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Commercial Real Estate Transactions 01-15-2019

10. Chandler Viridian. Credit: Hines

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Monterra Apartment Homes, a 258-unit multifamily property in Phoenix. The complex sold for $37.2M. IPA Senior Managing Directors Steve Gebing and Cliff David represented the seller, Weidner Apartment Homes, and procured the buyer, an institutional investment manager.

2. Atlantic Development & Investment has sold Sonora Vista, a 184-unit affordable community at 9736 E. Balsam Ave, Mesa, to Dominium for $22.5M. The sale was a 1031 tax-deferred exchange.

3. Commercial Properties, Inc./CORFAC International has announced the sale of The Grove on Palm Lane, a 75.4KSF multifamily property at the NWC of 36th St and Palm Lane in Phoenix, for $11.35M. CPI’s Kimberly Rollins and Dallan Randall of the Rollins & Randall multifamily team represented the buyer, BAF 1, LLC.

4. Boise-based Alturas Capital Partners has purchased Siete Square II at 3707 N. 7th St. in Midtown Phoenix for $5.66M. Phil Breidenbach, Mindy Korth, Kirk Kuller, Kathy Foster and Kyle York represented the seller, Orsett Properties. The buyer was self-represented.

5. The iconic DeConcini Building at 2525 E Broadway in Tucson sold for $4.725M. The 32.2KSF building was 100% occupied at time of sale and purchased by Broadway Executive Plaza. Tom DeSollar, Broker for Arizona First Properties LLC, represented the seller, Du Besh LLC. Brandon Rodgers, CCIM, of Cushman & Wakefield | PICOR represented the investors.

6. ORION Investment Real Estate has announced the sale of the 10KSF Golden Corral in Yuma for $4.13M. The transaction was listed, marketed and closed in 65 days. Judi Butterworth, Senior Vice President of ORION, represented the seller, Edwards Corral LLC.

7. Marcus & Millichap announced the sale of Villa Sienna, a 36-unit apartment property at 331 Pastime Rd, Tucson, for $2.435M. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, represented both the buyer and seller.

8. Land Advisors Organization’s broker Kirk McCarville represented the buyer, Pinal County, in the transaction of 80 acres from Vernon Lester Barnes. The 80 acres are being used by Lucid Motors to develop an $800M plant, with engineers planning to break ground in March or April of this year.

9. MG Properties Group has acquired the 429-unit Sonoran Apartments in Phoenix for an undisclosed price. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the seller, who was not disclosed. Financing was arranged by Rocco Mandala of CBRE.

Lease Transactions

10. Hines welcomed two new tenants during the grand opening of the Offices at Chandler Viridian, the tallest multi-tenant office building in Chandler. Stantec, a global engineering, architecture and consulting firm, is consolidating Phoenix-area employees from four Valley offices into one landmark location and occupying approximately 51KSF on the second and third floors. Workuity, a coworking firm, is launching its second Arizona location and leasing approximately 19.8KSF on the first floor.

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