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Commercial Real Estate News 06-27-17

Credit: ABI Multifamily

Sales Transactions

1. BH Equities LLC and Investcorp  have bought the 432-unit Arcadia Cove apartments at 44th and Oak streets in Phoenix. The joint venture paid $71.5M for the 18-acre property, which used to be the site of Gerard High School. The seller was BAZV Arcadia Cove LLC. The sale was brokered through Cindy Cooke and Brad Cooke of Colliers International in Phoenix.

2. D.R. Horton Inc. paid slightly more than $60M for 1,959 finished lots in the Buckey’s Tartesso community in Buckeye. The seller was Tartesso Partners LLC, a joint venture between Quantum Capital LLC, Bixby Bridge Capital LLC and Dolphin Partners Inc.

3. Greystar Real Estate Partners LLC paid $54.4M to buy the 424-unit Green Leaf Promontory Pointe apartments at 888 E. Clinton Street in north Phoenix in the Pointe Tapatio resort community. The seller was Green Leaf Promontory Pointe LLC, formed by Green Leaf Partners Inc. The deal was brokered through Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix. The apartments have been renamed Avana at the Pointe.

4. ABI Multifamily has announced the $43.5M sale of the Chuparosas Apartments in Chandler. The buyer, Acacia Capital Corporation, is a private investor with more than 3,000 units owned across the Phoenix MSA. The seller, Farnam Realty, Inc., is a private investment/development company. The multifamily brokerage team of Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick, represented both the buyer and seller.

5. Brass Enterprises Inc. has purchased the 194-unit Aura on Broadway apartments at 1221 E. Broadway Road in Tempe for $41.8M. The seller was GGT TRG Broadway AZ LLC. The deal was brokered by John Cunningham and Charlie Steele of JLL in Phoenix.

6. Starlight U.S. Multi-Family (No. 1) Value-Add Fund has acquired two properties located in Round Rock, TX and Phoenix comprising 943 multifamily units for a combined $154.8M. The Phoenix purchase was the 60-unit Spectra South property north of downtown Phoenix at 20425 North 7th St., using $40.3M in new financing. The property is comprised of 19 three-story buildings on an 11.35-acre site. It will be managed by Alliance Residential Co.

7. Berkadia announced the sale of the 152-unit Park 28 Apartments, a new luxury multifamily community in Phoenix. Mark Forrester, Ric Holway and Dan Cheyne closed the $29.7M sale on behalf of the seller, an entity of Evergreen Development Company. The buyer was Pure US Apartments REIT Inc.

8. Maracay Homes this month closed on two separate land purchases, totaling approximately $20M and more than 300 home sites, in Gilbert. At the Lakes at Annecy, Maracay closed on a $12.42M land purchase of 216 home sites. Ryan Semro and Bret Rinehart of Land Advisors Organization brokered the cash transaction between Maracay and the seller, Annecy Recovery Acquisition, LLC Meanwhile, the Lakeview Trails at Morrison Ranch purchase comprises 92 single-family home sites for a total of $7.05M. Michael Martindale and Todd Vesledahl of CRA, LLC brokered the cash sale between Maracay and the seller, Morrison Ranch, Inc.

9. The La Palmilla apartments at 3838 W. Camelback Rd. in Phoenix have been sold to a California investor for $14.1M. Reliant Management Group, LLC, purchased the property from Syl-Mar Limited Partnership. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the transaction.

10. Churchill Commercial Capital, Inc. has announced two loan closings totaling $13.5M on Sun City West Plaza and Southgate Center, both neighborhood shopping centers anchored by Food City or Bashas’ grocery stores. Sun City West Plaza is a 62KSF center at W. Meeker and RH Johnson Blvd. Southgate Center is a 98KSF Food City anchored neighborhood center located one block north of S. Central Ave. and Baseline Rd.

11. Cushman & Wakefield announced the $12.7M sale of La Reserve at Forty-Fifth, a 301-unit apartment community located at 2627 N. 45th Avenue in Phoenix, to Jevan Capital, PLLC. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, CEGOP-PHX 1, LLC.

12. A partnership between Bruckal Developments and Ridgeline Properties has purchased the former Country Inn & Suites property at 20221 N. 29th Ave. for a price of $8.3M. The buyer plans to convert the property into an assisted living and memory care community for seniors. Tim Dulany with Colliers International of Greater Phoenix negotiated the sale transaction. PV Deer Valley, LLC, a joint venture partnership between PacVentures LLC and RA Rauch & Associates sold the property.

13. Located in Mesa’s Fiesta District, Sonoma Village Apartments recently closed for $7.4M. Christopher Roach and Matthew Roach of ORION Investment Real Estate represented the seller. The buyers were Kenneth Schnerch of Sonoma One Properties LLC and Sonoma Two Properties LLC.

14. On behalf of Dunbar Real Estate Holdings, LLC, Cushman & Wakefield recently negotiated the purchase of The Scottsdale Business Center, located at 13402 North Scottsdale Road in Scottsdale for $7.3M. Michael Kitlica with Cushman & Wakefield consulted for the buyer. Jan Fincham, Pat Dempsey and Mark Linsalata with Lee & Associates represented the seller, Dayan Investments.

15. CBRE Group, Inc. has arranged the $5.3M sale of a freestanding industrial warehouse property located at 2426 S. 7th Street in Phoenix. American Beverage Corporation currently occupies the 60.4KSF building. Cooper Fratt and John Werstler with CBRE’s Phoenix office represented the seller, The O’Donnell Group. This is the third time in seven years the team has brokered the sale of 2426 S 7th St. The buyer was Terra Enterprises, Inc., represented by Colliers International.

16. ORION Investment Real Estate has announced the sale of Bell Plaza, located at the 17th Avenue and Bell Road, for $3.275M. The buyer, S.M.G. Investments, LLC, was self-represented. Nick Miner, of ORION Investment Real Estate represented the seller.

17. Native Grill & Wings at Steam Pump Village, 11107 N Oracle Road in Oro Valley, sold in an investment sale for $3.34M to investors Andy and Marilyn Bowden. Roger Breckenridge with Long Realty Tucson represented the seller and Tom Hoch with Park Properties and Investment of Tucson represented the investor.

18. Cushman & Wakefield announced that The Vig Fillmore, located at 606 N. 4th Avenue in Phoenix, has been sold for $2.3M to 4th & Fillmore Place, LLC. The owners sold the property as a long-term sale leaseback and will continue to occupy the space. Cushman & Wakefield’s Chris Hollenbeck represented the seller. Chris Lind of Marcus and Millichap represented the buyer.

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