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Commercial Real Estate News 09-12-17

Credit: Meridian

Sales Transactions

1. Weidner Property Management LLC acquired The Lofts at Rio Salado apartments at 1033 N. Parkside Dr. in Tempe for $75.5M from JP Morgan Chase & Co. Investment Management. Cliff David and Steven Gebing of Marcus & Millichap represented the seller. The buyer handled the sale in-house.

2. Western Wealth Capital announced the completion of its sale of Anzio, a 240-unit multifamily building in its Arizona portfolio, for $25.7M.

3. JLL’s Capital Markets experts announced the company arranged the sale of a 267KSF industrial portfolio on behalf of The Hewson Company. TA Realty purchased the portfolio, located in Scottsdale and Tempe for $24.5M. Mark Detmer, Bo Mills, Bill Honsaker, Steve Larsen and Ryan Sitov led the JLL team on the transaction.

4. Litwin Management has acquired the 56.7KSF Laveen Village Marketplace in Laveen from Passco Cos. for $14.2M. The property, at 5210-5270 West Baseline Road, is anchored by Home Depot and Fry’s Food & Drug. Kidder Mathews‘ Jenette Bennett and Patrick Luther of SRS represented the buyer.

5. United Insurance Company of America has sold the 53KSF Foothills Health Center in Ahwatukee for $12.1M. The company sold to Crescendo Development, represented by Newmark Knight Frank. Representing United Insurance Company were Nicholas Pelusio and and Kevin Helland with Avison Young.

6. The NAI Horizon investment sales team of Lane Neville and Barbara Lloyd represented the seller in the $7.1M disposition sale of Hamstra Square in Chandler. NAI Horizon represented Hamstra Square Investors, LLC. The buyer was The Weil Ernst Trust and The Schneider Living Trust. It was represented by Tim Ernst of Terra Marketing.

7. The 15KSF Shoppes at Copper Point on the NWC of Val Vista Drive and Willis Road in Gilbert was sold for $6.35M. Andrew K. Fosberg, Joseph R. Compagno and Dylan A. Brown with CBRE’s Phoenix office represented the seller, WCCP Copper Point, LLC, an entity formed by West Coast Capital Partners. Steven Ives, of KW Commercial, represented the buyer, Ives Property Investment LLC.

8. Cushman & Wakefield completed a 61-acre sale at Marbella Ranch, located at the NWC of El Mirage Road and Glendale Avenue in Glendale. Three national home builders including KB Homes, Lennar Homes and Meritage Homes purchased the property from Marbella Ranch LP for $5.2M. Brent Moser, Mike Sutton and Brooks Griffith of Cushman & Wakefield represented the seller. Howard Weinstein, Patty Lafferty and Derek Harris of Pacific Land Co. acted as advisors to a couple of the home builders.

9. Meridian has announced the purchase of Grunow Memorial Medical Center, a landmark 51KSF two-story medical office building at 926 E. McDowell Road in Phoenix. The seller was PacVentures. Meridian paid nearly $5M. The acquisition represents Meridian’s first major transaction outside of California.

10. 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.

11. A 46KSF warehouse at 3717 W. Washington Street, Phoenix, in the Reywest Commerce Center was recently sold for $2.9M. The property sold to CAM Investment 354 LLC. The seller was Johnson Grove Partnership. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented both parties. 

Lease Transactions

12. Commercial Properties, Inc./CORFAC International has announced the lease of a 117KSF industrial warehouse building located at 3555 W. Washington Street in Phoenix. Keith Clark and Dave Dixon of CPI’s Industrial Team represented the tenant, Aquafil USA. JLL represented the landlord, Colony Northstar, Incorporated.

13. Amsterdam-born workspace pioneer Spaces has selected One Renaissance Tower at 2 N. Central Ave. in downtown Phoenix for its debut in Arizona. Spaces will occupy the 18th and 19th floors, totaling 39.7KSF, making it the largest co-working space in Arizona when it opens in December 2017. Kevin Calihan with CBRE’s Phoenix office, negotiated the 13-year lease on behalf of Spaces. The upfront capital investment into the space will exceed $5M.

14. Sky Zone has completed a 27KSF lease on an anchor space at Hancock Plaza, located at 4801 – 4859 East Greenway Road in Scottsdale. It is owned and operated by Litwin Management. Kidder Mathews broker Jenette Bennett represented Litwin Management in the transaction, along with Josh Stewart of Rein & Grossoehme Commercial Real Estate.

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