Sale Transactions
- Sky Harbor BP Realty Company LLC, an entity of JP Morgan Asset Management, has bought about 83 acres at the NEC of 7th Avenue and Elwood Street from Merit Partners for $145M. Initial ground improvements were performed at the Merit Sky Harbor Industrial Park site last year, but no vertical construction plans were ever submitted to the City of Phoenix. Both parties were represented by Cushman & Wakefield’s Andy Markham, Will Strong, Greer Oliver, Phil Haenel, Connor Nebeker-Hay, Michael Haenel and Kirk Kuller.
- Decron Properties has purchased the 271-unit Ascent at Papago Park apartment community near Van Buren and 48th streets in Phoenix for $107.5M. The company plans to invest $2.5M in property and interior upgrades. Decron has another purchase in escrow for a 300-unit property in the West Valley that is expected to close in May.
- ABI Multifamily announced the $42M sale of Rise Metro Apartments, a 160-unit multifamily apartment community located at 2045 West Butler Dr., Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer and seller. The buyer is based in Massachusetts and the seller, Rise48 Equity, is based in Arizona.
- GC Square Apartments in Phoenix has sold to Rise48 Equity for $31.02M. Kidder Mathews’ Bret Zinn, Karl Abert, and Nathan Thinnes represented both the buyer and seller, Scottsdale-based development firm CaliberCos, Inc.
- Schnitzer Properties has purchased a four-building, 4.38-acre industrial development in the Scottsdale Airpark area for $14M. Jay Crew with ORION Investment Real Estate represented the seller and procured the buyer.
- Cushman & Wakefield announced the firm has advised YAM Properties in the disposition of a ±9.04-acre multifamily development site in Glendale’s Westgate Entertainment District. Alliance Residential Company, together with American Realty Advisors, acquired the property for $13.5M with plans to construct Broadstone Westgate, a brand new 314-unit apartment community. David Fogler and Steven Nicoluzakis with Cushman & Wakefield in Phoenix represented the seller.
- Cushman & Wakefield has advised the seller in the dispositional sale of a newly renovated 65.5KSF industrial building at 1503 W San Pedro St. in Gilbert. Stonelake Capital Partners acquired the vacant single-tenant property from Pallisides Trust for $11.5M. Phil Haenel, Mike Haenel and Andy Markham with Cushman & Wakefield’s Phoenix office represented both parties. The brokerage team was also retained by the buyer for project leasing.
- Valley Land Group has purchased a vacant 51.7-acre site at the SEC of Thornton and Peters roads in Casa Grande, across the street from the Lucid Motors plant, from Plutus & Elenes CG Lands LLC for $8.44M. The deal was negotiated by Patty Lafferty of The Land Agency.
- DOCPROPERTIES has brokered the sale of a 9.2KSF medical office building at 21115 S. Rittenhouse Rd in Queen Creek for $6.31M. DOCPROPERTIES represented the seller, private real estate investment company Signal Healthcare LLC, and partnered with Newmark and Echo West Capital Advisors in this transaction. The buyer was Calvin Gaeta Development Company, Inc.
- Marcus & Millichap announced the sale of the 33-unit North Haven apartment community in Phoenix. M&M’s Darrell Moffitt and Paul Bay represented seller Andre Golnazarian, a private investor. The undisclosed buyer is planning a series of improvements to the property.
- NAI Horizon’s Mark Wilcke represented seller Phoenix Warner, LLC in the $3.1M sale of 12.89 acres of commercial land located just south of the SWC of 181st Street and Warner Road in Gilbert.
- The Land Agency announced the successful closing of +/-146 acres located at the SWC of Ethington and Hwy 84 in Casa Grande. The purchase price was $3M.
Lease Transactions - Funko, Inc. has relocated its main U.S. distribution facility from several distribution centers in Washington to one distribution center in Arizona. The company is leasing a 958KSF facility in Buckeye, which is set to open this month.
