Sales Transactions
1. An entity tracing to Knightvest Capital paid $73.65M for Dryden, a 254-unit apartment community at 1 W. Campbell Ave. in midtown Phoenix. The property, formerly known as Pavilions on Central Apartments, was sold by an entity tracing to Security Properties.
2. Pivotal Manufacturing Partners acquired a 157.5KSF industrial park at 5310 W. Camelback Road in Glendale for $26.7M. The property includes three buildings built between 1981 and 1996 and is fully leased to an affiliate of Corning Incorporated, which operates the property as a precision manufacturing facility serving semiconductor, aerospace and defense applications. JLL’s Ben Geelan, Greer Oliver, Bryce Beecher and Gigi Martin represented the seller, an entity tracing to Taurus Investment Holdings.
3. Cushman & Wakefield arranged $19.96M in acquisition financing for Albany Road Real Estate Partners’ Edwards Professional Park I & II, a two-building, 91.5KSF medical office portfolio in Scottsdale. Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets Team represented Albany Road in securing financing through a regional bank. The properties are located at 10752 N. 89th Place and 8952 E. Desert Cove Ave. and are 91% leased to 47 medical and healthcare-related tenants.
4. Walmart recently purchased an approximately 40-acre site at the SEC of Apache Blvd. and Southern Avenue in Buckeye for $9.56M. The retailer purchased the land from two separate entities tracing to Zeitlin Capital.
5. Kirpa Wilmo LLC purchased 4.7 acres of retail space at 7710 S. Wilmot Road and 7674 S. Wilmot Road in Tucson from Union Financial Management Services, LLLP and Wilmot I-10 Holdings LLC for $6.5M. Rob Tomlinson with Cushman & Wakefield | PICOR represented the seller. Simon Assaf and Ethan McAffee with Matthews Real Estate Investment Services Inc represented the buyer.
6. Country Club Holdings LLC purchased 82.8KSF of industrial space at 6270 S. Country Club Road in Tucson from Westmed Inc. for $4.5M. Jesse Blum, formerly with Cushman & Wakefield | PICOR, represented the buyer. Jerry LoCoco, currently with C&W | PICOR, and Robert Martensen with Colliers International AZ represented the seller.
7. Brown/Worden Properties recently sold an approximately 66-acre site at the NWC of Rita Road and Old Vail Road in Tucson for $4.34M. A subsidiary of Vaulter Real Estate Investments purchased the land. Land Advisors Organization’sWill White and John Carroll represented the seller.
8. SimonCRE sold a retail property at 28379 N. El Mirage Road in Peoria to 83rd Ave + Camelback Rd, LLC and Sunset Square Plaza LLC for $3.45M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller. The property will remain leased to Starbucks.
9. Tenet Equity Funding SPE II LLC purchased approximately 3.41 acres at Houghton Town Center in southeast Tucson for $2.82M. The property includes Lots 44, 45 and 46 and a portion of Lot 47 near Houghton Road and Old Vail Road. Houghton Developers LLC, an affiliate of Diamond Ventures, was the seller. The buyer plans to develop a 40.6KSF Mountainside Fitness center at 10084 E. Old Vail Road.
10. Cruztel de Sonora LLC, represented by Ryan McGregor of Cushman & Wakefield | PICOR, purchased The Watermark Building, an approximately 8.9KSF office building at 2020 W. Rudasill Road in Tucson, for $2.14M. The property sits on one acre near La Cholla Blvd. and Orange Grove Road, with an additional 1.2KSF constructed in 1998. Watermark 2020 LLC, an affiliate of Watermark Retirement Communities, was represented by Gordon Wagner and Ben Craney of NAI Horizon.
Lease Transactions
11. VanTrust Real Estate announced it has secured a full lease for its 1.4MSF VT 303 North development, currently under construction at Northern Avenue and Reems Road in Glendale. Butler Design Group designed the facility, with Layton Construction serving as the general contractor. Cooper Fratt and John Werstler of CBRE represented VanTrust. The unidentified tenant was represented by Charlotte Elstob, Dan McGillicuddy, Kelly Royle, Marc Hertzberg and Tony Lydon of JLL.
12. Albers Aerospace has leased 30KSF at 3480 E. Brittania Dr. in Tucson as part of its plan to expand operations. The facility became operational in July, and the three-year expansion plan will add 24 jobs to the existing employment base.
13. Phoenix Commercial Advisors recently announced a new tenant at Village at the Boulders at Gail Gardner Way and Iron Springs Road in Prescott. Ross Dress for Less recently signed a 22.4KSF lease within the shopping center. PCA’s Teale Bloom, Cameron Warren and Greg Laing represented the landlord.