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Commercial Real Estate News 07-18-17

Credit: Real Estate Daily News

Sales Transactions

1. Bascom Arizona Ventures (Bascom Group) completed the $71.5M sale of Arcadia Cove Apartments in Phoenix, commanding $165.5K per unit. The buyer was BH Equities of Des Moines, Iowa. Bascom was represented by Cindy and Brad Cooke of Colliers International.

2. JLL’s Capital Markets experts announced the firm completed the sale of the I-10 Distribution Portfolio in Phoenix on behalf of DCT Industrial. Colony Northstar purchased the portfolio, which consists of two institutional grade warehouses totaling 558KSF, for $39M. Bo Mills, Mark Detmer and Ryan Sitov led the JLL team on the sale.

3. CBRE has completed the sale of Santa Rosa, a 112-unit Class A multifamily community located at 3425 E. Chandler Blvd. in Phoenix. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Baron Properties. The buyer was Rivendell Global Real Estate.

4. Las Vistas at Papago Park, a 13-building apartment community at 1010 N. 48th St., has been sold for $13.55M to an entity sponsored by Avenue North, LLC. The local buyer has plans to rename the property Proximity at Papago Park and update the multifamily development. Bill Hahn, Trevor Koskovich and Jeff Sherman with Colliers International in Greater Phoenix negotiated the sale transaction. WWC XVIII LLLP was the seller.

5.(CRE Global Loop, Real Estate Daily News) Holualoa Global Loop, a subsidiary of Holualoa Companies, sold the fully leased building at 3301 E. Global Loop in Tucson for $13.5M to a group of investors from Anchorage, Alaska. The industrial brokerage team of Bill Divito and Jesse Blum with CBRE Tucson office represented the seller in the transaction.

6. Mode Apartments + Homes recently closed on two apartment complexes in central Phoenix. Mode’s purchase of the Turney Apartments and Highland Apartments from the Grosberg Family Trust of Arizona is the former’s 40th deal in the Phoenix market with a focus on central locations. Vestis Group represented Mode. No transaction amount was given.

7. JLL’s Capital Markets experts announced the firm completed the sale of 1221 Broadway a 194-unit luxury multifamily asset in Tempe. JLL represented the sellers, Trinsic Residential Company and CNL Growth Properties. Brass Enterprises purchased the garden-style apartment community. Transaction figures weren’t disclosed, but the value is assumed to be in excess of $12M.

8. Phoenix-based Evergreen Development Company announced that it has completed the sale of its Lake Pleasant Crossing multi-tenant retail center, The Shops at Lake Pleasant, located at 25355 N. Lake Pleasant Pkwy. in Peoria. The property was 100 percent leased by Lance Umble of Phoenix Commercial Advisors at the time of the sale. Chad Tiedeman, also of Phoenix Commercial Advisors, handled the sale of the 7.6KSF building to JSPR LLLP. No transaction amount was given.

9. Cushman & Wakefield announced that CCA-El Conquistador Apartments, LLC purchased El Conquistador Apartments, located at 1881 East Irvington Road in Tucson, for $7.5M from Oksenholt F&S Tucson I LLC. David Fogler, Steven Nicoluzakis, Brent Mallonee, Chris Hollenbeck and Regan Amato of Cushman & Wakefield represented the buyer.

10. Southern Self Storage acquired Store Safe Self Storage at 11860 North Tower Drive in Fountain Hills for $6.1M. Tyler Bush, Tom Gustafson and Gary Cooper of Colliers International in Greater Phoenix represented the seller, a tenant-in-common investment of RKO AZ 2008 LLC and Bahia Associates, and procured the buyer.

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