Sales Transactions
1. Institutional Property Advisors, a division of Marcus & Millichap, has announced the $201.75M portfolio sale of three Southwest area multifamily communities, including two in Arizona. The Arizona properties are: The Villages at Metro Center, 296 units, and Crystal Creek, 273-units, both in Phoenix. Steve Gebing and Cliff David, of IPA represented seller JB Partners, and procured the buyer, Bridge Investment Group.
2. Decron Properties has purchased the 328-unit Tamarron Apartments community in Phoenix for $128M.
3. Peoria’s largest undeveloped master planned community site, the 5,261-acre Saddleback Heights has been acquired by Castle Hill Partners for a reported price of $106.58M. Greg Vogel, Ryan Semro, Bret Rinehart, Mike Schwab and Wes Campbell of Land Advisors Organization represented seller Vandon Partners, LLC, a partnership between Diamond Ventures and VT LandGroup.
4. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq (Phoenix) have arranged the $38.125M sale of Standard Dobson Ranch, a 120-unit apartment community in Mesa. This was the final Arizona property in a portfolio transaction sold on behalf of SPL Companies.
5. JLL Capital Markets announced it has closed the sale of Mesa Shores, a 111KSF retail center anchored by Trader Joe’s, Sprouts Farmers Market and EOS Fitness in Mesa, Arizona. JLL marketed the property on behalf of the seller, ACF Property Management, Inc. Epic Real Estate Partners was the buyer. News reports list the transaction price at $30.3M.
6. Institutional Property Advisors, a division of Marcus & Millichap, has announced the $33M sale of Canyon Heights, a 196-unit apartment complex in Tucson. The property at 550 N. Pantano Road in Tucson traded for $33 million. IPA’s Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David represented seller South Coast Commercial.
7. Marcus & Millichap announced today the $26M sale of Sonoma Village, a 96-unit apartment development in Arizona. M&M’s Paul Bay and Darrell Moffitt, and Institutional Property Advisors’ Cliff David, Steve Gebing and Hamid Panahi, represented the seller and procured the buyer, neither of whom were identified in the announcement.
8. Gale Commerce Center LTD has acquired the 163.2KSF retail center Phoenix West Plaza, for $16.43 in a 1031 exchange. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented seller Aetna West LLC.
9. The 28.6KSF Cox Communications Corporate Office in Tucson has sold in an $8.15M transaction to 1440 E 15th Street, LLC. Cox will continue to occupy the building in a net lease. Seller Net2 Cox, LLC was represented by Mindy Korth of Colliers (Phoenix).
10. ABI Multifamily announced the $5M sale of Villa D’Oro Apartments, a 16-unit multifamily community in Phoenix. ABI’s Patrick Burch and John Klocek represented both parties.
11. A private investor from California has purchased a 6.4KSF two-tenant property in Rio Verde Village in Tucson for $4.75M. Mindy Korth and Todd Noel with Colliers in Arizona represented seller 5590 E River Plaza, LLC. The buyer was represented by Chris Crabtree of Lee & Associates.
12. Diversified Partners has sold a 2KSF multitenant building with a standalone Starbucks at McQueen and Guadalupe Roads in Gilbert for nearly $3.07M. The multitenant portion is expected to complete this summer.
13. Marcus & Millichap has announced the $2.02M sale of a 12.5KSF Firestone / Top Tech retail location in Chandler. M&M’s Chris Lind and Mark Ruble represented the undisclosed seller.
Lease Transactions
14. NPSG Global has leased a 450.6KSF industrial facility in Goodyear. NPSG was represented by Stream Realty. Landlord CIM Group self-represented.
15. JLL has announced it will lease 31KSF in RED Development’s The Grove office project starting in the fall of this year.
16. Freig Carrillo Forwarding, Inc. leased 26KSF of industrial space from Nogales Warehouse, LLC, located in Border Warehouse in Nogales. Jose Dabdoub with Cushman & Wakefield | PICOR represented the landlord. Lucette Mimiaga with Agave Premier Properties represented the tenant.
17. Nexus Arizona LLC leased 18.8KSF of office space at Butterfield Technology Center in Tucson, from Butterfield Technology Center, LLC and Foodtown Development Company, LLC. Robert C. Glaser with Cushman & Wakefield | PICOR and Isaac Figueroa with Larsen Baker, LLC represented the landlord. John Barnes and Matt Fitz-Gerald with Colliers in Arizona represented the tenant.
18. Diego Dominguez and Gerardo Dominguez leased 15.4KSF of retail space in Tucson’s Santa Cruz Plaza from CRE Strategic Investments, LLC. Ron Zimmerman and Andy Seleznov with Cushman & Wakefield | PICOR represented the landlord.
19. Bowman Consulting Group, Ltd. leased 10KSF of office space from CALDOR Investments of Arizona LLC, in Ina Corporate Center, Tucson. Thomas J. Nieman with Cushman & Wakefield | PICOR represented the landlord. Keith Lammersen with Jones Lang LaSalle Americas, Inc., represented the tenant.
