Commercial Real Estate Transactions 01-21-20

Sales Transactions

1. The Blackstone Group purchased the 1,003-room Sheraton Phoenix Downtown hotel, located at 340 N. 3rd Street, from Marriott for $268M. In recent months the hotel has undergone a massive renovation, updating everything from guest rooms to restaurants. Renovations are scheduled to be completed in the first half of 2020.

2. Pillar Communities purchased the Circa Central Avenue apartments, a 227-unit complex just south of McDowell Road in Downtown Phoenix for $57.5M. The Hunt Companies, Tilton Development Co., Civitas Capital Group and Ryan Companies US Inc. developed the apartments which opened last year and announced the sale. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the sellers.

3. Prado Revocable Living Trust purchased Sunwood Apartments in Peoria for $31M. Berkadia represented the seller, Western Wealth Capital. Managing Director Lucas Donahue of Berkadia’s Phoenix office secured a $20.15M fixed rate non-recourse acquisition loan.

4. ViaWest Group, in joint-venture with Taconic Capital Advisors purchased the Canyon Corporate Plaza, a two-building, 313KSF Class A office complex at 2510 and 2512 W. Dunlap Avenue, Phoenix, for $27M. Dennis Desmond, Tivon Moffitt, and Peter Baumann with JLL’s Phoenix office, and Lynn LaChapelle of JLL’s San Diego office, represented both the buyer and the seller.

5. Fifty Mission Capital and its founding principals, Jared Black of Black Law Group PLLC and Peter Anadranistakis of O2 Capital, announced the acquisition of Midtown Flats, a 122-unit apartment community in Midtown Phoenix, for an undisclosed price.

6. TB 4100 N. Central Avenue, LLC (an entity formed by Toll Brothers) purchased an 8.2-acre, 356.9KSF multifamily development site at the NWC of Central Avenue and Indian School Road, Phoenix for $17.9M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Bayless Investment & Trading Company. Toll Bros. plans on developing a 402-unit, four-story luxury multifamily project on the site.

7. Silverlake NNN, LLC, an affiliate of Spitzer Engineering purchased the 49.5KSF Amazon Last Mile Distribution building at 775 W. Silverlake Road, Tucson, in a net investment sale for $17.178M. The listing broker was Douglas Longyear of Cushman & Wakefield in San Francisco. Edward “Teddy” Seber also with Cushman & Wakefield out of New York, represented the investor.

8. Pinnacle Peak CO, LLC purchased a 168.9KSF industrial manufacturing building at 2140 W. Pinnacle Peak Road, Phoenix, for $17M. Kidder Mathews commercial real estate brokers, Eric Bell, Mike Ciosek, and Dylan Scott represented the buyer. The seller was Thul, LLC, a principle of APSM Systems.

9. Western Wealth Capital purchased Cedar Meadows Apartments in Peoria for $16.2M. Berkadia represented the seller, Prado Revocable Living Trust. Managing Director Clay Akiwenzie of Berkadia’s San Francisco office secured an $11.9M acquisition loan through Thorofare Capital.

10. Sunrise Investment 8300 LLC has purchased a 41KSF free-standing service and delivery facility at 8300 E. Raintree Drive, Scottsdale for $13.95M. The entire facility is occupied by Tesla on a long-term net lease. Michael Kitlica, national NNN leased asset specialist Chuck Klein, Eric Wichterman and Michael Coover of Cushman & Wakefield negotiated the sale transaction on behalf of the seller.

11. Equity Advantage Inc. purchased Foothills Gateway Corporate Center, a 68.2KSF upscale multi-tenant office building at 4505 E. Chandler Boulevard, Phoenix, for $11.5M. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller, HB Foothills Gateway.

12. ABI Multifamily announced the $10.126M sale of Station 19, a 61-unit, garden-style community at 7625 N. 19th Avenue, Phoenix. ABI Multifamily’s Dallin Hammond, Ryan Smith and Mitchell Drake represented the buyer, a California-based private investment partnership. The seller, Westgrove Partners, was represented by ABI Multifamily’s Royce Munroe and Ryan Smith.

13. Pathfinder Partners has announced the $8.4M acquisition of Park Paloma, a 60-unit apartment community at 2930 N. 46th Street, Phoenix.

14. ABI Multifamily announced the $8.2M sale of the Sierra Verde Villas Apartment Homes, a 58-unit garden-style community at 10525 W. Monterosa Street, Phoenix. ABI Multifamily’s Rue Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang represented both the buyer, a group of California-based private investors, and the seller, an Arizona-based private multifamily investment firm.

15. Keech Properties purchased at 58.1KSF office building at 5800 W. Glenn Avenue, Glendale, for $4.67M. Glenn Smigiel, Bob Young, Ashley Brooks, Rick Abraham and Steve Brabant of CBRE in Phoenix represented the seller, the City of Glendale.

16. The Silverbell Center, an 18KSF, two-story office and retail center at 8567 N. Silverbell Road, Marana, sold to a family trust for $3.45M. Colliers International and Gary Heinfeld , CCIM, of Advisors in Real Estate, Inc. represented the seller. The buyer was self-represented.

Lease Transactions

17. Texas cancer-testing company, Castle Biosciences Inc., has inked a new lease for an 11.5KSF clinical lab facility at 3707 N. 7th Street, Phoenix.

18. Arizona Children’s Associations will relocate from its current location to a 10.1KSF office space at Chandler Office Center, 1331, 1347 and 1351 N. Alma School Road, Chandler, in July 2020. Jamie Swirtz of CBRE in Phoenix represented the landlord, ColRich, in the lease negotiations.