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Commercial Real Estate News 11-14-17

Credit: Colliers International

Sales Transactions

1. Holliday Fenoglio Fowler, L.P. has announced the $24.5M sale of and the $17.8M acquisition financing for Colonia Verde, a 99KSF grocery- and pharmacy-anchored neighborhood shopping center in Tucson. HFF team marketed the property on behalf of the seller, Westwood Financial Corporation, and represented the buyer, ROK Properties, Inc. Additionally, the HFF team placed the 10-year, fixed-rate loan with a global financial services firm. HFF will service the loan.

2. The Solano Village Apartments at 5220 W. Northern Ave. in Glendale has been sold to an Oregon private equity firm for $24M. Trevor Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the transaction. Solano Village, LLC, sold the apartment community to 3030 North Equity, LLC, which is owned by Bean Investment Real Estate, aka BIRE.

3. Lee & Associates Arizona announced that the Braun Apartment Group arranged the $21.3M sale of Biltmore Pointe in Phoenix to Portland’s Bean Investment Real Estate. The 302-unit property is located at 2802 E. Osborn Rd. The Braun Apartment Group represented the seller, Biltmore Pointe Apartments, LLC.

4. Berkadia has announced the $17.1M sale of Olive East Apartments, a 120-unit multifamily garden-style property in Gilbert. Mark Forrester, Ric Holway and Dan Cheyne of the Phoenix office secured the deal on behalf of seller Heritage Square. The buyer was Windsor Exchange Corp, QI for East Olive Street Investors, LLC.

5. Shea Homes has purchased 29 acres of land at 75th Avenue and Jomax Road in Peoria. Estimated transaction price is $10M. The seller was Aloravita I, LLC. Construction of model homes is slated to begin third quarter of 2018. The homebuilder plans to build 124 single family homes.

6. The Marcus & Millichap Real Estate Investment Services Team of Hamid Panahi, Steve Gebing and Cliff David closed on the Sunflower Apartments at 6502 E. Golf Links Road in Tucson for $6.67M. The seller of the 144-unit complex was GR Partners Sunflower, an affiliate of GR Capital of Colorado. The buyer, Veterans Parkway of California is a private investor.

7. The New Home Company said it has acquired land for a collection of 53 single-family homes, called Belmont, in the master-planned community of Somerset in Gilbert. It purchased the 53 homesites from a partnership of LeSueur Investments IX, LLC and Landmark Property Holdings, LLC, owners of Somerset.

8. NAI Horizon negotiated the $3.1M sale of a building in Phoenix for the new offices, adoption center and no-kill shelter for the Phoenix Animal Care Coalition (PCAA911). The NAI retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the buyer, the Virginia B. Jontes Foundation. The seller, RS Tree 40, LLC was represented by Rick Breuer of Presidio Southwest, LLC.

Lease Transactions

9. The Promenade at South Mountain, 8222 S, 48th St., has attracted three new tenants that have brought more than 30KSF of new occupancy to the 109KSF property. Phil Wurth and Charles Miscio of Colliers International serve as exclusive leasing agents for the property, owned by Dunbar Real Estate Investment Management. The new tenants are Association for Supportive Child Care, Inc. (14.3KSF), represented by Grafton Milne of The Menlo Group; Schlage Lock Company (7.2KSF), represented by Curtis Chickerneo of Cushman & Wakefield; and Brookdale Senior Living Solutions (9.4KSF), represented by Michael Sayre of Cushman & Wakefield.

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