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Commercial Real Estate News 11-07-17

Credit: CBRE

Sales Transactions

1. A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company has acquired two luxury apartment communities in North Scottsdale (Tradition at Kierland and Legend at Kierland) totaling 724 units for $148M. Quadrant Real Estate Advisors LLC provided debt financing, arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Alliance Residential.

2. Equus Capital Partners, Ltd. and iStar Inc. announced the formation of a joint venture for the $53M acquisition of McDowell Mountain Business Park,  two identical three-story office buildings totaling 256K rentable SF, in Scottsdale. Mesa West Capital has funded $42.6M in first mortgage debt for the acquisition of the project. The venture acquired the REO property from RAIT Financial Trust. Bryan Taute, Jim Fijan and Will Mast with CBRE’s Phoenix office headed the negotiations on the transaction between buyer and seller. Mesa West Capital’s five-year floating rate interest-only loan was arranged by Rocco Mandala with CBRE’s Phoenix office.

3. CBRE arranged the sale of Altera Highland, a 350-unit Class A multifamily community located at 1602 E. Highland Avenue in Phoenix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Atlanta-based Wood Partners. Transaction volume is estimated at $30M.

4. Gelt Inc. has sold the 150-unit Capella Place apartment property in Phoenix for $19.6M to Baron Properties. Tyler Anderson, Sean Cunningham, and Asher Gunter of CBRE Group represented both parties in the sale.

5. CBRE Global Investors has acquired Tempe Logistics Center, a 175KSF industrial building in Phoenix’s Southeast Valley submarket, on behalf of Allstate, as part of its investment portfolio. Cushman & Wakefield’s Phoenix industrial team of Will Strong; Mike Haenel, Andy Markham and Phil Haenel negotiated the transaction on behalf of the seller, LBA Realty. Various reports have listed the price at $18.1M.

6. Thrasher Law Offices, PLLC handled the sale of two apartment complexes with an aggregate value of $18.17M. Hamilton Zanze & Company sold the Arches at Oracle Apartments at 5921 N Oracle Road in Tucson for $12.4M to Oracle 5921 LLC. In the second transaction, the Winthrop N Isaacsen Trust sold the Rosemont Gardens Apartments at 5121 East 29th Street in Tucson for $5.77M to RGCD Investments, LLC.

7. The 581KSF Central Arizona Distribution Center in Casa Grande has been sold by Clarion Partners for $13.6M. JLL’s Mark Detmer, Bo Mills, Pat Harlan and Ryan Sitov represented the seller. The property buyer is Harrison Development LLC.

8. Five Valero gas-stations and c-stores in Tucson were acquired by Getty Realty for $10.55M from CST Arizona Stations, Inc. formerly known as Diamond Shamrock Arizona, as part of a $123M portfolio.

9. CBRE has arranged the sale of 454 West, an 80-unit, value-add multifamily community in Mesa. The property commanded a sale price of $7M. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the seller, Valleywide Apartments, LLC of Gilbert, and the buyer, 454 West Brown Road Apartments, LLC of Scottsdale, who obtained new financing through Newmark Realty Capital.

10. The sale of Elden Shadows Mobile Home Community in Flagstaff was completed for $2.2M. John Sheedy with Park Brokerage Inc. arranged the seller-financed sale on behalf of the seller and procured the buyer. Elden Shadows is a 51-space mobile home community on 5.67 acres.

Lease Transactions

11. The City of Phoenix is launching a 29KSF “pop-up library” about 1½ miles north of Burton Barr while the main library undergoes repairs for water damage. It’s expected to open before the end of the year. Phoenix is using insurance money it received after the library flooding to rent space in Park Central Mall for $675K.

12. Port Plastics, Inc. leased 12KSF at 2850 E. Valencia Rd. in Tucson, from 3000 East Valencia, LLC. Rob Glaser with Cushman & Wakefield | PICOR, and Crystal Jutte with Mohr Partners represented the tenant. Robert DeLaney with CBRE represented the landlord.

13. Urban Air Adventure Park is opening its first Arizona location, a 24KSF indoor park at Ray Road near Interstate 10 in Ahwatukee. It is slated to open in January.

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