Commercial Real Estate Transactions 07-02-2019

Sales Transactions

1. Acacia Capital Corporation recently purchased Sonoran Vista, a 264-unit Class A multifamily community at 9340 E. Redfield Rd, Scottsdale, for $67M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Aukum Group.

2. MIG Real Estate recently purchased Del Sol Apartments, a 168-unit multifamily community in Scottsdale, for $34.5M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Aukum Group, and procured the buyer.

3. 5631 W. Colter St. LLC, an entity formed by Next Round Asset Management recently purchased the 304-unit Canyons on Colter Apartments at 5631 West Colter Ave, Phoenix, for $34.3M. The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn, and Jesse Hudson represented both the seller, Arroyo Vista Partners LLC, an entity formed by Bear Holding LLC, and the buyer.

4. Whitehaven Capital and Source Capital recently purchased Ridgepoint Apartments, a 164-unit apartment community at 5020 W. Peoria Ave, Glendale, for $19.75M. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer and seller, Emma Capital.

5. Hammes Partners recently purchased the 43.4KSF Spectrum Medical Commons building at 3367 S. Mercy Rd, Gilbert, for $17.75M. JLL Executive Vice President Brian Ackerman facilitated the transaction. Irgens was the seller.

6. Hanley Investment Group Real Estate Advisors announced that Executive Vice President Bill Asher and Vice President Jeff Lefko represented the seller, ECC Bell Road Property LLC, in the $7.6M sale of an 8.4KSF multi-tenant PAD building at 7870 W. Bell Rd, Glendale, near Arrowhead Towne Center Mall. The buyer, a family trust based in Orange County, Calif., was represented by Pat Kent and Parker Walter of SRS Real Estate Partners.

7. The Denver Gardens Company, LLC recently purchased SheaScott Plaza, a 12.7KSF shopping center at 7337 E. Shea Blvd, Scottsdale, for $5M. Mark Rein of Rein & Grossoehme represented the seller, SheaScott LLC, and Jason Fessinger of Western Retail Advisors represented the buyer.

8. Curran Properties, L.P. recently purchased 2944 Plaza, a 28.3KSF office property at 2944 N. 44th St., Phoenix, for $4.63M. NAI Horizon Senior Vice President Lane Neville and Associate Logan Crum represented the seller, Alva Pinchot, LLC. Jeff Conrad with Lee & Associates was the broker for the buyer.

9. Southwestern Property Corp. recently purchased the former 156KSF JCPenney’s at Metrocenter Mall, 9617 N. Metro Pkwy, Phoenix, for $3.17M. Brent Mallonee, Don Arones and Greg McMillan of Cushman & Wakefield’s Phoenix office represented the seller, Carlyle Development Group. Southwestern Property Corp. plans to redevelop the space into a high-end self-storage and boat/RV storage facility, or entertainment uses.

10. United Group, LLC recently purchased Cooper Square, a two-building, 15.4KSF multi-tenant shop development at the SEC of Cooper and Ray Roads, Gilbert, for $2.8275M. ORION Investment Real Estate, in partnership with Velocity Retail Group, represented the seller, Cooper Square Center LLC, and Peak Commercial represented the buyer.

11. Ava Terrace Apartments, LLC purchased Oakwood Terrace Apartments, a 58-unit apartment complex at 2740 & 2750 N. Balboa Ave, Tucson, for $2.35M. Allan Mendelsberg, Principal and Multifamily Specialist with Cushman & Wakefield | PICOR represented the seller, 18Teen Jac Properties, LP. Joseph Chaplik with Joseph Bernard Investment Real Estate represented the buyer.

12. The Praedium Group acquired the 24-building, 306-unit Town Commons apartment community in Gilbert. The terms of the deal, including the sales price and the name of the seller, were not disclosed.

13. On behalf of Weingarten Realty Investors, the capital markets team of Ryan Schubert and Michael Hackett of Cushman & Wakefield successfully closed the sale of Laveen Village Marketplace, a 39.8KSF Fry’s Food & Drug anchored shopping center at NEC of 51st Ave and Baseline Ave. The buyer’s name and sales price were not disclosed.

14. CBRE arranged the sale of a 128.9KSF cold-storage and distribution center occupied by Sprouts Farmers Market at 5445 W. Missouri Ave, Glendale. Cooper Fratt and John Werstler with CBRE in Phoenix represented the seller, ONE Properties. The buyer was a fund sponsored by CBRE Global Investors. The sales price was not disclosed.

15. Nelson Partners acquired Wildcat Canyon Village, a 128-bed student housing community located two blocks from the University of Arizona campus in Tucson, for an undisclosed price. The name of the seller was not released.

Lease Transactions

16. Astrodyne International, Inc. leased 15KSF of industrial space, located at 2560 N. Huachuca Dr., Suite 100 in Tucson, from Legacy Business Properties, LLC. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant; Mike Hennessy with Burris, Hennessey & Company, represented the landlord.

17. Air Support, Inc. renewed their lease with EastGroup Properties, LP and expanded their industrial space requirements for a total of 14.2KSF. Upon completion of improvements, their new location in Country Club Commerce Center, 5990 S. Country Club Rd. (Bldg. 4) will be Suites 100 & 120 in Tucson. Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord; Nicholas Eggen with Hannay Realty Advisors-Arizona, LP, represented the tenant.