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Commercial Real Estate Transactions 02-04-20

3. Luxe Scottsdale. Credit: Phoenix Business Journal

Sales Transactions

1. Nelson Partners Student Housing has acquired Sol y Luna, a 14-story, 341-unit modern student housing complex located just 38 feet from the University of Arizona in Tucson, for $200M. Timothy S. Bradley of TSB Realty closed the transaction.

2. FSC Realty purchased Parc Midtown, a 306-unit apartment complex just west of the Central Avenue and Indian School Road intersection in Phoenix, for $78.5M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Evergreen, and procured the buyer.

3. Harbor Group International purchased Luxe Scottsdale, a 218-unit apartment community located near Loop 101, within a mile of Old Town Scottsdale, for $65.6M. The seller was Passco Cos.

4. Consolidated-Tomoka Land Co. purchased Crossroads Towne Center, a 254KSF Home Depot and Walmart-anchored retail center at 3757 S. Gilbert Road, Chandler for $61.8M. The seller was Vestar.

5. Western Wealth Capital purchased Sonesta on University, a 212-unit multifamily community at 1975 E. University Drive, Tempe, for $43.6M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Knightvest Residential.

6. Bluerock Real Estate purchased Avenue 25, a 254-unit apartment complex at 18250 N. 25th Avenue, Phoenix, for an undisclosed amount. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Millburn & Company. Rocco Mandala of CBRE Multifamily Debt & Structured Finance arranged financing for the buyer.

7. TriGate Capital has completed the sale of Crossroads at Tolleson, a 98.6KSF regional shopping center at 9897 W. McDowell Road, Tolleson. An undisclosed buyer acquired the center for $24.5M. Chad Tiedeman and Steven Underwood of Phoenix Commercial Advisors represented the seller.

8. Occidental Capital Holdings, Inc. purchased the 26.6KSF Old Vail Station Office and Retail Center and the 46KSF Vail Self Storage for $8.2M. Craig Finfrock of Commercial Retail Advisors, LLC represented the seller, Old Vail Station, LLC. The buyer represented itself.

9. Triumph Real Estate Investment Fund sold Triumph Bell West Ranch, a 20.2KSF shopping center at 16846 W. Bell Road, Surprise, for $5.182M. Jon Rosenberg, Keri Davies and Jason Reddington with LevRose Commercial Real Estate/TCN Worldwide negotiated the sale on behalf of the seller. The buyer was not disclosed.

10. West End Hotel, LLC purchased The Shoppes at Windmill Square, an 8.3KSF freestanding, multi-tenant retail center at 3950 W. Ray Road, Chandler, for $2.57M. Andrew K. Fosberg, Dylan A. Brown and Ryan Eustice with CBRE’s Phoenix office represented the seller, Bergougnan Family Group, LLC. Bob Broyles of Colliers International represented the buyer.

Lease Transactions

11. Amazon Inc. is leasing a 554KSF distribution facility in the West 202 Logistics Center, 3333 S. 59th Avenue, Phoenix, for a new fulfillment center. Amazon inked the $30M deal with landlords Carlyle Group and Trammell Crow Co. Rusty Kennedy, Pat Feeney, James Cohn and Bill Bayless with CBRE had the leasing assignment.

Closures

12. An innovative and iconic pillar in the architecture world is closing its doors. The Frank Lloyd Wright School of Architecture at Taliesin will cease operations after this semester, after a decision by its Governing Board on Saturday. The School of Architecture at Taliesin (SOAT) will continue operating during the Spring 2020 semester. The school will officially close by the end of June.

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