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Commercial Real Estate News 06-06-17

Credit: Orion Investment Real Estate


Sales Transactions

1. Two tenant-in-common entities led by Bridge Investment Group paid $77.05M ($117/unit) to acquire the 659-unit Onnix apartments at 1500 E. Broadway Road in Tempe. The sellers were AG-ICC Haven Owner LLC and AG-ICC Haven West Owner LLC, joint venture entities formed by Angelo, Gordon & Co., and Interwest Capital Corp. The sale was negotiated by Cliff David and Steve Gebing of Marcus & Millichap Real Estate Investment Services.

2. Tatum Plaza, a 29.5KSF center at 29455 N. Cave Creek Road, was sold to SWC 28th and Peoria Investors LLC. Westwood Financial sold the property. Both parties were represented by Ryan Schubert and Michael Hackett of Cushman & Wakefield.

3. Capistrano Apartments at 2929 E 6th Street in Tucson sold for $8.6M ($76.8K/unit) to Daybreak 112 Partners, LLC and CAP 112 Partners, LLC c/o Scotia Group Management, which will handle the management of property. Seller Pimatuc Realty Associates, LP was represented by the Tyler Anderson and Sean Cunningham team of CBRE Multifamily Institutional Properties in Phoenix and Michael Sandahl and Martin Encinas with CBRE in Tucson.

4. The Bella Gardens community at 2634 N. 51st Ave. has been sold to a local investor for $8.5M. The 11-building property is the first Arizona investment for Supertiger Phoenix Property, LLC. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Paseo Garden Apartments LLC sold the community.

5. ABI Multifamily has announced the $8.5M ($988K/unit) sale of the Sage Luxury Condominiums Mesa. The Buyer is a private investment company based in Arizona. The Seller is a private investment company based in Canada. The multifamily brokerage team of Eddie Chang, Doug Lazovick, John Kobierowski, Alon Shnitzer and Rue Bax represented both the buyer and seller.

6. College Town Student Housing at 2040 N. First Ave. in Tucson sold to Phoenix investment group, Taylor Fitzpatrick Capital $8.32M. The seller was MCS711 Arizona Commons, LLC an affiliate of Mica Creek Sagamore Partners.

7. Affiliates of AFK Real Estate Investments, LLC sold the Terra Vista Estates mobile home park in Tucson for $7.45M to Terra Vista MHP, LLC. Douglas Danny and Braeden Jehle with Marcus & Millichap in San Diego, brokered the deal for the seller. Jonathan Bench with Marcus & Millichap of Seattle, represented the investor.

8. CBRE Group, Inc. has completed the sale of a vacant Sports Authority located at 4820 E. Ray road in the Ahwatukee neighborhood of Phoenix. The 63KSF square-foot retail property commanded a sale price of $7.3M. Joseph R. Compagno with CBRE’s Phoenix office represented the seller. Greg Laing of Phoenix Commercial Advisors represented the buyer, MSF Ray Road LLC, who plans to open a Mountainside Fitness at this location.

9. Desert Sky Festival Pad Shops at Thomas Road and 75th Avenue sold within the center for a combined price of $6.68M. One pad is leased to Chipotle and Skechers and the other is leased to Chase Bank, Metro PCS, Jamba Juice, Liberty Tax and Tortas La Presa. Ari Spiro, Sean Stutzman, and Judi Butterworth of ORION Investment Real Estate represented the Seller, in cooperation with Paul Serafin of De Rito Partners. Sperry Van Ness-Rich Investment Real Estate Partners represented the Buyer.

10. The landmark AWD II professional office building in Flagstaff has sold for $6M. Dennis Kelly with Flagstaff Coldwell Banker Commercial Advisors sold the building on behalf of AWD II, LLC. The buyer, Rink Realty Trust acquired the prized asset and was represented by Allen Ginsberg with Coldwell Banker Dallas Real Estate.

