Commercial Real Estate Transactions 06-23-20

Sales Transactions 

1. Ascent Real Estate Advisors purchased the Wells Fargo Gainey Center building, a 141KSF building at the SEC of Scottsdale and Doubletree Ranch roads, for $43.5M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Principal Real Estate Investors. 

2. Long Beach Trading Company Inc. purchased Lyra Residences, an 18-unit luxury townhome rental community comprised of two-story smart homes at 2950 N. 38th Street, Phoenix, for $8.11M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer, who was completing a 1031 exchange, and seller, Lyra Residences 38th St, LP. 

3. A joint venture lead by Jim Riggs, who partnered with Cambridge Properties and Magna Legacy purchased 16640 North Scottsdale Rd., a nearly two-acre site purchased primarily for land value that currently houses a 15KSF retail center, for $6.65M. JLL marketed the property on behalf of the seller, Amiel Properties, LLC. 

4. Watermark Residential purchased 10 acres just south of The Gilbert Municipal Center on the east side of Gilbert Road for $5.5M. Senior Managing Director Mark Forrester of Berkadia’s Phoenix office completed the sale. Watermark Residential plans to develop 216 apartments on this parcel. 

5. Old Vail Partners, LLC an affiliate of Diamond Ventures purchased a 50.4KSF industrial building at 9538 E. Old Vail Road, in Rita Ranch from JAH Tucson, LLC for $5.05M. The building is occupied by TuSimple, a self-driving truck startup. Gary Emerson of GRE Partners, LLC handled the transaction. 

6. Newbury Park Investments, LLC purchased Northsight Village, an 18.2KSF retail center at 14870 N. Northsight Boulevard, Scottsdale, for $3M. SVN Desert Commercial Advisors’ Kevin Weller, Mary Nollenberger and Nicole Ridberg represented the seller, Andrew Martin with ARCUS Private Capital Solutions. 

7. Monette Farms U.S.A. purchased 715-acre farm in Aguila for $2.5M. The property included 395 acres of fee land and an additional 320 acres of the State of Arizona leased land, all located West of Wickenburg at Highways 60 and 91. Brad Kuiper and Howard Weinstein of The Land Agency represented the seller and Charlie Havranek of Southwest Land Associates represented the buyer. 

8. DS Electronics purchased an 18KSF freestanding industrial warehouse at 130 N. Pasadena Street, Gilbert, for $2.33M. Mike Parker of CBRE in Phoenix represented the buyer and seller, Imagine Manufacturing LLC.  

Closures 

9. After 47 years, Metrocenter Mall will be closing its doors on June 30th because of a drop in occupancy levels due to COVID-19. Tenants and vendors will be allowed to remove property through July 15th. Customers will not be allowed inside after June 30th. The Walmart in the complex will remain open.