News Ticker

Commercial Real Estate News 03-13-18

Credit: AZ Big Media

Sales Transactions

1. DiamondRock Hospitality Company announced that it has acquired the Kimpton Hotel Palomar, a lifestyle boutique hotel in downtown Phoenix. The purchase price is $80M, or $331K/key.

2. JLL’s Capital Markets team announced the company completed the sale of the Living Spaces Showroom and Distribution Center in Phoenix. JLL represented Living Spaces, which sold the 437KSF, Class A industrial asset to Cohen Asset Management. Mark Detmer, Bo Mills and Ryan Sitov led the JLL team on the sale. They worked with JLL Retail’s Scott Kaplan and Erik Westedt. JLL declined to provide a sales price, but unconfirmed media reports cited a figure of $35M.

3. Marcus & Millichap announced the sale of Safeway, a 55KSF net-leased property in Tucson, according to Ryan Sarbinoff of the firm’s Phoenix office. The asset sold for $8.3M. Jamie Medress, Mark Ruble and Chris Lind of the Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, was secured and represented by John Susank, an investment specialist in Marcus & Millichap’s Newport Beach office.

4. ABI Multifamily announced the $6M sale of the 41-unit (of 60), Solterra on Fifth Condominiums in Phoenix. The buyer, Skyline Companies, is a private investment firm based in Arizona. The seller, Western Wealth Capital, is a private investment firm based in Canada. The Phoenix-based ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, John Kobierowski, Alon Shnitzer and Rue Bax represented the seller in the transaction. Samir Sawhney of XCD Realty & Property Management represented the Buyer.

5. Palmilla MP, LLC and Palmilla BCL, LLC purchased Vista Palmilla Apartments, a 57-unit complex located at 3828 E. Fort Lowell Rd. and Libertade Apartments, a 20-unit complex located at 3838 E. Presidio St. in Tucson, from Riderjak Properties, LP and Seajak Properties, LP for $2.7M. The Multifamily team of Allan Mendelsberg and Daniel Leibsohn, with Cushman & Wakefield | PICOR, handled this transaction.

6. Treehouse Group has sold Tempe Mobile Home Park near University Drive to an unnamed developer for an undisclosed price. Treehouse is assisting residents with relocation, after which the new owner will redevelop the property, according to news reports. No specific plans have yet been released.

Lease Transactions

7. Founders Health Care, Inc., dba Preferred Home Care, renewed their lease for 17KSF in Broadbent Industrial Center, Tucson, from Forbes Tucson, LLC.  Rob Glaser, industrial specialist with Cushman & Wakefield | PICOR, represented the landlord, and Jesse Blum with CBRE represented the tenant.

8. T&T Cleaning & Restoration, LLC leased 14KSF at 420 E. Columbia St. in Tucson from Plastic and Metal Parts, Inc. Paul Hooker, industrial specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

9. LISCO leased 10KSF of industrial space at 845 E. Ohio St., Tucson, from 845 E. Ohio, LLC. Brandon Rodgers, Stephen D. Cohen, Russell W. Hall and Kelly Fickle, industrial specialists with Cushman & Wakefield | PICOR, handled this transaction.

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