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Commercial Real Estate News 10-17-17

Credit: CBRE

Sales Transactions

1. CBRE has arranged the sale of IMT Deer Valley Village, an 832-unit institutionally-maintained multifamily community located at 3010 W. Yorkshire Drive in Phoenix. Priderock Capital purchased the property from IMT Capital. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller in the transaction. No sale price was given, but an approximate valuation of $100M is assumed.

2. The Translational Genomics Research Institute has completed the purchase of its headquarters building from the City of Phoenix. The acquisition was made possible by TGen’s affiliation with Los Angeles-based City of Hope, which helped provide the financing to cover the $68M in bond payments, plus an additional $3M in cash. The bonds will be paid as they come due, and the $3M will be split so that TGen/City of Hope pays $1M up front and $100K/year over 20 years. The Plaza Cos. will manage the property.

3. A partnership between Citymark Capital and InterCapital Group acquired West Town Court, a 274-unit multifamily property in Phoenix. The asset is located at 8400 West Virginia Ave. No sale price was given, but an approximate valuation of $25M is assumed.

4. Cushman & Wakefield completed the sale of Tempe Vista, a 186-unit apartment community located at 2045 E. Broadway Road in Tempe, to Capital Real Estate LLC for $20.5M. Brett Polachek from the Cushman & Wakefield Phoenix office represented the seller, 2045 Broadway Communities, LP.

5. Meritage Homes purchased 224 acres in Marley Park, a development in Surprise, from DMB Associates for $18M. Up to 950 homes could be built on the site.

6. Cushman & Wakefield completed the sale of Covington Plaza. The Bashas’ grocery-anchored shopping center, located at the SEC of 7th Street and Union Hills Drive in Phoenix, was purchased by Covington Plaza LLC for $10.2M. Cushman & Wakefield’s Michael Hackett and Ryan Schubert represented the seller, an entity formed by CW Capital.

Lease Transactions

7. Velocity Retail Group has leased a vacant Fry’s Food & Drug store at the SEC of Bell Road and 7th Street, Phoenix. The 48KSF vacant big box will be split to accommodate two national retailers: Marshalls (23.4KSF), and Michaels (25.3KSF). Dave Cheatham, and Darren Pitts of Velocity Retail, along with Jeff Dinsmore from Jones Lang LaSalle’s Boston office worked on behalf of Fry’s / Kroger to lease the building. The tenants were represented by Phoenix Commercial Advisors, Greg Laing and Dan Gardiner. After remodeling, opening is expected by the Q4, 2018.

8. The Maricopa Center for Entrepreneurship will spend at least one more year in its current building after the City Council approved the renewal of the lease. The contract agreed upon was to rent the current MCE space at 20800 N. John Wayne Parkway, Suite 108, until Sept. 30, 2018. The cost per month for the lease is $2,232.79, plus taxes, insurance and operating costs, which brings the total up to about $3,600 per month.

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