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Commercial Real Estate News 10-31-17

Credit: AZ Big Media

Sales Transactions

1. A venture between Equus Capital Partners and iStar Inc. purchased McDowell Mountain Business Park, a 255.6KSF property in Scottsdale, for $53.15M. McDowell Mountain Business Park is a Class A office complex comprised of two identical three-story office buildings. The asset was acquired as an REO property from RAIT Financial Trust. The acquisition was funded with $42.6M in first mortgage debt provided by Mesa West Capital.

2. VanTrust Real Estate, LLC sold a single-tenant office building, occupied by CVS Health, for $40.4M. Four Gateway, is located at 444 N. 44th Street in Phoenix. The buyer is Crown Realty & Development. Jim Fijan and Will Mast of CBRE in Phoenix negotiated the transaction.

3. ABI Multifamily announced the sale of the Oakridge Apartments, a 282-unit, apartment community for $24M. The buyer, Univest Inc., is a private investment company, as is the seller, Western Wealth Capital. ABI’s Alon Shnitzer served as lead broker.

4. Dunlap Falls apartments at 3333 W. Dunlap Ave. have been sold for $22.6M. The community was purchased by two California-based partnerships. Dunlap Falls Partners, LLC and 1031 Exchange Experts LLC as QI fbo WIP-Serendipity, LLC, purchased the apartment community from 3333 Dunlap Associates LLC. Bill Hahn, Trevor Koskovich, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the transaction.

5. Alaska USA Federal Credit Union has paid $17M for a 2-story, 185KSF office building in Glendale. The newly purchased property at 5551 W. Talavi Blvd. previously housed Honeywell Inc., but had been vacant for nine years.

6. SRS recently announced the sale of the Shops at Arrowhead on behalf of their client Armstrong Bell 7th Development, LLC. The 9.9KSF shopping center is on the SEC of Bell Road and 75th Avenue in Peoria. Sean Thomas, Ed Beeh, and Chuck Gibson with SRS represented Armstrong Development.

7. Phoenix Commercial Advisors announced the closing of Power Marketplace, two pads and shops shadow anchored by LA Fitness and Home Depot. The property, located on 4.19 acres on the NEC and SECs of Power and Rittenhouse roads in Queen Creek., sold for $8.1M. The three buildings total 26.7KSF. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, Ryan Companies, in the transaction.

8. SimonCRE purchased a 4.69-acre property, consisting of three retail buildings, at the NWC of Gilbert Road and Southern Avenue in Mesa. The property includes a 36KSF former gym, which will be renovated for Aspire Fitness, a 3.7KSF Banner Urgent Care, and a 5.7KSF multi-tenant. SimonCRE purchased the property for $6.58M.

9. CBRE has arranged the sale of Deer Valley Plaza, an 87.8KSF, two-building shopping center at 1838 and 1818 W. Bell Road in Phoenix. GM 19 Bell, LLC, a group formed by local developer Jeff Geyser, purchased the center from Deer Valley Associates, LLC for $6.2M. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

10. Maracay Homes, a wholly owned company of the TRI Pointe Group, closed on two land purchases in Phoenix’s East Valley this month, totaling approximately $5.9M. The parcels, located in Queen Creek and Mesa, will be developed into new, single-family home neighborhoods scheduled to open in late 2018.  Nathan & Associates brokered the transaction between Maracay and the seller, DMB Mesa Proving Grounds, LLC, an entity owned by DMB.

11. Tucson South Development Group, LLC, an affiliate of Long Development Corporation sold the Tractor Supply store at 1715 W Valencia, Tucson, to IS Corporation for $5.075M in a net lease sale. Long was self-represented.

12. The Avenue Shoppes LLC bought the 15.62-acre former Buckhorn Baths Motel property on the NWC of Main Street and Recker Road for $2.15M in a deal that closed in August, according to developer Cameron Cooke with Urban Fabric Builders.

13. VIAONE Properties has arranged the sale of a 6.4 KSF, single-tenant NN fire station occupied by AMR-Rural/Metro at 28353 N. Main St. in San Tan Valley for $3.7M. VIAONE Properties, represented the seller, Luge and Sons Development Inc. in the transaction, and Hyres International represented the buyer, Dumitru and Maria Popescu.

14. MC Companies of Scottsdale purchased 12.65 acres at River and Craycroft in Tucson for $3M. The site is at the SEC and will be used for construction of a 210-unit upscale apartment complex. GT Alley with Broadway Realty & Trust handled the transaction and is a member of the selling entity, Craycroft River Holdings, LLC.

15. Bill Alter of Rein & Grossoehme is pleased to announce the sale of Ranch Self Storage located at 1930 S. Pennington Street in Mesa. The sale had a price of $2.875M. The property was purchased by Wentworth Properties.

Lease Transactions

16. Indeed signed a seven-year lease for 53KSF at Scottsdale Galleria, doubling its footprint in the recently renovated 541KSF Class A creative office building.

17. NAI Horizon negotiated a long-term lease for Planet Fitness at 15569 W. Bell Rd., in Surprise. NAI’s Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented Planet Fitness in the transaction totaling $2.8M. The landlord, 15601 Bell Road, LLC was represented by Brian Gast of Velocity Retail Group.

18. Velocity Retail Group recently finalized two separate transactions with Old Navy and Athleta, which are part of Gap, Inc. Brands. Dave Cheatham and Darren Pitts for the firm represented the retailer. Athleta’s new 3.3KSF store is located at the Town & Country Shopping Center. Old Navy will open its new 14.3 KSF store in Chandler next month.

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