News Ticker

Commercial Real Estate Transactions 06-25-2019

8. MarQ on First. Credit: Commercial Executive Magazine

Sales Transactions

1. Baron Properties has purchased the SanTan by Baron, a 315-unit garden-style apartment community in Gilbert for $67.85M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE in Phoenix represented the seller, Pillar Communities & Private Portfolio Group. The community was originally named Pillar at SanTan.

2. Newmark Knight Frank (NKF) has announced the sale of the Wells Fargo Building at Papago Park, 1150 W Washington St., Tempe, for $52.4M. NKF Executive Managing Director CJ Osbrink, Co-Head, U.S. Capital Markets Kevin Shannon and Executive Managing Directors Paul Jones, Ken White, Rick Stumm, Brunson Howard, and Mike Garlick represented the seller, Phoenix Investors #22, L.L.C, dba Greenwood & McKenzie. The buyer was an affiliate of Menlo Equities.

3. Strategic Office Properties, a wholly owned subsidiary of TPG Real Estate recently purchased The Circuit, a 185KSF adaptive re-use office project at 615 S. River Dr., Tempe, for $46M. Chris Toci of Cushman & Wakefield represented the seller, EverWest Real Estate Investors and CarVall Investors.

4. The newly constructed 101-unit Quail Park of Oro Valley, 9005 N Oracle Rd., was sold to PGIM Real Estate for $36.5M. The property was constructed by CA Ventures of Chicago in 2018.

5. Sita Enterprises LLLP recently purchased the Chandler Heights Marketplace, a 124.8KSF grocery anchored neighborhood shopping center at 4940 S. Gilbert Rd., Chandler, for $30.8M. Shane Jimenez of Lee & Associates of Idaho, as well as Jan Fincham and Andrew Lundahl of Lee & Associates Arizona represented the seller, Boardman Enterprises, LLC. Nathan Cardon of Cardon Commercial represented the buyer.

6. Vestar announced that it has purchased University Plaza, a 165.6KSF shopping center located across from Northern Arizona University in Flagstaff, for $27.5M. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller who was not named.

7. WREF Colony, LP, an entity formed by Western Wealth Capital, purchased The Colony, a 236-unit, one- and two-story, garden-style complex at 4337 N. 53rd Ln., Phoenix, for $25.1M. Executive Managing Director Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller, 4337 North 53rd Lane, LLC, an entity formed by CALCAP Advisors.

8. Knightvest Capital recently purchased MarQ at 1st, a 164-unit apartment complex in Tempe, for $24M. Institutional Property Advisors’ senior managing directors, Cliff David and Steve Gebing represented the seller, Western Wealth Capital and procured the buyer.

9. Urban Communities, represented by Kidder Mathews’ multifamily investment broker, Karl Abert, has purchased Avenue 15 Apartments, a 148-unit apartment complex at 1609 W Glendale Ave., Phoenix, for $14.725M. The seller was Avenue 15, LLC.

10. Chicago-based Novel Coworking LLC is opening its second coworking and flexible office space in the Valley after buying the historic 77KSF Heard building, 112 N. Central Ave, Phoenix, for $11.4M. The building’s offices are planned to open in January 2020.

11. ORION Investment Real Estate has announced the recent sale of the Regent’s Park Apartments, a 62-unit complex located at Apache Blvd and McClintock Dr., Tempe, for $5.725M. The seller and buyer names were not disclosed.

12. BH Properties announced the purchase of Riverpoint – Building 2, a single-story, 60KSF multi-tenant flex office building at 3100 E. Broadway, Phoenix, for $5M. The seller was Vatnsdal Investments, LLC. Eric Wichterman, Mike Coover, Larry Downey and Brett Thompson of Cushman & Wakefield Phoenix brokered both sides of the deal.

13. Menlo Group Commercial Real Estate has successfully brokered the sale of nearly 20.4KSF of office space at 1955 S. Val Vista Dr., Mesa, to two different owners. The East Wing, which includes multiple suites totaling more than 14.6KSF., sold for over $2.53M to Robert Weathers. Kevin Peterson of Peterson Properties and Management represented the buyer. ELLE Investments, LLC, purchased the West Wing of the building for over $1.04M. The buyer was represented by Grafton Milne, CCIM, SIOR, of Menlo Group. The seller of the property was Canyon Commercial, LLC.

14. Marcus & Millichap has announced the sale of Verizon, a 3KSF net-leased property at 10249 Grand Ave, Sun City, for $2.4M. Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was in a 1031 and obtained financing.

15. 29th Street Capital (29SC) has acquired Las Casitas Apartments, a 168-unit multifamily community located in Avondale. The sale price and seller were not disclosed.

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