Sales Transactions
1. Stonemont and capital partner PCCP completed the $1B acquisition of a 38-building industrial portfolio totaling 5.9MSF across 10 states. The portfolio, which is 95% leased, includes properties in high-growth markets such as Phoenix. The seller was Link Logistics, a Blackstone company. The acquisition was financed by JP Morgan and Wells Fargo, with Eastdil Secured advising on the debt execution.
2. Trammell Crow Company recently purchased two industrial buildings from IDI Logistics for $85.18M. The buildings are located at 12th and Elwood streets in south Phoenix and combine for roughly 357KSF.
3. Security Properties recently sold the 254-unit Pavilions on Central Apartments in Phoenix for $73.65M. The property is located at Central and Campbell avenues in midtown Phoenix. The buyer was Knightvest Capital. The apartment complex features one-, two- and three-bedroom units.
4. NHNR HOLD CO 47 LLC, an affiliate of Morgan Stanley Real Estate Investments, has paid $59M for Amplify Chandler, a nearly 200KSF industrial building at 6505 W. Chandler Blvd. in Chandler. The seller was 6505 Chandler Property Owner LLC, an affiliate of Phoenix Rising Investments. Morgan Stanley was self-represented, while Ben Geelan and Greer Oliver of JLL represented the seller.
5. Baron Properties sold Eastpoint I & II, a two-building, 136.6KSF industrial business park at 3191 N. Washington St. and 250 E. Elliot Road in Chandler, to Longpoint Partners for $34.65M. Cushman & Wakefield’s National Industrial Advisory Group represented both parties. Phil Haenel, Will Strong, Foster Bundy and Madeline Warren represented the seller, Baron Properties, and the buyer, Longpoint Partners. The multi-tenant property is leased to eight tenants across two buildings.
6. Gladden Farms Partners LP and Belton16 LLC, affiliates of Cadence Capital Investments, purchased three retail buildings totaling 24.3KSF on 5.04 acres at 11320, 11360 and 11370 W. Tangerine Road in Marana for $16.8M. The seller was Barclay Holdings CXXII LLC, an affiliate of Barclay Group Holdings. Matthew Archer of Barclay Group represented the seller. Josh Katzner of Belton16 LLC represented the buyers. The fully leased buildings are part of the Fry’s Marketplace-anchored Gladden Farms Commercial Center.
7. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Winterhaven Terrace, a 96-unit apartment community in Tucson, for $15.7M. Clint Wadlund and Hamid Panahi of Institutional Property Advisors represented the seller and procured the buyer.
8. ProCaps Laboratories sold an industrial building to Compulsive LLC for $10.4M. The building spans 26.3KSF and was constructed on 1.6 acres at the SWC of Hayden Road and Frank Lloyd Wright Blvd. in Scottsdale.
9. WHA- 8160 N. Courtney Page Way LLC purchased 3.7KSF of retail space at 8160 N. Courtney Page Way in Tucson from Slush, Inc. for $2.05M. Dave Hammack with Cushman & Wakefield | PICOR represented the buyer. Cameron Lee and David Lee with David Lee Real Estate Company represented the seller.
10. Orange Grove Village shopping center, located at the NWC of Oracle Road and Orange Grove Road in Tucson, has been sold to BSOP-24, LLC. The shopping center totals 19.2KSF. Craig Finfrock of Commercial Retail Advisors, LLC represented the seller, S1K, LLC, and Bryan Belk of Franklin Street and Scott Reid of ParaSell, Inc. represented the buyer, BSOP-24, LLC. No financial details were provided.