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Commercial Real Estate Transactions 01-08-2019

1. Uptown Plaza. Credit: The Arizona Republic

Sales Transactions

1. A Miami limited-liability company called Uptown Plaza Associates has sold Uptown Plaza shopping center located at the NEC of Camelback Rd and Central Ave for $51.6M. Levine Investments paid cash for the center.

2. Media giant Gannett Co., parent of The Arizona Republic and azcentral.com, has sold its 10-story office building and parking garage at 200 E. Van Buren St., Phoenix, for $37.65M. ViaWest Group purchased the building through an LLC called VWP EVB 200 Office.

3. Tides Equities LLC recently purchased the 316-unit Crossroads apartment complex at 2222 W. Beardsley Rd for $33.5M. The seller was not named.

4. The 308-unit Breckenridge Apartments, 17625 N. 7th St., Phoenix, recently sold for $32.8M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich and Jesse Hudson represented both the seller, North Park Management LLC and North Park Condominium LLC, and the buyer, 3rd Ave Investments, LLC.

5. NAI Horizon Senior Vice Presidents Lane Neville and Barbara Lloyd and Associate Logan Crum represented 29 Bell, LLC, the buyer in the $14M investment acquisition of Deer Valley Center, a +/-128KSF retail center at 4123-4273 W. Thunderbird Rd., Phoenix. NAI Capital, John Manion and Travis Watkins represented the seller, Deer Valley Center LLC.

6. Andersen Corp., a Minnesota-based window and door manufacturer, has purchased 68 acres of land near Cotton Ln and Commerce Dr in Goodyear for $13.35M from The Opus Group. In September, the company unveiled plans to build a 500KSF manufacturing and distribution space.

7. Tucson-owned Nor Hotel Properties, LLC. has acquired DoubleTree by Hilton Tucson – Reid Park, at 445 S. Alvernon Way, for $10M. The seller, LNR Partners, was also the loan servicer.

8. On behalf of Cohen Asset Management, Cushman & Wakefield announced the firm facilitated the sale of the Phoenix Airport Industrial Center, a 77.6KSF building at 824 E. University Dr, Phoenix. EverWest Real Estate Investors purchased the asset for $8.65M.

9. CBRE negotiated the $8.3M sale of a single-story, 51.9KSF office building at 16402 N. 28th Ave. in Phoenix. The buyer, Corsair Management, LP, acquired the property from Alliance United Partners, LLC. Barry Gabel, Chris Marchildon, Will Mast, Corey Hawley and Jimmy Cornish with CBRE’s Phoenix office represented the seller.

10. Marcus & Millichap announced the $6.08M sale of Dakota Canyon, an 80-unit apartment property at 6201 E. Pima St, Tucson. Hamid Panahi, James K. Crawley and Lane Schwartz, investment specialists in Marcus & Millichap’s Tucson office, represented both the seller and the buyer.

11. Bell Canyon Plaza, a Family Dollar anchored multi-tenant retail center at 1004 & 1014 N. 24th St., Phoenix, has recently sold for $3.5M. Ari Spiro, Derek Buescher, and Jared Williams of ORION Investment Real Estate exclusively represented both the buyer, Ramsey Real Estate Group, Inc., and seller, Ten Fourteen 24th Associates, LLC.

12. Marcus & Millichap announced the $3.035M sale of Fort Lowell Apartments, a 58-unit apartment property at 2230 E. Fort Lowell Rd in Tucson. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office represented both the seller and the buyer.

13. Avery Commercial Small C, LLC purchased a 7.7KSF retail building at 9630 N. Oracle Rd. in Tucson, from Boulder Oro Valley, LLC for $2.4M. Rob Tomlinson, Retail Specialist with Cushman & Wakefield | PICOR, represented the buyer. Debbie Heslop with Volk Company represented the seller.

14. Land Advisors Organization’s Scottsdale team of Ryan Semro, Ben Heglie and Bret Rinehart represented the buyer, Ironline Partners, in the transaction of 65.76 acres of farmland south of the SWC of Apache Rd and Southern Ave in Buckeye from the Hayden Family for $2.14M. The property was purchased as an investment for the eventual development of a residential community.

15. LaSalle Investment Management announced that it has acquired San Melia, a 488-unit luxury multifamily community in Ahwatukee, on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund. CBRE brokered the sale. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the institutional seller, ChrisKen Group. No price was given.

Lease Transactions

16. Co-working giant WeWork has leased four stories, totaling 54KSF, in the Esplanade, 2425 E. Camelback Rd., Phoenix, from LBA Realty in order to open its first Phoenix location in the third quarter of 2019.

17. Jupiter Research, LLC, a global leader in the development, manufacture and wholesale supply of electronic inhalation products, has leased 12.4KSF of space at the Camelback Collective, 2801 E. Camelback Rd, Phoenix, from Holualoa Companies for its corporate headquarters.

18. XO Windows, LLC renewed their lease for 12KSF at 750 E. Ohio St., Suites 1,3 & 4 in Tucson, from Ohio Street Building No. 2 Ltd., LLLPCushman & Wakefield | PICOR represented both the landlord and tenant.

Closures

19. Another 80 Sears and Kmart stores will be shuttered nationwide as part of the bankruptcy restructuring by Sears Holding Corp. This includes the Kmart store at 7055 E Broadway Rd in Tucson. The closure of the latest set of 80 Kmart and Sears stores will be completed in March 2019. A liquidation sale at the Tucson Kmart store to be closed is expected to begin within two weeks.

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