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Commercial Real Estate News 2-3-15

Photo credit: AZRE

CRE1Sales Transactions

1. UBS Realty Advisors LLC purchased the 223-unit Domus apartments in Phoenix for $51.6M ($231K/unit) from a company formed by Smithfield Properties LLC. The deal was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. The high-end apartments, which were developed by Smithfield in 2013, are located on a 6-acre parcel at the southeast corner of 36th Street and Campbell Avenue.

2. Rose Law Group Reporter published a pair of apartment complex sales totaling $42.4M. An entity of Sunstone Realty Advisors sold the 160-unit Azure Creek apartments, 29862 N. Tatum Blvd., Phoenix, for $23.3M ($145K/unit); an entity of Green Leaf Partners sold the 266-unit Green Leaf apartments, 2354 W. University Drive, Tempe, for $19.2M ($72K/unit).

3. American Realty Capital Properties purchased a 24-property portfolio of gas stations and convenience stores in Tucson and southern Arizona for $39.8M from Reay’s Ranch Investors, LLC. Pete Villaescusa and Jesse Peron in CBRE’s Tucson office represented the seller. Under a new master lease agreement between ARCP and El Paso, Texas-based Western Refining, the stores will be rebranded and operate under the “Giant” moniker.

4. Exeter Property Group purchased a 486KSF warehouse, 5555 W. Lower Buckeye Road, Phoenix, for $24.3M from Prologis Inc. Don MacWilliam and Payson MacWilliam with Colliers International represented the buyer and seller. Prologis built the cross-dock distribution warehouse in 2013. The building sits on a 27.7-acre lot in Park Riverside 2, part of a 150-acre industrial park setting in a designated Foreign Trade Zone magnet site.

5. An affiliate of Hannay Realty Advisors purchased the 38KSF Paloma Village Center, Campbell Avenue & Skyline Drive, Tucson, for $17.2M ($456/sf) from Darryl Wong & Associates. The buyer was represented by Andrew Harrison of ORION Investment Real Estate of Scottsdale. The seller was represented by Matthew Lyons of The Hogan Group in Scottsdale.

6. An affiliate of Covington Asset Management, LLC purchased the 139KSF Washington Business Park, 5324-5330 E. Washington St., Phoenix, for $11.5M from BREOF AIP Phoenix, LLC. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller. Washington Business Park was 72 percent occupied at time of sale.

7. An affiliate of CIRE Management purchased the 88KSF Monterey Vista Village Shopping Center, Pecos & McQueen roads, Chandler, for $9.8M from Monterey Vista Village Shopping Center, LLC. The transaction was negotiated by Jared Williams, Ari Spiro and Sean Stutzman of ORION Investment Real Estate based in Scottsdale.

8. CA Roseben MC, LLC purchased the 18KSF class A Metro Commons retail center, 3121 W. Peoria Ave., Phoenix, for $7.8M from an entity formed by Jacor Partners. Andrew Fosberg, Cam Stanton, Chris Ackel and Molly Busch with CBRE’s Phoenix office represented the seller.

9. Kardun Associates purchased the Burger King at 1960 W. River Road in Tucson along with three additional locations in Prescott Valley, Gilbert and Camp Verde for $5.45M from Laird Asset Development. Lauren Veres with NNN Properties, an affiliate of Marcus & Millichap based in New-York, handled the transaction.

10. Real Estate Daily News reported the sale of two apartment complexes in Tucson for a total of $7.8M. Blacklidge Terrace Apartments sold for $4.5 million ($22K/unit); the property was 91 percent occupied at the time of sale. Woodland Village Apartments was sold to Tucson Equity Partners, LLC for $3.26 million ($23K/unit). The new owner has since renamed the complex Juniper Canyon; the property was 90 percent occupied at the time of sale.

Lease Transactions

11. JLL completed an office lease in Scottsdale on behalf of Arizona-based Soilworks that establishes a new world headquarters for the company – a leader in dust control and soil stabilization technology. The location is just east of the Loop 101 freeway within Riverwalk Arizona, a $400M, class A corporate campus slated for up to 1.5MSF of high-end office and retail space. John Pierson and Trevor Pratt of JLL represented Soilworks in the transaction. The landlord, The Alter Group, was represented internally by Justin Miller.