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Commercial Real Estate News 05-15-18

Credit: Commercial Executive Magazine

Sales Transactions

1. Alta Vista Communities of Tucson, an affiliate of Aerie Development, sold Avilla I & Avilla II luxury communities in Tucson for $42.3M ($231,169 per unit) for the aggregate 183 units. The transaction represents the highest per unit price with 40+ units in the Tucson metro area. Senior managing director, Art Wadlund and associate Clint Wadlund of the Tucson Berkadia office negotiated the transactions for the seller. The buyer was Phoenix-based Farnam Companies.

2. CBRE has completed the sale of the 428-unit Tanque Verde Apartment complex, located at 7671 E. Tanque Verde Road in Tucson, for $26.5M ($61,916 per unit). Michael Sandahl with CBRE’s Tucson office, along with Tyler Anderson and Sean Cunningham with CBRE’s Phoenix office, represented the seller, North Salt Lake, Utah-based Chartwell Capital Partners, LLC. The buyer was a Marina Del Rey, CA investor that purchased it under the name of Tanque Verde-Tucson Apartments, LLC.

3. ESI Ventures of Beverly Hills, CA, recently sold the Madison Grove Apartments property to Phoenix-based Rincon Properties for more than $21M after renovating the complex to upgrade the units and add a fitness center and pet park.

4. Cushman & Wakefield completed the sale of Tropicana Marketplace, a Smith’s anchored shopping center located at 6120-6180 W. Tropicana Ave in Las Vegas, Nev., for $15M ($216 PSF). Tropicana Square LLC purchased the property from Houston-based Weingarten Realty. Executive Managing Directors Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. John Weisler of JW Michaels Realty Services represented the buyer.

5. NAI Horizon Senior Vice President Denise Nunez represented the seller, Storage America dba Store-All America RV and Self-Storage, and the buyer in negotiating the $10.755M sale of a 638-unit self-storage facility at 24901 W. Yuma Rd., in Buckeye.

6. Two shopping centers across the street from each other near the Vistancia master-planned community in Peoria sold within a week of each other for a combined price of $8.296M. The Vistancia Safeway Shops sold for $3.146M ($266.50 per square foot), and The Shops at Vistancia sold for $5.15M ($227.59 per square foot). Both properties were owned by PWREO Vistancia, LLC, but sold to different buyers. Chad Tiedeman from Phoenix Commercial Advisors represented the seller in both transactions.

7. LevRose Commercial Real Estate has closed a $7.23M deal on Bell Park Plaza, a 33,480SF shopping center located at the NEC of 43rd Ave and Bell Rd in Phoenix. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide negotiated the deal on behalf of Calgary-based Triumph Real Estate Investment Fund. Greg Abbott of CBRE represented the seller, Hanley V Properties, LLC.

8. (CRE Tucson Parking Garage, Real Estate Daily News) The downtown parking lot at 79 East Alameda and 139 Scott Street in Tucson sold $3.25M ($79 PSF) to an Austin based developer, TAZ Parking, LLC. Si Schorr, Sr. Partner at Lewis, Roca, Rothgerger, Christie, LLP represented the seller, The Woodward Family. Ben Riehle, former parking lot attendant, and Jake Arnold of the APEX Team at Keller Williams of Southern Arizona represented the buyer in the transaction.

9. Student housing at 50 N Mountain Ave. in Tucson sold for $2.85M ($89K per bed) to investors from Glendora, CA by a Family Trust in Los Osos, CA. The property consists of a 4-units with 8 bedrooms / 3.5 baths per unit, or 32 beds. Jarrett Reidhead of Tucson Integrity Realty in Tucson handled the transaction for both buyer and seller.

10.  Churchill Commercial Capital, Inc. (Cynthia Hammond, President and Ryan Bailey) has arranged a $2.52M loan for a private investor to acquire the 52-unit Harbor View apartment community at 38th St and McDowell Rd in Phoenix. Ryan Bailey at Churchill arranged a five-year regular stepdown non-recourse Freddie Mac Small Balance loan with a 4.49% rate.

11. La Promesa Homes, LLC purchased La Promesa Apartments, a 40-unit complex located at 2485 N. Alvernon Way in Tucson, from Our Family Services, Inc. for $2.3M. The multifamily team of Allan Mendelsberg and Daniel Leibsohn, with Cushman & Wakefield | PICOR, handled the transaction.


Lease Transactions

12. Brawley, California-based, Prenexus Health, is leasing 39KSF at AZi60 in Gilbert’s Northwest Corridor for its corporate headquarters and manufacturing plant. Plans call for hiring 45-50 people during the next couple of years.

13. Business consulting and accounting firm, CBIZ Inc. has leased 30KSF and moved 110 employees into the Camelback Commons development at 4722 N. 24th St, Phoenix. CRE firm Keyser and CBIZ’s Gibraltar Real Estate represented CBIZ in the lease. Lee & Associates represented landlord Regent Properties.

14. MedProperties Group, a Chicago-based medical real estate developer, announced The CORE Institute (“CORE”) has signed a ±20KSF lease at Mercy Medical Commons II. The Arizona-based healthcare organization will be the anchor tenant in the to-be-built 56KSF medical office building located on Mercy Road directly across from Dignity Mercy Gilbert Medical Center. Philip Wurth, with Colliers International represented MedProperties Group. CORE was represented by Physician Real Estate Solutions, LLC, The CORE Institute’s wholly-owned real estate development and management company.

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