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Commercial Real Estate Transactions 02-05-2019

Sales Transactions

1. Kasten Long Commercial Group has facilitated the sale of Green Leaf on Bell, a 306-unit community at 1100 E Bell Rd, Phoenix. Green Leaf Partners purchased the asset from Evergreen Development for $61.7M. Linda Fritz-Salazar, associate broker, and Scott Trevey, senior associate, were part of the brokerage team that handled the deal.

2. JLL’s Capital Markets experts have completed the $31.8M sale of Sanctuary on 22nd, a 266-unit apartment community at 8530 N. 22nd Ave., in the heart of Phoenix. Managing Directors John Cunningham and Charles Steele led the Multifamily Capital Markets team handling the sale on behalf of the seller, Laguna Point Properties. The buyer was a private investor.

3. Pacific Acquisitions, LLC an affiliate of Bond Commercial Properties purchased a 57KSF industrial building from Davis Selected Advisors at 3601 E. Britannia Dr., Tucson for $12.45M. Jesse Blum, Senior Associate, of CBRE’s Tucson office and Bill Divito, who passed away recently before the closing, represented the seller.

4. Ryan Spiekerman and Adam Feldman of Helix Properties LLC, on behalf of Next Gen 101 LLC, a single-entity controlled by Helix, has completed the acquisition of West 101 Corporate Center for $8.5M. Chris Toci and Chad Littell of Cushman & Wakefield’s Phoenix office represented Regent Properties in the sale of the 81.9KSF Class A office building at 1860 N. 95th Ln, Phoenix.

5. Marcus & Millichap announced the sale of Rezide at Uptown, a 35-unit apartment complex at 1420 E. Bethany Home Dr., Phoenix for $6.95M. Rich Butler, a Senior Vice President Investments with Marcus & Millichap’s Phoenix office, and Sean Connolly, a multi-family specialist, negotiated the sale on behalf of both the seller, a local family partnership, and the buyer, an out-of-state exchange investor.

6. Sunbelt Land Holdings, L.P. has purchased 36 acres at the NEC of Interstate 10 and Bullard Road for $6M. The developer plans to build a mixed-use project on the site that will include multifamily and retail space. Brian Woods and Tom Woods of Colliers International in Arizona represented the seller, RP Palm Valley LLC. The Woods duo also represented Sunbelt Land Holdings.

7. CBRE has completed the sale of a 21.7KSF retail building at 24930 S. Ellsworth Rd. in Queen Creek, for $5.3M. The buyer was in a 1031 exchange and obtained new financing in escrow. Joseph R. Compagno with CBRE’s Phoenix office represented the seller. Erik Barbic with Sherman & Boone Commercial represented the buyer, Houser Holdings AZ, LLC.

8. ZFI, LLC and KMS Properties, LLC purchased Montclair Apartments, a 61-unit apartment complex, 811 & 835 N. Alvernon Way, Tucson, from Montclair by Bakerson for $3.2M. Allan Mendelsberg, Multifamily Specialist with Cushman & Wakefield | PICOR, handled this transaction.

9. Cushman & Wakefield completed the sale of Hobby Action at Chandler Pavilions II, a 21KSF single-tenant retail building at 865 N. 54th St., Chandler. Chandler Pavilions, LLC purchased the property from MDI 54, LLC for $1.9M. Chris Hollenbeck and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

10. The Phoenix office of JLL has completed the sale of One Agave Center, a 77.4KSF, Class A office building at 8950 S. 52nd St., Tempe. JLL Executive Vice President Brian Ackerman represented the property seller, Tryperion Partners and Griffin Partners. Orsett Properties was the buyer.

11. CBRE announced the sale of the La Ronde Medical Centre, 14620 North Del Webb Blvd, Sun City. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany with CBRE U.S. Healthcare Capital Markets and Andrew Fosberg and Dylan Brown with CBRE Phoenix Retail Investment Properties represented the seller, Sun City Development Group, LLC.

Lease Transactions

12. DAUM Commercial Real Estate Services has completed the 10-year lease of 48KSF of a 96KSF industrial manufacturing property at 6615 W. Boston St, Chandler on behalf of the lessee, Advanced Circuits. The lessor is Ivanhoé Cambridge.

13. Darren Pitts, Brian Gast and Brad Ranly of Velocity Retail Group represented the Landlord, C & H Development Company in 14.4KSF lease at Scottsdale Commons at the SWC of Shea Blvd and Scottsdale Rd. Kitchen United, Inc. will be occupying the vacant space adjacent to BevMo. The tenant was represented by Todd Folger and Jami Gray from CBRE.

Closures

14. Bedrock City, an Arizona roadside attraction based on the 1960s animated series “The Flintstones,” has shut its doors after nearly 50 years.

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