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Commercial Real Estate Transactions 01-15-2019

2. Solstice at Arcadia. Credit: AZRE

Sales Transactions

1. Alden Street Capital Management has acquired The Retreat at Tucson, a 183-unit student housing community with 774-beds, at 1000 E. 22nd St, Tucson, for $56.2M. The seller was an affiliate of Heitman Capital Management, Tucson Real Estate Holdings, LLC.

2. Solstice at Arcadia Apartments, 5401 East Thomas Road, Phoenix, sold this month for $26.6M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, Solstice Phoenix Apartments, LLC, and the buyer, Tides at East Arcadia Owner, LLC, an entity form by Tides Equities.

3. HSL Properties recently purchased the Hampton Inn & Suites Tucson East/Williams Center, located at 251 S. Wilmot Road in Tucson, for $8.2M with plans to renovate the 101-room hotel.

4. Velocity Retail Group’s Darren Pitts, Executive Vice President, represented At Home in the $4.725M purchase of 5.88 acres of land in The Groves shopping center at the NWC of Elliot Road and Hardy Drive in Tempe.

5. Larsen Baker, through its affiliate Gallery Row Group, LLC, has acquired Gallery Row, a 22.5KSF commercial property at the NEC of Skyline Dr and Campbell Ave, for $3.8M. The seller was CIII Capital Partners.

6. Phoenix Commercial Advisors closed on a single-tenant Starbucks at 8160 W. Thunderbird Rd for $2.44M. Chad Tiedeman at Phoenix Commercial Advisors represented the seller, Vaquero Thunderbird Partners LP.

7. NAI Horizon Vice President Tom Bean, CCIM, and Associate Stan Matzinger, represented 10240 Bell Road Associates, LCC, in the 1031 Exchange investment sale of an office building at 10240 W. Bell Rd., in Sun City. The buyer, Vintage Garden Properties, LCC, represented by John Oushana of Home Smart, purchased the property for $2.195M.

8. On behalf of Colony Industrial, Cushman & Wakefield announced the sale of Palo Verde Industrial, a 129KSF building at 6161 South Palo Verde Rd, Tucson. STAG Industrial purchased the asset. Executive Managing Director Will Strong led the Cushman & Wakefield Capital Markets team on the sale, with local market support in Tucson from Brandon Rodgers and Rob Glaser with Cushman & Wakefield | PICOR.

Lease Transactions

9. Sprouts Farmers Market Inc. has unveiled plans to open a new store at the Mountain Vista Marketplace shopping center being built at 1240 S Signal Butte Rd, Mesa. Sprouts will be the main anchor of the new retail development.

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