News Ticker

Commercial Real Estate News 10-03-17

Credit: CBRE

Sales Transactions

1. Bahrain-based alternative investment manager, Investcorp, has acquired a total of three multifamily properties in Florida and another three properties in Arizona for approximately $350M. The Arizona multifamily developments include, Arcadia Cove, Tuscany Palms and Midtown on Main which add a combined 1,486 units to the firm’s multifamily portfolio.

2. A subsidiary of Scottsdale-based Sand Capital completed the acquisition of a portfolio of 47 CVS Pharmacy stores throughout the country. The purchase price for all properties was more than $275M. Stores were purchased in a number of locations across the country including Sedona, Ariz.

3. Bascom Arizona Ventures has purchased an 812-unit multifamily portfolio in Southern Arizona for $70.2M. The acquisition includes the 252-unit Port Royale in Sierra Vista, as well as the 288-unit Summit Vista and the 272-unit Crescent Ridge in Tucson. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, a private investor, in this transaction.

4. ARA Newmark, A Newmark Company announced the $63.5M sale of The Station on Central, a 414-unit multifamily asset in Phoenix. Brad Goff, Executive Managing Director and Chris Canter, Director, represented the seller in the transaction.

5. Berkadia announced the $21.2M sale of Avenue 8, a 194-unit property located at 1050 W. Eight Ave., in Mesa. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix team represented the seller, Delaware-based KMG Village in the Pines LLC. The buyer was PC Avenue 8 Mesa LLC, also based in Delaware.

6. Cushman & Wakefield and Lee & Associates recently completed the sale of a 118.1KSF industrial building located at 7822 S. 46th St. in Phoenix. Bailard of Foster City, Calif. purchased the property for $16.1M. Will Strong of Cushman & Wakefield, along with Rick Lee and Conner Lee of Lee & Associates, represented both parties in the deal. The building is 100% leased to BAE Systems.

7. Shea Homes LP completed the purchase of the ±79-acre Recker Pointe site located at the SWC of Ray Rd & Recker Rd in Gilbert, Arizona. The cash purchase price was $16M ($202.5K/acre). The Seller was Atlas Development II, LLC. Grant D. Helgeson and Don McCaul of the Westland Properties Group represented both parties in this transaction.

8. Tucson Fiesta retail center at 4215 – 4265 N. Oracle Rd. in Tucson sold for $12.3M in an off-market transaction to EVT Tucson Fiesta, LLC of Phoenix from Tucson Fiesta, LLC of Los Altos, CA. The property is currently home to a PGA Tour Superstore in approx. 51KSF, and sold with 42.5KSF in two spaces, formerly occupied by Sports Authority and Borders Books. Paul Serafin and Lizette Borbon-Ishhakova with DeRito Partners in Phoenix had previously listed the property and were commissioned to handle the leasing for the new owner.

9. Scottsdale-based Global Corporation recently completed the sale of an 89.5KSF building at 550 E. Elliot Rd. for $10.75M ($120/sf) 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.

10. Harsch Investment Properties, LLC purchased a multi-tenant industrial property and an additional 15.5 acres of industrial land in Tucson, Ariz., from RG–Medina, LLC for $10.125M. Known as the Rockefeller Group Distribution Center (Lot 2), the investment consists of a 113.5KSF multi-tenant building located on 6.42 acres at 6855 S. Lisa Frank Ave. Also included in the sale were two vacant land parcels: 6860 S. Brosius Ave. (Lot 1), approx. 8.33 acres, and 6715 S. Lisa Frank Ave. (Lot 3), approx. 6.73 acres. Rob Glaser with Cushman & Wakefield | PICOR; Jeffrey Cole, Jeff Chiate, Ed Hernandez, Mike Adey, and Nico Napolitano with Cushman & Wakefield of California, Inc.; and Will Strong with Cushman & Wakefield U.S., Inc., Phoenix, handled the sale transaction.

