News Ticker

Commercial Real Estate News 05-30-17

Credit: Phoenix Business Journal

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Sales Transactions

1. CBRE Group, Inc., has arranged the sale of Andante, a 576-unit, Class A multifamily community located at 15801 S. 48th Street in Phoenix’s Ahwatukee submarket. The community sold for $85.25M. Tyler AndersonSean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Waterton. The buyer was Security Properties.

2. Canadian investor Pure Multi-Family REIT has entered into an agreement to purchase Pinnacle at Union Hills, a 264-unit community in Phoenix, for $47.5M. The company plans to finance the acquisition—which is expected to close in June—with proceeds from the equity offering that closed in April. The asset last traded in 2014, when TA Associates Realty acquired the property for $36.3M.

3. Marc Bonilla and Jim Keeley of Colliers International in Greater Phoenix have negotiated the $40.18M sale of the Discount Tire Corporate Headquarters project located at 20225 N. Scottsdale Rd. Discount Tire has been leasing the building for 15 years and founder Bruce Halle decided to purchase the project. Halle Properties LLC acquired the 157.6KSF office building located at the NEC of Scottsdale Road and Thompson Peak Parkway. The seller in the all-cash transaction was Holualoa Thompson Peak LLC.

4. Holliday Fenoglio Fowler LP closed the $26.45M sale of The Village at Hayden, a 157KSF mixed-use development in Scottsdale. HFF marketed the property on behalf of the seller, Village at Hayden LLC, a partnership comprising AEW Capital Management LP and The Muller Company. HFF also procured the buyer, Arizona Partners.

5. Club 7 Apartments, a 219-unit, urban infill multifamily community at 3030 N. 7th St., Phoenix, sold for $19M. Lee & Associates’ Todd Braun and Bryson Fricke sold the property on behalf of 3030 North Equity, LLC. P.B. Acquisitions, LLC acquired the prized asset. Holliday Fenoglio Fowler facilitated financing for P.B. Acquisitions, LLC.

6. ABI Multifamily has announced the $12.45M sale of the AYA Scottsdale Apartments, 8750 E. McDowell Rd., Scottsdale. The buyer is a private investor based in Washington. The seller is a private investment company based in California. The multifamily brokerage team of Royce Munroe, Rue Bax, Patrick Burch, John Klocek, Ryan Smith and Nathan Bruer represented both the buyer and seller in this transaction.

7. Canadian developer and home builder Melcor Developments has bought 196 acres west of Phoenix  from Sunbelt Holdings for nearly $10.2M. Land Advisors Organization represented Melcor in the land deal. Nathan & Associates represented Sunbelt.

8. CBRE facilitated the sale of the 83KSF Sierra Valencia at the NEC of Valencia and Hemisphere Loop in Tucson International Business Center for $6.3M. The seller, Tucson Property Investors, LLC, was represented by the CBRE team of Bob Delaney, Tim Healy, Michael Sandahl and Martin Encinas in Tucson. The buyer was Sierra Valencia Properties LLC and the Tarazi Family Trust. Delaney and Healy with CBRE are also handling the leasing of the property for the new owner.

9. CBRE Group, Inc., has completed the sale of Southern Business Center, a 39KSF office property located at 777 W. Southern Ave. in Mesa for $3M. Jamie Swirtz with CBRE’s Phoenix office negotiated the transaction on behalf of the seller, Saia Family Limited Partnership. David Barrett, with CBRE’s Phoenix office, represented the buyer, NATIVE HEALTH.

10. The ±17KSF Scottsdale Medical Building closed for $2.65M. The building sits adjacent to HonorHealth Scottsdale Osborn Medical Center. J.T. Taylor and Nick Miner of ORION Investment Real Estate exclusively represented the buyer, 6 Turns, LLC, a subsidiary of SEBO Enterprises, LLC. The seller was 3271 Civic Center, LLC, was represented by Kelly O’Dea of LevRose Commercial Real Estate.

11. 15100 Family Limited Partnership purchased Ajo/Evans Business Park, a 35.4KSF, multi-tenant industrial property located on 3.07 acres in Tucson. The property was purchased for investment at $2.2M from Ajo/Evans Business Park, LLC. Pat Welchert and Jeff Zellet with Cushman & Wakefield | PICOR represented the seller. Welchert is now with Alpha Commercial Real Estate Service in Tucson. James Leonard with My Home Group, LLC represented the buyer.

Lease Transactions

12. International Cruise & Excursions has moved its headquarters to the Salt River Pima-Maricopa Indian Community. ICE moved into a 155KSF facility at Riverwalk Arizona, 7720 N. Dobson Rd., approximately 25 percent larger than the company’s previous corporate headquarters.

13. Chandler Airpark, the newest industrial development by Silagi Development & Management, welcomed its first two users to the park. The DeMichele Group acquired Building B totaling 17KSF at 2110 S. Douglas Dr. All In One Posters, signed a lease agreement with a purchase option for Building C totaling 11KSF. Paul Boyle, Pete Klees and Rick Danis of Cushman & Wakefield represented SDM in both transactions. The DeMichele Group was represented by Jerry Jacobs of Newmark Grubb Knight Frank, and All In One Posters was represented by Adrienne Bryant with Bryant Commercial.

14. Constant Aviation has announced a major investment into Phoenix-Mesa Gateway Airport. The company, a subsidiary of Nextant Aerospace, will establish a new operation at the regional airport in a 74KSF space, with 50KSF of hangar space for MRO operations. Constant Aviation will invest roughly $12.5M in the facility over the next three years.

15. The Phoenix office of JLL has completed a 54KSF lease for Streetside Classics that brings the nation’s top consignment dealer of classic and collectible cars to the Arizona market. Streetside will open its sixth – and newest – showroom facility in Mesa, later this summer. JLL’s Steve Larsen and Marc Hertzberg represented Streetside in its site selection and lease negotiations. Ken McQueen and Chris McClurg of Lee and Associates represented the property owner

16. Centene Management Company, LLC leased 60KSF of office space at 6221 S. Palo Verde Rd. in Tucson, from Wabash Hillcrest Regency, LP. Rick Kleiner of Cushman & Wakefield | PICOR, and Scott Bazoian of Cushman & Wakefield (St. Louis, MO.), represented the tenant. Tim Healey and Bob DeLaney, CBRE, Inc., represented the landlord.

17. AB46 Investments, LLC leased 52KSF at 3775 E. 34th St. in Tucson, from 3775 E. 34th, LLC. Rob Glaser with Cushman & Wakefield | PICOR, represented the landlord.  Robert Nolan with Oxford Realty Advisors, Inc. represented the tenant.

18. American Refrigeration Supplies, Inc. leased 20KSF at 2106 N. Forbes Blvd., Suites 101 and 102 in Tucson, from MRI Saddlehorn Investments II, LLC. Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR, handled this transaction.

19. LISCO leased 10KSF of industrial space at 845 E. Ohio St., Ste. 109 in Tucson from 845 E. Ohio, LLC. Brandon Rodgers, Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR, handled this transaction.

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