News Ticker

Commercial Real Estate News 07-11-17

Credit: CBRE

General News

1. Institutional Property Advisors announced that Steve Gebing and Cliff David, senior managing directors, closed five multifamily property transactions totaling $217M and 1,699 units between May 30 and June 15 in the Phoenix metropolitan statistical area.

Sales Transactions

2. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office closed on Camelback Commons, a 322K SF two-building Class A office campus in the Camelback Corridor, for $66.4M. CBRE also secured the financing for the project and has been engaged for property management of the site.

3. Colony NorthStar, Inc. has added another 804KSF of industrial space in two buildings located in Tolleson and two structures located in Phoenix. With a combined total of $57.4M spent on those acquisitions and two deals completed earlier this year, Colony NorthStar has invested $92.2M for 1.3MSF of industrial space in the Valley.

4. Holliday Fenoglio Fowler, L.P. has arranged $50.69M in financing for US Bank Center, a 31-story, Class A office tower and a nearby 456-space parking garage with ground floor retail in Phoenix. HFF worked on behalf of the borrower, a partnership between ScanlanKemperBard Companies and Värde Partners, Inc., to secure the three-year, floating-rate loan through an affiliate of Walton Street Real Estate Debt Fund I, LP.

5. CBRE Group, Inc. has arranged the $40.25M sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Avenue in Phoenix. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, TruAmerica Multifamily. The buyer was Millburn & Company.

6. CBRE Group, Inc., has completed the sale of Enclave at Arrowhead, a 240-unit, Class A multifamily community located at 8092 W. Paradise Lane in Peoria. The community commanded a sale price of $39.25M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Baron Properties. The buyer was a partnership between Tom Wermers, Gerry Ranglas, and the Loma Linda University Endowment. The partnership was advised by Mike Dow of Impact Multifamily Advisor.

7. The largest recreational vehicle park in Apache Junction. – Lost Dutchman RV Resort – recently sold for $34M. Russ and Andrew Warner of NAI Horizon’s Manufactured Housing Group represented the seller, PVC Properties, Inc., of San Diego in the transaction.

8. The Verde Dimora Apartments at 2217 N. Power Rd. in Mesa have been sold to a Canadian investor for $22.25M. WWC Holdings, LLC of Arizona purchased the property from Verde Dimora, LLC. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale.

9. Cushman & Wakefield completed the sale of the 203KSF Kachina Industrial Park, located at 1805-1850 W. Drake Drive in Tempe., on behalf of Kieckhefer Properties. Libitzky Holdings LP purchased the property for $19.1M. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan of Cushman & Wakefield represented the seller.

10. LevRose Commercial Real Estate closed the sale of the 82KSF Thunderbird Village in Peoria for $12.5M. Deerwood Retail Opportunities AZ, LLC, purchased the property from CAZCO Asset Management Inc. The brokers for the buyer were Trent McCullough, Mark Cassell and Greg Vanlerberghe of LevRose Commercial Real Estate and the brokers for the seller were Ryan Schubert and Michael Hackett of Cushman & Wakefield.

11. Maracay Homes has purchased 204 home sites in the trending South Mountain submarket of Phoenix. The $10.5M purchase represents the first phase of a Maracay Homes master-planned development that will feature approximately 650 homes on the site of the former Vistal Golf Club. Ryan Duncan of Nathan & Associates, Inc., brokered the Phoenix transaction between Maracay and the seller, Grayhawk Development, Inc. Maracay plans to develop the 83-acre parcel into an upscale, gated community to be marketed as Vistal at South Mountain.

12. CBRE Group, Inc. has arranged the sales of two multifamily communities located in Tempe, Arizona with a total consideration of $10M. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyers and sellers in both transactions. 1133 West Fifth is a 44-unit community consisting of all two-bedroom units. The sale price was $7.5M. The sellers were Trimark West Fifth Apartments, LLC and Trimark-2016 Arizona Investments, LLC. The buyer, Treasure Star, LLC, purchased the property in a 1031 exchange. Arbor, located at 1548 W. University Drive is a 26-unit, value-add multifamily property comprised of mostly two-bedroom units. The seller was Paul Adams Palms, LLC. The buyer, The Tides at Tempe, LLC, paid $2.6M.

