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Commercial Real Estate Transactions 02-12-2019

1. Pointe Hilton. Credit: Hotel Business

Sales Transactions

1. Park Hotels & Resorts Inc. has closed on the sale of the 563-room Pointe Hilton Squaw Peak Resort located in Phoenix for $51.4M.

2. Northland Investment Corporation acquired Canyons at Linda Vista Trail, a 228-unit luxury apartment community at 9750 N Oracle Rd., Oro Valley, for $41.25M. Art and Clint Wadlund of Berkadia in Tucson handled the transaction for the seller, Boulder Oro Valley.

3. CBRE has brokered the sale of The Wexler, a 219-unit multifamily community at 3030 N. 7th St., Phoenix, for $26.5M. Brian Smuckler, Jeff Seaman and Bryson Fricke represented the seller, 3030 N. 7th Street, LP, an affiliate of Pennybacker Capital, and the buyer, Wexler Partners, LLC a joint venture between WIP-Park Village II, LLC and WIP-Fireside II, LLC, who acquired the property in a 1031 exchange.

4. The Clarendon Hotel, a four-star boutique hotel located in midtown Phoenix was sold by Ben Bethel, the hotel’s former owner and general manager, for $19.5M. The new majority owner is Alexandre Rizk and his company Pro Hospitality Nine Sub LLC. Rizk owns 70 percent of the property, while Kevin Brooks, the managing director of GreenTree Hospitality Group, owns 25 percent.

5. Commercial Properties, Inc./CORFAC International (CPI) has announced the opportunity zoned sale of The Sky Harbor Inn, a 95.1KSF multifamily property in Phoenix, for $9.25M. CPI’s Kimberly Rollins and Dallan Randall of the Rollins & Randall multifamily team represented both the seller, Sky Harbor Investment Properti, and the buyer, Incline Village Properties LLC.

6. Cushman & Wakefield completed the sale of Coyote Station, a 10KSF multi-tenant retail center at the NEC of State Route 179 and Cortez Drive in Sedona. Brochway, LLC purchased the property from Crescent Properties, LLC for $7.7M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

7. Director of Retail Leasing & Sales Investments, Rommie Mojahed and Senior Advisor Beau Flahart of SVN | Desert Commercial Advisors represented the seller, a local investor, in the $6.9M sale of the 8th Ave Shops. The 74.6KSF building at 810-848 S. Alma School Rd, Mesa, was purchased by Alex Holding LLC & Sunnyslope LLC.

8. CBRE completed the sale of a 6.2KSF medical office building in the Brookside Office Park at 11851 North 51st Avenue, Building B, Glendale, for $2.195M. The building is 100 percent leased to Neighborhood Outreach Access to Health (N.O.A.H.), a subsidiary of HonorHealth, on a long-term triple-net lease. Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SOD Brookside, LLC/WRM Brookside, LLC, an entity formed by West Coast Capital Partners. Thomas Spilsbury of TS Commercial represented the buyer, Pacific Coast Cycle Corporation.

Lease Transactions

9. The Watermark Tempe, a 16-story Class A mixed-use development on the north shore of Tempe Town Lake, has signed its first office tenant. WeWork, the international coworking giant, has leased floors 10 and 11 of the speculative development. The Watermark is scheduled to complete construction in September, and WeWork plans to open at the development during the fourth quarter.

10. Urbix Resources LLC, a Mesa-based graphene startup recently closed on a new 31KSF building by Falcon Field to serve as a production facility.

11. Punch Bowl Social, a Denver-based bar chain, will bring its food, beverage and entertainment concept to a 22KSF space at 903 N Second St, Phoenix. The owner of the building is True North Studio LLC. The location is expected to open in September.

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