News Ticker

Commercial Real Estate News 05-01-18

Credit: AZ Big Media

Sales Transactions

1. The 740-room Arizona Biltmore resort has been sold for $403.4M. The purchaser was Blackstone Real Estate Advisors.

2. Winning bidder D.R. Horton Inc. paid $79M for a 269-acre, state-owned parcel, east of 56th Street and north of Deer Valley Drive. The site was appraised for $54M. Four builders bid for it.

3. The 412-unit Arrowhead Summit apartment complex near Arrowhead Towne Center in Glendale has sold for $60.55M. The apartments were sold by North 79th AZ Partners LLC to ASVRF Cortland Glendale LLC.

4. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Escape, a 244-unit luxury apartment complex in Phoenix for $58.35M. Steve Gebing and Cliff David of IPA represented the seller, P.B. Bell, and procured the buyer, Weidner Apartment Homes.

5. Berkadia closed the $35M sale of Greentree Place, a 256-unit multifamily property in Chandler. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office secured the deal on behalf of the seller, GP Chandler Investco, LLC. The buyer was Western Wealth Capital.

6. L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a 360-unit apartment community in Phoenix, for $27.2M. Brett Polachek and Jim Crews of Cushman and Wakefield brokered the transaction on behalf of both the buyer and the seller in an off-market transaction. The partnership plans a $4.16M investment to renovate and upgrade the property.

7. CBRE negotiated the sale of a 199KSF industrial park located near Phoenix Sky Harbor International Airport. The Meritex Company purchased the two-building property from Clarius Partners, LLC, for approximately $23M. Cooper Fratt and John Werstler with CBRE’s Phoenix office represented both the buyer and seller in the transaction.

8. Affiliates of The Clover Group traded into two office properties this month for an aggregate value of $10.75M, both were buyer’s uplegs in 1031 exchanges. Maizlich CP Houghton purchased the medical office at 10120 E Old Vail Road in Tucson for $4.035M. The seller, an affiliate of Diamond Ventures of Tucson, was represented by Marcus & Millichap of Phoenix. A second office complex at 10445 N Oracle Road in Oro Valley, Rooney Ranch Professional Offices, was also purchased by Maizlich CP Oro Valley for $6.715M.

9. Marcus & Millichap announced the sale of Northwest Emergency Center, an 11.5KSF net-leased property in Tucson. The asset sold for $6.3M. Jamie Medress and Mark Ruble, in Marcus & Millichap’s Phoenix office, represented the seller, a limited liability company.  The buyer, also a limited liability company, was secured and represented by John Susank in Marcus & Millichap’s Newport Beach office.

10. ABI Multifamily announced the $4.35M sale of the Arcadia Edge Apartments, a 23-unit apartment community in Phoenix. The seller was a private investor based in Arizona. The buyer was a private investor based in California. The Phoenix-based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the buyer and seller.

11. 3737 E. Bellevue Street, LLC purchased Bellevue Winstel Apartments, a 40 unit complex at 3737 E. Bellevue St. in Tucson, from Gould Family Properties VIII, LLC for $2.11M.  The Multifamily team of Allan Mendelsberg and Daniel Leibsohn, with Cushman & Wakefield | PICOR, handled this transaction.

12. SNGS, LLC purchased a 13.2KSF building at 2300 S. 6th Ave. in Tucson, from Solar Industries, Inc. for $2.1M. Solar Industries operates a Window Depot store in this location, and will lease back the building after the sale to continue operations.  Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR, represented the seller; Hank Amos with Tucson Realty and Trust, represented the buyer.

13. A medical building at 2204 S. Dobson Road in Mesa sold for $2.95M. Nicole Ridberg of SVN Desert Commercial Advisors found the buyer, Patrick Appleton with AZCA Investments, Inc. SVN advisor Mary Nollenberger was also involved with the transaction.

14. Marquee Commercial Lodging Advisors announced the sale of the Best Western Plus Inn of Sedona. The California-based firm that acquired the hotel reportedly has a long-term strategy for the asset. This property marks Marquee Commercial Lodging Advisors fourth hotel sold in Arizona over the last six months.

Lease Transactions

15. Pathways Human Services, LLC renewed their lease for 33.5KSF of office space in El Dorado Professional Plaza in Tucson, from Source Two Investments, LLC. Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR represented the landlord; Tom Bean with NAI Horizon, represented the tenant.

16. Sourceone Displays, LLC leased a 30KSF industrial building at 2901 S. 4th Ave. in Tucson, from North Land Leasing, LLC. Ron Zimmerman and Ryan McGregor with Cushman & Wakefield | PICOR represented both parties.

17. Arbico Organics leased 12KSF in Foothills Business Park, 10831 N. Mavinee in Tucson, from SN Investment Properties, LLC. Rob Glaser and Max Fisher with Cushman & Wakefield | PICOR handled this transaction.


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