News Ticker

Commercial Real Estate News 08-02-17

Credit: Cushman & Wakefield

Company News

1. CBRE has announced it has been selected as the exclusive agent to market and sell Containers on Grand, a sustainable apartment community made of repurposed shipping containers. The property was built in 2015 by a local partnership including StarkJames, LLC, Karl Obergh of engineering firm Ritoch-Powell and Associates, and Bloomspot, LLC.

Sales Transactions

2. CBRE has completed the sale of San Paulo, a 208-unit Class A multifamily community, 14625 S. Mountain Pkwy., Phoenix. The property commanded a sale price of $32.5M. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Private Portfolio Group. The buyer was Rivendell Global Real Estate.

3. Las Villas De Kino Apartments I & II, a 348-unit apartment community at 5515 S, Forgeus Avenue, Tucson, sold recently for $21M. The buyer is LCA LVDK, LP, and the seller, Las Villas de Kino, LP of Tucson.

4. Fenix Development and Cushman & Wakefield announced 3.88 acres at The Watermark | Tempe sold to Trinsic Residential Group for $14.7M. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Fenix Development, in the transaction.

5. Marcus & Millichap announced the sale of Dolce Villagio, a 37-unit apartment community in Tempe. The sales price is $10M. Cliff David, Steve Gebing and Brady Fish represented the seller, Western Wealth Capital, and procured the buyer, Dolce Villagio I, LLC and Dolce Villagio II, LLC.

6. CBRE has arranged the sale of Valencia Townhomes, a 36-unit multifamily community located in North Central Phoenix. The property commanded a sale price of $8.25M. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the buyer, 550 Valencia, LLC, and the seller, Valencia Townhomes, LLC.

7. The 48KSF industrial back office building at 2425 E. Medina Road in the Tucson Commerce Center sold for $6.1M in an off-market transaction. The seller, Intercontinental Real Estate Corporation, was represented by Bill DiVito and Jesse Blum with CBRE in Tucson. The buyer was Descanso Medical Plaza LLC.

8. Allen Yadgari and Mike Yamin purchased three mobile home parks in Tucson with a combined total of $4.6M for the 193 total spaces. The parks included Desert Haven, Sun City Rentals and Desert Shores mobile home park.

9. The NAI Horizon investment sales team Barbara Lloyd and Lane Neville represented the buyer in the $4.M acquisition of the CVS Pharmacy located at the NEC of Warner and Dobson roads in Chandler. The buyer is the Michael S. and Mary M. Cho Family Trust and was represented by NAI Horizon. The seller was Babytail III, LLC and was represented by Brad Richardson of Stan Johnson Company.

10. The NAI Horizon investment sales team of Barbara Lloyd and Lane Neville represented the seller in the $4.05M disposition of the Modernette Mobile Home Park, 1707 E. Apache Blvd. in Tempe. NAI Horizon represented the Michael S. and Mary M. Cho Family Trust. The buyer was 2075 Cottonwood Office, LLC.

11. Evergreen Development Company sold the 7.6KSF, five-unit retail center The Shops at Lake Pleasant to JSRP LLLP for $3.9M.

12. A 31KSF, multi-tenant industrial warehouse at 444 W. 21st St., Tempe, sold for $3.1M. The property was 100 percent occupied with three tenants. Lee & Associates’ Nate Bubeck facilitated the transaction between the buyer, James & Susan Morris Trust – as part of a 1031 Exchange – and the seller, VJ Properties, Inc. Bob Kling with Lee & Associates also represented VJ Properties in the transaction.

13. CBRE has brokered the sale of a 72KSF, single-story flex/office property located at 2250 W. Peoria Ave. in Phoenix. Formerly home to the Bryman School of Arizona, the property sold for $2.2M. Ashley Brooks and Cooper Fratt with CBRE’s Phoenix office represented the buyer, James Greaves with G2 Capital of Scottsdale. The seller was J.E.M.S. Corp.

Lease Transactions

14. Parallel Capital Partners, Inc. announced today it has signed four new leases at One North Central – a 20-story office tower in downtown Phoenix – including one for nearly 150KSF that will house the Arizona offices of Quicken Loans, which will occupy six floors and embark on a major renovation of the space. Joining Quicken in the Class A office building will be Live Nation and Coleman & Finch, a new gastropub. Additionally, Urban Eye Care has leased 1,528SF to introduce downtown Phoenix’s first full-service optical center.

15. Arizona Laminate leased 15.5KSF at 4617 S. Contractors Way in Tucson, from Scaramella Family Revocable Trust. Rob Glaser and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Peter Canacakos with Long Realty Company represented the tenant.

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