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Commercial Real Estate News 09-19-17

Credit: Commercial Executive Magazine

Company News

1. CoStar Group, Inc. announced that it plans to acquire ForRent, a division of Dominion Enterprises, pursuant to a definitive agreement for $35M in CoStar Group stock.

2. Institutional Property Advisors, a division of Marcus & Millichap, announced that Steve Gebing and Cliff David, senior managing directors, closed nine multifamily property transactions totaling 2,171 units between June 29 and August 29 in the Phoenix metropolitan statistical area (MSA). The assets sold for a total of more than $258M.

Sales Transactions

3. Together, Blackstone Group L.P. and Olympus Property, working as Blackstone Real Estate Investment Trust, paid a total of $144.7M for two multifamily projects in Gilbert. The projects were bought in two transactions. Cisterra Development was the seller. The most recent deal was $73.2M for the 366-unit Vistara at SanTan Village apartments. The other sale was for $71.5M.

4. CapRock Partners announced it has acquired a 110.7KSF distribution/manufacturing building at 225 S. 51st St. just east of Phoenix Sky Harbor Airport. Stein Koss, Tom Louer and Nick Nudo of The Koss | Louer Team at Lee & Associates, represented both CapRock Partners and the seller.

5. Cushman & Wakefield announced that 1201 Partners LLC, a company formed by Barker Pacific Group, paid $23.95M to purchase the 307KSF Mesa Financial Plaza from Mesa Financial Plaza LLC, an entity formed by Emrine LLC and PV Management LLC. The deal was brokered by Palmer Capital Inc. and Matt Nebeker of Cushman & Wakefield in Phoenix.

6. The Marble Creek apartments at 5601 W. McDowell Rd. in Phoenix have been sold for $16.75M. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Marble Creek LLC sold the property to WWC Holdings, LLC.

7. Lee & Associates announced The Koss | Louer Team arranged the sale of a 96KSF industrial portfolio. Luke Marley, LLC., purchased the portfolio from Delcor, LLC. for $12.45M. Stein Koss and Tom Louer represented both the seller and the buyer in the transaction.

8. Two homebuilders recently purchased a total of 230 home lots in Vail for a total price of $6.7M. KB Home Tucson, Inc. purchased 111 platted and engineered lots in Rancho Del Lago from Vail Valley Joint Venture of Tucson for $3.6M. Randy Emerson of GRE Partners, LLC represented the seller. In the other transaction, D.R. Horton purchased 119 platted lots at Vista Del Lago Norte in Vail, Ariz. for $3.1M. The property consists of 119-platted lots platted by the seller, Vail UPRR North LLC.

9. VIAONE Properties, in partnership with a private NYC investment group, has completed the purchase of a 15KSF, single-tenant NNN retail asset occupied by Tutor Time at 2050 W. Ray Rd. in Chandler for $5.6M. Colliers International NYC’s Dmitry Levkov represented the buying entity, Proinvest 99 Holdings Chandler Arizona, in the transaction, and SRS’ Dan Elliot represented the seller, Candice Brown Family Trust.

10. Landmark Properties, dba The Mark at Tucson, closed on its second student housing project site at 931-949 E. Broadway Blvd. in Tucson for $4.6M. Buzz Isaacson, John Ash and Jeff Casper with CBRE’s Tucson office handled negotiations for the seller, Bacon Industries, Inc. et al. of Tucson.

11. CBRE has completed the $4.5M sale of The Villas, a 70-unit, apartment community in Glendale, Arizona. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Villas Glendale, LLC. They also represented the seller, 5057 Washington, LLC.

12. Cushman & Wakefield completed the sale of Bush’s Chicken as a single tenant net leased investment, located at 660 W. Bell Rd. in Phoenix. The all-cash California, 1031 Exchange Investor purchased the property from Hinkson Company for $3.38M. Cushman & Wakefield’s Chris Hollenbeck represented the seller. Sean Thomas of SRS represented the buyer.

13. ABI Multifamily announced the $2.22M sale of the Pierson Palms Apartments, a 20-unit apartment community in Phoenix. The seller was a private investor based in Arizona. The buyer was a private investor based in California. The ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented both parties.

Lease Transactions

14. Through a 103KSF lease, Modern Industries will soon fully occupy the Class A industrial building at 2925 S. Roosevelt Ave. in Tempe. It is one of four buildings Modern Industries occupies in the Valley. JLL’s Steve Larsen and Steve Sayre brokered the lease transaction for property owner DCT Industrial and Modern Industries.

15. CBRE announced Caterpillar Inc. has signed a lease through April 2019 at One South Church in downtown Tucson. Caterpillar will occupy 26KSF on the tower’s first and second floor until its permanent location is completed. Jeff Casper with CBRE’s Tucson office represented the landlord, 1SC Partners. Buzz Isaacson with CBRE’s Tucson office along with Traci Payette and Gary Fazzio of CBRE’s Chicago office, negotiated for Caterpillar.

16. NAI Horizon negotiated a long-term lease for Planet Fitness at Canyon Trails Towne Center, 515 S. Cotton Ln. in Goodyear. The NAI retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, PF Goodyear LLC of Sedona in the transaction totaling $1.76M.

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