Sales Transactions
1. Multifamily real estate investment, development and management company Cortland has officially closed on the Pure Multi-Family REIT acquisition for $1.2B in cash and has become the largest apartment owner in the Dallas-Fort Worth Metroplex and significantly expands its presence in Phoenix.
2. Coastal Ridge Real Estate, iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate purchased Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe, for an undisclosed price. TSB Capital Advisors represented the seller.
3. Town West Realty purchased the Oro Valley Marketplace, a 518KSF shopping center located at the SWC of Tangerine and Oracle Roads, for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, Vestar.
4. Security Properties has purchased The Rev, a 172-unit garden-style apartment complex at 3409 S. Rural Road, Tempe from Baron Properties for $28.2M. Ric Holway and Mark Forrester with Berkadia Real Estate Advisors represented the seller.
5. The Rodriguez Family Trust of Los Angeles, a 1031 exchange buyer, purchased the Deer Valley Financial Center, a two-story, 127.6KSF Class A office building at 22601 N. 19th Avenue, Phoenix, for $22.15M. Barry Gabel, Chris Marchildon and Will Mast of CBRE Institutional Properties in Phoenix, and Geoff Turbow, Matt Pourcho and Anthony DeLorenzo of CBRE Investment Properties-SoCal/Phoenix, represented the seller, ViaWest Group and Taconic Capital Advisors.
6. Northwest Hospital, LLC closed on its new 19.7-acre site at 2200 S. Houghton Road, Tucson for $7.042M, in order to develop a 70-bed hospital. Northwest Star Properties of Tucson was the seller.
7. Elliott Partners, Ltd. purchased a 44.5KSF industrial warehouse building at 3130 S. Dodge Boulevard, Tucson for $2.8M, for its new Elliott Electric Supply store. Brandon Rodgers, SIOR, CCIM, and Robert C. Glaser, SIOR, CCIM, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller, DRD Group, LLC. Dave Blanchette, CCIM, with NAI Horizon represented the buyer.
8. Sonoran Desert Surgery Center, fully occupied by The Pain Center of Arizona, at 895 S. Dobson Road, Chandler, has been sold to an Arizona investor for an undisclosed amount. Mindy Korth, executive vice president with Colliers International in Arizona represented the seller, 895 Dobson LP. Keith Ricker of WRS International represented the buyer.
Lease Transactions
9. Nationwide Realty Investors announced that existing anchor tenant Deloitte will occupy an additional 100KSF building in The Commons at Rivulon, the expansive master-planned, mixed-use development located at 300 E. Rivulon Road, Gilbert. Fred Darche and Spencer Nast of Lee & Associates represented Nationwide Realty Investors.