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Commercial Real Estate Transactions 02-26-2019

8. Limelight Networks. Credit: Phoenix Business Journal

Sales Transactions

1. P.B. Bell Cos. has sold the 460-unit Laguna Village apartment complex in Chandler for $70.3M.

2. Cushman & Wakefield announced that a fund managed by Oaktree Capital Management, L.P. (“Oaktree”) purchased Rio West Business Park, a five-building, 297KSF office campus at 1621-2021 W. Rio Salado Parkway in Tempe, for $63.35M. Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, a joint venture of the principals of The Wolff Company and Leavitt Capital Companies.

3. Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Country Club of La Cholla, a 217-unit senior living community in Tucson. Matthew Whitlock of CBRE National Senior Housing represented the seller, an affiliate of MBK Senior Living. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $35M in acquisition financing for the buyer.

4. CBRE has arranged the sale of Raintree Office Center, a two-building, 111KSF Class A office complex at 8801 and 8901 E. Raintree Dr, Scottsdale. The multi-tenant property commanded a sale price of $16.38M. Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham along with Brad Anderson and Michael Strittmatter with CBRE’s Phoenix office represented the seller. The buyer is Scottsdale Investment Management, LLC.

5. True North Studio has purchased the monOrchid mixed-use development for $3.5M. The monOrchid is the latest addition to True North Studio’s extensive portfolio at Roosevelt Row in downtown Phoenix.

6. Independence Plaza, situated in the William’s Centre, a master planned office, retail and apartment development at 350 South Williams Blvd in Tucson sold for $2.925M by MedImpact Healthcare Systems. Buzz Isaacson Realty represented the buyer. The seller, Vantage West Credit Union, was represented by Mark and Janine Irvin, CCIMs, of Mark Irvin Real Estate Services.

7. Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the seller in a multi-property investment sale that included four individual La-Z-Boy Showrooms throughout Arizona. The Seller was Edward O. Breunig, III of EBCO, Inc. The buyer was VEREIT Acquisitions, LLC. Buildings included in the sale comprised of a 24KSF building at 3055 W. Chandler Blvd, Chandler; a 17.9KSF building at 2040 W. Ina Rd, Tucson; a 25.5KSF building at 15320 W McDowell Rd, Goodyear; and a 14.3KSF building at 5584 E State Route 69, Prescott Valley.

Lease Transactions

8. After 18 years in Tempe, Limelight Networks Inc. is moving its headquarters to the Scottsdale Skysong office project in August. Limelight will occupy 38KSF on one and a half floors in the six-story SkySong 5 building, which has been under construction since mid-2018.

9. Farmers Insurance Exchange has signed a 7-year lease for a 17.4KSF flex/industrial building located at 21105 North 8th Way, Phoenix. The building is part of Spectrum Ridge Flex, Phase II development. Kidder Mathews commercial real estate brokers, Mike Ciosek, Eric Bell, and Dylan Scott represented Spectrum Ridge CAN Flex, LLP.

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