13. Cushman & Wakefield announced the $9.3M sale of Summerhill Apartments, a 130-unit apartment community located at 2925 N. Greenfield Road in Phoenix, to Pacific Real Estate Partners. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, Summer Hill URMTA LLC.

14. Estancia, a 62-unit multifamily community at 3620 N. Miller Rd., Scottsdale, sold for $6.9M. Lee & Associates brokers Bryson Fricke and Todd Braun represented both the seller, JBC Estancia, Inc. and the buyer, The Tides at Old Town, LLC. The new ownership will rename the community, The Tides of Old Town and reposition the property with extensive exterior and interior renovations.

15. CBRE has completed the sale of a single-tenant, 5.2KSF QuikTrip located at 1190 West Elliot Road in Tempe. The 1.43-acre property commanded a sale price of $4.25M. Joseph R. Compagno with CBRE’s Phoenix office represented the buyer, Lumberjack Capital, LLC. Tatyana Meulemans from Newmark Grubb Knight Frank represented the seller, TRZ Holdings-Tempe, LLC.

16. Velocity Retail Group’s Darren Pitts represented At Home in the purchase of 8.54 acres in the San Tan Pavilions shopping center in Gilbert. The seller was San Tan AZ, LLC an entity controlled by Intercapital Development, Inc. The purchase price of the property was $4.1M. The 108KSF At Home store is projected to open in Q1 of 2018.

17. Virtua Partners announced it has acquired two properties with 28 acres of undeveloped land in the Phoenix areana. The projects include a 13-acre site at 14th Street and Union Hills in Phoenix and a 15-acre assemblage in Avondale at Thomas and 119th Avenue. Plans call for the development of the sites as single family residential housing. The combined purchase price was $2.8M.

18. Commercial Properties, Inc./CORFAC International, announced the sale of a USDA-approved food processing facility located at 1410 N 27th Lane in Phoenix. The entire property consists of approximately 38.3KSF and is located just off Interstate 10 and 27th Avenue near the Interstate 17 interchange. Eric Jones of CPI’s Investment Specialist Team represented the seller, Torito Enterprises LLC. Fujing Realty represented Lin’s Distribution Corporation, who acquired the properties for $2.5M.

19. Twelve office condominiums in four buildings at Plaza Campana sold in an REO auction sale for $2.3M. The 12 condos totaling 28KSF were sold in bulk at auction through Ten-X.com for US Bank, NA., the lender. The buyer, dba Wellbeing Center, purchased the units for investment. John Yarborough and David Carroll with Romano Real Estate represented the buyer.

20. SRS announced the recent sale of 2.11 acres north of the northeast corner of Thomas Road and SR-51 in Phoenix to PEG Development for the planned construction of a Staybridge Suites hotel. Anticipation for the ground break is early Q4 of 2017 with an estimated construction timeline of 12 months.

Lease Transactions

21. The Phoenix office of JLL has earned the leasing assignment for the 110KSF Phase I of Skyway Commons, a fully speculative new Class A industrial project that has broken ground in the northwest Phoenix submarket. JLL’s Riley Gilbert, Anthony Lydon and Associate John Lydon serve as the project’s exclusive leasing brokers on behalf of the building owner, Silagi Development and Management. The development is divisible down to 4.7KSF to as much as 59KSF of contiguous space.

22. NAI Horizon negotiated a long-term retail lease of 25.7KSF on behalf of the landlord for American Freight Furniture at Bell Tower Village, 4913 W. Bell Rd., in Glendale. The NAI Horizon retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented New Bell Tower, LLC in the transaction that totaled $1.27M.

23. SWCA, Inc., an employee-owned environmental consulting firm, has leased 21KSF of office space at 20 E. Thomas Rd. for expansion and relocation of its headquarters. Todd Noel, with Colliers International negotiated the transaction on behalf of SWCA.  Building owner LBA Realty Fund II-Company V, LLC was represented by Bob Hubbard of LBA Realty.

24. Southern Arizona Graphic Associates, Inc. leased 14KSF at 1861 W. Grant Rd., Suite 100 in Tucson, from Walker Tucson Properties, LLC.  Rob Glaser with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

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