News Ticker

Commercial Real Estate News 05-09-17

Credit: CBRE

CRE1Pending Transactions

1. Scottsdale-based Healthcare Trust of America Inc. is looking to purchase a $2.75B, 6.1MSF medical office portfolio from Indiana-based Duke Realty Corporation. Healthcare Trust announced it has entered into a definitive agreement to acquire every medical office building asset and the medical development platform of Duke Realty. If the deal goes through, Healthcare Trust’s portfolio will increase to 25MSF of leasable space.

Sales Transactions

2. Salt Lake City-based Woodbury Corp. recently acquired Scottsdale Towne Square, a 162KSF grocery-anchored center at 13802 North Scottsdale Road in Scottsdale for $31M. The seller, Holualoa Scottsdale Retail was represented by CBRE Phoenix‘s Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham.

3. ViaWest Group and Chicago GEM Realty Capital have bought the 255KSF Monroe Building for $29.8M. The property was sold by a venture of Rialto Capital Advisors, Ironline Partners LLC and John Graham.

4. On behalf of a joint venture between ViaWest Group and Blue Vista Capital, JLL has announced the sale of Nexus @ ASU Research Park. Gramercy Property Trust, in partnership with TPG, purchased the 124 KSF Class A, office building in Tempe for $27.6 million. Mark Detmer, Bo Mills, Mark Gustin and Ryan Sitov led the deal for JLL.

5. Marcus & Millichap, announced the sale by Kitchell Development Company of a 119KSF, triple-net Lowe’s ground lease in Tempe for $22.7M. Jamie Medress and Mark Ruble, in Marcus & Millichap’s Phoenix office, represented Kitchell.

6. Parc 17, a three-building, 178KSF industrial park at 1800-1880 S. 7th Ave., Phoenix, sold for $16.1M in an off-market transaction. Stein Koss, Tom Louer and Nick Nudo of the Koss | Louer Team at Lee & Associates, represented both the buyer, Colfin Industrial Acquisitions, LLC (Colony Northstar), and the seller, Jackson-Shaw Co.

7. ABI Multifamily has announced the $13M ($47.7K/unit) sale of the 272-unit Brookwood Apartments at 201 S Kolb Road in Tucson. Alon Shnitzer and Eddie Chang were the lead brokers for this transaction. The buyer was Monument Opportunity Fund 3, a private investment partnership group.

8. Colliers International in Greater Phoenix has announced the $12.15M sale of 135 units within Solstice at Arcadia, a condo project at 5401 E. Thomas Rd, Phoenix. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International negotiated the sale. WWC XIII sold the community to Solstice Phoenix Apartments, LLC.

9. The NAI Puget Sound Properties and NAI Horizon Investment Sales teams of Wyk Parker, Lane Neville and Barbara Lloyd represented the buyer in the $9.675M acquisition of two retail buildings at Litchfield Marketplace. The anchored center is at the NEC of Litchfield and Camelback roads in Litchfield Park, Ariz. The buyer, MUFG Union Bank, N.A, was represented by the combined efforts of NAI Puget Sound Properties of Seattle and NAI Horizon of Phoenix.

10. Blandford Homes purchased Mulberry Master Plan Parcel 5, a 43.75-acre site located at the NE corner of Crismon Road & Guadalupe Road in Mesa. The site is planned for 163 lots. it was purchased in two separate cash transactions, with a combined total purchase price of nearly $69M ($42K/lot). The seller was Desert Vista Land Group, LLC. Grant D. Helgeson, Don McCaul and Brian Beard of the Westland Properties Group represented Blandford Homes in this transaction.

11. CBRE has completed the sale of The Collins, a 21-unit multifamily property located at 320 West Pasadena Ave. in Phoenix. Total consideration for the sale was $3.2M. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. The buyer, Becison Investments, Inc., was a first time Canadian investor. The seller was Clear Sky Capital Partners V, LLC.

12. Montclair By Bakerson, LLC purchased Montclair Apartments from Louison Holdings, LLC for $2.4M.  The 61-unit complex is located at 811 and 835 N. Alvernon Way in Tucson. Allan Mendelsberg and Daniel Leibsohn, with Cushman & Wakefield | PICOR, represented the buyer and the seller in this transaction.

Lease Transactions

13. Optical Support, Inc. leased 19KSF of industrial space in Tucson from Tin Cup Properties, LLC. Ron Zimmerman, Cushman & Wakefield | PICOR, represented the landlord.

14. Done Right Diesel, LLC leased 12.4KSF of industrial space on 1.70 acres in Glendale from Tin Cup Properties, LLC. Ron Zimmerman, Cushman & Wakefield | PICOR.

Other CRE News

15. The 36-year-old organization Duet: Partners In Health & Aging, is in search of 8-10KSF of new office space in the area of 35th Avenue-16th Street and Peoria Avenue to McDowell Road. It has operated at the Church of the Beatitudes, but the space the nonprofit uses will be demolished in four-to-six months.

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