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Commercial Real Estate News 05-22-18

Credit: Colliers International in greater Phoenix

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, announces the sale of Alta Steelyard Lofts, a core Class “A” mid-rise, 301-unit multifamily property located Chandler. The property sold for $69.25M.

2. Cushman & Wakefield completed the sale of SanTan Village Marketplace, a premier destination center located in Gilbert. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller. An entity formed by CP Retail Inc. of Santa Monica purchased the property for $51.4M.

3. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Valley View Apartments, a 304-unit multifamily asset in the Catalina Foothills area of northern Tucson for $24.75M. Hamid Panahi, Lane Schwartz, Steve Gebing and Cliff David procured the buyer, a private investment entity based in Beverly Hills. The seller is Northland Investment Company.

4. The 3-story, 97-unit Staybridge Suites Tucson Airport at 2705 E. Executive Dr. has been sold for $8.5M to Arizona-based investor, Doro Arizona, LLC. James Meng and Jon Grantham of Colliers International in Greater Phoenix negotiated the transaction. The Koehler Organization of Aberdeen, SD was the seller in the transaction.

5. Land Advisors Organization Scottsdale team of Mike Schwab, Bret Rinehart, Ryan Semro, and Ben Heglie represented the sellers, Vistancia 150 Commercial LLC in the sale of 34.2 acres (28.15 net) in Peoria, AZ to Vista Winds LLC for $6.1M. Vista Winds LLC plans to develop a 218-unit senior living community on 15 acres.

6. CBRE has arranged the sale of One MacDonald Center, a 60KSF, five-story historic office property located at the NEC of Main Street and MacDonald Drive in downtown Mesa, for $5.6M. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Omninet Capital, LLC of Beverly Hills, CA. The buyer was Robert Bisetti, an individual Phoenix-based investor.

7. Mountain View Plaza, a three-building, 26KSF retail center located at 9812-9832 N. 7th St. in Phoenix, recently sold for $5.225M. Local restaurateurs and brothers, Robert Brescia and Dino Brescia represented by Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors, sold the center to Hawaiian based investor, Rajan Watumull of Watumull Enterprises represented by Brian Kocour of Kocour Companies.

8. NAI Horizon represented the seller in the $3.23M sale of an office building at 14780 W. Mountain View Blvd., in Surprise. NAI Horizon’s Tyler Smith, along with Marcus Muirhead of Lee & Associates, represented the seller, Surprise Mountain, LLC. The buyer, Development Services of America, Inc., of Scottsdale, was represented by John Cerchiai of Lee & Associates.

9. CBRE negotiated the sale of a Mesa shopping center located near the intersection of Southern Avenue and Dobson Road. Wong 168, LLC purchased the property from 2120 Southern Avenue, LLC, a group formed by local developer Jeff Geyser, for $2.8M. Jesse Goldsmith and Steve Julius with CBRE Phoenix represented both the buyer and seller in the transaction.

10. 6350 Marana, LLC, an affiliate of Miravest, Inc. of Marana, sold the newly constructed Northwest Emergency Center ground lease at 6350 W Marana Center Blvd. in Marana for $2.775M. The 2.2-acre site with an 11.5KSF Emergency Center was built-to suit. Jamie Medress with Marcus & Millichap in Phoenix represented the seller in the ground lease sale. Brian Parnareck and Josh Hergott with Marcus & Millichap In Chicago represented the investor, a family trust from Los Altos, Calif.

Lease Transactions

11. NAI Horizon’s Jeff Adams represented the tenant in negotiating a long-term lease for a Gilbert-based distribution company at 2075 W. Obispo Ave. NAI Horizon represented AES Direct Express, LLC, an Arizona limited liability company in the industrial lease worth $1.676M. AES, an administrative, distribution, pick and ship, and logistics firm, will occupy 40.4KSF of the building, which totals 111KSF.

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