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Commercial Real Estate News 11-22-16

Credit: P.B. Bell

cre-1Sales Transactions

1. Olympus Property has purchased the 194-unit Vive in Chandler apartment community for $41.5M. The Class A community is located at 1901 W. Germann Road in the South Price Corridor submarket. Vive was completed in 2014.

2. An affiliate of Cohen Asset Management purchased a 452KSF industrial facility in West Phoenix in a double escrow transaction from Breakthru Beverage Group for $33.5M. Don MacWilliam and Payson MacWilliam with Colliers International in Greater Phoenix negotiated the sale transaction. The property is located at 1115 S. 47th Ave., fronting Interstate 10 at 43rd Avenue.

3. A real estate investment unit of Goldman Sachs purchased the Class A Scottsdale Financial Center from private equity firm Equus Capital Partners. The 107KSF office building sold for $28.5M, according to Business & Real Estate Weekly of Arizona. Located at Scottsdale and Indian School roads the Scottsdale Financial Center was 93% leased at the time of the sale.

4. The Bascom Group acquired the Springs at Continental Ranch apartments located at 7901 N. Cortaro Rd. in Tucson, AZ from AION Partners for $20.93M, ($107K/unit). Art Wadlund and Clint Wadlund of Berkadia represented the seller. The 196KSF multifamily property was constructed in 1999 and features 19 buildings situated on 11.7 acres.

5. K. Hovnanian Homes has purchased 8.7 acres of land from Earnhardt Auto Centers at McDowell Road and 68th Street in Scottsdale for $10.4M. Infill deal maker Michael Lieb brokered the sale which is slated to bring 79 two-story homes to the property.

6. Tangerine Storage, LP of Calgary, Alberta purchased the 453-space Park ‘n Shade RV and Boat Storage facility at 7935 W. Tangerine Road in Marana for $4.5M ($11K/space). The seller was Park ‘n Shade RV Storage of Marana. Jeff Gorden, CCIM, of Eagle Commercial Realty Services, AMO® in Phoenix represented the buyer in this transaction and the seller was self-represented. The property was nearly 100% occupied at time of sale.

7. Orion Investment Real Estate announced the $4M ($125K/unit) sale of the Fernwood Court Apartment Homes located at 15430 N. 25th St., Phoenix. Built in 2010, the private gated community consists of 32 units. Christopher Roach and Matthew Roach with Orion brokered the sale.

8. Triumph Bell West Acquisition, LP purchased Triumph Bell West Ranch, a 20KSF shopping center at 16846 W. Bell Road in Surprise for $3.9M from PWREO Bell & 303, LLC. Keri Davies of Levrose Commercial Real Estate facilitated the sale on behalf of the Buyer. The property was 93.2% leased, with one suite available at the time of the sale.

9. Oregon investor, American Village Tucson, LLC purchased the 56-unit American Village Apartments 1241 W. Roger Rd, Tucson for $2.7M ($48K/unit) from American Village Apartments, LLC. Tony Reed with Long Realty Company in Tucson represented the seller and Michael Sandahl with CBRE in Tucson represented the investor.

10. Camelot Homes purchased 7.54 acres called Westworld, located within McDowell Mountain Ranch. Pacific Land Company Brokers, Howard Weinstein, Derek Harris, Patty Lafferty, and Connor Peagler represented Camelot at the Arizona State Land Department Auction. The auction price was $2.6M.

11. American Village Apartments, LLC recently purchased Fairmount Assisted Living at 6161 E. Fairmount St. in Tucson for $2.5M ($105K/bed) from 6161 E Fairmount LLC. The 24-bed assisted living and memory care facility was constructed in 2003.

Lease Transactions

12. NAI Horizon negotiated a long-term lease for a Planet Fitness at Warner Greenfield Square, 858 S. Greenfield Road, in Gilbert. The NAI retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega, and Patrick Anthon represented JEG-FIT Greenfield & Warner LLC of Philadelphia in the transaction totaling $3.3 million. The landlord in the Gilbert deal, Warner Greenfield LLC of Tualatin, was represented by Jason Fessigner of Strategic Retail Group.

13. Target has leased 50KSF in Phoenix’s Camelback Corridor for Arizona’s first “flexible-format” store. The new store which will take over the former Sports Authority building at 16th Street and Camelback Road projects to open in July 2017, according to a press release.

14. MindBody, a leading provider of cloud-based business management software for the wellness services industry, signed a long-term lease to occupy 28KSF of SkySong 4, in the ASU Scottsdale Innovation Center within the Scottsdale McDowell Corridor. Andrew Cheney, Craig Coppola, Gregg Kafka and Michael March of Lee & Associates negotiated the transaction. SkySong 4 is now almost 50 percent leased with several deals under negotiation.

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