1. With Chandler’s San Marcos Golf Resort boasting new owners and a multi-million dollar renovation (AZBEX, February 14th), the neighboring Fairways apartments, 777 W. Chandler Blvd., 352 units on the San Marcos golf course, has been sold for $35.2M ($100K/unit) to The Bascom Group LLC, Irvine, Calif. and Scottsdale. Marcus & Millichap represented the seller, Situs Holdings LLC.
2. Digital Realty Trust acquired 227K SF in a trio of adjoining Phoenix datacenter buildings for $24M ($106/SF average). One of the facilities is 109K SF with 7.2 megawatts of IT capacity and is occupied by a long-term datacenter tenant. The remaining pair is occupied by the unidentified seller and a short-term tenant. The company did not identify locations for the buildings it’s adding to the 703K SF it already owns in the market.
3. Morningside Apartments, 10455 E. Via Linda, Scottsdale, has sold for $21.6M ($135/unit) to FSC Realty, Beverly Hills, Calif. CBRE handled the deal for Equity Residential Trust, Chicago. This sale marks the first one this year by Equity to a buyer other than Greystone. FSC owns more than 2.5K units in the market, but has only recently started acquiring properties in Phoenix again. Morningside is the second acquisition in a year for the private investor.
4. The Arizona Daily Star reports Tucson real estate sales topped $6.5M last week in its summary. The top sales were:
- All Real Property buying 2485 N. Swan Rd., Tucson, for $3.0M from Tres S.E.Z Inc. Buyer and seller are based in Tucson.
- A commercial property at 15440 W. Ajo Way, Three Points, sold to Sadler Living Trust, La Quinta, Calif. for $1.1M. SW Three Points DG LLC, Scottsdale was the seller.
5. Phoenix-based Torino holdings has unloaded a 16-acre plot at Tatum and Greenway, Phoenix, wrapping around a recently constructed Walgreen’s. Originally-planned for apartments, the $6.4M ($390K/acre) deal clears the land for buyer KB Homes to construct 127 modest-sized 2K-2.8K SF luxury homes. The project, Alcantara Villas, is a compromise with neighboring single family home-owners opposed to a foreclosed proposal to develop retail and apartments.
6. Valencia Hills Apartments, 3350 W. Valencia Rd., Tucson, has been acquired by Mabry Management Company, Inc., for $2.8M ($25K/unit). The 112 unit apartment complex was sold by Valencia Hills Apartments LLC. Sperry Van Ness represented the seller and buyer.
7. Paying about $600 for the same area taken up by a pancake breakfast, juice and coffee, a private investor bought the new Queen Creek IHOP from Restaurant Capital Development. The $2.7M ($570/SF) deal for the 4.7K SF restaurant, 20710 E. Victoria Ln., was brokered by Marcus & Millichap.
8. NAI Horizon handled the sale of an 81K SF retail property, 1020-1050 E. Pecos Rd., Chandler. The firm represented seller C-III Asset Management in the $2.5M ($31/SF) transaction to an unidentified buyer.
9. Denali National Trust LLC has picked up the flex building, 1911 W. Parkside Rd., Phoenix, from Barron Manufacturing Realty LLC for $2.2M ($68/SF). The 32.2K SF property is currently occupied. Cresa represented the seller and Shell Commercial represented the buyer.
10. A 137K SF office complex of six buildings northwest of the intersection of Scottsdale Rd. and Shea Blvd., Scottsdale Promenade, sold to Younan Properties, Inc. from CW Capital. Rockwood Real Estate Advisors represented the seller in the transaction. Cassidy Turley is handling leasing of the open stores in the complex.
11. Jupiter Investment Group acquired The Cortina Apartments, 104 units at 11 E. Bell Rd., Phoenix. CBRE worked the deal for undisclosed seller. No price was mentioned for the 94 percent-occupied complex.
12. Valley Pallet, Inc. is making the move into a 42K SF industrial building on 4.5 acres of the Buckeye Industrial Center, 5707 W Buckeye Rd., Phoenix. Cassidy Turley represented the landlord, DF Properties, Inc., as well as the tenant in the transaction.
13. Dick’s Sporting Goods is moving into a 35K SF location near Sam’s Club, Hwy. 69 at Sundog Ranch Rd., Prescott Valley. The retailer is moving into a facility to be finished by Kitchell in December. This location is its first move north of Phoenix in Arizona.
14. The roar of crowds and engines, flames and fumes of alcohol-burning, fuel-injected dragsters, hot rods and funny cars are no more at Firebird Raceway. The 30-year race track on the edge of I-10 in the Gila River Indian Community waved the checkered flag for the last time March 31st, when its lease expired. GRIC did not renew the lease, and tribal economic development officials have no comments about future plans for the track, which included a drag strip, high speed oval, and space for speed boat races. The National Hot Rod Association is attempting negotiations with the community to lease the track for sanctioned events, and the former owner, Charlie Allen, is exploring options for a new location.