Sales Transactions
1. MG Properties Group recently paid $110.25M for the 512-unit Biscayne Bay Apartments, 300 E. Warner Road, Chandler, from AllianceBernstein US Real Estate Partners.
2. Broadstone Real Estate paid $90.2M for two Hensley Beverage Co. properties in metro Phoenix. One is a 305.9KSF Hensley industrial building at 4201 N. 45th Avenue, Phoenix, and the other is a 230.8KSF distribution center at 2555 N. Nevada Street, Gilbert.
3. CBRE has obtained a $59.47M bridge loan for the acquisition of Camelback Esplanade III, a 218.4KSF Class A office building in metro Phoenix’s Camelback Corridor. Bruce Francis, Bob Ybarra, Dana Summers, Shaun Moothart and Doug Birrell of CBRE Debt & Structured Finance facilitated the loan for the owner, a venture between Transwestern and an institutional partner. NXT Capital provided debt, which has a four-year term with one, one-year extension option.
4. ReNUE Properties purchased Legacy Bungalows, a 200-unit multifamily asset in Phoenix, for $26.1M. Steve Gebing and Cliff David, senior managing directors for Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Legacy Partners, and procured the buyer.
5. Investment Concepts Inc. purchased Alma Elliot Square, a 62.2KSF neighborhood shopping center in Chandler, for $9.6M. Newmark Knight Frank’s Capital Markets group represented the seller, TriGate Capital, LLC.
6. Q3 Surprise LandCo, LLC purchased a portion of Greenway Marketplace, 15261 N. Reems Road, Surprise, for $3.75M. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office represented the buyer and Rommie Mojahed at Sperry Van Ness represented the seller, Hazelwood Properties USA, LLC. The 8.5KSF, multi-tenant building is leased to Dairy Queen, Mathnasium, Jenny Craig and Bosa Donuts.
7. DL Baseline LLLP purchased Fry’s Vineyard Shopping Center, a 78.1KSF Fry’s Food and Drug anchored shopping center at 542 W. Baseline Road, Mesa, for $3.725M. The sale was a collaborative effort for the Lee and Associates Arizona office. Jan Fincham and Andrew Lundahl represented the seller, Barclay Holdings LXV. Sean Bishop represented the buyer.
8. Camelot Homes purchased a 19-acre residential land site at the SWC of Pima Road and Bronco Trail, Scottsdale, for $2.85M. Larry Kush, Senior Vice President of ORION Investment Real Estate, exclusively represented the seller, Medley LLC. Camelot Homes were self-represented.
9. Holualoa Companies purchased the building at 2202 N. Forbes Boulevard, Tucson for $2.6M and is planning a $4M renovation to make it more desirable for businesses and better-suited for multitenant use. David Volk and Bruce Suppes of CBRE in Tucson represented the buyer and David Montijos also in the CBRE Tucson office represented the seller, CHN Holdings.
10. Coyote Clover 2500, LLC purchased 35.6KSF of industrial space from 2500 Coyote, LLC. The flex, light-manufacturing building, located at 2500 N. Coyote Drive, Tucson, was purchased for $2.285M. Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.
11. LevRose Commercial Real Estate recently announced the $2.225M sale of Sola Salon Studios, a 65KSF building at 7316 E. Stetson Drive, Scottsdale.