News Ticker

Commercial Real Estate Transactions 12-28-2018

17. Defy Tucson. Credit: Arizona Daily Star

Sales Transactions

1. Transcanada Corp. has inked a deal to sell the 575-megawatt Coolidge Generating Station to subsidiary of Southwest Generation Operating Co. LLC for $465M.

2. Divco West paid $142M for a majority interest in the 1,222-unit Vaseo Apartment Homes complex, at the SWC of 7th Street and Greenway Parkway in Phoenix. Klein Financial Corp. was the property’s minority owner when the majority owner sold its interests to Divco.

3. TruAmerica Multifamily, in a joint venture with an institutional capital partner, has acquired a two-property, 472-unit apartment portfolio near I-10 and Baseline Rd in Tempe for $67.3M. The portfolio is comprised of 276-unit Highland Park and 196-unit Park View. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch from CBRE’s Phoenix office brokered the transaction.

4. A partnership between Bixby Land Co. and an institutional partner recently closed on a $48.9M, 982KSF, four building, Class A industrial portfolio made up of two properties in California and two in Phoenix. The Phoenix properties are Canal Crossing Logistics Center, a 155KSF building at 5670 South 32nd Street, and Riverside@ 51st Avenue, a 335KSF building at 2300 South 51st Avenue. The HFF debt placement team representing Bixby Land Co. included Kevin MacKenzie and Brian Torp. HFF will service the $180M total facility, and the remaining capacity will be used to acquire additional industrial properties.

5. Cushman & Wakefield completed the sale of Oracle Crossings, a 251KSF Sprouts Farmers Market anchored neighborhood shopping center at the SWC of Oracle Rd and Magee Rd in Oro Valley. Town West Realty purchased the property from Weingarten Realty for $40.8M. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

6. The Blackstone Group sold The Village at Lakewood, a 240-unit Class B community at 15815 S. Lakewood Pkwy W, Phoenix, for $40.3M to TH Real Estate.

7. JLL’s Phoenix Office has completed the sale of Papago Spectrum, a 159.3KSF Class A office building at 12225 W. Washington St., Tempe, for $34M. JLL’s Brian Ackerman led the team handling the sale on behalf of the seller, GLL Real Estate Partners, a member of the Macquarie Group.

8. ViaWest Group announced the sale of San Tan Tech Center, 145 S. 79th St, Chandler. The 129.2KSF, Class A property was purchased by Held Properties, Inc. for $22.75M. Christopher Toci and Chad Littell of Cushman & Wakefield’s Phoenix office along with Mark Gustin, Karsten Petersen and Dave Seeger of JLL in Phoenix orchestrated the sale.

9. Hunt Real Estate Capital has closed on $22.5M in financing for the acquisition of two Arizona assets as part of a 1031 Exchange. The properties are: Canyon Woods Apartments, a 224-unit community at 2524 W. Glenrosa Ave., Phoenix and Shadow Rose Apartments, a 148-unit property at 6231 N. 37th Ave, Glendale.

10. Berkadia announced that they recently completed the sales of three properties in the Phoenix metro area, combining to total $19M. Arcadia Park, a 73-unit garden-style complex at 3426 N. 32nd St, Phoenix, was sold by LC Thaing to Bear Holdings Group for $8.3M. Hermosa Place Apartments, a 50-unit garden-style complex at 3132 N. 32nd St., Phoenix, was also sold to Bear Holdings Group for $4.3M. Macallister Scottsdale, a 26-unit community at 7979 E. Wilshire Dr., was purchased by a private investor and sold by Del Pueblo Communities, LLC. Berkadia’s Mark Forrester, Ric Holway and Dan Cheyne facilitated the transactions.

11. Cushman & Wakefield announced MedImpact Healthcare Systems Inc., an independent pharmacy benefit manager, purchased Ocotillo Business Center, 7910, 7970 and 8060 S. Kyrene Rd, Tempe, from B.H. Properties, LLC for $12.6M. Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented the buyer.

12. CBRE arranged the $7.5M sale of 1133 West Fifth, a 44-unit multifamily property at 1133 W. 5th St., Tempe. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Multifamily Investment Properties negotiated the sale of the property on behalf of both the buyer, Luna Bear 5th St., LLC, and seller, Treasure Star, LLC.

13. SRS Real Estate Partners’ National Net Lease Group has announced the $5.075M sale of The Shops at Arizona, a 35.7KSF Ace Hardware-anchored neighborhood shopping center at 3434 Anthem Way in Anthem. SRS National Net Lease Group’s Sean Thomas and Patrick R. Luther represented the seller, Abington Emerson, in the transaction to an individual buyer.

14. ORION Investment Real Estate announced the sale of the approximately 3.25-acre site at 2240 North Hayden Rd, Scottsdale for $2.5M to Rob Lyles of Deco Communities. ORION’s, Larry Kush negotiated the transaction between the seller, David Johnson of Arizona Christian Ministries, and buyer.

15. Jared Lively of Rein & Grossoehme represented Jabon Investments on the $2.295M purchase of Lamoreaux Marketplace, a 10KSF retail property, at the NWC of Gilbert Rd & Ray Rd in Gilbert. The seller was ECDB, LLC.

16. CBRE has negotiated the sale of Union Hills Corporate Center, a 155KSF office complex at 18444 & 18456 N. 25th Ave. in Phoenix. Area Acquisitions, LLC, an affiliate of Ascent Real Estate Advisors, purchased the multi-tenant office property from G2 Capital. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets Institutional Properties in Phoenix represented the seller.

Lease Transactions

17. Defy Tucson, an indoor entertainment and trampoline park, has leased more than 41KSF at 4861 N. Stone Ave, Tucson, that formerly housed a JCPenney Home Store. Nancy McClure of CBRE’s Tucson Office represented the tenant along with Nena Mass and Nathalie Mondane of CBRE’s Chicago Office.

18. San Francisco-based Imperfect Produce has leased a 24KSF office space in Tucson, which it will use as a customer care center. The company is expected to begin operations in early 2019.

19. A lease for 16.5KSF in Greenway Plaza, 1849 W. Greenway Rd, Phoenix, to Royal Kids Indoor Playground was recently consummated. The owner of the center is RPM Greenway Plaza, LLC. Jake Ertle and Nic Chavira of Rein and Grossoehme Commercial Real Estate represented the owner and the tenant.