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Commercial Real Estate Transactions 09-03-2019

16. Stifel Nicolaus Co. Credit: Commercial Executive Magazine

Sales Transactions

1. Black Salmon shook hands with partners ScanlanKemper Bard Cos. and Varde Partners Inc. for ownership rights to the U.S. Bank Center, a 375.9KSF, Class A office building at 101 N. First Ave, Phoenix. The Miami investor will invest more than $107M for the building, based on purchase price, tenant improvements and planned enhancements.

2. JB Partners purchased Remington Ranch, a 304-unit multifamily asset in the Phoenix metro area, for $58.5M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, BRIO Investment Group, and procured the buyer.

3. Tides Equities LLC purchased The Edge, a 380-unit multifamily community spread across 16 two-story buildings, located at 15202 N. 40th St., Phoenix, for $57.3M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Baron Properties.

4. An affiliate of the ConAm Group recently purchased Trillium 44, a four-story, 297-unit, Class A wrap-style apartment community at 111 N. Dupont Circle, Phoenix, for $56M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Trillium Residential.

5. Northland Investment Corp. purchased Pima Canyon Apartments, a 240-unit gated community on Orange Grove Rd., Tucson, for $44.8M.

6. Rockwell Property Co. purchased 192 units at City on Camelback, a 360-unit gated condominium complex at 909 E. Camelback Rd., Phoenix, for $32.7M and acquired controlling interest in the property.

7. Tides Equities purchased Greenway Springs Apartments, a 240-unit, value-add property at 15620 N. 25th Ave, Phoenix, for $24.5M. Newmark Knight Frank (NKF) Multifamily Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Rae & Associates.

8. CBRE announced the $21.45M sale of a retail portfolio comprising four metro Phoenix retail assets totaling 29KSF and three fully improved developable retail pads in Phoenix’s West Valley. An unnamed private family trust acquired the portfolio from TradeCor LLC. CBRE’s Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Bill Bones and Chris Ryan represented the seller. Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance secured an $11.1M loan on behalf of the borrower.

9. ABI Multifamily announced the $18.696M sale of Rosewood Apartments, a 152-unit garden-style apartment community at 5150 W Eugie Ave, Glendale. ABI Multifamily’s Alon Shnitzer, Rue Bax, John Kobierowski, Eddie Chang and Doug Lazovick represented both the buyer and seller.

10. Hayden AWS Properties, LLC and Dunbar SACC LLC purchased the Scottsdale Airpark Corporate Center, a 101KSF, three building flex office project at 15020, 15030 & 15150 North Hayden Rd, for $13.25M. Eric Wichterman and Michael Coover of Cushman & Wakefield represented the seller, Presson Corporation and Michael Kitlica represented both buyers.

11. LSD Enterprises purchased the 14.4KSF CVS store at 7740 North Cortaro, Marana, for $5.8M, from Marana Zero I, II and III. Ryan Sarbinoff with Marcus & Millichap in Phoenix and Zev Forrest with Marchus & Millichap in Encino handled the transaction.

12. ZBH/Parkside purchased a 33.9KSF industrial building at 1705 W Parkside Ln, Phoenix, for $4.1M. Chris Rogers and Trevor McKendry of DAUM Commercial Real Estate represented the seller, M & D Investments AZ, LLC, and Max Schumacher and Patrick Sheehan of Rein & Grossoehme represented the buyer.

13. Leman Academy of Excellence has acquired a new site at 6180-6190 E Pima St., Tucson for a new campus. Pat Welchert of Alpha Commercial Real Estate represented the buyer in the $2.2M transaction and Chuck Corriere of Keller Williams of Southern Arizona represented the seller, International Church of the Foursquare Gospel Church.

14. Quail Corp purchased an 18KSF industrial building on 1.95 acres at 2818 E Illini St., Phoenix, for $2M. Patrick Sheehan and Max Schumacher of Rein & Grossoehme represented the seller, Redeka Ventures, LLC, and Rick Hall of Rick Hall Commercial Brokerage represented the buyer.

Lease Transactions          

15. Leading laminates manufacturer Isola Group has announced its move to a brand new, 118.4KSF, state-of-the-art corporate headquarters within building three at the Lotus Project Chandler. JLL Executive Vice President Steve Larsen and Senior Vice President Jason Moore represented Isola in the lease transaction. Jackie Orcutt, Rusty Kennedy, John Grady, James Cohn and Jonathan Teeter of CBRE represented the project landlord and developer, Conor Commercial. JLL’s Project Development Services Team managed Isola’s build-out.

16. Stifel, Nicolaus & Company, Inc. signed a 10-year lease for 22.7KSF of space on the first floor of the Camelback Collective, 2801 E. Camelback Rd., Phoenix.

17. Spirit Halloween Superstores, LLC leased 20.4KSF of retail space in Campbell Plaza, 2930 N. Campbell Ave, Tucson, from DSW Commercial Real Estate. Greg Furrier and Dave Hammack, Principals and Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord.

18. Fieldwork, a leader in world-class marketing research services and facilities, has leased 11.8KSF of space at Biltmore Center, 2394 E. Camelback Rd, Phoenix. The location will serve as the company’s regional headquarters. Ryan Timpani and Phil Breidenbach of Colliers International in Arizona represented the owner, ViaWest Group in the lease negotiations. Jenny Turner of Cresa represented Fieldwork.

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