Sales Transactions
1. JLL subsidiary LaSalle Investment Management has paid $70M for Mountain Park, a 240-unit multifamily community on 12.5 acres at 4221 E. Ray Road in Phoenix. IPA’s Cliff David and Steve Gebing represented seller Sares Regis Multifamily and procured the buyer.
2. A 4.5KSF Super Star Car Wash on West Hunt Highway in San Tan Valley sold for $6.14M. The seller, a limited liability company, was represented by Zack House, Mark Ruble and Chris Lind of Marcus & Millichap.
3. A 46.7KSF building on 4.52 acres in the Median Business Park II development in Tucson will be repurposed as a Winston Water Cooler facility by buyer ZB Holdings. Winston Water Cooler, LTD is a full-service plumbing and HVAC supplier. Seller Descanso Medical Plaza, LLC was represented by Jesse Blum and Alex Demeroutis with Cushman & Wakefield | PICOR. The buyer was represented by Max Schumacher with Rein & Grossoehme Commercial Real Estate.
4. Nick Miner of ORION Investment Real Estate represented seller Ats-A-Nice Properties, LLC in the $2.3M sale of Baci Italian Bistro, a 5.2KSF restaurant building located near the NWC of Ellsworth Road and Germann Road. The sale included the real estate and the business assets. Buyer New Legacy Development and Investments, LLC was self-represented.
Lease Transactions
5. NAI Horizon’s Matt Harper and Thomas Bean represented New Life Wellness Center, LLC, in a long-term office sublease totaling $3.45M at Beverly Center, 8181 S. 48th St., Phoenix. New Life Wellness Center will occupy the 43KSF single-tenant building. Sublandlord STVT-AAI Education, Inc. was represented by Connor Maloney with Transwestern.
6. Mind 24-7 leased 22.5KSF of retail space at 1st & Grant Shopping Center, 865 E. Grant Road, Tucson, from JAGOR LLLP. Dave Hammack with Cushman & Wakefield | PICOR and Scott Boardman with Cushman & Wakefield Phoenix, represented the tenant. The landlord was represented by Dave Carroll with Romano Real Estate Corporation.