News Ticker

Commercial Real Estate News 10-11-16

Sales Transactions

cre21. As reported in Business Real Estate Weekly, a joint Venture formed by Workspace Property Trust paid $175M for part of a $969M portfolio, included nearly 1MSF of office and flex space in Phoenix from Liberty Property Trust. The Phoenix assets include 13 office-flex buildings located within the Cotton Center business park and one back-office structure at Westmount Tech Center.

2. Pivotal Group is working on a value-add investment to buy almost 1MSF of office space in the Renaissance Square towers located in downtown Phoenix. They’ll pay just under $165M ($170/sf) to purchase the two-building, 969KSF office plaza. The buildings are owned by two limited partnerships in a fund managed by Hines Interests Limited Partnership. The sale, which is scheduled to close by Oct. 31, is being brokered by Adam Edwards, K.C. Scheipe and Justin Shepherd of Eastdil Secured.

3. Whitestone REIT purchased the Scottsdale Seville and La Mirada shopping centers in Scottsdale for $72.5M. The Fincham Dempsey Team at Lee & Associates, led by Jan Fincham and Pat Dempsey, facilitated the transaction along with Lee principals Craig Coppola and Andrew Cheney, who assisted with the sale.

4. CBRE has completed the $46M sale of Cantera, a 288-unit multifamily community located at 2475 W. Pecos Road in Chandler. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management.

5. Cushman & Wakefield announced the sale of The Lodge, a 252-unit luxury apartment community, located at 3601 S. Lake Mary Road in Flagstaff. Exchange Services, a qualified intermediary for SK5-ELA, LLC (Keller Investment Properties, LLC), purchased the property for $43.6M. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Lodge LP (Clear Sky Capital of Phoenix and Narland Properties of Vancouver B.C.).

6. Education Realty Trust, Inc. acquired the 104-unit The Urbane student housing property, 1023 N. Tyndall Ave., Tucson for $45.5M from Core Spaces. Both parties handled the direct sale in-house.

7. LaSalle Investment Management purchased the 118KSF Kierland Village Center located at the SEC of 64th Street and Greenway Road in Scottsdale for $34.5M from Kierland Village CMH LLC. Cushman & Wakefield’s Michael Hackett and Ryan Schubert represented the seller. The center’s anchors, Safeway and Walgreens, occupy approximately 60% of the total leasable space.

8. Bascom Arizona Ventures, through affiliate Silverbell Property Investor LLC, purchased the 290-unit The Springs at Silverbell apartments, 7759 N. Silverbell Road, Tucson for $31.5M ($109K/unit) from Silverbell 290 Limited Partnership. The Springs at Silverbell was built in 2002 with 27 two-story buildings on 18-acres.

9. An affiliate of private equity firm The Bascom Group, has announced the purchase of Prescott Lakes Senior Community, 2105 Blooming Hills Drive, Prescott, for $18M ($143K/unit). A JLL finance team led by Brian Halpern and Alex Kane arranged the debt financing for the buyer. John Cunningham with JLL represented the undisclosed seller in the transaction.

10. SVN | Desert Commercial Advisors’ Chip Kloppenburg, CCIM, and Carrick Sears, CCIM, closed on the $17M sale of Amber Gardens in downtown Tempe. SVN | Desert Commercial Advisors represented the buyer, WWC Holdings, LLC which is an investment group (Western Wealth Capital).

11. Pacific Equities Capital Management purchased the 240-unit Palomino Crossing Apartment Homes at 750 East Irvington in Tucson for $10.2M ($42.5K/unit) from an affiliate of Summit Equity Investments. The complex is built on eight acres with common area amenities that include two recently remodeled club houses, fitness center, two pools, multi-purpose turf field, horseshoe pit, dog park, and playground.

12. Springwood Apartments, 2540 N. 51st Ave., Phoenix, have been sold for $8M to a private investor. Julie Rice Davis of Los Angeles purchased the property from Frances Morales of Phoenix. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Greater Phoenix represented the seller in the disposition. Aaron Fierstein of Marcus & Millichap in Los Angeles represented the buyer.

13. Income Property Investors, Inc. purchased 97 units in the Sonoma Gardens Apartments in Mesa for $6.4M from ReNUE Properties. The Phoenix-based ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, John Kobierowski, Alon Shnitzer and Rue Bax represented both the seller and the buyer in this transaction.

14. The 49-unit Tidewood Apartments, 4021-4025 N. 40th St., Phoenix, sold for $3.2M. The new owners plan to modernize the 51-year-old property. The Lee & Associates team of Bryson Fricke and Todd Braun represented the seller, Campbell Lodging, Inc. The buyer was KSA Equities, LLC.

15. Cushman & Wakefield announced that the 45.7KSF single-story office building at 9221 E. Via de Ventura in Scottsdale sold to 9221 Icon, LLC for $2.5M. Larry Downey, Greg Mayer and Brett Thompson of Cushman & Wakefield represented the seller in the transaction, 40/86 Advisors, Inc.

16. Packjak Properties, LLLP purchased Villa Sorrento Apartments, a 60-unit, multi-family complex located at 334 W. Valencia Rd. in Tucson, from 334 Valencia Tucson, LLC for $1.9M. Allan Mendelsberg with Cushman & Wakefield | PICOR represented the buyer and the seller in this transaction.

Closures & Foreclosures

17. Henkel Consumer Goods Inc., which employs 375 people in Scottsdale, is closing its operations in that city. Plans call for moving its Scottsdale operations to Connecticut, where it will combine its business with The Sun Products Corp., which Henkel recently acquired in a deal valued at $3.6B.

18. Bookmans Sports Exchange, 3330 E. Speedway Blvd., Tucson, is closing its doors. The space will become the new home of the Bookmans Entertainment Exchange store, currently located on Grant Road and Campbell Avenue. The store has been on Grant Road for 30 years. The sporting goods resale store opened its doors three years ago and will remain open until the majority of its inventory, which is marked down by 25 percent, is sold.

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