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Commercial Real Estate News 02-14-17

Credit: CBRE

CRE1Sales Transactions

1. Millburn & Co., Salt Lake City, has paid $71.45M for 700 apartments in two Mesa communities. The sellers in two transactions were companies formed by Acacia Capital Corp. In the larger sale, a company formed by Millburn paid $38.05M ($102K/unit) to acquire the 396-unit Argenta apartments at 4104 E. Broadway Road. The seller was PHX Broadway 12-B LLC (Acacia Capital company). In the other deal, the investor paid $33.4M ($109.9/unit) for the 304-unit Verona Park apartments, 1666 S. Extension Road. The seller was PHX Extension 12-B LLC (Acacia Capital company). The sales were negotiated through Cindy Cooke and Brad Cooke of Colliers International in Phoenix.

2. New York-based DRA Advisors LLC has bought a 536KSF industrial portfolio in Arizona from Boston’s Cabot Properties for $37.3M. The local component involved four industrial properties. That includes Cabot developments in Phoenix, Tempe and Peoria.

3. Berkadia completed the recent sale of The Enclave at the Foothills, a 300-unit multifamily property in Tucson. Representing the seller, Berkadia’s Art Wadlund and Clint Wadlund of the Tucson office completed the $21.8M sale ($72.7/unit). The seller was PEM Investments, and the buyer was HSL Properties, Inc.

4. Desert Place Apartments recently sold for $11.3M ($43.5/unit). The 260-unit property spans ±7.83 acres along 27th Avenue. Bob Farrell of ORION Investment Real Estate facilitated the off-market sale. Jevan Capital, Pllc was the Buyer. The Seller was IPA Phoenix-Foxwood, LLC.

5. Anthem Medical Plaza closed for $10.6M ($212.65/SF). The multi-tenant medical complex is anchored by HonorHealth. The Seller was WCCP Anthem Medical, LLC and PEA Enterprises, LLC. CHP Anthem Medical, LLC, purchased the medical complex. Braxton Glass of ORION Investment Real Estate, facilitated the off-market sale.

6. CBRE has completed the sale of The Village at Augusta Ranch. The Albertson’s-shadow-anchored, 25KSF retail shopping center is located at 9221-9202 E. Baseline Road in Mesa, Arizona. The buyer was Sperry Equities, LLC. The seller was Gilligan Augusta Ranch, LLC. Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented both the seller and buyer in the transaction. Total consideration for the deal was $6.95M.

7. CBRE has completed the sale of Thumb Butte Medical Center, a 12KSF Class-A medical office building in Prescott. The property commanded a sale price of $4.5M ($375/SF), a new high-water mark for a medical office building sale in Yavapai County. The building is 100 percent leased to Thumb Butte Medical Center, PLLC and Ali Askari, MD PC. Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, Dr. Hosn Hojatollah Askari, who signed a long-term NNN lease and will remain a tenant in the building.

Lease Transactions

8. NAI Horizon represented the landlord in a long-term lease for an international office space firm at The Peak. NAI Horizon’s Barbara Lloyd, Lane Neville and Nathan Pancrazi negotiated the 15-year lease on behalf of Bogle Family Realty, LLLP. Regus will occupy 15KSF of the 46KSF office complex. The property is 90 percent leased. Regus was represented by Kevin Calihan of CBRE.

9. Arizona Kawasaki KTM Triumph leased 13.4KSF in Tucson from Peacock Investment Builders Tucson I, LLC.  Russell Hall, Stephen Cohen and Rob Glaser, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.  Jake Ertle with Rein & Grossoehme Commercial Real Estate, LLC represented the tenant.

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