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Commercial Real Estate Transactions 05-05-20

5. Lennar Loop 303. Credit: Phoenix Business Journal

Sales Transactions 

1. Sunroad Enterprises purchased Metro at Zanjero, a 253-unit multifamily community at 9450 W. Cabela Drive, Glendale, for $55.4M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Private Portfolio Group. 

2. KB Investment Development has purchased Superstition Canyon, a 200-unit, garden-style Class A multifamily community at 1247 S. 96th Street, Mesa, for an undisclosed amount. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the sale. The name of the seller and acquisition price were not released. 

3. A California-based private investor purchased Fernwood Court, a 32-unit gated community at 15430 N. 25th Street, Phoenix, for $6.15M. Alon Shnitzer, Doug Lazovick, Eddie Chang, John Kobierowski, and Rue Bax of ABI Multifamily represented the buyer and seller, an Arizona-based private investment firm. 

4. An Arizona-based private investment firm purchased the Scottsdale Townhouse Apartments, a 25-unit community at 3212 N. 70th Street, Scottsdale, for $6.05M. Mitchell Drake, Dallin Hammond, and Royce Munroe of ABI Multifamily represented the buyer and seller, another Arizona-based private investment firm. 

5. Lennar Corp. has closed on a 66-acre parcel of land at the NEC of Northern Avenue and Cotton Lane, west of the Loop 303, for $5.5M, with plans to build upward of 300 homes. The seller was Virgin Farms I LLC, an entity tracing to Carol Louise Russell. 

6. A California-based private investment firm purchased Flower 22, a fully renovated 14-unit community at 3208 E. Flower Street, Phoenix, for $3.75M. Royce Munroe and Rue Bax of ABI Multifamily represented the buyer and seller. The seller is made up of Arizona-based private investors. 

7. Long Beach Trading Company LLC purchased the North Valley Medical Office Plaza, currently occupied by Touchstone Health Services and located at 5648 N. 35th Avenue, Phoenix, for $2.85M. Eric Wichterman of Cushman and Wakefield represented the seller, North Valley Medical Office Plaza LLC, which was managed by Plaza Companies President Larry Pinalto, in partnership with Plaza’s Peggy Maxwell, Senior Vice President-Property and Facilities Management. 

8. DPC Companies acquired a fully occupied 35.4KSF freestanding industrial building at 2655 E. Magnolia Street, Phoenix, for $2.825M. Robert Buckley and Tracy Cartledge with Cushman & Wakefield’s Phoenix office handled the transaction on behalf of the buyer and seller, BKM Capital Partners. 

Lease Transactions 

9. Maya Tea Company, LLC leased 19.1KSF of production/distribution space at 2861 N. Flowing Wells Road within Keenan Commerce Center from Keenan Investment Company. Gary Emerson of GRE Partners, LLC represented the landlord and Karen Farrell and Jordan Simon of Venture West represented the tenant. 

10. Interface Technologies has signed a lease to occupy the entirety of the 15.5KSF Graham Building at the Park Central project. Dustin McFarland with Savills represented the tenant in the transaction, and Bill Cook and Margaret Lloyd of Plaza Companies represented the owner. 

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