Commercial Real Estate Transactions 10-13-20

Sales Transactions 
1. Cortland Partners purchased Metropointe Apartments, a 408-unit multifamily community at 7017 S. Priest Drive, Tempe, for $96.75M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Rockwood Capital, and procured the buyer. The complex will now go by the name, Cortland South Mountain. 
2. Mack Real Estate Group purchased the Hub at Goodyear, a 794KSF speculative industrial development at the corner of Bullard Avenue and Van Buren Street for $59M, from Walton Street Capital. Pat Feeney, Dan Calihan, Rusty Kennedy and James Cohn of CBRE Group Inc. in Phoenix represented the buyer. 
3. Cloud Peak Development, LLC purchased Paradise Valley Plaza, a property consisting of three (2)-story buildings totaling 100.2KSF at 5010, 5020 & 5040 E. Shea Boulevard, Paradise Valley, for $16.75M. Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented the buyer and seller, Fenway Capital Advisors. 
4. A private, California-based investor purchased La Estrella Vista Apartments, a 96-unit multifamily community in Phoenix, for $16.75M. Alon Shnitzer of ABI Multifamily represented the seller, Next Wave Investors, LLC. 
5. The Neiders Company purchased Tanglewood Apartments, a 58-unit multifamily community at 740 W. University Drive, Tempe, for $7.9M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and seller, AZAB, LLC. 
6. Investors from Northern California and Washington State purchased Tempe Office Center, a two-building, 24.4KSF business park at 950 W. Southern Avenue and 3225 S. Hardy Drive, Tempe, for $4.562M. The seller, an investment group from Southern California, was represented by Kidder Mathews’ commercial real estate broker Erik Marsh. 
7. Boavida Group purchased a mobile home park at 1431 N. French Street, & 1409 N. French Street, Casa Grande for $4.4M. Andrew Warner with NAI Horizon represented the seller, Casa MHP, LLC. The buyer was self-represented. 
8. JDFAZ, LLC purchased a single-story, 27.1KSF, industrial warehouse building that’s 100 percent leased to Southland Industries at 246 East Watkins Street, Phoenix, for $3.7M. Steve Gonzalez, Greg Guglielmino, and Marcus Muirhead of the Lee & Associates Phoenix office represented the seller, KBP Realty Advisors, LLC. 
9. ACKA #3 Limited Partnership purchased 30.4KSF of industrial space, located at 13 Calle Cristina in Rio Rico, AZ., from Linda Chen for $2M. Jose Dabdoub, Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties. 
Lease Transactions 
10. Max Schumacher of Rein & Grossoehme represented Poolman in a 21.6KSF industrial lease at 2939 W. Culver Street, Phoenix. The owner is Harrison Properties. 
11. Smiley Lifting Solutions, LLC leased 19.8KSF of industrial space at 2001 N. 9th Avenue, Tucson, from Tucson 2001, LLC. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord.