Commercial Real Estate Transactions 10-15-19

Sales Transactions

1. Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced the acquisition of Phoenix Gateway Center, a 439.6KSF Class A office campus at N. 44th Street, Phoenix.

2. YAM Properties LLC has officially added The Shops at Norterra, located off the I-17 and Happy Valley Road, Phoenix to its growing portfolio of commercial real estate assets.

3. FPA Multifamily, LLC purchased Pinecliff Village Apartments, a 132-unit multifamily housing community at 1105 E. Poderosa Parkway, Flagstaff, for $21.35M. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller, Sanchez Brothers LLC, an entity formed by David and Augustus Sanchez, and the buyer.

4. Birch LLC purchased Tides on Broadway, a 155-unit garden-style multifamily property at 2107 W. Broadway Road, Mesa, for $21M. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, Tides Equities LLC.

5. Guardian Storage Centers, LLC purchased a 95.9KSF foot self-storage facility at 8620 W. Northern Avenue, Peoria, for $12.85M. Norman Herd, president of Quantum Property Advisors, represented both the seller, VLC Enterprises, LLC and the buyer.

6. SRS Real Estate Partners’ Investment Properties Group has completed the sale of Glendale Galleria, a 119.5KSF LA Fitness-anchored neighborhood shopping center located at 5880 W. Peoria Avenue, Glendale, for an undisclosed amount. SRS Real Estate Partners’ Investment Properties Group Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, Brixmor Property Group. The buyer was a private investor from Florida who was in a 1031 exchange.

7. Mattamy Homes announced that it has secured 69 acres at the NEC of Perryville Road and Camelback Road for $5.8M from J&A Camelback Property, LLC. The acquisition is the first of a two-phase deal for a 142-acre piece of property that will comprise 333 new homes across multiple product sizes and will be called Azure Canyon.

8. Meritage Homes closed on 105 additional lots at La Estancia for $5.788M. Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction for buyer and developer, Sunbelt Holdings.

9. Pantano Tucson Marketplace LLC bought the 29.5KSF Pantano Tucson Marketplace on 2 acres at 150-250 N. Pantano Road from Broadway and Pantano Retail LLC for $3.7M. Robert J. Nolan of Oxford Realty Advisors represented the buyer and John Yarborough of Romano Real Estate represented the seller.

10. ABI Multifamily announced the $3.5M sale of Garden View Townhomes, a 28-unit garden-style community at 524 S. Stapley Drive, Mesa. ABI Multifamily Vice President Royce Munroe represented both the buyer and the seller who are both Arizona-based private investors.

11. AJ Safeway Park, LLC purchased the 11.9KSF Safeway-anchored Sahuarita Palms Plaza located at 1325 W. Duval Mine Road, for $3.38M. Michael Hackett and Ryan Schubert of Cushman & Wakefield, Phoenix, represented the seller, PWP La Canada Duval, LLC.

12. Phoenix Commercial Advisors closed on a new single-tenant, large-prototype Starbucks at 3549 W. Bell Road, Phoenix for $3.095M. Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the transaction.

Lease Transactions

13. San Francisco-based Sendoso has inked a new lease that increases its Phoenix-area footprint from 4.2KSF-36KSF and relocates the company from The Quad in Scottsdale to two full floors – including premier penthouse space – at 6900 E. Camelback Road. JLL Executive Vice President Ryan Bartos represented Sendoso in the lease negotiations.