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Commercial Real Estate Transactions 11-06-2018

7. CBRE. Credit: Commercial Executive Magazine

Sales Transactions

1. The 188-unit Urban 188 apartments, 1601 West Camelback Road, Phoenix, sold for $17M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, 1601 W. Camelback Rd. LLC, and the buyer, Urban 1601 Property LLC.

2. Tides Equities LLC has paid $55.5M for The Davenport, a 442-unit apartment complex at 4130 S. Mill Ave in Tempe — its largest acquisition in the Valley to date. Steven Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Abacus Capital Group Inc. was the seller.

3. The Best Western Inn & Suites at 1450 S. Castle Dome Ave in Yuma has been sold to Palm Springs Inn, LLC for $16.05M. James I. Meng and Jon Grantham of Colliers International in Greater Phoenix represented the seller, Yuma Hospitality Properties, LP. Steve Usher of Titan Hospitality and Susan Lee of Ocean 5 Investments represented the buyer.

4. The Phoenix office of JLL, on behalf of property buyer G2 Capital, has completed the $10.9M acquisition of 3925-3945 E. Broadway Road — two, two-story office buildings totaling 136KSF, in Phoenix. The acquisition completed only 30 days after Glasir Capital Partners purchased the property from RBR Capital.

5. Marcus & Millichap announced the sale of Catalina Village Apartments, a 152-unit apartment property at 225 W Catalina Dr. in Yuma. The asset sold for $9.65M. Michael Hubl in Marcus & Millichap’s Phoenix office marketed the property on behalf of the seller. The buyer, Corey Peterson, managing member for Kahuna Investments LLC, was also procured by Hubl.

6. Kim Kristoff with NAI Horizon negotiated the sale of a 7.01-acre parcel of land, representing the seller, Sidney M. Rosen, Trustee, for $7M. The property is located at the NEC of 12th Street and Devonshire Ave., Phoenix. Brian Gausden with Western Retail Advisors represented the buyer, DECO Acquisitions, LLC.

7. CBRE arranged the sale of two Phoenix-area multifamily communities totaling $6.9M. The first, Mountain View Square, a 70-unit garden style apartment community at 1145 E Mountain View Rd was acquired by Mountain View Venture, LLC, from MV Square, LLC, for approximately $4.4M. The second, Signature 18, an 18-unit mid-century apartment community at 2014 W. Berridge Lane ,was sold to Dev Properties, LLC, for $2.5M by Anthom Investments, LLC. CBRE’s Brian Smuckler and Jeff Seaman represented the buyer and seller in both transactions.

8. Park Brokerage Inc. announced the sale of Sunridge RV Park, a 55+ destination RV community in Yuma, for $6.8M. John Sheedy with Park Brokerage Inc. brokered the transaction on behalf of the seller.

9. Phoenix Commercial Advisors closed on Shops at Fountainhead, seven-tenant shops near Arizona State University in Tempe. The property, located on 1.92 acres on the SEC of 55th Street and Broadway Road at 1537 W. Broadway Road, sold for $5.51M. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, Shops at Fountainhead, LLC. The buyer, SFB Broadway Shopping Center, LLC, represented themselves.

10. IDM Companies has purchased 14.72 acres near the SEC of Interstate 10 and Estrella Parkway in Goodyear, from Evergreen Devco. The company paid $3.85M for the land and plans to develop 352 apartment units on the site called Acero Estrella Commons. Ramey Peru, Chaz Smith and John Finnegan of Colliers International in Greater Phoenix represented Evergreen. Torrey Briegel of Phoenix Commercial Advisors represented IDM Companies.

11. A private investment group purchased The Compound Student Housing at 774 E Seneca in Tucson for $3.15M. The seven-unit property was 100 percent occupied when sold. Allan Mendelsberg with Cushman & Wakefield | PICOR, handled the transaction for the investors and the seller, Gould Family Properties.

Lease Transactions

12. On behalf of insurance company Oscar, the Phoenix office of JLL has completed a 46KSF lease that will double Oscar’s presence at The Circuit creative office project in Tempe. The expansion brings Oscar’s total footprint at The Circuit to 139KSF. Located at 615 S. River, The Circuit is a 200KSF project that was redeveloped between 2014 and 2015 by EverWest Real Estate Investors.

13. TEKsystems Inc. has secured 24KSF of additional office space at its West Coast corporate campus at 2625 S. Plaza Drive in Tempe and plans to hire an additional 300 employees over the next three years.

14. Crayola has leased 20KSF from Macerich at the Chandler shopping center near Chandler Blvd and Loop 101 and will open their Crayola Experience in the summer of 2019. The Crayola Experience will take over the former Gap space near Kona Grill on the west side of the mall.

15. NAI Horizon has negotiated a long-term lease for a 15.75KSF Planet Fitness at 7620 W. Lower Buckeye Rd in Phoenix at Estrella Town Center. The NAI Horizon retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the tenant, United PF TOM LLC. The landlord, HH-Estrella, LLC was represented by Tim Westfall of Newmark Grubb Knight Frank.

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