Commercial Real Estate News 11-8-16
1. Cushman & Wakefield announced the sale of Broadstone Sixteen 75, a 225-unit luxury Class A apartment community, located at 1675 E. Morten Ave. in Phoenix. An entity formed by ConAm Asset Management Corporation of San Diego, CA purchased the property for $60M ($266K/ unit). Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, a limited partnership formed by Phoenix-based Alliance Residential.
2. Marcus & Millichap announced the sale of Wyndham Place, a 155-unit multifamily community, located at 5008 E. Thomas Road in Phoenix. The asset commanded a sales price of $10.6M ($68K/unit). Rich Butler, a Senior Director of Marcus & Millichap’s National Multi Housing Group and Brian Tranetzki, an Associate Director of Marcus & Millichap’s National Multi Housing Group negotiated the transaction on behalf of the seller, a California investment partnership and the buyer, a local real estate investment company.
3. The 68-unit Country Club Greens Apartment Homes community at 350 W. 13th Place in Mesa has been sold for just over $6M to a team of father and son investors from Vancouver, BC, Canada, in an off-market transaction. The deal was negotiated by Christopher Roach, Matthew Roach and Joseph Dietz of ORION Investment Real Estate.
4. A 35KSF distribution facility at 18808 N. 32nd St., Phoenix has sold to a Tustin, CA-based firm for $4.5M ($127/SF). Phoenix Newspapers Inc., parent company to The Arizona Republic, occupies the facility. Lee & Associates principal, Matt Hobaica, represented the buyer, Greenwood & McKenzie Real Estate Investments. The owner, E & H Smith & Evelyn Smith, L.P., were represented by Barry Gabel and Chris Marcildon of CBRE.
5. Adobe Village and Sunset Palm RV Resorts in Yuma have sold for a combined price of $3M. John Sheedy of Park Brokerage Inc. negotiated the transaction on behalf of the sellers. The parks had 20 percent occupancy, and rents were low for the market, though Sheedy said they were mostly full in winter.
6. CBRE has recently completed the sale of Greenridge Apartments, a 72-unit, multifamily property at 3830 W. McDowell Road in Phoenix. The seller was Woodridge Manor Holding Inc., and the buyer was Greenridge, LLC. Both parties were represented by Brian Smuckler and Jeff Seaman with CBRE Phoenix. Total consideration for the transaction was $2.9 million.
7. (nl; pic: CRE Payson, Orion Investment Real Estate) A three-tenant fast food development in Payson has sold for its full asking price of more than $2.6M, according to Orion Investment Real Estate. The newly-constructed building at the intersection of Beeline Highway and Bonita Street includes Five Guys Burgers and Fries, Dunkin’ Donuts and Little Caesars. Nick Miner, senior vice president at ORION Investment Real Estate, represented the seller in this transaction. The seller in this transaction was SimonCRE and the buyer was Shipp Holdings LLC.
8. SVP Holdings of Oro Valley has purchased the Mark Hall Apartments, a 29-unit apartment building near the University of Arizona for $2M to be repurposed into student housing. The complex is located at 814 E 9th St. in Tucson. Jade Bossert with Tierra Antigua Realty handled the transaction for both buyer and seller, a private Trust in Tucson.