Sales Transactions
1. Trammell Crow Company has sold the 282-unit Lucent Scottsdale Apartments to VAF2 Scott LLC (Hudson Advisors/Lone Star Funds) for $103M.
2. Storm Properties has purchased the 200-unit apartment community The Arches on North 63rd Avenue in Glendale for $33.5M. The seller was WWC XL VII, LP (Western Wealth Capital), represented by Northmarq’s Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca. Northmarq’s Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged the financing.
3. Newmark announced the $23.5M sale of The Block at Pima Center, a 38KSF multi-tenant retail center in Scottsdale. Newmark’s Jesse Goldsmith, Steve Julius and Chase Dorsett represented both the seller – Block East, LLC & Block West, LLC – and the buyer – New Block 22, LLC. The property was 100% leased at the time of sale.
4. The City of Sedona has paid $20M for the Sedona Cultural Park, a 40.1-acre undeveloped parcel near Highway 89A and Cultural Park Place that includes the Georgia Frontiere Performing Arts Pavilion. Plans for the site were not disclosed. Seller SATHCUPA LLC was represented by Tod Christensen, Jeanette Sauer and Ed Pennington with Russ Lyon Sotheby’s International Realty.
5. Cushman & Wakefield has advised the seller in the dispositional sale of an 82KSF cold storage distribution facility in Phoenix. Located at 2434 S. 10th St., The Sky Harbor Industrial Center is 100% leased to Vistar. Stonelake Capital Partners acquired the property from Stos Partners for $15.1M. C&W’s Phil Haenel, Will Strong, Molly Hunt and Callahan Conway represented the seller. David Wilson and Carter Wilson with DAUM Commercial provided market advisory.
6. Citywide Commercial Real Estate has completed the $7M acquisition of a five-building industrial portfolio located on just over 7 acres within Thunderbird Business Park, at the SEC of Indian School Road and 31st Avenue in Phoenix. New owner El Camino Investment Co. plans to complete improvements to modernize the portfolio and further enhance its presence in the community.Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer. The seller is Northgate – 72 LLC.
Lease Transactions
7. Embark Behavioral Health has moved into a 24KSF office space in Chandler Viridian. The space was designed by Phoenix Design One. Embark was represented by Tyson Breinholt of Commercial Properties Inc. Hines – the owner at the time of the lease – was represented by Jerry Roberts with Cushman & Wakefield.