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Commercial Real Estate News 03-14-17

Credit: CBRE

CRE1Sales Transactions

1. Cal Am Properties, Inc. purchased the 415-space Far Horizon East Mobile Home Park in Tucson for $33M ($79.5K/space) and the adjoining Far Horizons RV Resort with 514-spaces for $21M ($40.9K/space).

2. CBRE has completed the sale of The Highlands, a 272-unit multifamily community in Scottsdale. The buyer was Olen Properties. The seller, Bascom Goup, was represented by Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of CBRE Multifamily Institutional Properties in Phoenix. Total consideration for the transaction was $48.5M.

3. CBRE has issued an announcement of three recent multifamily property sales. Bella Solano, a 160-unit multifamily property in Phoenix was purchased by Luna Bear Phoenix, LLC for $11.55M The seller was NBS – Parkwood OPCO, LLC. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. Smuckler and Seaman have also completed the sales of 3420 Apartments in Phoenix and First Avenue Apartments in Mesa. The properties sold for $2.2M and $2.75M, respectively.

4. HSL Properties of Tucson acquired the 109-room Hampton Inn & Suites and the 76-guestroom TownPlace Suites by Marriott  in Tucson for an aggregate price of $12.06M ($65k/room) at auction. The seller, LNR Partners, was the loan servicer and acquired these and La Posada Lodge & Casitas in 2012. La Posada sold for $2.52 million ($35K/room) for the 72-rooms at the same auction.

5. Daum Commercial Real Estate Services has negotiated the $11.22M sale of three industrial buildings in Phoenix. Zouras Trust purchased two single-story industrial office buildings (15KSF and 27KSF) in Southbank Business Center for $4.8M million. David Wilson and Carter Wilson represented the buyer. Ron Schooler of Commercial Properties Inc. represented the seller, Heritage Partners LLC. Ewing Irrigation then purchased the 15KSF facility from Zouras Trust for $2.15M. David Wilson and Carter Wilson represented both the buyer and the seller. Zouras Trust also purchased a 42KSF industrial and manufacturing building located in Phoenix for $4.27M. The seller was Maxin LLC of Phoenix. David Wilson and Carter Wilson also represented both the buyer and the seller.

6. A 95KSF industrial distribution property at 2021 E. Jones Ave., Phoenix, sold for $7M ($74.50/SF) to a national moving and storage company. Lee & Associates’ Matt McDougall represented the building owners, Cohen Asset Management, and the firm’s Steve Farrell represented the buyer, S&M Moving Systems.

7. 7410 North Zanjero Boulevard, a 10.5KSF medical building, sold for $3.2M ($306/SF). The space is leased to Palo Verde Cancer Specialists. Ari Spiro and Sean Stutzman of ORION Investment Real Estate brokered the sale. The seller was Select Zanjero Property, LLC, and the buyer was Westgate Medical Holdings, LLC.

8. Marcus & Millichap have announced the sale of Encanto Oasis, a 27-unit apartment community in midtown Phoenix for $3.1M ($115K/unit). Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office negotiated the transaction on behalf of the seller, a local private capital investor and the buyer, an out-of-state 1031 exchange investor.

Lease Transactions

9. A retail lease for 37KSF in Chandler Sunset Plaza in Chandler to Aspire Fitness was recently consummated. The owner of the center is Chandler Sunset, LLC. Jared Lively of Rein & Grossoehme represented the tenant; and Greg Laing and Taylor Laing of Phoenix Commercial Advisors represented the Tenant.

10. NAI Horizon represented the landlord in a long-term lease at West 101 Business Center in Phoenix. NAI Horizon’s Tyler Smith represented ViaWest Group of Phoenix in the lease of 18KSF of the 118KSF building. The tenant is Southwest Network. It was represented by Michael Waxman of Levrose Commercial Real Estate.

11. Filter Products Corp. leased 11.4KSF at 4175 S. Fremont Ave., Suites 102-103 in Tucson, from Doubletree Investments, Inc. Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Tim Healy with CBRE, Inc. represented the tenant.

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