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Commercial Real Estate News 08-22-17

Credit: Phoenix Business Journal

Sales Transactions

1. The Standard, a 134-unit complex in Old Town Scottsdale, has sold for $43M, a per-unit record of nearly $321K, according to Business Real Estate Weekly of Arizona. The buyers, Studio Management Services Inc. bought the complex from a joint venture called PBB-TRG Valley Ho LP.

2. Henley USA purchased the following properties from Mentor Properties: Riviera Pointe, a 256-unit complex in Mesa for $22.24M and a 216-unit at 8650 W. Peoria Ave. in Peoria for $19M. Jones Group represented Henley in the purchases. Marcus & Millichap had the listings for Mentor.

3. Berkadia recently handled the $37.25M sale of Mission Palms, a garden-style multifamily property in Tucson. Art Wadlund and Clint Wadlund of the Tucson office represented both the buyer, ROC Senior Living, and the seller, Stoneweg US LLC.

4. Holliday Fenoglio Fowler, L.P. announced the closing of the $21.45M sale of Ventana Village, a 110KSF grocery-anchored shopping center in Tucson. The HFF team marketed the property on behalf of the seller, Westwood Financial. Epic Real Estate Partners purchased the asset free and clear of existing debt.

5. Proving the power of amenities like walkability and freeway access – including a location near the future Loop 202/South Mountain Freeway expansion – the Phoenix office of JLL has completed the $18.40M sale of Foothills Corporate Centre II, an approximately 145KSF office building located in the heart of Ahwatukee, in Phoenix. JLL’s Brian Ackerman and Dan Postal represented the property seller, Fort Properties Management, Inc. The buyer was a joint venture between a leading institutional investor and Everest Holdings. JLL’s Dave Seeger, Mark Gustin and Karsten Peterson retain the property leasing assignment.

6. Irgens Partners, LLC has completed the $11.7M sale of Shea Medical Plaza at 7425 E. Shea Blvd. in Scottsdale. Woodside Health purchased the 42.4KSF medical office building from Irgens. The deal was brokered by Dan Postal and Brian Ackerman with Jones Lang LaSalle. Knight Management will continue as property manager for Woodside.

7. PL Acoma, LLC paid $11M to purchase a 73KSF multi-tenant flex industrial building located at 7812 E. Acoma Drive in Scottsdale. The seller in the transaction was Denali National Trust XXIX, LLC and was represented by Randy Shell & John Quatrini of Shell Commercial. The buyer was represented by Justin Carlson of JR Carlson Company.

8. CBRE has completed the sale of Arcos Phx, a 51-unit apartment community located at 1637 E. Missouri Ave. in the Biltmore area. The asset commanded a sale price of approximately $5.48M. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Luna Bear Arcos, LLC. They also represented the seller, EQ Missouri 51, LLC.

Lease Transactions

9. Pivotal Payments is moving into a 26KSF office in SkySong 2 in November, from an 18KSF at High Street, formerly CityNorth.

10. Marketing service agency LaneTerralever is relocating from its 23KSF, Midtown headquarters to a larger office at Missouri Falls, 645 E. Missouri Ave., Phoenix, where they signed a 7-plus year, 25.6KSF lease at the Class A office building. Lee & Associates’ Colton Trauter and Bill Blake represented the seller entities of the McDowell Rd. headquarters building, which sold for $4M. The team also represented LaneTerralever in the lease transaction at Missouri Falls. Michael Strittmatter of CBRE represented the Missouri Falls landlord, ICIC Commercial Investments 3, LLC, in the lease deal.

11. Skechers, USA leased 18KSF of retail space from Circle Plaza Associates, LLC. An October opening is planned for Skechers’ fourth location in Tucson, at the Circle Plaza Shopping Center. Skechers and Bealls Outlet each leased one-half of the former Sports Authority location. Greg Furrier with Cushman & Wakefield | PICOR, represented the tenant. Andy Seleznov with Larsen Baker, LLC represented the landlord.

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