News Ticker

Commercial Real Estate Transactions 08-28-2018

Credit: Irgens-PR

Sales Transactions

1. CBRE has arranged the $153.5M sale of a three-property multifamily portfolio in Tempe and Mesa. Priderock Capital Partners acquired the portfolio from IMT Residential. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office arranged the transaction for the seller. The properties were: Del Coronado, Mesa, 419 units; Moorings at Mesa, Mesa, 406 units; and Rancho Murietta, Tempe, 292 units.

2. The Hyatt Place Phoenix-North, a 127-room property located off Interstate 17 near Metrocenter Mall, was part of a three-hotel package deal valued at $46.5M. Summit Hotel Properties sold the hotel along with a Hampton Inn & Suites and a Hilton Garden Inn in Tennessee to Real Hospitality Group. Berkadia’s Hotels & Hospitality group completed the sale on behalf of Summit Hotel Properties.

3. Phoenix Commercial Advisors closed on QC District in Queen Creek, a core grocery-anchored center and pads anchored by Sprouts Farmers Market and HomeGoods. The property sold for $44.5M. Zach Pace at Phoenix Commercial Advisors leased the property. Chad Tiedeman, Steven Underwood and Danny Gardiner at Phoenix Commercial Advisors represented the seller, Thompson Thrift, and the buyer, Sunbelt Investment Holdings, Inc.

4. Trimark Property Group has purchased The Staybridge Suites and neighboring Holiday Inn Express and Suites, both on West Cabela Drive in Glendale, for $22M. Trimark purchased the hotel properties from Rockbridge Capital. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented Trimark.

5. The 200-unit Casa Tierra apartments in Phoenix, sold for $16M. Rincon Partners, LLC was the buyer. 3816 N. 16th Street Inc. was the seller. Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and the buyer.

6. Cushman & Wakefield announced Buchanan Street Partners sold Mesa Corporate Center. Buster’s Bounce Texas, LLC purchased the property for $15.6M. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented both the buyer and seller.

7. SRS Real Estate Partners announced it has completed the $14.7M sale of Laguna Village, a 102KSF neighborhood shopping center in Chandler. Sean Thomas of SRS’ Phoenix office represented the buyer, a private investor from San Diego. The seller, a private investment group, was represented by Bernstein Murphy.

8. Brentwood Developments, Inc. purchased the 34.8KSF of inline shop space at the Safeway Rancho Vistoso Shopping Center, Oro Valley, for $10M. Craig Finfrock with Commercial Retail Advisors represented Brentwood Development. Robert J. Nolan of Oxford Realty Advisors represented the seller, SB Vistoso Shopping Center, LLC.

9. Brookfield Residential Properties Inc. is putting together the final pieces for its planned 1,130-acre project known as Alamar, located in Avondale. Plans call for up to 3,695 home sites. Land acquisition for the first phase was $8M.

10. ABI Multifamily announced the $8.15M sale of the 98-unit Silver Tree Apartments in Phoenix. The property is located near Grand Canyon University. ABI’s Eddie Chang represented the buyer and seller, both of which are private partnerships based in Phoenix.

11. Denise Nunez of NAI Horizon negotiated the sale two self-storage entitled, permit-ready sites for the properties’ sellers. The first was on behalf of Happy Valley Self Storage Partners, LLC, for $3.2M. The second was for Waddell & Litchfield Self Storage Partners, LLC, for $2.9M.

12. DAUM Commercial Real Estate Services has directed the sale-leaseback of two adjacent industrial buildings in the Deer Valley submarket of Phoenix on behalf of a single buyer, Greenwood & McKenzie. DAUM also represented the sellers, Roll Shutter Systems and Swisher HVAC.

13. Taylor Street Real Estate Advisors announced the sale of Campbell Apartments, a 24-unit un-renovated apartment community in the Biltmore area of Phoenix. It sold for $3.15M. Brian Tranetzki and Eric Thomas with Taylor Street Real Estate Advisors negotiated the transaction on behalf of the seller.

14. On behalf of Invesco Real Estate, the Phoenix office of JLL has completed the sale of Stapley Center, a three-building, 277KSF Class A office campus in Mesa. The buyer is Artis REIT. JLL’s Dennis Desmond, Lynn LaChapelle, Peter Bauman and Tivon Moffitt represented Invesco Real Estate in the transaction. JLL’s Dave Seeger serves as Stapley Center’s exclusive leasing broker.

Lease Transactions

15. Irgens-Phoenix announced that Bridgepoint Education, Inc. has signed a long-term lease for 130KSF at the company’s Ascend at Chandler Airport Center project. Bridgepoint Education will use the property for a call center, general offices and administrative offices. Tenant brokers were Tom Martinez and Mike Conner of CBRE. The landlord brokers were Jerry Noble and Greg Mayer, Cushman & Wakefield. Landlord is Ascend Northrop, LLC. Developer and sponsor is Irgens Partners, LLC.

16. Cushman & Wakefield announced P.F. Chang’s China Bistro, Inc. signed a 53.6KSF lease at Perimeter Parkview Corporate Center in Scottsdale for its corporate headquarters. Mitch Chilton and Tom Jacobs of Cushman & Wakefield Phoenix represented the tenant. Tim Whittemore, Greg Mayer, Jerry Noble and Patrick Schrimsher of Cushman & Wakefield Phoenix represented landlord The Roxborough Group.

17. Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, has signed a 10-year lease on a 21KSF space in SkySong 5. Andrew Cheney and Craig Coppola of Lee & Associates represented SkySong in the transaction, and Geoffrey Kreiss and Andrew Medley from JLL represented Berkadia. Plaza Companies is the master developer of SkySong, in partnership with ASU University Realty, Holualoa Companies and the City of Scottsdale.

18. Upgrade Inc. is expanding to a third floor in its downtown Phoenix office as it closes on a $62M Series C round. Upgrade opened its first office outside California on two floors of the One Renaissance Square last year at 2 N. Central Ave.

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