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Commercial Real Estate Transactions 07-30-2019

13. The Union Leases. Credit: ORION Investment Real Estate

Sales Transactions

1. Institutional Property Advisors (IPA) announced the sale of Sonoma Sol, which will be renamed “Cordova Apartments,” a 320-unit multifamily property in Phoenix’s West Valley. The asset sold for $32.25M. David and Steve Gebing, IPA senior managing director, represented the seller, Mentor Properties, and procured the buyer, a joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners.

2. Northland Investment Corporation recently announced the acquisition of The Canyons at Linda Vista Trail in Oro Valley. The property offers 228 one- to three-bedroom multifamily units across 13 acres and is Northland’s fourth acquisition in the Tucson area. The sales price was not disclosed.

3. Marcus & Millichap has announced the sale of Avenue 15, a 148-unit apartment complex located at 1609 West Glendale Ave in Phoenix for $14.725M. Pete Te Kampe, of Marcus & Millichap’s Phoenix office represented the seller, a private investor. The buyer was represented by Karl Abert of Kidder Mathews.

4. CF Albert Propco III LLC, an affiliate of New York City-based Fortress Investment Group purchased the Safeway Store #1255, a 47KSF grocery store at 7110 N Oracle Rd, Tucson, for $8.9M. The property closed on July 1st as part of a 71-store, sale leaseback agreement.

5. Y.G.Y Domingo, LLC/Y.G.Y Pavarotti, LLC purchased a 4.4KSF commercial project with a residential component at 4201 N. Marshall Way, Scottsdale, for $4M. The sale was facilitated by Mark Cassell and Trenton McCullough of LevRose Commercial Real Estate.

6. Morton Rock Theta, LLC purchased St. Augustine, a newly-renovated, 22-unit gated multifamily community at 3605 North 36th St, Phoenix, for $3.935M. Newmark Knight Frank represented both the seller, ACG-SA, LLLP, and the buyer.

7. Marcus and Millichap has announced the sale of AAA, an 8.8KSF triple-net-leased property at 2786 S. Santan Village Pkwy in Gilbert, for $3.9M. Chris Lind, Jamie Medress and Mark Ruble had the exclusive listing to market the property on behalf of the seller, a limited liability company.

8. AZ Opp Gateway Towers, LLC purchased Gateway Towers, a 29-unit multifamily property at 1401 North 3rd St, Phoenix, for $3.35M. Newmark Knight Frank represented both the seller, William H. Hinton, and the buyer.

9. Marcus and Millichap, a commercial real estate investment services firm, has announced the sale of Starbucks, a 2.4KSF net-leased property at 40889 N. Ironwood Dr, San Tan Valley, for 2.62M. Jamie Medress and Mark Ruble had the exclusive listing to market the property on behalf of the seller, a limited liability company.

10. KM SKYWAY COMMONS, LLC purchased a multi-tenant retail center at 12100 N. Dysart Rd, Surprise, for $2.6M. Mark Cassell and Trenton McCullough represented the seller, Surprise Retail, LLC c/o Northstar Commercial Partners.

11. Sky AZ, LLC purchased the Crystal Creek Townhomes, a 16-unit, three-bedroom townhome style community at 5010 North 22nd Ave, Phoenix, for $2.435M. Newmark Knight Frank represented the seller, Samuel Olari.

Lease Transactions

12. NAI Horizon represented a national insurance provider in a pair of long-term leases at The Reserve at San Tan and Fiesta Tech Business Park in Gilbert, Arizona. NAI Horizon Senior Vice President Isy Sonabend represented Progressive Casualty Insurance Co. in two new lease signings totaling $4.18M.

13. Lincoln Property Co. has pre-leased space in its class-A office development The Union before groundbreaking. The developer has signed a lease with WageWorks for 150KSF in the 1.3MSF project, located in Mesa.

14. Solera Health Inc. continues to expand adding slightly over 11KSF of offices, open workspace, meeting rooms, and collaboration hubs to their existing 19KSF footprint within The Monroe. After leasing its newly delivered full-floor spec suite to game developer, Rainbow Studios, ViaWest Group recently completed another chic full-floor spec suite on the 8th floor in anticipation of accommodating the growth of existing tenants or new tenant prospects.

15. Isy Sonabend of NAI Horizon represented the tenant, Smalley and Company, in a 36-month industrial lease for 12KSF at 4250 S. 38th St., Phoenix. The landlord, Presson Broadway, LLC, was represented by David Bean with CPI.

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