1. Berkadia announced the $78M financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation. The borrower was a partnership led by PEG Companies. The properties include Residence Inn by Marriott and Courtyard by Marriott hotels in St. Petersburg, Florida; Sacramento, California; Santa Fe, New Mexico; Charlotte, North Carolina; Phoenix and St. Louis, for a total of 828 hotel rooms.
2. Del Frisco’s Restaurant Group, Inc. has announced an agreement to sell its 14 Sullivan’s Steakhouse to Romano’s Macaroni Grill for gross proceeds of approximately $32M. The deal includes the Tucson Sullivan’s location on East River Road.
3. CBRE has negotiated the sale of a two-property office portfolio consisting of three buildings in metro Phoenix to a Kuwaiti investor for a total of $25.95M. Property Income Advisors, Inc., acquired the portfolio from LBA Realty, on behalf of the investor. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties, Phoenix represented the seller in the transaction. The portfolio consists of Cotton Center I, a 115KSF building at 4025 East Cotton Center Blvd., Phoenix, and Greystone Business Park, two buildings totaling 60.8KSF.
4. ABI Multifamily announced the $14.65M sale of the Palm Aire Apartments in Phoenix. The buyer is a private investor based in California. The seller is an experienced multifamily investment company based in Colorado. The multifamily brokerage team of Doug Lazovick, John Kobierowski, Alon Shnitzer, Rue Bax and Eddie Chang represented the seller.
5. Marcus & Millichap announced the $3.48M sale of Casa Marin, a 72-unit apartment community, along with the $2.22M sale of Eucalyptus Gardens, a 48-unit apartment community in Tucson. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office represented the buyer and sellers.
6. Advisors Commercial Real Estate’s Derrell DeShaw and his team of Chuck Wells and Trask Switzenberg represented Thompson Thrift Retail Group in the sale of the Marketplace at the Met in Chandler. The center was sold for $5M to an undisclosed buyer out of Illinois.
7. Cushman & Wakefield completed a 51-acre sale at Marbella Ranch Phase I, at the NWC of El Mirage Road and Glendale Avenue in Glendale. Three national home builders including KB Homes, Lennar Homes and Meritage Homes purchased the property from TRS 8 LLC (an entity of Marbella Homes) for $4.9M. Brent Moser, Mike Sutton and Brooks Griffith with Cushman & Wakefield’s land group represented the seller in the transaction.
8. Cushman & Wakefield announced MFRG-ICON Construction purchased the 30.3KSF Palo Cristi II, 15721 North Greenway-Hayden Loop, Scottsdale, from Jamies Building LLC. Sale price was $4.6M. Michael Kitlica, Tracy Cartledge, Steve Lindley and Bob Buckley of Cushman & Wakefield negotiated the transaction on behalf of the seller.
9. Pearl Peak, LLC closed on a triple net investment property at 7510 N Oracle Road, Ste 100, in Oro Valley for $2.2M. The 6KSF office condominium is located in Oracle Medical Plaza Condominiums and sold fully leased to TMCOne. Tom Nieman with Cushman & Wakefield | PICOR represented the seller, CCSAM Revocable Trust of Tucson while Rick Kleiner, also with Cushman & Wakefield | PICOR, represented the buyer.
10. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Flagstone Apartment Homes, a 376-unit multifamily asset in Tempe. Cliff David, and Steve Gebing represented the seller, RedHill Realty Investors LP and its joint-venture partner. They also procured the buyer, Greystar. No price was provided.
11. The investment sales team of Chris Toci and Chad Littell of Cushman & Wakefield successfully closed the sale of a 147.6KSF north Phoenix suburban office building at 25700 North Norterra Parkway. The property was marketed for sale by the Cushman and Wakefield team on behalf of USAA Real Estate, in cooperation with developer Metro Commercial Properties, Inc. The purchaser was JDM III Norterra, LLC an investment fund managed by JDM Partners (Jerry Colangelo, David Eaton, Mel Schultz). No price was provided.
12. CBRE arranged the sale of a single-tenant, 163.6KSF corporate office building, at 17500 N. Black Canyon Freeway in Phoenix. BDC Real Estate Investments, LLC, purchased the building, which is occupied by Consumer Cellular. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties, Phoenix represented the seller, a joint venture between Everest Holdings and Walton Street Capital. David Ellis and Mike Nye with Capacity Commercial Group, represented the buyer, Walter Bowen of BPM Real Estate Group. No price was provided.
13. Velocity Retail Group’s Brian Gast represented the landlord, Fortis Development in negotiating a 55KSF VASA Fitness in a former Safeway grocery store at 3131 E. Thunderbird Road in Phoenix. The tenant is represented by Eric Termansen and Bryan Babits of Western Retail Advisors.
14. CBRE announced the leasing of 37.4KSF of office space at Hayden Ferry Lakeside in Tempe to Viking, a small ship cruise line, for its new reservations center. Bryan Taute and Charlie von Arentschildt with CBRE’s Phoenix office represented the landlord, Cousins Properties. Mike Gordon with Cresa and John Sabourin with Tenant Guardian represented Viking.
15. Valor Global Services Inc. has expanded into its fourth metro Phoenix office and plans to double its staff by hiring more than 1,000 people over the next year. Valor Global moved into its new 30KSF office off Interstate 17 and Thunderbird Road Aug. 10.
16. Velocity Retail Group’s Brian Gast represented the landlord, DTL-SGW, LLC in negotiating a 23.6KSF Michaels Store in a former Best Buy, at 1628 S. Signal Butte Road in Mesa. Michaels is represented by Greg Laing and Dan Gardiner of Phoenix Commercial Advisors.