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Commercial Real Estate News 11-21-17

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap has announced the sale of Mountain Park, a 240-unit apartment complex in Phoenix’s Ahwatukee Foothills Village. The property sold for $40.4M.

2. Reliance Commercial Real Estate announced the closing of the two-building, 45.9KSF Kiowa Village. The property, 2235 S. Power Road in Mesa, sold for $7.85M. Jake Danovic of Reliance represented Eleven Investments in the sale and sourced the out of state buyer.

3. SimonCRE purchased a 4.69-acre, three-building property at the NWC of Gilbert Road and Southern Avenue in Mesa. The property includes a 36KSF former gym, a 3.7KSF Banner Urgent Care, and a 5.7KSF multi-tenant retail building. SimonCRE purchased the property for $6.58M and plans on investing more than $1M to renovate the gym space for future tenant Aspire Fitness.

4. Entities formed by investor Richard Trull of Anthem acquired 44-units in two Phoenix properties for $6.8M. The sellers in the two transactions were companies formed by investors Brandon and Darrin Nunns. The Braun Apartment Group of Lee & Associates Arizona, made up of Todd Braun, Ryan Boyle and Bryson Fricke, represented both the buyer and the seller. Bell Villas 28 Apartments LLC paid $4.4M for the 28-unit Bell Villas 28 apartments at 17402 N. 19th Avenue. The seller was Bell Villas 28 LLC in Phoenix. In the other sale, Siesta 16 Apartments LLC paid $2.4M for the 16-unit Siesta 16 apartments at 2525 E. Siesta Lane. The seller was Siesta 16 LLC.

5. CBRE completed the sale of a 35-unit garden-style multifamily community at 1815 W. Colter St. in Phoenix. MV2P Real Estate, LLC purchased the property for $2.98M. The seller is Crowne Point, LLC/Boyle Family Trust Agreement. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

Lease Transactions

6. The Koss | Louer Team of Lee & Associates Arizona recently negotiated two leases at the 178KSF Parc 17. In September, Koss and Louer leased 53KSF to Peterson Aluminum, and in early November, Polyloom leased 32KSF. The industrial project is now 75 percent occupied.

7. Peoria’s MET Professional Academy has arranged to occupy the 28KSF former home of the Arizona Challenger Space Center. Peoria Unified School District acquired the property in August in a land swap deal. The move will also allow The Flex Academy, with which MET currently shares space, to expand its offerings in the District’s Old Main facility.

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