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Commercial Real Estate News 03-20-18

Credit: Cushman & Wakefield

Sales Transactions

1. Continental Realty Advisors partnered with GTIS Partners to acquire the 240-unit San Palmas at Mission Park apartment complex in Chandler for $43.2M. The seller, Spring Brook Development, bought the garden-style community in February 2013 for $33.6M, according to CoStar’s analytics. The partnership plans to renovate the complex and upgrade the amenities.

2. ABI Multifamily announced the $19.5M sale of the Rio Santa Fe Apartments in Yuma. Rio Santa Fe Apartments is a 312-unit garden-style apartment community. The buyer is a private multifamily investor based in Arizona. The seller, a partnership formed by Paul Ash Management Company, is a private multifamily investor, developer and property manager based in Arizona. The multifamily brokerage team of Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both the buyer and seller in this transation.

3. ABI Multifamily announced the $12M sale of the Bethany Park Apartments in Glendale. The buyer is a private multifamily investor based in Arizona. The seller, a partnership formed by Paul Ash Management Company, based in Tucson, is a private multifamily investor, developer and property manager. The multifamily brokerage team of Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both the buyer and seller in this transaction.

4. Bill Alter, of Rein & Grossoehme Commercial Real Estate, represented both the seller and the buyer on the sale of Arizona Storage Inns for $8.9M.  The property consisted of 940 units in 11 buildings totaling 800 units with a total of 82KSF.  It also included 130 parking spaces for boats and RV’s.  It was located at 1750 N. Country Club Dr., in Mesa.

5. ABI Multifamily announced the $7.9M sale of the Brookfield Terrace Apartments in Phoenix. Brookfield Terrace is a three story, garden-style apartment community on approximately 2.28 acres. The buyer, California Capital Real Estate Advisors, Inc. is based in California. The seller, iA Financial Group, is an experienced Canadian-based multifamily lender. The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both the buyer and seller.

6. CBRE arranged the sale of Vela, a 290-unit Class A multifamily community, located on the north bank of Tempe Towne Lake at 555 N. College Ave. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, Transwestern Development Co. Pacific Development Partners, purchased the property. No price was announced.

7. JLL’s Capital Markets experts announced the sale of a two-property self-storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate.

Lease Transactions

8. Cushman & Wakefield announced that The Grand at Papago Park Center leased 6.01 acres to Alliance Residential for Broadstone at The Grand. David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the landlord.

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