News Ticker

Commercial Real Estate Transactions 09-18-2018

15. LiveOps; Credit: AZ Big Media

Sales Transactions

1. Capital Power Corp. has inked a $300M agreement to acquire the Arlington Valley power plant, about 50 miles southwest of Phoenix. It intends to purchase the 580MW natural gas power plant from Oaktree Capital Management LP and its co-investors. The acquisition includes 3,000 acres of land, on which the company said it sees potential for future energy project development.

2. Berkadia’s Art Wadlund and Clint Wadlund closed recently on Pinnacle Heights Apartments, the conclusion of a five-property portfolio sale, worth nearly $128M, representing the highest bulk apartment sale for the Tucson region and setting a new record. The Wadlunds represented MG Properties Group in the portfolio sale that sold to two separate buyers with an aggregate of 1,102 units. Pinnacle Heights Apartments, Tucson sold for $47.15M to a group of investors from Salt Lake City, dba Pinnacle Apartments SPE, LLC. There was $43M in sales and the $30M financing of Hacienda del Rio and Colonia del Rio to the same investment group. HSL Properties of Tucson also purchased two properties for an aggregate of $37.425M: Casa Lindas Apartments in Oro Valley sold for $17.65M, and Springhill Apartments in Tucson sold for $19.775M.

3. CapRidge Partners has purchased Scottsdale Forum, 6263 N. Scottsdale Road in Scottsdale. On behalf of Clarion Partners, Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Greg Mayer and Patrick Schrimsher completed the sale for $40.75M.

4. Maracay Homes paid $13.25M for the last remaining parcel of the Lakes at Annecy, a partially developed master-planned community in Gilbert. Maracay bought the property from Raintree Investment Corp. The deal was brokered by Ryan Semro and Bret Rinehart of Land Advisors Organization.

5. ABI Multifamily announced the $11.6M bulk condominium sale of Scottsdale Haciendas in Scottsdale. ABI’s Doug Lazovick and Eddie Chang represented the seller. ABI’s Nathan Bruer represented the buyer.

6. Brentwood Developments has acquired Safeway Vistoso Plaza for $10M. This purchase included 34.8KSF at the NEC of Tangerine Road and Rancho Vistoso Boulevard, Oro Valley. A 55KSF Safeway Store in the plaza was not included. Craig Finfrock of Commercial Retail Advisors, LLC represented the buyer. The seller, SB Vistoso Shopping Center, LLC, was represented by Robert Nolan of Oxford Realty Advisors.

7. Cushman & Wakefield completed a 13.7-acre sale at SanTan Phase III, near the SEC of SanTan Village Parkway and Ray Road in Gilbert. SanTan Development Group, Inc., an entity formed by LeSueur Investments, purchased the property from Cisterra SantanVillage Phase III, LLC, a company formed by Cisterra Development, for $9.4M. Brent Moser, Mike Sutton and Brooks Griffith with Cushman & Wakefield’s land group represented Cisterra Development in the transaction.

8. The Money Source has purchased a freestanding office building at 3138 E. Elwood Dr., Phoenix, as its new Arizona headquarters for $7.5M to accommodate its rapid expansion. Greg Hopley of Colliers International in Greater Phoenix represented The Money Source in the negotiations. Arnold Phoenix Southbank LLC sold the property and was represented by JLL.

9. Scottsdale’s Pederson Group Inc. is expanding its footprint with the $4.08M purchase of the White Mountain Village shopping center in Pinetop-Lakeside.

10. CBRE has completed the sale-leaseback of a property occupied by Spinato’s Pizzeria at 4848 E. Chandler Blvd. in Ahwatukee. The property sold for $3.05M with a new 15-year, absolute triple-net lease. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, KENA, LLC. Chris Hollenbeck of Cushman & Wakefield represented the buyer, JD1, LLC.

11. Commercial Properties, Inc./CORFAC International announced the investment sale of the Missouri Professional Plaza a 25.2KSF medical office building located just east of 12th Street with frontage on Missouri Avenue in Central Phoenix. Jeff Hays at CPI represented the buyer, Next Gen North Phoenix, LLC.

12. ABI Multifamily announced the $2,5M sale of La Patio Apartments in Phoenix. The buyer is a California based private investor. The seller is an Arizona based private investor. ABI’s multifamily brokerage team of Royce Munroe, Ryan Smith, Rue Bax, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and seller in this transaction.

13. Thompson Thrift Retail Group is bringing an Aldi-based center to a north Peoria parcel after closing on the land. It bought a roughly 8-acre parcel near Lake Pleasant Parkway and Hatfield Road. The project, Sunrise Promenade, will feature several other retailers. No price was provided.

14. Greenway Crossings, 16572-16630 W. Greenway Rd., Surprise, has been sold to a Phoenix investor. Transamerica Life Insurance Company (AEGON USA Realty Advisors) sold the property to Rose Garden III LP, a Phoenix-based investor. Mindy Korth, Kirk Kuller and John Jackson of Colliers International in Greater Phoenix represented Aegon in the sale transaction. Jim Edwards of Rein and Grossoehme Commercial Real Estate represented the buyer. No price was provided.

Lease Transactions

15. LiveOps is expanding its operations in Scottsdale, moving from a 910KSF space at SkySong into a 13.3KSF one. The new long-term lease kicks off Oct. 1, tacking an additional 32 months onto LiveOps’ existing lease agreement.

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