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Commercial Real Estate News 09-05-17

Credit: Cushman & Wakefield

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Lofts at Rio Salado, a 466-unit apartment complex in Tempe, for $75.5M. IPA’s Steve Gebing and Cliff David, represented the seller, a global wealth and asset management services firm, and procured the buyer, Weidner Apartment Homes.

2. Cushman & Wakefield completed the sale of Anzio Apartment Homes, located at 1330 West Broadway Road in Tempe. An entity formed by Laguna Point Properties, LLC purchased the property from WWC VII, LLC, a company formed by Western Wealth Capital, for $25.7M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

3. On behalf of Globe Management Company, Cushman & Wakefield completed the sale of 550 E. Elliot Road in Chandler for $10.75M. The buyer was IPT Acquisitions LLC. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller with a record price per square foot. Previously, the team leased-up the building Amazon. The tenant was represented by Cushman & Wakefield’s Jim Wilson.

4. ABI Multifamily announced the $5.25M sale of the Aire Libre Apartments  in Phoenix. The buyer was a private investor. The seller was a joint venture between Dalan Management and VM Management. Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick, represented both parties.

5. SVN Desert Commercial Advisors has announced the sale of the 96-unit, 94KSF Los Compadres Apartments off Dunlap Avenue in Phoenix for $4.56M. SVN’s multifamily investment advisor, Carrick Sears represented the seller, Pat Stojak. The buyer was Mark Spitz.

6. A California investor bought University Manor Apartments at 1525 N. Euclid Avenue in Tucson for $4.25M from 742 E Lee Street, LLC. Jarrett Reidhead with Tucson Integrity Realty handled the sale for the sellers and Glen Beer with Keller Williams represented the buyer, Next Door Apartments – Tucson, LLC.

7. ABI Multifamily has announced the $2.2M sale of the Los Jardines Apartments, a 28-unit apartment community located in Phoenix. The seller was a private investor based in Arizona. The buyer was a private investor based in California. The Phoenix based ABI Multifamily brokerage team of Royce Munroe, Ryan Smith, John Klocek, Patrick Burch and Nathan Bruer represented the buyer.

Lease Transactions

8. NAI Horizon has negotiated long-term leases totaling $8.7M for Planet Fitness locations in Tempe, Phoenix and Peoria. The NAI Retail Properties team of Shelby Tworek, Chris Gerow, Gabe Ortega and Patrick Anthon represented the tenant, JEG-FIT, in the trio of transactions.

9. Petersen Aluminum Corp. signed a 52.8KSF lease at Parc 17, 1800 S. 7th Ave., Phoenix. The 5-plus year industrial lease begins in Q4 2017. Stein Koss, Tom Louer and Nick Nudo of Lee & Associates, represented the landlord, Colony NorthstarTed Liles with Cresa represented Petersen.

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