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Commercial Real Estate News 02-07-17

Credit: CBRE

CRE1Sales Transactions

1. ABI Multifamily has announced the sale of Town Center Apartments, a Class “A” garden-style apartment community in Cave Creek for $22.65M ($129K/unit). Buyer Laguna Point Properties, LLC was represented by ABI’s Rue Bex, Eddie Chang, John Kobierowski, Alon Shnitzer, and Doug Lazovick. The seller was K and M Development #1, LLC.

2.  CBRE has recently completed the sale of Santa Fe Logistics Center, a 368KSF industrial warehouse and distribution facility located at 4450 N. 45th Avenue in Phoenix. The buyer was Greco & Sons, Inc., a national food distributor. The seller was Tratt Properties, represented by CBRE’s Pat Feeney, Daniel Calihan and Rusty Kennedy. Tony Lydon with JLL represented the buyer. Total consideration for the deal was $22.4 million.

3. SB Pacific Group recently purchased The Peaks at Redington, a multifamily property in Tucson. Berkadia‘s Art Wadlund and Clint Wadlund completed the $14.5M ($48K/unit) sale. Berkadia represented the seller, PEM Investments

4. Colliers International in Greater Phoenix has negotiated the sale of two Tucson apartment complexes in transactions totaling more than $13M. Trevor Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson negotiated the transactions. Dale Scheck purchased the 199-unit, 19-acre Sherwood Gardens Apartments from MF Blue Valley Apartments, LLC of West Palm Beach, FL. for $7.54M million. Sunpointe Gardens Apartments at 2727 N. Oracle Rd. was sold for $5.5M. George Lee and Michael Lee purchased the property from Ann Diaz and Jack Tiano. The complex features 165 units in eight buildings.

5. Cushman & Wakefield have announced the $5M sale of an industrial property at 1620 West Knudsen Drive in Phoenix. A California-based 1031-Exchange investor purchased the 41KSF building from P&P Stewart Investments, LLC of Flagstaff. Cushman & Wakefield’s Rick Danis and Paul Boyle represented the seller. Brian Gleason of Phoenix West Commercial represented the buyer.

6. Cushman & Wakefield announced that the Raising Cane’s, located at 6352 E. Broadway Blvd in Tucson, has been sold for $4.15 million to Leal 2002 Family Trust. This was a record low CAP rate for a Raising Cane’s sale in Arizona. Cushman & Wakefield’s Chris Hollenbeck represented the seller, Eisenberg Company. Chris Rodriguez of Pacific Northwest represented the buyer.

7. Brenna Lacey of Volk Company represented La Jolla Verde Land Holdings, LLC in the sale of 17.7 acres of land at the SEC of Old Nogales Highway and Abrego Drive in Sahuarita to FAE Holdings 461354R, LLC. The purchase price was $3.5M million. The new grocery-anchored shopping center called The Crossing at Sahuarita is planned at the site, to be developed by Wadsworth Development Group and Accelerated Development Services.

8. CBRE has completed the sale of Cave Creek Plaza, a 21KSF retail shopping center located at 16806-16872 N. Cave Creek Road & 2301-2313 E. Bell Road in Phoenix. The buyer was DMC Investments, LLC. The seller was PWDAF Bell and Cave Creek, LLC. Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller in the $2.55M transaction.

9. Forbes Investors, LLC purchased two industrial buildings located at 2002-2010 N. Forbes Blvd. in Tucson.   Comprised of 41KSF, the real estate is located in Broadbent Industrial Center and purchased from Tucson North Forbes Ventures, LLC, Red Bird Investments, LLC and Scheer Investments, LLC for $2.5M. Cushman & Wakefield | PICOR Industrial Specialists handled this transaction.  Ron Zimmerman represented the seller and Brandon Rodgers represented the buyer.

Lease Transactions

10. NAI Horizon’s Isy Sonabend and Rick Foss negotiated a long-term industrial lease of 118KSF in the Riverside Distribution Center at 2225 S. 43rd Ave. in Phoenix. NAI Horizon represented the tenant, Enclos, in a deal worth $1.4M.

11. NAI Horizon negotiated a long-term lease for a nearly 21KSF Planet Fitness at 1625 W. Camelback Rd., in Phoenix. NAI’s Chris Gerow, Shelby Tworek, Gabe Ortega, and Patrick Anthon represented the tenant, JEF-FIT 17th Ave. & Camelback, LLC of Philadelphia in the $2.7M transaction.

12. Founders Health Care, Inc., dba Preferred Home Care, renewed their lease for 17KSF in Broadbent Industrial Center, 2155 N. Forbes Blvd., Suites 104 and 107 in Tucson, from Forbes Tucson, LLC.  Rob Glaser with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Tripp Anderson, Jesse Blum and Bill Di Vito with CBRE, Inc. represented the tenant.

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