Sales Transactions
1. Cushman & Wakefield has advised the joint venture of Martens Development and Dune Real Estate Partners in the disposition sale of Landing 3, a new Class A industrial development totaling 525KSF in seven buildings in Mesa. An affiliate of Cohen Asset Management acquired the portfolio in partnership with ASB Real Estate Investments for $130M. The seller was represented by Cushman & Wakefield’s Will Strong, Greer Oliver, Connor Nebeker-Hay, Adam Spies and Marcella Fasulo. C&W’s Rob Rubano and Brian Share arranged financing for the buyer.
2. WhiteHaven Capital Partners has purchased the 163-unit Stadium Vue Townhomes in Peoria for slightly less than $73M. The off-market seller was a private investor. WhiteHaven plans to spend roughly $5M in renovations over the next three years.
3. Park Aldea buildings A, B and C, single-story industrial buildings totaling nearly 237.8KSF in Glendale near State Farm Stadium, were recently bought by James Campbell Company from TC Park Aldea Venture LLC, an entity associated with Trammell Crow Company, for $53.5M.
4. SKB Scanlan Kemper Bard recently bought a two-building, 630KSF industrial property in Glendale for $52M. The seller was 7811 N Glen Harbor LLC, an entity of Reich Brothers Properties.
5. CBRE announced the $75M sale of a four-property medical office portfolio in the Phoenix, Cleveland and San Antonio metro areas, to a confidential buyer. Chris Bodnar, Lee Asher, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman with CBRE represented the seller, Woodside Health. The portfolio totals more than 280KSF and includes Rome Towers in Gilbert. Media reports listed the Rome Towers portion of the transaction at $37.1M.
6. Next Round Asset Management I, LLC, an entity of Next Round Asset Management, has bought the 364-unit Standard Raintree apartment community in Tucson for $42M. Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle with NorthMarq handled the transaction for the seller, SPL Companies. NorthMarq’s Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard financed the acquisition with an LTV bridge loan of $31.3M.
7. Frind-Carver LLC recently purchased an industrial site with a 281.9KSF building and a parking structure in south Tempe for $24.1M. The seller was PR VWP Carver LLC.
8. CBRE announced the sale of 140KSF Concorde Commerce Center in Phoenix to Stafford Holdings for $23M. CBRE’s Barry Gabel, Chris Marchildon, Geoff Turbow, Matt Pourcho, Anthony DeLorenzo and Gary Cornish represented the seller, a joint venture between ViaWest Group and Taconic Capital Advisors.
Lease Transactions
9. Carvana has entered into a sublease for nearly 268KSF of the University of Phoenix’s Riverpoint Campus in Phoenix.
10. In addition to its 104KSF headquarters and manufacturing center in Chandler Airport Commerce Center, VIAVI has entered into a lease for another 15KSF of office space in the nearby Allred Park Place.
11. REI Co-op is leasing another nearly 15KSF space next to its current 25.2KSF store in Chandler Pavilions, a shopping center owned by Evergreen Devco.