Commercial Real Estate Transactions 01-14-20

Sales Transactions

1. The ConAm Group purchased Silverbell Springs, a 290-unit multifamily community at 7759 N. Silverbell Rd., Marana, for $50.25M. Tyler Anderson, Asher Gunter and Jeff Casper of CBRE Multifamily Institutional Properties represented the sellers, a joint venture between The Bascom Group and funds managed by Oaktree Capital Management, L.P.

2. A private investor purchased The Springs at Continental Ranch, a 196-unit multifamily community at 7901 N. Cortaro Rd., Tucson, for 37.25M. Tyler Anderson, Asher Gunter and Jeff Casper of CBRE Multifamily Institutional Properties represented the sellers, a joint venture between The Bascom Group and funds managed by Oaktree Capital Management, L.P.

3. Harrison Properties purchased Gateway Corporate Park, 2432 W. Peoria Ave., and Gateway Metro Park, 2320 W. Peoria Ave for $25M. The two multi-tenant, industrial business parks totaling 309.6KSF were 74% occupied at the time of sale. Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield’s Phoenix represented the seller, Stockbridge Capital Group.

4. Epic Real Estate Partners of Austin purchased Rillito Crossing Marketplace, a 96KSF Sprouts Farmers Market and LA Fitness anchored building at 4202-4282 North 1st Ave., Tucson, for $24.4M. Dave Hammack and Greg Furrier of Cushman & Wakefield | PICOR represented the seller, The Krausz Companies.

5. Jabbel Holdings, LLC purchased The Groves, a Walmart shadow-anchored shopping center located in Tempe, for $18.5M. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

6. B&R Capital purchased Midtown Flats, a 122-unit community at 825 West Osborn Rd., Phoenix, for $18.25M. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter of Newmark Knight Frank represented the seller, Curtis Capital Group.

7. Sunrise 8300 Investment, LLC purchased a 41KSF building at 8300 E. Raintree Dr., Scottsdale, for $13.995M. Jake Ertle of Rein & Grossoehme represented the buyer and Chuck Klein of Cushman & Wakefield represented the seller, 8300 E Raintree, LLC.

8. Sun City Baceline, LLC purchased Sun City Promenade, a 70KSF daily needs shopping center located in Sun City, for $12.3M. Principal, Jan Fincham and Associate Andrew Lundahl of Lee & Associates facilitated the sale on behalf of the seller, Sun City Promenade, LLC and the buyer.

9. Maracay purchased two parcels of partially finished homesites on a finished basis, for $10.92M. Nate Nathan of Nathan & Associates brokered the sale on behalf of the seller, PPGN-Crimson LLLP, and the buyer, TRI Pointe Group.

10. Pinnacle Healthcare acquired 1860 West University, a 26.75KSF creative office building in Tempe, for $8.4M. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix and Colton Trauter and Bill Blake of Lee Associates in Phoenix represented the seller, iT1 Source, LLC.

11. Rommie Mojahed with SVN Desert Commercial Advisors helped broker the sale of 8th Ave Shops in Mesa, for $6.9M.

12. Tuscany, a 107-unit apartment community at 4399 East Pima Street in Central Tucson, sold for $6.5M. Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office, represented the seller and the buyer, both limited liability companies.

13. Towne Development purchased Glen Lakes Golf Course, in a 5-2 council vote, for $6.5M. Glendale officials are seeking a general plan amendment so developers can build a 173-lot single-family residential community on the 55th and Northern avenues site of the golf course.

14. Old Vine Limited Partnership purchased a property located at 2240 N. Scottsdale Rd, Tempe. Lane Neville and Logan Crum of NAI Horizon negotiated a sale of a 19.8KSF retail building, representing the buyer. The seller, DROF 1-5, LLC, represented itself.

15. Daniel W. Balliet, Diana L. Balliet, and Jason A. Balliet recently purchased 603 Industrial Drive, a self-storage property in Camp Verde, for $2M. Denise Nunez of NAI Horizon negotiated the sale on behalf of the seller 603 Industrial, LLC. Don Arsenault with Don Arsenault Realty represented the buyer.

16. Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, for an undisclosed price. A publicly traded REIT sold the property to an undisclosed buyer.

Lease Transactions

17. Southwest Ambulance of Tucson, Inc. leased 21KSF of industrial space at 3759 N. Commerce Dr., and 2443 and 2743 W. Majestic Way in Tucson, from West Partners Too, LLC.  Paul Hooker, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, and Michael Sharapata and John Ruskin with Jones Lang LaSalle Americas, Inc., represented the tenant.

18. WCUI School of Medical Imaging and Nursing (WCUI) has signed a long-term lease for a 20KSF space in the Lieb Building in the heart of Park Central.

19. Avison Young is expanding its Phoenix office. It has signed a new, six-year lease totaling nearly 12KSF located at 2720 E Camelback Rd, across the street from its current 8KSF location.

Closures

20. Pier 1 is reportedly preparing to file for bankruptcy and close up to 450 outlets, or nearly half of its stores, as well close certain distribution centers.