Commercial Real Estate Transactions 04-23-2019

Sales Transactions

1. Bridge Investment Group has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43.75M. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented the seller, Millburn Company, and Bridge Investment Group was self-represented.

2. Microsoft Corp. has paid $37M for another 147 acres of land located north of the I-10 at PV303 West III. Microsoft Corp. purchased the land from DRI FR GOODYEAR LLC.

3. Tatum Investment Partners, LLC, an entity formed by Rockwell Partners, purchased the 164-unit, Class B Tatum Place apartment community located at 16801 N. 49th St, Scottsdale, for $26.15M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, an entity formed by Clear Sky Capital, LLC.

4. Estrella Properties, LP recently acquired Bell Plaza, a multi-tenant retail center at 4251 and 4255 W. Bell Rd, Phoenix, for $4.45M. CBRE’s Jesse Goldsmith, Steve Julius, and Chase Dorsett represented the seller, Bell Properties, LP.

Lease Transactions

5. NAI Horizon Vice President Matt Harper, CCIM, and Associate Michael Gaida represented the landlord, Red Mountain Asset Fund I, LLC, in a $1.746M long-term lease for a blood plasma collection center at Red Mountain Plaza, 9124 E. Apache Trail, Mesa. The tenant, Octapharma Plasma, Inc. will occupy 14KSF.

6. Pilkington North America, Inc. renewed their lease for 13.7KSF of industrial space at 3850 E. 44th St., Tucson, from CJ Southwest Property Partners, LLC. Stephen Cohen and Russell Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord. Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, and John Myers with Ohio Industrial Realty, LLC, represented the tenant.