Sales Transactions
1. Filings with the Securities and Exchange Commission show Braemar Hotels & Resorts has agreed to sell The Four Seasons Resort Scottsdale at Troon North to Evergreen Acquisitions LLC for $372M. Braemar has undertaken a campaign to sell assets, improve its balance sheet and transition into a real estate investment trust under self-management. The transaction is scheduled to close Oct. 22.
2. A joint venture between Cohen & Steers Income Opportunities REIT and Sterling Organization has purchased the 307.4KSF Grand Canyon Crossing shopping center in Phoenix for $59.75M. The seller was Goldman Sachs Asset Management. The 33-acre center at 6145 N. 35th Ave. is anchored by a nearly 207KSF Walmart Supercenter.
3. Park Avenue Health and Rehabilitation Center, a 200-bed skilled nursing and rehabilitation facility at 2001 N. Park Ave. in Tucson, sold for $34.32M. Park Villa Corporation of Westlake Village sold the property to 2001 North Park Avenue Health Holdings LLC. The property contains 62.4KSF of improvements on 2.26 acres.
4. A 12-building industrial park at the SEC of 27th Avenue and Thomas Road in Phoenix, totaling 282.8KSF on 21.7 acres with rail access, sold for $30.25M. An entity linked to Reich Brothers Properties purchased the property from Atkore, an electrical infrastructure manufacturer, and secured $31.8M in new debt from lender Elkridge.
5. Dayton Street Partners has acquired a 69KSF industrial property at 67th Avenue and Buckeye Road for $30.75M. The seller was Lorenzen Land Company LLC.
6. Wrigley Mansion sold for $17M to Henderson Park in a joint venture with Western & Southern Financial Group and funds managed by Hamilton Lane, South Street Partners and Pyramid Global Hospitality. The Hormel family, which owned the property for 34 years, sold the mansion. Pyramid Global Hospitality will oversee operations at both Wrigley Mansion and the neighboring Arizona Biltmore, which Henderson Park acquired for more than $700M in 2024.
7. A Chevron gas station and convenience store at 6261 E. Benson Hwy. in Tucson was purchased by HRV Tucson Investment LLC (care of Haron Properties) for $5.16M. The seller was Hattar Investments Inc. Separately, a Circle K at 655 W. 22nd St. was sold by Rancho Palos Verdes of California for $3.59M. The transaction was managed by Lee Csenar of Hanley Investment Group.
8. Velocity Retail Group’s Greg White represented the seller in the $3.2M sale of a Whataburger at 4280 W. Bell Road in Glendale. The sale was the first leg of a 1031 exchange, with White also helping close the exchange’s second leg within the same week.
9. GRP 829 W Silverlake LLC, an affiliate of Greenspring Realty Partners, purchased an industrial property at 829 W. Silverlake Road in Tucson for $3.27M. The seller was Tucson Silverlake LLC, c/o Craig Hughes, member. The property includes two buildings totaling approximately 13.8KSF on 3.23 acres in Tucson’s south industrial submarket. Max Schumacher of Rein & Grossoehme Commercial Real Estate handled the transaction. Dan Flamholz of Greenspring Realty Partners managed the buying entity. The property is leased to MTM Transit LLC under a single-tenant, triple-net lease and includes a metal shop, office building and fenced yard.
10. Velocity Retail Group’s Greg White represented the buyer in the $3.2M acquisition of the single-tenant net-leased Express Oil Change & Tire Engineers at 14234 N. Litchfield Road in Surprise. The transaction was structured as a 20-year absolute net sale-leaseback and closed within one week of the buyer’s initial 1031 exchange closing.
11. A property at 2435 W. Broadway Road recently sold for $2.95M. The 3.3KSF shop building with a canopy sits on 2.1 acres. Max Schumacher, Patrick Sheehan and Jack Hansen of Rein & Grossoehme Commercial Real Estate represented the seller. Neither the buyer or seller were disclosed.
12. Jared Lively of Rein & Grossoehme represented seller Pacific Coast Holdings, LLC in the $2.75M sale of a 7.8KSF retail property at 7710 E. McDowell Road in Scottsdale.
Lease Transactions
13. DSV signed a lease for 251.2KSF of industrial space at Litchfield Palms Logistics Park, 150 N. Litchfield Road in Goodyear. Johnson Development Associates is the landlord. Completed in 2023, the three-building park totals 856KSF. CBRE represented the landlord, and Lee & Associates represented the tenant.
14. Carvana, LLC leased 27.2KSF of industrial space at 3690-3700 S. Palo Verde Road in Tucson from Rio Equity Group, LLC. Kameron Norwood and Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord. Cooper Fratt with CBRE, Inc., represented the tenant.