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Commercial Real Estate News 06-20-17

Credit: Orion Investment Real Estate

Sales Transactions

1. On behalf of TR Camelback Corp., the Phoenix office of JLL announced the sale of 3131 and 3133 Camelback to Archon Acquisition LLC, a Goldman Sachs company. The 295KSF Class-A office space sold for $81.75M. Dennis Desmond and Lynn LaChapelle led the deal for JLL. Trevor Klinkhamer, Ray Harris and Scott Boardman of Cushman & Wakefield were the property leasing team. Lincoln Property Company serves as the property manager and will retain the property management assignment. JLL’s John Bonnell, Brett Abramson and Chris Latvaaho will take over the property’s leasing assignment.

2. Green Leaf Partners Inc. has paid $59.5M for the 400-unit Apache Station apartments at 2323 E. Apache Boulevard in Tempe. The sellers were 33 tenant-in-common entities led by SCI Real Estate Investments. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the sale. The seller was advised by National Asset Services Inc.

3. Cushman & Wakefield recently negotiated the purchase of Ocotillo Springs, a 272-unit community located at 825 W. Queen Creek Road in Chandler, for $40.5M on behalf of Fowler Property Acquisitions, LLC. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis of the Phoenix office represented the buyer. The seller was Ocotillo Springs Associates, LLC (Crown Realty & Development, Inc.).

4. Desert Gardens II, a multifamily community located at 13621 W. Glendale Ave., has been sold for $23M. ReNUE Properties purchased the asset as part of its portfolio expansion within Arizona. Bill Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. The seller was Desert Gardens VI, LLC.

5. Sterling Organization has acquired Palm Valley Marketplace at the SWC of W. Indian School Road and N. Litchfield Road in Goodyear for $22.45M.

6. Marcus & Millichap announced the sale of a 100-room, upscale extended-stay Residence Inn Marriott in Gilbert. Terms of the sale were not disclosed. Wes Christensen, along with Mike Francis, represented the seller, Sunridge Hotel Group, and procured the buyer, Ball Ventures LLC.

7. ABI Multifamily has announced the $9.1M sale of the Cambridge Square Apartment Homes, a 156-unit apartment community located in Glendale. Both the buyer and seller were private equity groups.

8. Daum Commercial Real Estate Services has negotiated the $4.25M sale of a 50.4KSF single-story industrial office building at 2626 S. Hardy Drive in Tempe. The buyer was University Realty LLC, an affiliate of the ASU Foundation. The seller was Donald J. Bruzzone Family Trust. Both were represented by Daum’s Rich Sica.

9. Meritage Homes of Arizona paid $3.7M cash to acquire a portion of Sunset Farms, a planned community in west Phoenix. Included in the sale were approximately 186 platted lots on 46 gross acres. The Seller was New World Properties, Inc. Chris Benjamin and Rick Jellies of City to City Commercial Real Estate represented the Seller. New World Properties is continuing entitlement of numerous parcels in Sunset Farms for future builder sales.

10. CBRE, Group Inc., has completed the sale of The Shops at El Caro, a multi-tenant retail building, located at the NEC of Northern and 21st avenues in Phoenix. The 6KSF retail property commanded a sale price of $3.4M. Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SimonCRE Harley III, LLC.

11. Camelback West Shopping Center, a 44.5KSF shopping center at 3601 W. Camelback Road in Phoenix, was recently sold to JARM LLC as part of a 1031 exchange. The seller was Camelback Phoenix Partners LP. The sales price was $2.5M. The buyer plans to do a major renovation of the center to better facilitate interaction with the nearby Grand Canyon University. Mark Rein of Rein & Grossoehme represented the seller and the buyer.

12. Clear Title Agency of Arizona recently acquired the 25KSF building at 2901 E. Camelback Road to house its main office. Terms of the purchase were not immediately available. The firm has eight Metro Phoenix branches.

Lease Transactions

13. Quicken Loans has leased 150KSF across six floors of the One North Central Building at Washington Street and Central Avenue in Phoenix. The company’s relocation from Scottsdale to Phoenix will be completed next year.

14. Paul Baum and Rebecca Roberts of West USA Commercial Real Estate Services represented Prime Time Commerce LLC in a 72KSF lease agreement at 4703 W. Brill St., Phoenix.

15. Bolstered by new ownership and a $50M renovation plan for Renaissance Square, the Phoenix office of JLL has completed a 24KSF lease that will relocate Cantor Law Group to new space at the “Two Ren” building, located at 40 N. Central Ave. JLL’s John Pierson, Trevor Pratt and Jenna Borcherding represented Cantor Law Group in its site selection and lease negotiations. Bill Blake of Lee & Associates represented the property owner.

16. Solera Health Inc. is moving to downtown Phoenix, taking 19KSF on the third floor of the 111 W. Monroe building, with an option to take another 16KSF on the second floor.

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