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Commercial Real Estate News 11-1-16

Sales Transactions

cre11. Sares Regis Group purchased the 360-unit Alanza Place apartments, 1121 N, 44th St., Phoenix, for $57.3M ($159K/unit) from a company formed by FSC Realty Inc. The deal was brokered by Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia in Phoenix.

2. Columbia Sussex Corporation purchased the 2.7-acre Phoenix Marriott Tempe at The Buttes resort, 2000 W. Westcourt Way, Tempe, from an undisclosed seller at an undisclosed amount.

3. ABI Multifamily announced the $13.5M ($49K/unit) sale of the 276-unit, Casa Bellisima apartment homes in Glendale, AZ. The Buyer was a private investment partnership group spearheaded and led by Monument Capital Group. The Seller was a joint venture between Dalan Management and VM Management. The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both buyer and seller in this transaction.

4. ABI Multifamily announced the $10.9M ($70K/unit) sale of the 155-unit, Broadway Heights apartments in Mesa to Thomas Bradford Rhoads & Co. from Emma Capital. The Phoenix-based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both buyer and seller in this transaction.

5. OM Hotels, LP purchased the 72-unit Holiday Inn Express & Suites Phoenix-Tempe-University, 1031 E. Apache Blvd., Tempe, from B&T Hospitality Management. Eric Guerrero, Michael Yu, Rahul Bijlani and Pravin Boteju of CBRE Hotels in Houston and Chris Komanoski of CBRE Hotels in Arizona represented both sides of the transaction.

6. Leaf Verde TIC LLC purchased the Leaf Verde RV Resort at 1500 S. Apache Blvd., Buckeye, for $7.75M from Leaf Verde RV Resort LLC. The NAI Horizon team of Russell and Andrew Warner negotiated the sale.

7. Dolphin Manufacturing purchased the 97.5KSF industrial property located at 440 N. 51st Ave. in Phoenix for $7.3M from Kalyx. Bill Bayless with CBRE’s Phoenix office represented the buyer; the seller was represented by Steve Sayre with JLL. The property has served previous tenants both as a corporate headquarters and distribution facility. The building will be used as a manufacturing facility.

8. CBRE recently completed the $7.2M sale of 1133 West Fifth, a 44-unit multifamily property located at 1133 W. 5th St in Tempe. Brian Smuckler and Jeff Seaman of CBRE Multifamily Investment Properties negotiated the property on behalf of both buyer, Trimark-2016 Arizona Investments, LLC, and the seller, Alchemy Partners, LLC.

9. Margreen Properties LLC purchased the 120-unit Veranda Apartments, 6015 W. Olive Ave., Glendale, for $6.8M from Western Wealth Capital. Trevor Koskovich, Bill Kahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction.

Lease Transactions

10. Online car seller Carvana is leasing a 70KSF portion of a 136KSF spec office building in Liberty Center at Rio Salado, which also will be home to DriveTime. Carvana will vacate its current office — the original DriveTime headquarters at 4020 E. Indian School Road in Phoenix — when the new offices are completed this quarter.

11. Google Inc. has inked a lease for a 39KSF facility in Chandler for testing self-driving cars in the Arizona desert. Google is locating its Chandler center at the Fairview Corporate Park near Interstate 10 and the Loop 202 freeway.

12. Centene Management Company, LLC leased 16KSF of office space in Williams Centre, 5255 E. Williams Circle, Suite 2050, Tucson, from WC Partners. Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, and Scott Bazoian with Cushman & Wakefield (St. Louis), represented the tenant in this transaction.  Peter Casey with Colton Capital Corporation represented the landlord.

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