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Commercial Real Estate News 02-13-18

Sales Transactions

  1. CBRE has completed the $53.14M sale of Aldea at Estrella Falls, a 328-unit Class A multifamily property, at 2400 N. Bullard Ave. in Goodyear. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, PrivatePortfolio Group, LLC. The buyer was Umbrella Properties.
  2. Cushman & Wakefield completed the sale of Mission Palms, 6131 N. 16th Street in Phoenix. Clear Sky RES Properties, an entity formed by Clear Sky Capital, purchased the property from JM Emerson, LLC for $16M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
  3. Sierra Del Sol Senior Living, 8151 E Speedway Blvd., Tucson, sold for $12.32M to KRE Tiger Sierra del Sol, LLC. The seller was Welltower, Inc. There were no brokers involved in the transaction.
  4. CBRE has completed the sale of three multifamily properties located in the metro Phoenix area in three separate transactions totaling $9.72M. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the buyers and sellers. The Ranch 118 W. Maryland Ave. was sold by the Benjamin E. Bellet 2005 Trust to Harvard Street Investments, LLC & Geller Family Investments, LLC, completing a 1031 exchange, for $3.77M. Casa West, 4029 W McDowell Road, was sold to 4029 CRE 001, LLC, by AFA 1, LLC for $3.45M. 8th Street Developers, LLC, purchased a vacant multifamily property on 1.82 acres of land at 1403 E. 8th Street in Tempe, from DJKM Investments, LLC for $2.5M in an all-cash transaction.
  5. ViaWest Group has purchased Concorde Commerce Center, a 138KSF office building 2222 W. Dunlap Ave. The property was purchased with a partner for $9.5M. The sale was brokered through Barry Gabel and Chris Marchildon of CBRE. Colliers International in Greater Phoenix has been chosen to handle leasing of the project.
  6. ABI Multifamily announced the $7M sale of the Tempe North Apartments, a 56-unit apartment community in Tempe. Both parties were private investors. Doug Lazovick of ABI represented the seller. The buyer was represented by ABI’s John Kobierowski.
  7. The Shops at the Wells, a shopping center in Maricopa at the NWC of Porter Road and Maricopa-Casa Grande Highway, sold for $4.8M. Chad Tiedeman at Phoenix Commercial Advisors represented the seller, NA Maricopa, LP, in the transaction.
  8. Velocity Retail Group has sold a vacant Fry’s Food & Drug store at the SWC of Apache Trail and Idaho in Apache Junction. The 62.6KSF space was purchased by Simon CRE and will be redeveloped for three junior anchor tenants. Dave Cheatham and Darren Pitts of Velocity Retail, along with Jeff Dinsmore from Jones Lang LaSalle’s Boston office worked on behalf of Fry’s / Kroger to sell the building.
  9. ORION Investment Real Estate recently facilitated the purchases of two spaces to be built into Del Tacos by franchisee Brent Veach of Desert Taco, LLC. The first location is in Gilbert at the NEC of Higley and Baseline roads. The seller was Higley & Baseline Partners, LLC. The second location is at Rittenhouse and Elliot Loop roads in the Queen Creek Marketplace. The seller was Vestar GCM, LLC. Sales prices were not provided for either transaction.
  10. CBRE has completed the sale of a single-tenant, newly constructed Native Grill & Wings in the Prescott Valley Crossroads. The 4.5KSF location sold for $2.8M with a new 15-year, absolute triple net lease. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Prescott Valley Native, LLC. Joseph Lising of Marcus & Millichap represented the buyer, Kyusang Lee & Vivian Lee Revocable Trust.

    Lease Transactions

  11. Velocity Retail Group’s Brian Gast has leased a 37KSF vacant big box to Lina Home Furnishings. The store is at the SWC of Ray Road and 48th Street in the Ahwatukee Foothills Towne Center. DDR Corp. is the center’s owner and landlord.
  12. Manufacturing Machining Services, LLC leased 11.2KSF in Clairemont Plaza at 1668 S. Research Loop, in Tucson, from Clairemont Partners, LLC. Rob Glaser and Max Fisher, industrial specialists with Cushman & Wakefield | PICOR, handled this transaction.

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