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Commercial Real Estate News 10-10-17

Royal Palms Resort & Spa (PRNewsfoto/Xenia Hotels & Resorts, Inc.)

Sales Transactions

1. Xenia Hotels & Resorts Inc. purchased the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch in Scottsdale and the Royal Palms Resort & Spa in Phoenix for $305M. Both properties were acquired from Hyatt Hotels Corp. and were part of the part of The Unbound Collection by Hyatt.

2. PrideRock Capital Partners bought the IMT Deer Valley multifamily complex from IMT Residential for $125.5M. It will now be known as Heritage at Deer Valley.

3. Bascom Arizona Ventures has acquired three apartment communities in Tucson and Sierra Vista for $70.2M. The communities include the 290-unit Springs at Silverbell, the 196-unit Springs at Continental Ranch and the 186-unit La Entrada.

4. Orsett Properties, Ltd. has sold Pinnacle Peak Commerce Center for $14M. The property was purchased by Nicola Crosby. Kidder Mathews commercial real estate brokers Darren TappenPeter BeauchampMike Ciosek and Eric Bell represented both parties in the transaction.

5. LOC Leasing LLC., an entity owned by the principals of State Seal Corporation, has purchased an 86KSF industrial distribution building at Chandler Technology Center for $6.9M. Ken McQueen of Lee & Associates represented the buyer. Mike Parker and Evan Kaplan of CBRE represented the seller, CTC Industrial, LP.

6. Colliers International in Greater Phoenix has sold two different apartment communities in Tucson for a total sales price of $6.1M. The developments contain a combined 156 apartment units and were sold to separate California-based investors. Jesse Hudson, Trevor Koskovich and Bill Hahn of Colliers International in Greater Phoenix marketed the properties and negotiated the sales.

7. Colliers International in Greater Phoenix has negotiated the sale of a 38KSF office building in West Phoenix occupied by Department of Economic Security. Scottsdale Investment Management purchased the property from a private family trust. Mindy Korth, Kirk Kuller and John Barnes with Colliers International in Greater Phoenix teamed with Greg Bamford, president of Bamford Southwest, Inc. to exclusively represent the seller. Price is estimated at around $5M.

8. CBRE has completed the sales of three multifamily communities located in Phoenix and Glendale in three separate transactions totaling $4.2M. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Multifamily Investment Properties were involved in the following transactions: West Heatherbrae: Andrea Saal purchased the Phoenix property from VVP, LLC for $1.5M. Glenn Isle in Glendale sold for $1.2M. The seller was Bakerson, LLC and the buyer was GruCo, LLC. Huntington Gardens, Phoenix, sold for $1.5M. Investapath Group, LLC purchased the property from Eagle Mountain Arizona, LLC.

9. Phoenix Commercial Advisors announced the closing of the Shops at Gateway Plaza. The shops, located on 1.08 acres on the SEC of Power and Ray roads, Mesa, sold for $3M. Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, KW Power & Ray, LLC.

10. CBRE has completed the sale of Freddy’s Frozen Custard and Steakburgers in Gilbert. The property commanded a price of $2.9M. Joseph R. Compagno and Ryan Eustice with CBRE’s Phoenix office represented the seller, Barclay Holdings LXIII, LLC an affiliate of Barclay Group. Ignacio Diaz, Jr. from Investment Capital Real Estate represented the buyer, Price-McPherson Trust.

11. CBRE has completed the sale of Lee Villas, a garden-style apartment community in Phoenix. Brian Smuckler and Jeff Seaman with CBRE Multifamily Investment Properties represented both buyer and seller in the transaction. Christopher M. Eklund purchased the multifamily community from Trinity Apartments, LLLP for nearly $2.3M in a 1031 exchange.

12. Presson P.V. Eleven, LLC purchased three industrial buildings in Tucson from Buxton-Smith, Ltd.  The real estate, totaling 41KSF, was purchased for $2.15M. Cushman & Wakefield | PICOR handled this transaction. Rob Glaser represented the buyer, and Ron Zimmerman represented the seller.

13. The Benedictine Sisters of Perpetual Adoration announced the sale of the monastery at 800 N. Country Club Road in Tucson to developer Ross Rulney. A residential use is considered possible. The sale is expected to finalize around March 1. No sales price was given.

Lease Transactions

14. Sprouts Farmers Market, Inc. has plans to open two new locations in the Phoenix metro, with sites slated for Mesa and Tempe. The Mesa location, at 3150 N. Recker Road, was initially planned to open this year. The Tempe location will open at 931 East Elliott Road.

15. Mural Consulting Corporation leased 20KSF at 1455 W. River Rd. in Tucson from 1455 W. River Road, LLC. Rick Kleiner and Greg Furrier, with Cushman & Wakefield | PICOR, represented the landlord. Buzz Isaacson with CBRE represented the tenant.

16. Riverview Drive LLC paid $1.18M for a 13KSF building and leased it to ABC Ambulance for its new headquarters. The property at 3118 E. McDowell Road in Phoenix was sold by MAC Training LLC, doing business as MAC Service Experts, which was represented by Re/Max Realty in the deal. Riverview Drive was represented by Colliers International Group Inc.

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