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Commercial Real Estate News 06-13-17

Credit: CBRE

Sales Transactions

1. The iconic Hyatt Regency Phoenix, one of downtown’s biggest hotels, has sold for $107M. The buyer was an investor group led by Gem Realty. DiNapoli Capital Partners, which bought the hotel for $96M in 2008, sold the property.

2. Northland Investment Corporation announced its acquisition of Villas at San Dorado in Oro Valley for $50.55M. Northland now owns 27 properties in the Southwest across Texas, Arizona and New Mexico. CBRE’s team of Michael Sandahl, Martin Encinas, Sean Cunningham and Tyler Anderson negotiated the transaction for the seller.

3. Pierce Educations Properties (PEP) has acquired the off-campus transit-oriented student housing development The Junction at Iron Horse, a 232-bed /76-unit student housing community located near the University of Arizona in Tucson for $19.2M. The seller was HRB Tucson, an affiliate of John Buck Company.

4. CBRE Group, Inc., has completed the sale of Sierra Verde Shopping Center, a Sprouts Farmers Market-anchored retail property at the NWC of Deer Valley Road and 67th Avenue in Glendale. Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with CBRE’s Phoenix office represented the seller. The buyer was Phoenix West Holdings, LLC. The sale occurred via Ten X, an online commercial and residential auction marketplace. Sale value was estimated at approximately $7M.

5. Walgreens at 4910 North 1st Avenue in Tucson sold to The Clover Company for $3.925M from 4910 N 1st, LLC. Peter Deltondo with Marcus & Millichap in Irvine, CA handled the transaction for buyer and investor.

6. Colliers International in Greater Phoenix has negotiated the $3.1M sale of a 17-acre parcel at the SWC of Van Buren Road and Estrella Parkway in Goodyear. The buyer plans to develop an Avilla 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 LLC.

7. The Shops at Arizona, a shopping center on the NEC of Anthem Way and Gavilan Peak in Anthem, was sold for $2.6M to Aberson Emerson Investments, LLC. SRS Real Estate Partners represented the buyer.

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