrower, EPI LP, obtained a 10-year, fixed-rate loan for the property from Aegon USA Realty Advisors. HFF’s debt placement team included Zach Koucos and Jeremy Womack.

5. Maracay Homes bought 80 acres at 77th Avenue and Pinnacle Peak Road in Peoria for $7.56M in Peoria and plans to develop large residential lots. The seller was Edmonton, Alberta-based Melcor Developments Ltd. Bret Rinehart and Ryan Semro of Land Advisors Organization brokered the deal.

6. Commercial Properties, Inc./CORFAC International announced the sale of the 51KSF former Brentwood Industries industrial manufacturing building. The property is located at 13770 W Peoria Avenue in Surprise. Andy Jaffe and with Rex Griswold of CPI’s Industrial Team represented the buyer, Z & E Holdings Group LLC (Global Trading Marketing Inc.).

7. The 25-unit Tres Arcos apartment community in the Biltmore area of Phoenix has changed hands for $4M. ABI Multifamily’s team of brokers comprised of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch Rue Bax and Nathan Bruer represented both the buyer and the seller, both of which were private investors.

8. Located along the Loop 202 retail corridor in Gilbert, the 21.9KSF retail center Gilbert Fiesta Shops sold for $3.5M. Nick Miner and Andrew Harrison of ORION Investment Real Estate represented the seller – Gilbert Fiesta II Lots 2 & 3 LLC. The buyer, Grove Arizona, LLC, was represented by Sean Bishop of Lee & Associates.

9. CBRE announced the sale of Yavapai Downs, a 124-acre horse racetrack property, located 11 miles from downtown Prescott. Chris Ackel and John Amory Jr. with CBRE Phoenix represented the buyer, Phoenix-based JACOR Partners. The property was sold for $3.22M out of U.S. Bankruptcy Court. The group plans to renovate the site and bring live racing back to the venue.

Lease Transactions

10. Forensic Logic, LLC leased 12KSF of office space at 177 North Church Avenue, Tucson, in the Transamerica Building. Bruce Suppes of CBRE represented the tenant. Buzz Isaacson of CBRE represented the landlord, TA Building Corp.

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