Sales Transactions
1. Cavan Companies sold Bungalows on Camelback, a 334-unit BTR community at 4747 N. 99th Ave. in Phoenix, for $112.5M. The buyer was an entity tracing to Marlowe D Moy.
2. Tides Equities sold the 27-building Tides on McDowell apartment complex to Nitya Capital for $41M. The complex holds 274 units and is located at 4620 W. McDowell Road in Phoenix. The new owner plans to renovate the property. The seller was represented by Northmarq’s Jesse Hudson, Logan Baca and Chris Michl.
3. 9005 North Oracle Owner LLC, c/o 9055 North Oracle Investments LLC/Stellar Senior Living, purchased The Watermark at Oro Valley from SHP V Oro Valley LLC, c/o PGIM Real Estate. The assisted living community contains 101 units, is located near Oracle Road and Hardy Road in Oro Valley and was sold for $23M. The seller was represented by Nevena Vujic, while the buyer was represented by Artemis North Oracle Members.
4. Rise at the Northern, a 108-unit garden-style apartment community at 17840 N. Black Canyon Hwy. in Phoenix, sold for $21.7M. Rise48 Equity purchased the property from Tailwind Investment Group. The property was formerly known as The Northern. Northmarq’s Phoenix Investment Sales team of Jesse Hudson, Chris Michl and Logan Baca represented the seller.
5. Southwestern Investments, LLC sold Bethany Marketplace Shopping Center, a 66KSF retail property at the NEC of I-17 and Bethany Home Road in Phoenix, for $14.05M. Jared Lively of Rein & Grossoehme Commercial Real Estate represented the seller, managed by George Shakiban. The buyer was not disclosed.
6. Ribera-Balko Enterprises and Family Limited Partnership purchased Building E, a 26.9KSF industrial building within Phelan Business Park at 5033 S. 71st St. near Mesa Gateway Airport, for $7.6M. The seller was 7212 E Mesa Gateway LLC. The industrial park includes 195.6KSF across five buildings and was developed by Phelan Development Company.
7. Avrek Law – AZ E Osborn LLC purchased a 35.3KSF office building at 702 E. Osborn Road in Phoenix for $6.8M. The two-story property was approximately 83% occupied at the time of sale and includes 138 parking spaces. Jason Reddington and Keri Davies of LevRose Commercial Real Estate represented the seller, 702 E. Osborn LLC. Mike McQuaid and JD Marsh of Newmark represented the buyer.
8. Brandon Investments LLC purchased a 51.8KSF industrial property at 6701 S. Midvale Park Road in Tucson for $5.55M from 6701 S. Midvale Park LLC. The property sits on 7.24 acres in the Midvale Park Commerce Center II subdivision and includes two buildings, dock-high and grade-level loading, 30-foot clear height, fenced and gated yard area and on-site parking. Stephen D. Cohen with Cushman & Wakefield | PICOR, represented the buyer. Jesse Blum with CBRE in Tucson represented the seller.
9. A 1.92-acre industrial outdoor storage property at 22444 N. 19th Ave. in Phoenix sold for $4.75M. The investment property includes 11.6KSF of buildings and is leased long-term to three tenants. Max Schumacher, Patrick Sheehan and Jack Hansen of Rein & Grossoehme Commercial Real Estate represented both the buyer and seller, who were not disclosed.
10. Black Rock Coffee Bar, a 620SF retail building at 12443 NW Grand Ave. in El Mirage, sold for $2.44M. BRC NW Grand Ave El Mirage AZ LLC purchased the property from TMAC IV, LLC. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller. The property sits on 0.73 acres and is leased to Black Rock Store Operations, LLC.
Lease Transactions
11. McCarthy Building Companies signed a 96.3KSF lease at 3133 E. Camelback Road in Phoenix. The company will occupy nearly the entire 100KSF office building, which will become its Southwest Region headquarters. Andrew Cheney, Craig Coppola and Gregg Kafka of Coppola Cheney Group at Lee & Associates represented the landlord, Reliance Management. Mark Seale and Ben Seale of Stream Realty Partners represented McCarthy.
12. Okland Construction signed an 85.2KSF lease at 17 North Corporate Center in Phoenix. The company will occupy Building D at 2525 W. Corporate Center Dr. The industrial complex was developed by a joint venture of Ryan Companies US, Inc. and Standard Real Estate Investments, LP, with Butler Design Group serving as the architect. CBRE’s Cooper Fratt, Tanner Ferrandi, Connie Nelson and Brady Turpen represented ownership. Chris Rogers, Trevor McKendry and Beau Citron of DAUM Commercial Real Estate Services represented Okland Construction.
13. Diamondback Minerals LLC leased 24.4KSF of industrial space at Four Walls, 2701 E. Elvira Road in Tucson, from Four Walls Elvira Operating, LLC. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. Jesse Blum with CBRE represented both parties.