Commercial Real Estate News 6-7-16
1. Marcus & Millichap’s Institutional Property Advisors division brokered the sale of the MonteViejo Apartment Homes, a 480-unit complex in northeast Phoenix for $58.6M ($122K/unit). Steve Gebing and Cliff David with Marcus & Millichap’s National Multi Housing Group in Phoenix represented the seller and procured the buyer.
2. Marcus & Millichap’s Institutional Property Advisors division brokered the sale of the 312-unit Arboretum at South Mountain apartment community in Ahwatukee Foothills for $45.5M ($146K/unit). Steve Gebing and Cliff David with Marcus & Millichap’s National Multi Housing Group in Phoenix represented the seller and procured the buyer.
3. Colliers International in Greater Phoenix negotiated the sale of two apartment assets in Phoenix for a combined total of $13.8M. Warren House East, 2911 E. Indian School Road, Phoenix, 258 units sold for $10M or $42K/unit; Warren House North, 6060 N. 7th Street, Phoenix, consists of 67 units and sold for $3M ($45K/unit). Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers represented both the seller, Warren Properties, and the buyer, Mentor Properties, Inc.
4. G2 Capital purchased the 61KSF Inverness Commons II office asset, 5416 E. Baseline Road, Mesa, for $4.9M from Omninet. Dennis Desmond of JLL represented the seller. The 2001-built, two-story office building sits on 5 acres, within walking distance to retail and restaurant amenities, and is in a medical hub of the Southeast Valley that includes Banner Gateway Hospital, Banner MD Anderson Cancer Center, Phoenix Children’s Hospital and the Arizona Health & Technology Park (home to A.T. Still University of Health Sciences).
5. Gaslamp Investments LLC purchased the 117KSF Golf Links and Kolb Shopping Center at 2530-2580 S. Kolb Road, Tucson, for $4.4M from Central One, Inc. Debbie Heslop of Volk Co. represented the seller; the buyer was represented by Jared English of Congress Realty Inc.
6. Health insurance company Oscar leased 93KSF at The Circuit near the Loop 101 and Loop 202 freeways in Tempe. The Circuit is EverWest Real Estate Partners’ newest adaptive re-use project. Built in 1982 as a semiconductor building, The Circuit is an ultra-modern, 185KSF high-density office project designed for large office users looking to attract active professionals to a creative environment.
7. Express Scripts leased 81KSF of industrial space at the Liberty Center at Rio Salado building, 2040 W. Rio Salado Parkway, Tempe. Megan Creecy-Herman with Liberty Property Trust represented the landlord in-house. Daniel Calihan at CBRE represented Express Scripts. Built in March 2016, the 215KSF warehouse is now 82 percent leased.
Closures and Foreclosures
8. Saint Xavier University, the Chicago-area-based Catholic school heralded as Town of Gilbert’s partner in economic development, has announced it is closing less than a year after it opened. The town invested about $37M in the satellite campus that opened in the Heritage District in August 2015. The university will close after fall classes this year.