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Commercial Real Estate News 09-26-17

Credit: JLL

Sales Transactions

1. American Campus Communities, Inc. announced it has entered into an agreement to recapitalize and ultimately acquire seven student housing properties totaling 3,776 beds for an aggregate $590.6M from affiliates of Core Spaces and DRW Real Estate Investments. The deal includes the Hub Flagstaff project, currently under construction.

2. Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson for $15.3M. The buyer was a publicly traded owner-operator. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

3. Last month, Globe Corporation closed escrow on the sale of 550 E. Elliot Road with a price of $10.75M for the 90SKF building recently occupied by Amazon. Will Strong, Mike Haenel and Andy Markham of Cushman & Wakefield represented Globe Corporation in the sale, ultimately locating Industrial Property Trust as the buyer.

4. Lee & Associates Arizona announced Ken McQueen and Chris McClurg negotiated the $10.3M purchase transaction of a 118KSF industrial property on 12.17-acres in the Phoenix Sky Harbor International submarket. They represented the buyer, HUB 317, LLC., a joint venture partnership between DPC Companies and Confluent Development, Denver.

5. Rockefeller Group sold the Rockefeller Group Distribution Center – Phase I industrial building / distribution center at 6855-6751 S. Lisa Frank Ave. in Tucson for $10.125M to Harsch Investment Properties. Rob Glaser of Cushman & Wakefield | Picor Commercial Real Estate Services in Tucson and Mike Adey, Jeff Chiate, Jeffrey Cole, Edward Hernandez and Nico Napolitano of Cushman & Wakefield in Irvine represented both the buyer and the seller in the sale.

6. Marcus & Millichap announced the sale of The Learning Experience, a 16KSF retail property in Gilbert. The asset sold for $3.8M. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property.

7. CBRE has completed the $3.625M sale of Courtside, a 44-unit apartment community, in Cottonwood. Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties, and Jeff Kunitz and Johnathan Smith with CBRE Affordable Housing, based in Seattle, represented both the buyer, Courtside Partners, LLC, and seller, Courtside Housing Associates.

8. Cushman & Wakefield announced that Sliger Buckhorn Limited Partnership sold 15.62 acres at the NWC of Recker and Main Street in Mesa for $2.15M to the McHenry Family Trust. Brian Rosella of Cushman & Wakefield represented the seller.

Lease Transactions

9. The Phoenix office of JLL has completed four new retail leases at Hurley Plaza in Phoenix. The deals bring the center to 100 percent occupied. JLL’s Tim Hurley and Tyson Switzenberg represented the owner, an affiliate of Capstone Advisors.

10. Arizona Minerals, Inc. leased 14.5KSF of office space at 2210 E. Fort Lowell Rd. in Tucson from Cachita, LLC. Cushman & Wakefield | PICOR Office Specialists handled this transaction. Rick Kleiner represented the landlord and Isaac Figueroa represented the tenant.

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