11. Tucson’s Marcus & Millichap recently closed the sale of three apartment complexes in Tucson at an aggregate of $9.63M for 139-units. Phoenix investors, Bakerson, LLC and Dene Bleeker, purchased Tuscany Apartment Homes at 4399 E. Pima St., Tucson for $3.35M ($41.8K/unit) from the Babay Family. A private party from Seattle, WA bought Water Street Homes at 2550 E. Water St., Tucson for $3.3M ($366K/unit) from QuatroVest, LLC of Tucson. The third property, Catalina Vista, 8560 E. Old Spanish Trail, Tucson was sold to a private buyer for $2.98M ($59.6K/unit). The seller was GreenLite Holdings, LLC of Phoenix. The Marcus & Millichap Multi Housing Team of Hamid Panahi and James Crawley closed all three deals.

12. CBRE has completed the sale of a 27.7KSF two-story office building located at 399 S. Malpais Lane in Flagstaff. The property commanded a sale price of $7.375M ($266/sf). Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office and Jeffrey S. Pion with CBRE’s Los Angeles office represented the seller, Anthem Boise, LLC. The buyer, The Shoppes at Osgood, LLC was represented by Matt Olson of Property Resource Group. The building is ±85 percent leased.

13. NAI Horizon completed the sale of an 81.4KSF retail property for seller, Hamstra Square Investors, LLC, for $7.1M. The property is located at 1020-1080 E. Pecos Rd. in Chandler. Lane Neville and Barbara Lloyd of NAI Horizon negotiated the sale on behalf of the seller. Tim Ernst with Terra Marketing represented the buyer, Schneider Living Trust.

14. CBRE has arranged the sales of two multifamily properties in Tempe totaling $4.2M. In the first transaction, Trinity Apartments, LLP sold Tempe Cottages, 2301-2309 S. College Ave., to SPB Apartments, LLC for $2.55M. In the second transaction 1116 Lemon LL sold Campus Lofts, 1116 E. Lemon St., Paul Adams Palms, LLC for $1.65M on a 1031 exchange. Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investments Properties negotiated the transactions.

15. A California investor, LV Management, LLC purchased Highland Park Apartments at 1402 E. Manlove St. in Tucson for $3.3M ($55.1K/unit). Chris Itule with Long Realty represented the seller, Highland Park Apartments, LLC and Jake Arnold and Ben Riehl of Keller Williams in Tucson represented the buyer in the transaction.

16. Insight Homes of Tucson purchased the final 21-SFR lots at La Canada Ridge for $2.3M ($1073K/lot). The lots were platted and engineered and the buyer exercised an option that began in 2015 from Sharpe & Associates of Tucson.

Lease Transactions

17. NAI Horizon recently represented tenant, JEF-Fit in three lease transactions. JEF-Fit 32nd & Greenway, LLC, entered a 180-month retail lease for 22.8KSF of space at 3202 E. Greenway Rd., Phoenix, from landlord, AP Capital REIT US Limited Partnership, who was represented by Kalen Rickard with SRG. JEF-Fit Southern & Priest, LLC, entered a 180-month retail lease for 22.6KSF of space at 1405 W. Southern Ave., Phoenix, from landlord, Prithern, LLC, who were represented by Bob Rusing with Arizona Partners. In the third lease, JEF-Fit 83rd & Lake Pleasant, LLC, entered a 132-month retail lease for 22.9KSF of space at 20713 N. 83rd Ave., Phoenix, from landlord, AZ CDL Properties, LLC, who was represented by Andy Kroot with Kroot & Associates. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented JEN-Fit in all three transactions.

18. NAI Horizon represented landlord and tenant in negotiating a long-term lease for Planet Fitness at 2456 E. Baseline Rd., in Phoenix. The NAI retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega, and Patrick Anthon represented both sides in the $5.255M transaction. The landlord is Vahik Sahaklan & Sons, LLC. The tenant is PF South Mountain, LLC, of Sedona, Arizona.

19. Bravada Yachts has leased a 63.7KSF property near 91st Avenue and Buckeye Road in the West Valley. The deal totaled $1.26M. Payson MacWilliam and Don MacWilliam of Colliers International represented the landlord, Chicago-based First Industrial Realty Trust. Steve Bodeman with Daum in Phoenix, represented Bravada Yachts. Scottsdale-based Merit Partners manages the property.

Leave a comment

Your email address will not be published.


*