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Commercial Real Estate News 05-29-18

Credit: ABI Multifamily

Sales Transactions

1. Tides Equities LLC has paid $37.25M for the 376-unit Fairways at Cave Creek, with plans to invest about $7M to renovate the property. The company also closed on a 65-unit apartment complex in Tempe, paying $7.5M for Epic at University Pointe, with plans to invest $3M in renovations.

2. HFF announced $33.5M in financing for Autumn Creek Apartments, a 360-unit, multi-housing community in Chandler. HFF worked on behalf of Western Wealth Capital, which acquired the property on behalf of the borrower, an MDC Realty Advisors USA, Inc.-managed fund, to secure the five-year, floating-rate loan through an international bank. The loan was used to acquire the property and includes a future-funding component to assist the borrower with their capital expenditure program.

3. Cushman & Wakefield completed the sale of The Boardwalk at Andersen Springs, at the SEC of Dobson and Ray Roads in Chandler. Ryan Schubert and Michael Hackett of Cushman & Wakefield Phoenix represented the seller, West Valley Properties. Westwood Financial purchased the property for $26M. The site is anchored by the original Sprouts Farmers Market, which is undergoing a $1M renovation.

4. Fulton Homes has purchased land for 1,000 new homes at 163rd Ave., north of Grand Ave. and near the White Tank Mountains for $25M. Sale for the land will be finalized this month. The new community will be called “Escalante” and is the first endeavor into this area of Phoenix for Fulton Homes in more than a decade.

5. Cushman & Wakefield completed the sale of University Villa at Ironwood, 2550 W. Ironwood Hill Drive in Tucson. March Investment, LLC, an entity formed by Clear Sky Capital, purchased the property from SFC Sterling Tucson Investors, LLC (an entity formed by Stonesfair Financial Corp.) and Geary Tucson, LLC, for $17.45M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

6. Arizona State University has sold 9.29 acres to an apartment developer for $11.25M. Alliance Residential plans to construct a luxury apartment complex on the parcel positioned between Tempe Marketplace and Mesa Riverview. David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented ASU in the transaction.

7. Marcus & Millichap announced the sale of MoreSpace Mesa, a self-storage facility located in Mesa. The asset sold for $7.25M. The transaction was a collaboration of two Marcus and Millichap offices, with Michael A. Mele and Luke Elliott in Tampa and Devin Beasley in Phoenix.

8. CBRE has completed the $6.4M sale of West 101 Gateway, a 50KSF office property at 9520 W. Palm Lane in Phoenix. The value add offering was 96 percent leased to office and medical tenants, with an additional 19KSF of space that will be coming available in the building at year’s end. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Founder’s Properties, LLC.

9. Jeff Gorden and Kyle Topper of Eagle Commercial Realty Services have arranged the sale of the 316-unit Havasu Boat Storage in Lake Havasu City. The facility sold for $5.7M. Eagle Commercial represented the seller.

10. ABI Multifamily announced the $4.875M sale of the Eclipse Apartments, a 75-unit apartment community in Phoenix. Both the buyer and seller were private investors based in California. The Phoenix-based ABI Multifamily brokerage team of Doug Lazovick, John Kobierowski, Alon Shnitzer, Rue Bax and Eddie Chang represented the seller.

11. HSL Properties, doing business as HSL Marana Center Apartments, LLC, has purchased a 13.59-acre multifamily development site, adjacent to the Tucson Premium Outlets, for the future construction of a 285-unit apartment complex. Marana Center Parcel 3, was purchased for $3.7M.

12. An affiliate of Larsen Baker, Marana Marketplace Partners, LLC sold two pads recently at Marana Marketplace at the SWC of Orange Grove and Thornydale Roads in Marana. The first transaction, lot 2, is 18KSF and sold for $1.025M to HZ Props RE Ltd. Freddy’s Frozen Custard & Steakburger bought the leased fee interest in an approximately 16KSF pad for $1.4M. Andy Seleznov and Melissa Lal with Larsen Baker represented the seller in the transactions.

13. Wet n’ Wild is now part of the Six Flags Entertainment Corp. chain of theme parks. The Dallas area-based company entered into a purchase agreement with affiliates of Premier Parks LLC to acquire the lease rights to operate five parks owned by EPR Properties. Financial terms of the deal were not disclosed. The transaction is expected to close in June.

14. Parallel Capital Partners has acquired full interest in Two Arizona Center – one of two Class A commercial office towers within the Arizona Center. The 20-story property was acquired from Angelo, Gordon and Co. in an off-market transaction for an undisclosed price. The more than 450KSF tower is 100 percent leased to Arizona Public Service Company. Both Angelo Gordon and Parallel represented themselves.

15. Lamar Companies purchased the 125-acre Promenade at Casa Grande shopping center from Macerich. The buyer is partnering with Real Capital Solutions. The property is an approximate 550KSF of an open-air shopping center totaling more than 1MSF.

Lease Transactions

16. D&R Grocery recently leased 62.8KSF in Peoria Town Square Shopping Center, 8150 W. Peoria Ave. The center is owned by SLEA 514 LLC. Steve Grossoehme and Jake Ertle of Rein & Grossoehme Commercial Real Estate represented the owner. Jack Scanlan of J & S Industrial Properties represented the tenant.

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