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Commercial Real Estate Transactions 12-04-2018

5. Phoenix Commercial Advisors. Credit: AZ Big Media

Sales Transactions

1. A partnership between Continental Realty Advisors and MLG Capital has acquired Tempe Metro, a 408-unit community in Tempe. Crow Holdings sold the property for $53.5M. This acquisition marks the third partnership between Continental Realty Advisors and MLG Capital.

2. Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50.3M. The development offered opportunity for future value appreciation with extensive renovation and modernization. Argenta was sold by Millburn Company. The buyer was 29th Street Management III. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the sale.

3. ABI Multifamily announced the $28.2M sale of the Vista Sureno Apartments in Phoenix. The buyer, ConAm, is a private investment group. The seller, FSC Realty, is a privately owned limited liability company. The multifamily brokerage team of Rue Bax, Alon Shnitzer, John Kobierwoski, Eddie Chang and Doug Lazovick represented both the buyer and seller.

4. Berkadia recently announced two deals totaling $34.6M. First was the $19.6M all-cash sale of The Place on Alma School, a townhouse-style new luxury rental community in Chandler. Mark Forrester and Ric Holway and Dan Cheyne of the Phoenix office completed the sale on behalf of the seller, MPC Development, and the buyer, Univest, Inc. The second transaction was the $15M sale of Excel Courtyard Apartments, a garden-style multifamily property in Mesa. Ric Holway, Mark Forrester and Dan Cheyne completed the sale on behalf of the seller, L and L Investment LLC. The buyer was Bean Investment Real Estate Inc.

5. Phoenix Commercial Advisors closed on two Phoenix-area properties in mid-November — Cornerstone at Queen Creek, a Walmart-anchored shopping center, and a single-tenant Chipotle. Cornerstone at Queen Creek, located on 9.46 acres on the NWC of Rittenhouse and Ocotillo in Queen Creek, sold for $14.8M. Chad Tiedeman and Steven Underwood at Phoenix Commercial Advisors represented the seller, WDP Town Center, LLC, in the transaction. On the SWC of 48th Street and Broadway Road Phoenix, Chipotle sold for $2.1M. Chad Tiedeman represented the seller, SimonCRE Lincoln IV, LLC.

6. CBRE completed the sale of a two-property portfolio leased to Goodwill, located at 8053 East Raintree Dr. in Scottsdale and 4570 South Higley Rd. in Gilbert. The properties sold for $10.2M and $5.8M, respectively. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, The Mack Company. Tom Kolb of Keller Williams Northeast Realty represented the buyer, Lofts, LLC.

7. Cushman & Wakefield completed the sale of Gateway at Tucson, 2800 W. Broadway Blvd., Tucson. Holualoa Companies of Tucson purchased the property from CW Capital Asset Management LLC for $12.9M. The property was marketed via RealINSIGHT Marketplace. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

8. Cushman & Wakefield completed the sale of Zen Senior Living, 11645 N. 25th Place, Phoenix. Investment Concepts, Inc. purchased the property from FPA5 Paradise Village, LLC, formed by FPA Multifamily, for $11.95M. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

9. Harsh Investment Properties continued its aggressive growth in Tucson with the purchase of a fully occupied 144.9KSF plumbing supply building at 2201 East Medina Road for $10.5M from Intercontinental Real Estate Corporation.

10. Cushman & Wakefield completed the sale of the 201KSF RV Harbor, 13516 W. Foxfire Drive in Surprise, for $7.5M. ADV Surprise Property Owner, LLC purchased the property from RV Harbor LLC. Cushman & Wakefield’s Paul Boyle and Rick Danis represented both the buyer and the seller.

11. NAI Horizon Associate Matt Harper represented the buyer in the $4.7M acquisition of a freestanding, four-tenant retail pad in Glendale. Harper represented AXG COM 1, LLC in its purchase of the 12KSF property at 8280 W. Union Hills.

12. A 43KSF neighborhood shopping center on 7th Street and Townley Avenue was acquired for $3.3M by Capital Development Group and partner Rhapsody Ventures. This is Capital Development Group’s second purchase in their newly formed entity with two additional properties currently in escrow.

13. A nearly 3KSF Scottsdale bar/restaurant with 6KSF of patio space, occupied by Old Town Gringos, sold for $2.2M. The property was purchased by a local investment group. Trent Goulette with Southwest Retail Group represented the buyer. ORION Investment Real Estate was hired by the seller, STORE Capital.

14. Thompson Thrift Retail Group has sold a Dutch Bros Coffee drive-through, located at 3665 West Chandler Boulevard in Chandler for $2M. The buyer, a family trust out of California, purchased the property in a 1031 exchange. Kidder Mathews commercial real estate brokers, Trask Switzenberg, Chuck Wells, and Darrell DeShaw, represented Thompson Thrift Development.

15. Sunroad Enterprises has acquired San Portella, a 308-unit multi-family community in Tempe for an undisclosed price. CBRE marketed the property

Lease Transactions

16. CapRock Partners announced it secured a seven-year lease for the firm’s signature 111KSF industrial property at 225 W. 51st St. in Phoenix to Caraustar. CapRock Partners acquired the industrial building in an off-market transaction in a deal facilitated by Lee & Associates. CapRock Partners was represented by Phil Haenel, Mike Haenel and Andy Markham at Cushman & Wakefield. Caraustar was represented by Bill Honsaker with JLL.

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