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Commercial Real Estate News 01-24-17

Credit: Multifamily Biz

CRE1Sales Transactions

1. In a $51M deal, real estate investor and operator MG Properties Group (MGPG) has acquired the 330-unit apartment community Scottsdale Horizon Apartments. The property was sold by Alliance Residential Co., according to Yardi Matrix.

2. A joint venture of Ares Management and Kaplan Management Company announced the acquisition of the 8.8-acre development, to be known as the District at the Quarter in Scottsdale. The property will consist of 612 for-rent residential units and 7KSF of commercial space upon completion.

3. Cushman & Wakefield announced that the 306KSF Bethany Towne Center, located at the NWC of Bethany Home Road and 35th Avenue in Phoenix, sold for $41.3M to an entity formed by Manhattan-based Goldman Sachs & Co. Cushman & Wakefield’s Michael Hackett and Ryan Schubert represented the seller, PDG America Shopping Centers, LLC of Irving, Texas.

4. A 220.5KSF industrial campus in Phoenix was sold for $26.4M to industrial property owners Meritex Enterprises Inc. The industrial campus, Park Ladera at Spectrum Ridge, comprises of three buildings at 750, 800 and 850 Covey Ln. in Phoenix, near Seventh Street and Deer Valley Drive.

5. Younan Properties, Inc. continued its expansion in Arizona with the acquisition of Warner Crossing in Tempe. Warner Crossing consists of two adjacent, single-story office buildings totaling 140KSF on a 15.5 acre landscaped site at 8260 & 8312 S. Hardy Drive. The property is 100% leased to national tenants

6. OpenPath Investments purchased Green Leaf Vista, a 98-unit apartment complex in Mesa, from Green Leaf Partners for an undisclosed amount (assumed price: +/-$9M), according to brokerage firm Marcus & Millichap who represented the sellers. The property is located at 3443 E. University Dr.

7. Cushman & Wakefield announced that the Goodwill, located at 2665 N. Power Road in Mesa has been sold for $6.2M to C&P Properties, #1 LP. Cushman & Wakefield’s Chris Hollenbeck and Brent Mallonee represented the seller, Power & McDowell Development Partners, LLC. Warren Berzack of Lee & Associates LA North represented the buyer.

8. Marcus & Millichap announced the sale of Encanto Oasis, a completely renovated 27-unit apartment community located in the historic North Encanto neighborhood of midtown Phoenix. The asset commanded a sales price of $3.1M ($114,815/unit). Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller.

9. South Plaza Vista LLC recently purchased the 65KSF former Sutherland’s Lumberyard building at 493 N. Highway 90 Bypass in Sierra Vista for $2.35M ($36/SF).

10. An affiliate of Tucson Land and Cattle Co. bought 59-acres at La Canada Dr. & Overton Rd. in Northwest Submarket Tucson in Pima County for the new subdivision, Overton Reserve. The developer plans to develop 106 lots. The property commanded a sale price of $2.5M. Groundbreaking is planned in Q2 2017. The seller, GST LLC was represented by Ben Becker and Adam Becker of CBRE in Tucson.

Lease Transactions

11. Leases for the first two tenants at the 72-acre Phoenix industrial park, Liberty Logistics Center II, were recently signed, according to Liberty Property Trust. Essendant Co. will take up 60 percent of the second building which is planned to be completed this summer, in a pre-lease for 262KSF of space at 1500 S. 71st Ave. Basic Components Inc. will occupy 45KSF at the logistics center’s first facility at 7205 W. Buckeye Rd., and will move in this spring. Liberty Logistics Center II plans to have three buildings, with the first building, a 223KSF facility, finished. The second 437KSF is currently under construction. Work on a third 280KSF building’s pad is also underway.

12. Vitamin Shoppe is locating its new West Coast distribution facility to Avondale, into an existing newly-built 187KSF building, in an agreement unanimously approved by the Avondale City Council. Council approved the deal on Jan. 17 for Vitamin Shoppe to move into the warehouse near Van Buren Street and 123rd Avenue.

13. Manna Distribution Services has leased 37KSF of industrial space at Phoenix Star Commerce Park in Phoenix. The space is located at 2110 S. 7th Ave. Keri Davies and Jon Rosenberg of Levrose Commercial Real Estate and Paramount represented the tenant, while Lee & Associates represented the landlord.

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