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Commercial Real Estate Transactions 05-21-2019

2. Verde Dimora. Credit: AZRE

Sales Transactions

1. Tides Equities recently purchased the Modern on the Rail, a 488-unit garden-style multifamily property at 1905 W. Las Palmaritas Drive, Phoenix, for $39.75M. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, Modern Residential Company.

2. CVG Properties purchased Verde Dimora, a 153-unit multifamily asset at Power and McKellips roads in Mesa, for $27M. Cliff David and Steve Gebing, senior managing directors for Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Western Wealth Capital, and procured the buyer.

3. Goodman Real Estate purchased Modern on Peoria, a 216-unit multifamily asset in Peoria, for $26M. Cliff David and Steve Gebing, senior managing directors for Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, a joint venture between Modern Residential Company and Henley USA.

4. A private investment company formed through Next Wave Investors, LLC recently purchased La Estrella Vista, a 96-unit garden-style apartment community near 67th Ave and Thomas Rd, Phoenix, for $13.375M. ABI Multifamily’s Alon Shnitzer, Doug Lazovick, John Kobierowski, Rue Bax and Eddie Chang represented both the buyer and seller, an Arizona-based developer.

5. ABI Multifamily announced the $8M sale of INDI Tucson, an 88-unit/232-bed garden-style student apartment community located six blocks from the University of Arizona’s main campus. The buyer is a private, California-based investment firm. ABI Multifamily’s Rue Bax, Desiree Palmer, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented the seller, an Arizona-based private equity real estate investor.

6. Hayward Apts, LLC & Jehovah-Jireh LLC recently purchased the Porto Fino Apartments, a 66-dwelling unit community located near Phoenix Sky Harbor International Airport, for $6.699M. Zach Mishkin of ORION Investment Real Estate represented the buyer and seller, Portofino, LLC.

7. Newmark Realty Capital, Inc. has arranged $6.5M in financing for the acquisition of about 30 acres of land located in Phoenix just north of the Deer Valley Airport. Adam Parker, Principal, and Chad Metzger, Associate Vice President, arranged this acquisition loan through a regional bank.

8. Santiago Villa, represented by Patrick Stafford of Mahoney & Associates, purchased the 25KSF Goodwill of Central Arizona at the SEC of Rittenhouse and Ellsworth roads in Queen Creek, for $5.7M. Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova, represented the seller (JKG, LLC), the single-purpose entity of Wadsworth Development Group and Accelerated Development Services.

9. ABI Multifamily announced the $5.46M sale of Tempe Terrace Apartments, 39-unit garden-style community at 1130 E. Orange St. ABI Multifamily VP Royce Munroe represented the seller, an Arizona-based private investor, and Associate Dallin Hammond represented the buyer, a private investor from California.

10. Marcus & Millichap announced the sale of Good Rain, a 34-unit complex, 9th & Bean, an 8-unit apartment and East Adams, a duplex, all located near the University of Arizona in Tucson , for an aggregate amount of $4.41M. James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Tucson office, represented the seller, a limited liability company. The buyer was a limited liability company based out of Los Angeles.

11. The former 113.9KSF FedEx Distribution building at 777 E MacArthur Circle, Tucson sold for $4.305M to MacArthur Investments, LLC. Brandon Rodgers, SIOR, CCIM with Cushman & Wakefield | PICOR represented the buyer. The seller was US Bank Association.

12. CBRE represented the seller, CIRE Equities of San Diego in the $3M sale of Monterey Vista Village, a 13.2KSF retail pad at 900 E. Pecos Rd. in Chandler.

13. CBRE represented Mariah Properties, LLC in the $2.5M acquisition of Marley Park Plaza, a 4,542-square-foot retail pad located at 13953 W. Waddell Rd. in Surprise. The seller was ABDD Arizona RE.

14. Lane Neville, Matt Harper, CCIM, and Logan Crum with NAI Horizon negotiated the sale of a retail building, representing the seller, PVO, LLC, for $2.2M. The property is located at 13831 & 13825 N. 32nd St., Phoenix. The buyer, EJG Investments, LLC, was represented by Wolf Glasser with Equity Arizona Real Estate.

Lease Transactions

15. NPL Construction Co. leased nine acres of the former Grant Road Lumber Contractor Yard at 3361 East 36th Street from CA 36th Street American, LLC for ten-years. Dean P. Cotlow of Cotlow Company was the leasing broker.

16. CBRE announced three tenants have signed agreements to locate at The Landing at PMG, a soon-to-be-opened industrial subdivision near Phoenix-Mesa Gateway Airport. Collabtech Group, Huesman Brothers Door and Custom Molding and Russell-Sigler Inc. will locate in the subdivision occupying more than 40KSF.

17. Matt Harper, CCIM, and Mike Gaida with NAI Horizon represented the landlord, Red Mountain Asset Fund I, LLC, in a 132-month retail lease for 14KSF at 9124 E. Apache Trail, Mesa. Cushman & Wakefield represented the tenant, Octapharma Plasma, Inc.

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