Commercial Real Estate Transactions 03-31-20

Sales Transactions 

1. Newmark Knight Frank Multifamily announced the $14.3M sale of Royal Palms, a 138-unit multifamily property at 5902 W. Royal Palm Road, Glendale. Senior Managing Director Brett Polachek, Director Chris Canter and Executive Managing Director Brad Goff represented the seller, 5902 Royal Palms LP. The buyer was not disclosed. 

2. Sigma 301, LLC purchased Arcadia Palms, a 34-unit mid-century modern apartment community at 4446 N. 36th Street, Phoenix, for $6.7M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Los Olivos Partners, LLC and buyer. 

3. Tom Kolb of KW Commercial represented the buyer in the $6.3M purchase of Brittany Square, a 49KSF retail center at the NEC of 67th Avenue and Peoria, Glendale. Nick Miner, CCIM of ORION Investment Real Estate represented the seller. 

4. Fringe Capital Partners acquired Scottsdale Hayden, a 25-unit boutique apartment community at 2635 N. Hayden Road, Scottsdale, for $4M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Roger Frantz and /Barbara Ernestus, and buyer. 

5. A Utah-based private investor purchased Drexel Plaza Apartments, a 58-unit garden-style multifamily property in Tucson for $3.8M. ABI Multifamily’s Ryan Kippes and Desiree Palmer represented both the seller, an Arizona-based private investor, and the buyer. 

6. 1301 E. McDowell, LLC purchased the McDowell Professional Plaza, a three-story, 28.8KSF multi-tenant medical and office building at 1301 E. McDowell Road, Phoenix, for $3.1M. Menlo Group Commercial Real Estate advisors Steve Berghoff, CCIM and Stuart Milne, CCIM represented the seller, SWA Holdings Arizona, LLC. 

7. Kinsale Holdings, LLC purchased The Alden, a 16-unit boutique apartment community at 3109 N. 36th Street, Phoenix, for $2.9M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Suzanne C. Vazzana & Alden E. Seifried III, and buyer. 

8. Marcus and Millichap announced the sale of Pacific Dental, a 5.5KSF, triple-net-lease dental office property at 1714 W. Hunt Highway, San Tan Valley, for $2.575M. Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus and Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

9. A 15.3KSF free-standing building at 838 W. Elliott Road, formerly occupied by Walmart as their failed Marketside grocery concept has been sold for $2.525M and will be repurposed as a multi-specialty outpatient ambulatory surgery center. Alexandra Loye and Julie Johnson of Colliers International in Arizona represented the seller, Spear Investors, LLC. 

10. Neighborhood Ventures purchased Villa Hermosa, a 14-unit, duplex-style multifamily property at 5740 N. 10th Street, Phoenix, for $2.45M. ABI Multifamily’s John Kobierowski, Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer and seller, an Arizona-based investment firm.