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Commercial Real Estate News 12-19-17

Credit: CBRE

Sales Transactions

1. Two multifamily properties, Avilla Marana I and II in Marana totaling 284 units sold for $45.44M. Art Wadlund and Clint Wadlund of Berkadia Real Estate Advisors in Tucson completed the deal on behalf of the buyer, M3 Multifamily, LLC and the seller, Alta Vista Communities of Arizona, a joint venture of Karber Holdings and Brav Holding Company, an affiliate of BFL Construction. The seller has retained 27 acres at the site on Aerie Drive for future construction of another 500 units.

2. Holliday Fenoglio Fowler, L.P. announced the sale of and financing for The Heritage Tradition, a 303-unit, Class A+ seniors housing community in the Del Webb master planned community of Sun City West. HFF marketed the property on behalf of the undisclosed seller and procured the buyer, Senior Resource Group, LLC. SRG will also operate the property. Sale price is estimated at approximately $40M.

3. CBRE Hotels announced it has arranged the sale of the Best Western Plus Arroyo Roble Hotel and Creekside Villas in Sedona. The resort sold to Glacier House Hotels. Reports listed the sale price as $25.5M. CBRE Hotels’ Jennifer Bergamo, Larry Kaplan and Mark Darrington represented the seller, Arroyo Roble Hotel & Creekside Villas I, LLC.

4. Churchill Commercial Capital Inc. recently closed on two loans to finance the acquisition of two properties in different cities. The first was used to acquire The Ledges at West Campus, a 205-unit multifamily property in Tucson. The property sold for $23M, with Marcus & Millichap’s Hamid Panahi, Steve Gebing and Cliff David brokering the sale for the seller and Berger Investment Group’s Howard Berger representing the buyer. Cindy Hammond, President at Churchill also arranged a $17.5M loan for a Canadian-based REIT to refinance its acquisition debt on the Greenway Park Plaza Shopping Center in Northeast Phoenix. The shopping center totals 212KSF.

5. Lee & Associates Arizona has sold a 144KSF office and warehouse space for $16.3M to GreatHearts Academies, as they plan to expand their North Scottsdale Campus. Mark Linsalata, Bill Blake and Colton Trauter represented the owners in the sale to GreatHearts Academies, which was represented by Todd Noel of Colliers International.

6. MIG Real Estate has announced the acquisition of Bayside Apartments, a 176-unit rental property in Phoenix. The property will undergo significant enhancements. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. Sale price is estimated at approximately $25M.

7. Bixby Land Company purchased West 10 Business Center, a 147KSF, 100 percent leased industrial warehouse and distribution building in Phoenix for $9.5M. Will Strong of Cushman & Wakefield represented the unnamed seller in the transaction; Bixby Land Company was self-represented.

8.(nl; CRE Velocity, Velocity Retail Group) Velocity Retail Group completed the investment sale of a 12.7KSF multi-tenant retail building at 7650 West Bell Road in Glendale. Velocity Retail Group represented both the buyer and the seller in the transaction. Dave Cheatham and Darren Pitts represented the seller – FAE Holdings 416300R, LLC, the single-purpose entity of Wadsworth Development Group and Accelerated Development Services. The buyer, CH Retail Acquisitions, LLC, was represented by Brian Gast and Bret Olson. The building sold for $7.1M.

9. Cushman & Wakefield announced Wexford Developments purchased Tempe Town Centre, 20 E. University Drive in Tempe, from YAM Properties for $5.5M. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield negotiated the transaction on behalf of both parties.

10. The Scottsdale Unified School District has entered into escrow to sell its former headquarters property next to Arcadia High School. Hospice of the Valley is the local entity pursuing the 140KSF property for $4.4M.

11. Larsen Baker is pleased to announce the sale of a building at Sorrento Square on the SWC of Golf Links Rd. & Houghton Rd in Tucson to tenant Goodwill Industries of Southern Arizona. The purchase price was $3.7M. Andy Seleznov and Melissa Lal of Larsen Baker represented the landlord, Larsen Baker, while Dave Blanchette with NAI Horizon represented the tenant.

12. BPG Design paid $3.5M for Parkland Center II in Tempe near Interstate 10 and Elliot Road. The industrial property totals 35.5KSF. The seller was DCT Industrial. Lee & Associates’ Matt Hobaica helped broker the deal along with brokers from JLL.

13. CBRE completed the sale of a 26-unit multifamily community at 1335 E. Thomas Rd. in Phoenix. Coronado Flats, LLC, a first-time out-of-state buyer who obtained new financing, purchased the property for $3.02M from 1335 Thomas, LLC. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

14. Marcus & Millichap announced the sale of El Pollo Loco Ground Lease – 20 Yrs, a 3KSF net-leased property Avondale. The asset sold for $2.4M. Mark Ruble, Jamie Medress and Chris Lind of Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was also secured and represented by Ruble, Medress and Lind.

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