Sales Transactions
1. Marcus & Millichap has announced the $91M sale of the 336-unit apartment community Trailside at Hermosa Pointe in Phoenix. Steve Gebing and Cliff David of Institutional Property Advisors – a division of M&M – represented seller Weidner Apartment Homes and procured buyer Knightvest Capital.
2. Institutional Property Advisors – a division of Marcus & Millichap –announced the $21.8M sale of the 144-unit multifamily community Elevate in Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz represented seller Sheiner Group/Living Well Homes.
3. Cushman & Wakefield announced the firm has brokered the sale of Black Canyon Commerce Center – Building A, a 62.8KSF multi-tenant office building in Phoenix. The property was acquired by Evergreen Associates, LLC for $11.2M. Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital represented the seller, Next Gen Black Canyon, LLC.
4. Equilibrium Cordova Village Tierra Alegre LLC purchased Tierra Alegre Apartments, a 37.7KSF investment property at 3355 E. Fort Lowell Road in Tucson. The 72-unit apartment property was purchased from Ryder Family Real Estate LLC for $8.5M. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties.
5. Chrome Hearts Real Estate Holdings has paid $2.5M for 38.92 industrial acres on South Rita Road in Tucson. Chrome Hearts was represented by Gary Emerson of GRE Partners and Robert Cohen of Newmark Knight Frank.
Lease Transactions
6. Gulfstream Aerospace Corp. has entered into a long-term lease for 58.7KSF of hangar space adjacent to its new customer support center under construction at Phoenix-Mesa Gateway Airport. CBRE’s Jackie Orcutt, Pete Wentis, Kevin Cosca, Alex Wentis and Jonathan Teeter represented landlord Skybridge.
7. GroundProbe North America LLC leased 15KSF of industrial space at 1859 W. Grant Road, Suite 101 in Tucson from Walker Tucson Property, LLC. Robert C. Glaser with Cushman & Wakefield | PICOR represented the landlord. Michael Coretz with Commercial Real Estate Group of Tucson LLC represented the tenant.