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Commercial Real Estate News 5-17-16

Sales Transactions

CRE11. In what is the highest price per unit paid for a conventional multi-family property in the Valley, the newly built 312-unit Citrine apartments near the southwest corner of 44th Street and Camelback Road in Phoenix has been sold for $94M ($301K/unit). A company formed by Simpson Housing LLLP in Denver acquired the luxury apartment community from JLB Camelback LLC.

2. JLL’s Capital Markets experts closed the $66M sale of the 938KSF industrial Metro Phoenix Portfolio on behalf of Duke Realty Corporation. Exeter Property Group purchased the assets. Bo Mills and Mark Detmer led the JLL team on the transaction. The portfolio includes Riverside Business Center, Estrella Buckeye distribution space, and 2021 S 51st Ave.

3. Weidner Apartment Homes purchased the 472-unit The Reserve at Arrowhead apartments in Glendale for $64.5M ($136K/unit) from an institutional investment management firm. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group represented the seller and procured the buyer. The community was developed in two phases between 1998 and 1999 by Mark-Taylor.

4. Western Wealth Capital purchased 300-units of the 440-unit Signature Place Condominiums in Tempe for $40M ($133K/unit) from Mercury Investment. ABI Multifamily represented both parties in the transaction. The property was originally developed in 1996 and converted to condos in 2006.

5. Birtcher Anderson Realty purchased the 312KSF Presson Portfolio in Tempe and Mesa for $27M from Presson Companies. The portfolio sale included three properties: Fairmont Commerce Center, 1919 E. Fairmont Dr., Tempe; Carleton Business Park, 5005 & 5025 S. Ash Ave., 40 W. Baseline Road and 5030 S. Mill Ave., Tempe; and Fiesta Tech Business Center, 2150 and 2220 S. Country Club Drive, Mesa. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan with Cushman & Wakefield represented the seller.

6. Maracay Homes purchased 82 home sites in the Adora Trails master-planned development in Gilbert for $9.8M from an arm of Taylor Morrison Homes. Maracay Vice President Tom Lemon hopes to have model homes under construction by the end of the year with move-ins in 2017.

7. North Tucson Self Storage, LLC sold the Storage Facility at 2525 N. Tucson Blvd., Tucson to Extra Space Storage for $8.2M ($155/sf). The three-story facility is fully air conditioned and has 807 storage units in 53KSF of rentable space.

8. RW Partners purchased the Interstate Commerce Center in Tempe for $6.7M from Turner Real Estate, LLC. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan with Cushman & Wakefield represented the seller in the transaction. The property consists of five buildings with 16- to 18-foot clear height and easily accessible loading.

9. The Arizona Board of Regents purchased a 0.8-acre parcel on First Avenue near Fillmore Street in downtown Phoenix for $4.7M from Pterodactyl Holdings. Cushman & Wakefield’s Brent Moser, Mike Sutton and Brooks Griffith brokered the land sale.

10. Meritage Homes of Arizona, Inc. purchased 111 fully improved residential lots within the Watson Estates located southwest of the SWC of Yuma and Watson Roads in Buckeye for $4.6M ($41K/lot) to acquire the lots which are 48’ x 115’. The Seller was Watson Estates Associates, LLC. The transaction was negotiated through Chris Benjamin, Rick Jellies and Jim Frazey of City to City Commercial in Scottsdale.

11. TYR Tactical purchased 8.16 acres of land on the NWC of 91st and Olive Avenues in Peoria for $2.8M from Narazona Corporation. The buyer has engaged LGE Design Build to develop a new facility at the property. Chad Dearmore of Commercial Properties, Inc. represented the seller; Scott Truitt of Western Land Company, LLC represented the buyer.

Lease Transactions

12. On behalf of building owner HighBrook Investment Management/Cypress Office Properties, the Phoenix office of JLL has completed almost 30KSF in new leases to Premier Business Centers, Vertical Measures and People’s Mortgage. John Bonnell, Brett Abramson and Chris Latvaaho of JLL represented the landlord in all three transactions. The leases bring the building (formerly Anasazi Plaza II) to 75 percent occupancy.

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