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Commercial Real Estate News 04-03-18

Credit: AZ Big Media

Sales Transactions

1. Colliers International negotiated the sale of the Summerhill Place apartments in Glendale for $19.8M. The “HSK Team” of Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers International in Phoenix represented the seller and secured the buyer, Maesag Properties, LLC. Trimark-Summerhill Place, LLC, an entity formed by Trimark Property Group, was the seller.

2. Lennar Corp. has made a $17.6M land purchase in Surprise at Grand Avenue near Loop 303 for 232 home sites in the Asante development. The seller was HE Capital Phase 1 Property LLC. Brokers in the transaction were Land Advisors Organization’s Ryan Semro, Bret Rinehart, Ben Heglie, Greg Vogel and Mike Schwab.

3. The remaining 25KSF portion of the mixed-use project Union Tempe, NEC of University Drive and Myrtle Avenue, has been sold to Driftwood Acquisitions & Development for $5.3M. DAD plans to build a new Canopy by Hilton to anchor a corner of OPUS’ mixed-use development. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the original seller, Sundt Construction. Sundt will build the $60M, 14-floor hotel on DAD’s behalf, with groundbreaking in May of 2018 and completion slated for December 2019.

4. Pelican 9th, LLC purchased Sonoran on 9th Apartments, a 26-unit complex located at 814 & 838 E. 9th St. in Tucson, from SVP Holdings, LLC for $4.55M. Allan Mendelsberg and Daniel Leibsohn with Cushman & Wakefield | PICOR handled this transaction.

5. West Ina Center Marana Arizona, LLC purchased an 8.9KSF building at 3662 W. Ina Rd. in Tucson from Ina Meredith, LLC for $3.2M. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk with Volk Company and Pete Villaescusa with CBRE, represented the seller.

6. Richmond American Homes and Lennar Homes teamed up to buy Block 35 and 39 in Gladden Farms II. Richmond acquired 64 lots for $3.5M, and Lennar purchased 59 lots for $3.2M. Will White and John Carroll of Land Advisors Organization in Tucson handled these transactions and has the marketing assignment on all of Gladden Farms.

7. Hancock Communities LLC paid $3.3M for vacant land in the West Valley, near Westgate Entertainment District and University of Phoenix Stadium. The 14-acre property at 1610 N. 91st Ave., Phoenix, originally was proposed as an office park that never was developed. Rommie Mojahed of SVN | Desert Commercial Advisors represented the seller, Wade Ferguson with Interchange Holdings LLC.

8. Marcus & Millichap announced the $2.6M sale of Revival Tempe, a 14-unit apartment complex in Downtown Tempe. Rich Butler had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited liability company, and the buyer, an out of state 1031 exchange investor.

Lease Transactions

9. Arizona State University’s Thunderbird School of Global Management has leased 60KSF at one of the office towers at the Arizona Center in downtown Phoenix as it prepares to close its campus in Glendale. ASU is building a new $50M building downtown to house Thunderbird. Construction is slated to be completed in 2021.

10. NAI Horizon’s Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, The Market at Estrella Falls, LLC, in a retail lease with Party City for 15KSF SF at 1981 N. Pebble Creek Parkway, Goodyear.

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