Commercial Real Estate Transactions 01-28-20

Sales Transactions

1. CWS Capital Partners LLC purchased Azure Creek, a 160-unit garden-style multifamily property at 29862 N. Tatum Boulevard, Maricopa, for $36.25M. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office facilitated the sale on behalf of the seller, RK Properties.

2. OZ-UNION, LLC purchased Union @ Roosevelt, a recently developed mixed-use project featuring 80 luxury, mid-rise apartments with 9.1KSF of ground floor retail space and 28KSF of land at 888 N. 1st Avenue, Phoenix, for $27M. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers International in Arizona represented the seller, Metrowest Development of Phoenix.

3. ABI Multifamily announced the $19M sale of the Las Hadas Apartments, a 110-unit complex with craftsman-style architecture at 9240 East Redfield Rd., Scottsdale. ABI Multifamily’s Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented the buyer, APRA Capital, LLC, and seller, an Arizona-based investment group.

4. PPHC Wilmot, LLC and HHP Wilmot, LLC, affiliates of Pinnacle Properties Holding Company, LLC, purchased a 98.3KSF single-tenant office building at 101 N Wilmot Road, Tucson, for $18.1M. Mark Irvin, CCIM, SIOR of Mark Irvin Commercial Real Estate Services in Tucson along with an assist from Craig Coppola, CCIM, SIOR, with Lee and Associates Arizona, represented the seller, 101 North Wilmot LLC. The buyer was represented by attorney, Tim Dozois.

5. Prime Storage Group purchased Self Storage With More, a 91.6KSF, 780-unit self-storage facility at 5932 E. Brown Road, Mesa, for $11.15M. Norman Herd, President of Quantum Property Advisors, represented the seller, Brown Recker SS Investors, LLC.

6. KKR purchased Tiger Industrial Center, a fully leased 103.5KSF industrial park at 4901 & 4929 W. Van Buren Street, for $8.35M. Phil Haenel, Will Strong and Greer Oliver of Cushman & Wakefield Phoenix represented the buyer and seller, Dunbar Real Estate Investment Management.

7. Phoenix Commercial Advisors facilitated the $8.328M sale of The Collective Shops, six-tenant shops totaling 14.9KSF and shadow-anchored by Alamo Drafthouse Cinema at 1120 and 1128 E. Baseline Road, Tempe. The two buildings were 100 percent leased to a mix of international, national and regional retailers, including Menchie’s Frozen Yogurt, Pure Barre, Boardroom Salon for Men, Artichoke Basille’s Pizza, Scramble, and The Porch.

8. ABI Multifamily announced the $7.55M sale of the University Palms Apartments, a 43-unit, garden-style community at 1207 E. 8th Street, Tempe. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang, Doug Lazovick and Ryan Smith represented both the buyer and the seller, both of which are California-based private investors.

9. First McKinley Owner, LLC purchased First McKinley, a development site located at the NWC of 1st Avenue and McKinley Street in downtown Phoenix, for $7M. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors negotiated the transaction on behalf of the seller, Drapac Capital Partners. Specifics on the proposed development will be announced at a future date.

10. Park Brokerage Inc. announced the $6M sale of the Star Vale Manufactured Home Community in Star Valley. John Sheedy with Park Brokerage Inc. represented the seller and procured the Phoenix-based buyer.

11. Tenet Healthcare, a fully-leased medical office building located at The Landing shopping center, near Irvington Road and I-19, has been bought by private investors for $5.1M. Mark Ruble, Jamie Medress and Chris Lind, with Marcus & Millichap, represented the seller.

12. Sperry Equities, LLC purchased Lindsay Groves Marketplace, a 16.2KSF retail center at 2723-2727 E. McKellips Road, Mesa, for $3.1M. Tom Semancik and Kyle Davis of the Retail Sales & Leasing Team at Commercial Properties Incorporated represented the seller, a partnership associated with North American Development Group.

13. Edkey, Inc., also recognized as Sequoia Charter Schools, has purchased 8.66 acres within Buckeye Parkway Center at the SEC of Interstate 10 and Verrado Way in Buckeye, for $2.941M, for the site and plans to develop a high performing elementary school scheduled to open Fall 2020. Brian Woods of Colliers International in Arizona represented the seller, Nevada Holding Co., L.P, known formally as SIHI. Dave Carder of Cushman & Wakefield represented Edkey.

14. ABI Multifamily announced the $2.75M sale of the Desert Pine Apartments, a 19-unit, garden-style community at 2011 N. 51st Street, Phoenix. ABI Multifamily’s Royce Munroe represented the seller. Both the buyer and seller are Arizona-based private investors.

15. Arizona Fireplaces purchased the 21.7KSF property at 3422 E. Roeser Road, Phoenix, for $2.28M. Phil Haenel of Cushman & Wakefield Phoenix represented the buyer and Josh Wyss of Cushman & Wakefield represented the seller, Morton Perry Real Estate LLC. Arizona Fireplaces plans to renovate and occupy the property the second quarter of 2020.