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Commercial Real Estate Transactions 11-12-19

12. Pierson Palms Apt. Credit: ABI Multifamily

Sales Transactions

1. Vital Pharmaceuticals, the maker of Bang Energy drinks, bought a nearly 400KSF manufacturing plant in Phoenix near 43rd Avenue and Buckeye Road. The company bought the building for $53.32M and plans to invest more than $260M in Arizona operations. Sky Groden, Pat Harlan and Kyle Westfall with JLL represented Vital Pharmaceuticals in the deal, and Rob Martensen with Colliers International represented the seller, Cohen Asset Management.

2. S2 Capital purchased the 320-unit multifamily community FIVE46, located at 546 S. Country Club Road in the Mesa submarket of Phoenix, for $46M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the sellers, Security Properties and Oaktree Capital Management. Rocco Mandala of CBRE Debt & Structured Finance arranged financing for S2 Capital.

3. Geringer Capital purchased Town Center Apartments, a Class A, 176-unit, garden-style complex at 22280 South 209th Way, Queen Creek, for $33.5M from Laguna Point Properties (LPP). ABI Multifamily Partner Doug Lazovick, along with Senior Managing Partners Alon Shnitzer and Rue Bax, Partner Eddie Chang, and Senior Managing Partner John Kobierowski, represented both parties.

4. Woodside Health purchased Rome Towers, a mixed-use development comprised of two signature Class A office towers, located at 1760 E Pecos Road in Gilbert, for $26M. The Leroy Breinholt Sales & Leasing Team at Commercial Properties Incorporated represented the seller, Security Acceptance Services, LLC. Sales & Leasing Associate, David Bean worked with the buyer, represented by Crescendo Commercial Realty.

5. RREF III-P Seventy5, LLC purchased Seventy5 Business Park, a four-building industrial park totaling 222K+SF and situated on 14.38 acres in Southwest Phoenix, for $22.4M. Paul Boyle, Rick Danis, Gary Anderson and Mike Gilbert, with Cushman & Wakefield, brokered the deal on behalf of both the buyer and seller, Roosevelt Business Park Phoenix, LLC.

6. DLP Capital Partners purchased Montego Bay Apartments, a 192-unit complex located at 409 S. Lenzner Avenue in Sierra Vista, for $13.9M from CW Capital Commercial Real Estate Services. Kidder Mathews commercial real estate brokers, Karl Abert and Darren Tappen, represented the seller.

7. Stratford Partners purchased the Sage Condominiums at 1101 S. Sycamore Ave. in Mesa for $11M. Chris Roach of Colliers International handled the transaction between the buyer and the seller, SCR Acquisitions, LLC.

8. Bird Dog Industrial purchased Gila Springs Industrial Park, a five-building industrial complex located near Chandler Boulevard and Kyrene Road, for $10M. Paul Sieczkowski Justin Sieczkowski of Colliers International in Arizona represented the seller in the transaction, GBI Erie LLC. Chris McClurg of Lee & Associates represented the buyer.

9. Equity Advantage Inc purchased the 43-unti Coronado 137 Apartment, located at 137 E Coronado Rd in Phoenix, for $7.5M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE in Phoenix represented the seller, Coronado 137 LLC, in the transaction.

10. Dixxon Flannel Co. purchased a two-story property that sits on 2.6 acres, with a large showroom and office space comprising approximately 13.6KSF, located at 7200 S Priest Dr in Tempe, for $4.5M. Ryan Reisman, Chris Rogers, Executive Vice President; Trevor McKendry, Executive Vice President; and Steve McKendry, Executive Vice President from DAUM Commercial Real Estate Services finalized the sale.

11. The Arizona Board of Regents purchased a 38K+SF industrial building located in the Foothills Business Park, 10900 N. Stallard Pl. / 10902 N. Oracle Rd. in Oro Valley, for $4.4M. This facility will accommodate the faculty offices and student services for a new Vet Med program for the University of Arizona. Principal Robert C. Glaser, SIOR, CCIM, and Max Fisher, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. The seller was Melvin S. Ross Revocable Trust and Chautauqua Investments, LLP.

12. Pierson Palms Apartments, a 20-unit garden-style complex at 357 West Pierson Street, Phoenix, was recently purchased from a California buyer for $3.25M. ABI Multifamily’s Senior Managing Partner Alon Shnitzer and Vice Presidents John Klocek and Patrick Burch represented both the buyer and the seller.

13. Scarritt Group purchased the 11K+SF office building at 7630 North Oracle Road in Oro Valley for $2.2M from the builder and developer, Rio West Development and Construction. Thomas J. Nieman, Principal and Office Specialist with Cushman & Wakefield | PICOR, represented the seller, Rio West, in the sale and Scarritt Group as landlord, in the leasing of its former building.

14. Marcus & Millichap, a commercial real estate investment services firm, has announced the sale of Wendy’s, a 3K+SF triple-net-leased property in Scottsdale for $2.05M. Marcus & Millichap Investment Specialists Mark Ruble, Chris Lind and Jamie Medress had the exclusive listing to market the property on behalf of the seller, a limited liability company.

15. Bullfrog, LLC purchased the Westech Business Center, a 122K+SF industrial building on 9.02 acres in Chandler, for an undisclosed purchase price. The Koss | Louer Team represented the seller, Westech Petsas USIF2CF, LLC and Steve Farrell, of Lee & Associates Arizona, represented the buyer.

Lease Transactions

16. Opendoor leased three floors, approximately 100KSF, at a just-completed office building at 410 N. Scottsdale Road in Tempe.

17. MTD Products, a manufacturer of outdoor power equipment, has leased approximately 50KSF space at Chandler Corporate Industrial Center (CCIC) at 370 N. Juniper Dr. Greg Hopley of Colliers International of Arizona represented the Landlord, DPMG Juniper LLC in the lease negotiations. MTD was represented by James Harper of Cushman & Wakefield.

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