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Commercial Real Estate News 12-12-17

Credit: Phoenix Business Journal

Sales Transactions

1. Transwestern Investment Group and JDM Partners LLC is buying the 2MSF Marina Heights development on Tempe Town Lake for a reported record price of $928M. State Farm is one of the current owners of the development, along with Sunbelt Holdings and Ryan Cos., and will lease the office space after the sale.

2. Alaska USA Federal Credit Union will move its operations center to Arizona in 2018. The company already has a data center in Glendale’s Talavi Business Park, near 55th Avenue and Bell Road. The 185KSF operations center will be next door at 5551 W. Talavi Blvd.

3. Institutional Property Advisors, a division of Marcus & Millichap, has announced the sale of The Ledges at West Campus, a 205-unit apartment property in Tucson for $23M. Hamid Panahi, Steve Gebing and Cliff David represented the seller, Aspen Square Management, and procured the buyer, a private investor.

4. CBRE has completed the sale of Desert Eagle Estates, a 196-unit apartment community in Glendale. Scottsdale-based ReNUE Properties purchased the property for $18.1M. Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties and Jeff Kunitz and Johnathan Smith with CBRE Affordable Housing represented both the buyer and seller.

5. Land Advisors Organization announced the acquisition of ±37 acres in Chandler at Pecos Road and Hartford Street by Mattamy Arizona, LLC for $13.6M. The Scottsdale residential land team of Bret Rinehart, Ben Heglie and Ryan Semro represented the buyer. The seller was Property Reserve Inc.

6. Western Wealth Capital has acquired Country Gables, a 139-unit Glendale apartment community. WWC and its partner investors acquired Country Gables for $12.3M. The acquisition was brokered by Cliff David of Marcus & Millichap and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap.

7. Cushman & Wakefield completed the sale of Arcadia Gardens, 3101 N. 32nd Street in Phoenix. Cushman & Wakefield announced that 16th and Southern LLC/SMCPOG LLC sold 92 finished lots at the NWC of 51st Avenue and Broadway Road in Phoenix for $3.3M to JCH Land Co., LLC, an entity owned by Joseph Carl Homes. Brian Rosella of Cushman & Wakefield represented the seller.

8. CBRE completed the sale of a 21.76KSF single tenant net leased building located at 2160 S. Power Road, in the Superstation Springs Shopping Center, in Mesa. The property, occupied by Pima Medical Institute, commanded a sale price of $6.16M. Nancy McClure of CBRE Tucson and Tom Adelson and Eric McClure of Newmark Knight Frank in Phoenix represented the seller, Bright Legacy Management, LLC of Tucson. The buyer, Broadstone PMI Portfolio, LLC was self-represented. The sale was part of a $19.2M portfolio sale.

9. 7455-7475 W. Twin Peaks Road in Marana sold to John Kai, Jr., LLC for $5.12M. This is the second purchase at Twin Peaks Plaza for the investor. The seller, CJR at Twin Peaks LLC, Gary Heinfeld and Ryan Heinfeld, was self-represented in the transaction, as was John Kai, Jr., LLC.

10. Lee & Associates Arizona announced that Matt Hobaica arranged the $3.5M sale of Parkland Center II, a 35.5KSF industrial warehouse space in Tempe. Hobaica represented the buyer, BPG Designs, a design and construction firm, in the transaction. The seller, DCT Industrial, was represented by JLL.

11. ORION Investment Real Estate announced the sale of Carole Arms Apartments in Phoenix for $2.6M. Linda Ayala, Joseph Dietz, and Bob Farrell of ORION Investment Real Estate facilitated the sale. The seller was MASKAN LLC. The buyer was BILTMORE POINTE, LLC.

12. A retail pad building in The Crossroads Festival Plaza in Tucson sold for $2.09M. The buyer, Van’s Tucson Golf Properties was a tenant prior to sale and will continue to occupy 9KSF as an owner user dba Van’s Golf Shops, in the 12KSF building.

Lease Transactions

13. Gilbert leaders may be close to securing a new tenant for the building Saint Xavier University vacated in 2016. The Town Council will meet in a closed-door session on Dec. 21 to discuss ongoing talks with a couple of universities and to consider leasing all or a portion of the building, a city spokeswoman said.

14. CBRE announced it will now occupy 75KSF in the Espanade, on the fourth, fifth and sixth floors.

15. Corporate Center has secured a charter school that will occupy 26KSF of the 440KSF office complex along the reinvigorated I-17 corridor in North Phoenix. NAI Horizon’s Troy Giammarco and Tyler Smith negotiated a long-term lease worth $3.125M, bringing Sage Academy to Corporate Center, 10220 N. 25th Ave. NAI Horizon represented the landlord, Bay Pacific Corporate Center, LLC.

16. Desert Center of Allergy and Chest Diseases has signed a lease for 127 months of occupancy at the Chauncey Building, 6970 E. Chauncey Ln. in Scottsdale. The medical practice has leased 22KSF and will consolidate two offices in this one location to provide patients with more extensive services. Phillip Wurth represented landlord Talia Jevan Properties, Inc. in the lease negotiations. The medical practice was represented by Alexandra Loye of Avison Young in Phoenix.

17. Mindtree Ltd. has opened its first North America-based network operations center in Scottsdale. Mindtree recently expanded its Scottsdale office to 10KSF.

18. Eclipse Automation — which makes automated and robotic equipment and systems for manufacturers — is opening a new facility in Mesa. The automation company secured space on Broadway Road near Loop 101. CRE firm Cresa helped Eclipse secure space in the Phoenix area.

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