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Commercial Real Estate Transactions 03-03-20

12. Mountainside Fitness. Credit: Independent Newsmedia

Sales Transactions

1. Landmark Dividend purchased the 184KSF PayPal Inc. central Phoenix data center at the SWC of Third Street and Indian School Road, for $122M. PayPal will remain as a tenant in the facility.

2. Retail Value Inc. recently closed on the sale of Tucson Spectrum, 1251 W Irvington Road, Tucson, for $84M.

3. 3rd Avenue Investments acquired Colter Park Apartments, a 384-unit complex at 909 W. Colter Street, Phoenix, for $53M, with plans to invest $3M in improvements. The seller was Sheiner Group. The transaction was financed through Brandon Harrington at JLL.

4. MIMG Clix Yardz, LLC purchased Yardz on Kolb Apartments, a 410-unit complex at 1345 S. Kolb Road, Tucson, for $36.7M. 5th & Camelback Tucson, LLC and 22nd & Kolb, LLC were the sellers. Art and Clint Wadlund of Berkadia closed on the transaction.

5. Catalina Apartments Tucson, LLC purchased City Heights Apartments, a 272-unit complex at 700 N. 1st Avenue, Tucson, for $22M. Rillito Village Apartments, LLC an affiliate of SB Pacific Group of Berkeley, California was the seller. Art and Clint Wadlund of Berkadia closed on the transaction.

6. Arcadia Gardens Tucson, LLC purchased Arcadia Gardens Apartments, a 200-unit complex at 7887 E. Uhl Street, Tucson, for $18M. Arcadia Gardens Apartments, LLC an affiliate of Water Tower Realty was the seller. Art and Clint Wadlund of Berkadia closed on the transaction.

7. Chateau Park Investors, LLC and Toscana Investors, LLC purchased Toscana Grove Apartments, a 232-unit complex at 8665 E. Speedway Boulevard, Tucson, for $17.91M. Tucson Properties NV, LLC and Prospero Property Ventures, LLC were the sellers. Art and Clint Wadlund of Berkadia closed on the transaction.

8. AHC McCormick LLC, an affiliate of Chicago-based AHC Management purchased McCormick Luxury Apartments, 201 S. Stone Avenue, Tucson, for $8.15M. The seller was Stone Avenue Homes LLC, an affiliate of Holualoa Companies. Art and Clint Wadlund of Berkadia closed on the transaction.

9. Land Advisors Organization announced the sale of 78 lots in Peralta Canyon Phase II, located at the base of the Superstition Mountains in Gold Canyon, to Beazer Homes for $6.659M. Ryan Semro, Bret Rinehart and Ben Heglie with Land Advisors Organization represented the seller, Peralta Canyon LLC developed by Voyager Properties, in the sale of land to homebuilders in 10 separate transactions. Builders represented by the team in these sales include Beazer Homes, CalATlantic, Gehan, KB Homes and Lennar Homes.

10. A limited liability company purchased Tucson East Apartments, a 52-unit apartment property at 8490 E. Old Spanish Trail, Tucson, for $3.5M. Hamid Panahi and James Crawley, investment specialists in Marcus & Millichap’s Tucson office as well as Michael Hubl in the firm’s Phoenix office procured the buyer and had the exclusive listing to market the property on behalf of the seller, also a limited liability company.

11. Marcus & Millichap announced the sale of Yavapai Regional Medical Center – Physician Care, an 8.6KSF triple-net-leased medical office at 2120 Centerpointe West Drive, Prescott, for $2.525M. Alan Laulainen, Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, sourced the 1031 buyer and had the exclusive listing to market the property on behalf of the seller, Sarti Properties, Ltd.

Lease Transactions

12. Mountainside Fitness Center and QuikTrip will be the first commercial tenants at Arrival at Cadence, a new commercial center being developed by Harvard Investments as part of the Cadence at Gateway master-planned community in Mesa. Mountainside Fitness will take approximately 40KSF while QuikTrip will take approximately 4.9KSF.

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