Sales Transactions
1. Cortland Growth and Income OP, LP purchased a $245M, 754-unit portfolio from Tucson Rental Homes in a sale that closed on December 29th. The larger properties included:
- Tucson National Casitas, 119 units, $38M;
- Tanque Verde Casitas, 105 units, $34M;
- Richland Heights Homes, 38 units, $12M.
- Sabino Canyon Homes, 44 units, $14M;
- Tucson Apartments on Tanque Verde Creek, 96 units, $32M;
- Cortaro Casitas, 135 units, $44M, and
- La Mariposa Casitas, 142 units, $46M.
With the exception of Tucson Apartments on Tanque Verde Creek, all properties consist of stand-alone casita units. Art and Clint Wadlund with Berkadia Tucson represented the seller.
2. Holualoa Companies has bought the 217KSF office center Park One in the Camelback Corridor for $50.1M. The location will be renovated and rebranded as WaterView. Cushman & Wakefield’s Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover brokered the sale. Leasing is managed by Andrew Cheney and Colton Trauter of Lee & Associates.
3. Cushman & Wakefield has advised the sale of Metro Business Park, a 188.8KSF, five-building light industrial business park in Phoenix. Buyer Schnitzer Properties, formerly Harsch Investment Properties, acquired the asset from EastGroup Properties for approximately $33.5M. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the seller. Leasing advisory was provided by Tom Louer and Matt Hobaica of Lee & Associates.
4. Buckeye Road Industrial LLC (AEW Capital Management) has purchased a 216.8KSF industrial facility in Avondale for $27.5M from Buckeye AZ Owner LLC (STOS Partners).
5. In a purchase/trade arrangement, Northern Parkway Glendale LLC (Lovett Industrial) acquired nearly 60 acres in Glendale from Leyton Woolf. Woolf acquired 160 acres from Lovett Industrial at Litchfield Road and Olive Avenue. Each transaction was valued at $27.2M.
6. Cushman & Wakefield announced it has brokered the disposition sale of a 99.8KSF multi-building flex/industrial campus in Phoenix. The asset consists of three buildings at 2844 & 2932 W. Deer Valley Road and 2837 W. Louise Drive. The property was acquired by Hopewell Development for $14.45M from Hyperion Fund L.P. Eric Wichterman, Mike Coover and Michael Kitlica of Cushman & Wakefield in Phoenix handled the sale.
7. SVN Desert Commercial Advisors completed the sale of an approximately 77-acre industrial site in Buckeye. The property was acquired from the Napolitano Family for $14.5M by an entity controlled by Contour Real Estate. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer. Leasing will be managed by Marc Hertzberg of the JLL Phoenix office.
8. The 16.7KSF shopping center River Village in northwestern Tucson has sold for $4.15M. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark Knight Frank represented both the seller VIG River Village LLC and the buyer HAZ Holdings LLC.
9. Mark Wilcke with NAI Horizon represented both the buyer and the seller in the $3.5M disposition of Gerber Collision & Glass in Mesa.
10. SBS Real Estate Holdings, LLC, purchased Limberlost Studio Apartments, an 11.9KSF multifamily property at 15 E. Limberlost Drive in Tucson. The 36-unit complex was purchased from Cardea Altruistic Trust for $3.025M. Allan Mendelsberg Conrad Joey Martinez with Cushman & Wakefield | PICOR, represented both parties.
11. Golder Ranch Fire District has bought a 15.6KSF office building at 1600 E. Hanley and an adjacent lot in a $2.83M transaction to repurpose as office space. The Fire District was represented by Swain Chapman and Erik Chapman of Chapman Management Group. The seller, G.H.E.S.R., Inc., was represented by Joe Nehls of Joe Nehls Realty.
12. Paul Bay of Marcus & Millichap procured a private investor to purchase The Dayton, an eight-unit apartment complex in Phoenix, for $2.8M.
Lease Transactions
13. NerdWallet will lease approximately 10KSF in Lincoln Towne Center in Scottsdale to establish its third U.S. location.