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Commercial Real Estate Transactions 11-05-19

4. La Estrella Vista. Credit: Phoenix Business Journal

Sales Transactions

1. Crescent Communities has sold Novel Rio, a 209-unit, Class A property at 701 West Rio Salado Pkwy, Tempe to a private investor for $66.3M.

2. Velocis purchased Kierland One, a 175.4KSF Class A office building in Scottsdale, for $52.44M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Hines and joint venture equity partner PCCP, LLC.

3. Toll Brothers Inc. has scooped up 202 acres at the NEC of Spring Valley Pkwy and Hunt Hwy for $21.12M, with plans to build 618 entry-level homes. The seller was Arcus Private Capital Solutions.

4. Next Wave Investors LLC purchased La Estrella Vista, a 96-unit multifamily community at 3065 N. 67th Ave., Phoenix, for $13.2M.

5. Next Wave Investors LLC purchased Westover Parc Apartments, a 160-unit multifamily community at 6515 W. McDowell Rd., Phoenix, for $12.3M.

6. Holualoa Companies sold two Mesa multi-tenant industrial properties, Clearview Common and Superstition Springs Commerce Center, for $5.825M and $8.875M respectively. Both were sold at 100% occupancy. Holualoa Companies was represented in the sale by Steve Lindley and Tracy Cartledge of Cushman & Wakefield.

7. The Apex Real Estate Network of KW Commercial announced the $5.5M sale of the St. Philips Corner Apartments, a 62-unit apartment complex at 3993 N Campbell Ave, Tucson. Chris Itule of The Apex Real Estate Network of KW Commercial represented the seller and Jade Bossert and Charlie Spaulding III of Tierra Antigua Realty represented the buyer.

8. On behalf of Philadelphia-based Power Home Remodeling, the Phoenix office of JLL has completed a full 35.7KSF building acquisition at 8240 S. Hardy Dr., Tempe for $4.69M. JLL Executive Vice President Keith Lammersen and Managing Director Brad Crosley represented Power Home Remodeling. Bob Kling of Lee & Associates represented the building seller, Rankin LLC.

9. WPC W. Thunderbird Storage, LLC purchased West Thunderbird Mini Storage, a 45.2KSF storage facility at 12500 W. Thunderbird Rd., El Mirage, for $4.1M. Paul Boyle and Rick Danis of Cushman & Wakefield represented both the buyer and seller, Quesnell Property Management, LLC.

10. Cobblestone Auto Spa has purchased a Bahia 101 office condominium at 8900 E. Bahia Dr. to serve as its corporate headquarters. The company paid $4M for the 12.7KSF suite as part of its expansion plans. Philip Wurth and Jim Keeley of Colliers International in Arizona served as exclusive listing agents for the property, representing the seller, West End Hotel, LLC. Jim Wilson of Cushman & Wakefield represented Cobblestone Auto Spa.

11. Thomas J Separate Property Trust purchased the 3-acre Wilhelm Automotive property, 29233 N. Cave Creek Rd., Cave Creek, for $3M, which includes the 5.5KSF building leased to Wilhelm. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, MCL Investments, LLC.

12. The multi-tenant office building located at 6760 North Oracle Rd., Tucson was sold by DG Oracle, LLC – represented by Stephen Grimm with Grimm Commercial – for $2.85M.

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