11. CBRE Group, Inc., has arranged the sales of two east Phoenix multifamily properties totaling $5.84M. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyers and sellers. Mode at Fairmount is located at 2104-2122 E. Fairmount Ave. The buyer is Mode at Fairmount, LLC. Total consideration for the sale was $3.5M. Trinity on 37th is located at 3416 N. 37th St. in Phoenix. The buyer is MAH Trinity, LLC, a first-time out-of-state investor. The all-cash transaction sold for the highest price per unit sale for a repositioned property in metro Phoenix. Total consideration for the sale was $2.34M.

12. ABI Multifamily has announced the $4.7M sale of the 40-unit Suntree Apartments, 32-unit Casa Quieta Apartments and 5101 N 28th Dr. Tri-Plex in Phoenix. The three contiguous properties are all garden-style communities and rest on approximately 3.41 acres. The buyer is Grand Canyon University. The Seller is a private investment company based in California. The multifamily brokerage team of John Kobierowski, Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller.

13. A limited liability company has acquired the 36-unit Decco 121 apartments in Phoenix for $4.1M. The community is located at 121 E. Broadway Road. P. Brady Fish of Marcus & Millichap represented the buyer, while the same firm’s Tyler Lesson represented the seller, a private investor.

14. Colliers International in Greater Phoenix has negotiated the $3.1M sale of a 16.97-acre parcel at the southeast corner of Van Buren Road and Estrella Parkway in Goodyear. The buyer plans to develop a multifamily project on the site. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix negotiated the sale. NexMetro Development LLC purchased the parcel from Goodyear Estrella LLZC.

15. Bill Alter of Rein & Grossoehme closed on the $2,775M sale of Tucson Self Storage, his 156th successful self-storage closing. The Tucson property consisted of 584 units with a total of nearly 47KSF. The seller was general partnership consisting of four individual Tucson investors. The buyer was an individual investor from California.

16. The nonprofit Recovery Empowerment Network has purchased the building it’s operated in for the past three years at 212 E. Osborn Road. REN purchased the 22KSF building for $2.7M, through LISC Phoenix, a company that offers aid in community development. Robert “Bo” Sederstrom of Kidder Matthews and board member for REN negotiated the transaction on behalf of the buyer, which acquired the historic building from the Geddes Company.

Lease Transactions

17. The long-vacant Mervyn’s at Alma School and Elliot roads in Chandler has been leased to Furniture and Mattress Discounters. The site will host a 75KSF showroom and 25KSF storage area. Renovations on the building began 19 months ago, and crews have been working seven days a week.

18. Empereon-Constar is moving its corporate headquarters from a 31KSF building at 35th Avenue and Bell Road to a 64KSF building at 25th and Peoria avenues. That will free up space to add another 300 employees in the 35th Avenue/Bell former headquarters, while adding an additional 300 in its new headquarters on 25th Avenue, which has undergone $3M in tenant improvements. The company also has 650 employees in a 42KSF building at 51st Avenue and Bell Road in Glendale.

19. LevRose Commercial Real Estate announced recently that Arizona School of Real Estate & Business leased 14.9KSF of office space at Riverwalk at Talking Stick. LevRose Commercial Real Estate’s Keri Davies and Jon Rosenberg represented the tenant. Kurt Rosene of Novo Development represented The Alter Group, the Riverwalk at Talking Stick landlord.

20. West Elm is opening its first Phoenix location. The Williams-Sonoma brand will open in central Phoenix’s revitalized shopping center Uptown Plaza this summer in an 11KSF space. The company already has one location in the Scottsdale Quarter.

21. Turf and Sport, LLC leased 7.5KSF at 3781 N. Highway Dr., Building 2, Suite 103 in Tucson, from Daveck Properties, LLC.  Ron Zimmerman, with Cushman & Wakefield | PICOR, represented the landlord. Andrew Ogan with Lee & Associates Arizona Commercial R.E. Services represented the tenant.

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