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Commercial Real Estate Transactions 12-17-19

8. Grand 2. Credit: Lincoln Property Company

Sales Transactions

1. Starwood Income Real Estate Trust purchased the 277-unit Alta Drinkwater apartment complex at 3234 N. Scottsdale Rd, for $96M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the sale. The sellers were Wood Partners and the Carlyle Group.

2. Stockdale Capital Partners purchased 371K+SF of Class A medical laboratory and creative office building formerly known as Henkel Corporate Center located at 7201 East Henkel Way, Scottsdale, for an undisclosed price.

3. Ensemble Real Estate Solutions and Investments purchased the Best Western Plus Arroyo Roble Hotel & Creekside Villas, located at 400 N. State Route 89-A, Sedona, for $32M. The hotel will continue to be managed by Aimbridge Hospitality.

4. Jevan Capital PLLC purchased three weekly rental communities: Phoenix Central, near the Phoenix Country Club and Phoenix Children’s Hospital Campus, and Northwest and West Weekly Rentals, both near Grand Canyon University in Phoenix, for $25M. The three-community portfolio comprises 374 units, built between 1972-1974. ABI Multifamily Partner Eddie Chang represented the buyer with support from Senior Managing Partners John Kobierowski, Alon Shnitzer, Rue Bax and Partner Doug Lazovick.

5. Phoenix Commercial Advisors facilitated the sale of The Union at Gilbert, a 55.3KSF EOS Fitness-anchored shopping center at 3300-3310 S. Higley Road, Gilbert, for $15.825M. John Schweikert and Chad Tiedeman at Phoenix Commercial Advisors represented the seller.

6. Bear Holdings Group purchased Park Thomas East, a 70-unit, multifamily community located at 5425 Thomas Road in Phoenix, for $8.2M. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Warren Properties.

7. The Church of Jesus Christ of Latter-day Saints purchased the former Westar Kitchen & Bath, a 37K+SF retail space located at 3850 W. Orange Grove Rd. in Marana, for $4.1M. Principals with Cushman & Wakefield | PICOR, Dave Hammack, Retail Specialist, Russell W. Hall, SIOR, GSCS, and Stephen D. Cohen, Industrial Specialists, represented the seller, Vincenza, LLC.  Nancy McClure and Carol Schillne with CBRE, Tucson and Salt Lake City, represented the buyer.

Lease Transactions

8. DoorDash has completed a full building lease at Lincoln Property Company‘s Grand 2 building at 1033 W. Roosevelt Way, Tempe. DoorDash will move into the Grand 2 building – the second of eight Class A office buildings slated for development by LPC at The Grand at Papago Park Center master-planned development – this Spring. Greg Pickett and Tom Jacobs of Cushman and Wakefield represented DoorDash in their lease negotiations.

9. Toyota Financial Services signed a lease for 63KSF, room for 300 employees, in a new building in Chandler’s Park Place business park on Price Road near Germann Road.

10. Elite Delivery Services, Inc. leased 13.8KSF of industrial space at 2005 N. 13th Ave., Suite 135, Tucson, from Poets Corner, LLCCushman & Wakefield | PICOR Industrial Specialists handled this transaction.  Max Fisher represented the landlord and Ron Zimmerman represented the tenant.

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