Commercial Real Estate Transactions 05-26-20

Sales Transactions 
1. Valwood Element, LLC purchased Element at Kierland, a 57.7KSF upscale multi-tenant office building at 14614 N. Kierland Boulevard, Scottsdale, for $17.3M. Eric Wichterman and Mike Coover of Cushman & Wakefield represented both the buyer and seller, MACP Kierland Fairways, LLC, a subsidiary of Montana Avenue Capital Partners. 
2. Lilly Tucson Investments, LLC purchased Ridgewood Gardens, a 171-unit multifamily complex at 3302 S. Pantano Road, Tucson, for $11.3M. SVN Desert Commercial Advisor’s Danny Lee represented the buyer. The seller was Ridgewood USA, LLC. 
3. Marcus & Millichap announced the $9.05M sale of Walgreens, a net-lease drugstore at 2000 S. Mill Avenue, Tempe. Mark Ruble, Chris Lind, and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was undisclosed. 
4. Route 66 Properties LLC purchased a 39.5KSF creative office property and airplane hangar in the Scottsdale Airpark, 7350 E. Evans Road, for $8.53M. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix/Vegas, and Brad Anderson, Michael Strittmatter and Lauren Anderson of CBRE in Phoenix, represented the seller, ICIC Commercial Investments. 
5. Investment Development Management, LLC purchased a 15-acre parcel just south of State Farm Stadium, off Cardinals Way, between the loop 101 and 95th Avenue, Glendale, for $6.533M. The buyer is planning to build 352 luxury apartments called ACERO Glendale. Nate Nathan and Courtney Buck of Nathan & Associates, Inc. represented the seller, Kent Circle Partners. Brian Stillman of Insight Land & Investments represented the buyer. 
6. An Arizona-based investor purchased a 280-unit self-storage facility in the East Valley of Phoenix, from a California-based owner for $5.5M. The transaction was handled by Sheila Hunter, Vice President and Senior Commercial Escrow Officer, in Thomas Title & Escrow’s Scottsdale Office. 
7. Dunn Edwards Paints purchased a 6.5KSF built to suit at 9610 N. Oracle Road in the El Corredor shopping center in Oro Valley for $2.6M. Debbie Heslop, CCIM, of VOLK Company represented the seller, Boulder Oro Valley. The buyer was represented by Bruce Heathcote of Lee & Associates. 
8. Lafayette Circle, LLC purchased a 14.3KSF flex industrial building at 1.45 acres of adjacent land at 5515 E. Redmont Circle, Mesa, for $2.28M. The Leroy Breinholt Team from Commercial Properties, Inc./CORFAC International’s Tempe office represented the buyer. The Andy Jaffe and Rex Griswold Team from CPI’s Tempe office represented the seller, St. Ignatius of Antioch Antiochian Orthodox Church. 
9. Phoenix Commercial Advisors facilitated the $2.068M sale of an 824 SF, single-tenant Dutch Bros Coffee at 1971 W. Valencia Road, Tucson. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller. 
10. Marcus & Millichap announced the $2M sale of Sladek Manor, a 24-unit apartment community at 6740 W. Montebello Avenue, Glendale. Paul Bay, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a developer. Bay also procured the undisclosed buyer.