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Commercial Real Estate Transactions 05-12-20

5. Sandpiper Apts. Credit: Arizona Daily Star

Sales Transactions 

1. NetStreit recently bought the former Toys R Us store at 4519 N. Oracle, Tucson, for $5.91M. The 44.3KSF building is being converted into a Big Lots “Store of the Future.” 

2. Champion 34 Arcadia, LLC purchased 34 Arcadia, a newly renovated 45-unit contemporary boutique apartment community at 2936 N. 34th Place, Phoenix, for $5.86M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the sellerNDX Investments II, LLC. 

3. Goldstein Investment Co. acquired Idle Hours, a 28-unit apartment community at 1501 E. Rovey Avenue, Phoenix, for $5.8M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, Torino Holdings, LLC. The buyer was completing a 1031 exchange. 

4. Bascom Arizona Ventures, LLC, with financing negotiated by Talonvest Capital, Inc., purchased a high quality, luxury multifamily community at 202 South Hardy Drive, Tempe, for an undisclosed amount. The property consists of 37 garden-style units situated on a 1.78-acre site. 

5. An undisclosed buyer purchased the Sandpiper Apartments, a 64-unit complex at 2401 E. Glenn Street, Tucson, for $4.7M. Mike Chapman and Justin Lanne of NAI Horizon represented the seller and Christopher Itule, also with NAI Horizon, represented the buyer. 

6. Pride Ventures, LLC II purchased Parcel 1, 4 acres located in Sycamore Station, 1830 W. Main Street, Mesa, for $3.8M. Kimberly Rollins and Dallan Randall of the Commercial Properties, Inc./CORFAC International Multifamily Team, along with Jeff Hays of the Corporate Services Team and Tate Gunning of Commercial Properties Incorporated represented the buyer. Lee & Associates represented the seller, Sycamore Station Fund, LLC. 

7. ZFI LLCTucson East LLCKMS Properties LLC, and Caneel Investments AZ, LLC purchased Eastpointe Apartments, a 49-unit multifamily complex at 8477 E. Broadway Boulevard, Tucson, for $2.76M. Bradshaw Apartments, the seller, was self-represented and Joe Boyle with Joseph Bernard Investment Real Estate represented the investors. 

Lease Transactions 

8. Ramtex Recycling, Inc. leased a 13.1KSF industrial yard at 3450 S. Broadmont Drive, Tucson, from Tin Cup Properties, LLC. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. 

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