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Commercial Real Estate News 02-21-17

Credit: Orion Investment Real Estate

CRE1Sales Transactions

1. LivCor LLC, an affiliate of Blackstone Real Estate Advisors L.P. in New York City, has added to its multi-family holdings in the Valley by paying $40.7M (nearly $105K/unit) to acquire the 388-unit Sonora Canyon apartments at 265 N. Gilbert Road in Mesa. The seller was Sonora Canyon Venture LLC, a joint venture formed by Security Properties Inc. and Aetna Life Insurance Co. The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix.

2. A fund managed by DRA Advisors LLC in New York City paid a combined $37M+ ($69.71/SF blended average) to buy 536KSF of industrial space in four Valley projects. The Phoenix-area assets were acquired by the DRA Advisors fund as part of a $1.07B portfolio deal that included 19.8MSF of industrial buildings in 21 U.S. markets. The properties, were sold by Cabot Properties Inc. The Valley assets were purchased in four transactions by companies formed by DRA Advisors through its Growth & Income Fund IX. The sales were negotiated by Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield in Phoenix, and Jay Borzi, Steve Silk and Adam Pastor of Eastdil Secured.

3. CBRE has recently completed the sale of Desert Canyon 200, a 98.7KSF office space located at 2421 W. Peoria Avenue in Phoenix. The buyer was G2 Capital. The seller was REEF Desert Canyon LLC, managed by Washington Capital Management. Barry Gabel, Chris Marchildon, Jim Bayless and Ashley Brooks with CBRE’s Phoenix office represented the seller. Total consideration was $10.55M.

4. Lee & Associates has announced the sale 90+KSF industrial manufacturing building at 4501 W. Polk St., Phoenix, for $5.65M ($62.46/SF). Principals Chris McClurg and Pete Batschelet secured the buyer, Scientex Phoenix, LLC, of Malaysia. Mark DiSabato, with Atlantis Commercial, represented the seller, Dominion Enterprises.

5. Cushman & Wakefield | PICOR Industrial Specialist, Brandon Rodgers, general partner in two buying entities recently purchased two industrial investment properties. Friebus Investors, LLC purchased a 46KSF industrial building located at 2301/2341 S. Friebus Ave., Tucson, from Oak Properties for $1.75M ($38.25/SF). Built in 1984, the property was 89 percent occupied at time of sale and not on the market when it sold. In a second transaction, Forbes Investors, LLC purchased two industrial buildings located at 2002-2010 N. Forbes Blvd. in Tucson. Comprised of 41KSF, the property was sold from Tucson North Forbes Ventures LLC, Red Bird Investments LLC and Scheer Investments LLC for $2.5M ($59.85/SF). Ron Zimmerman of Cushman & Wakefield | PICOR represented the sellers, and Brandon Rodgers represented the buyer.

6. Triumph Real Estate Investment Fund, a Canadian Investment, has purchased two Metro Phoenix shopping centers, Triumph Bell West Ranch and Triumph Glendale Crossing, for a total of $7.01M. Triumph Bell West Ranch is a 20KSF shopping center located at 16846 W. Bell Road, Surprise and Triumph Glendale Crossing, a 10.6KSF retail center at 5929 W. Peoria Avenue, Glendale. Triumph Bell West Ranch was purchased from PWREO Bell & 303, LLC, and Triumph Glendale Crossing from Lawrence and Geyser. Jon Rosenberg and Keri Davies with Levrose Commercial Real Estate/TCN Worldwide negotiated both deals on behalf of the Buyer.

7. Vestis Group has announced the sale of Via Linda Plaza, a 16KSF neighborhood shopping center, located at 10810 E Via Linda for $2.5M ($155/SF). Vestis’ Matt MorrellNatan JacobsLes Litwin and Chad Barber negotiated the transaction on behalf of the seller, MORE VLP LLC. The buyers, Wayne and Vicki Wentz, were represented by Mark Mangianti of Commercial Investments Advisors, Inc.

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