Sales Transactions
1. Scottsdale-based Rise48 Equity paid $42M for its latest acquisition at 2015 W. Cactus Road in Phoenix. Plans call for investing an additional $5M into the 186-unit Springs Apartments according to a quote by Zach Haptonstall, CEO of Rise48 Equity. It will be rebranded to Rise Desert Cove.
2. Flagstaff Shelter Services has purchased a Motel 6 in Flagstaff for $8.95M to provide transitional housing to the unsheltered population. The facility is dubbed ‘The Lantern’ in a nod to the Motel 6 slogan ‘We’ll leave a light on for you’.
3. The State of Arizona has purchased an office property located at 2202 N. Forbes in Tucson for $8.2M. The acquisition will allow the consolidation of several agencies into one location for greater efficiency. An affiliate of Holualoa Companies was the seller.
4. A Missouri-based group purchased the recently opened Portillo’s restaurant property at El Con Mall in Tucson for $5.7M. The seller was a Scottsdale-based retail developer that acquired and renovated the building and secured the tenant. Thomas Title & Escrow provided escrow services.
5. Colliers International in Arizona has negotiated a $5.5M purchase of the Black Canyon Office Center located at 13430 N. Black Canyon Hwy. Shree Investements LLC, a real estate investment company based in Minnesota is the buyer. Greg Hopley and Dillon Hopley with Colliers in Arizona worked in conjunction with Nick Levithon of Colliers in Minnesota to represent the buyer in the purchase. The seller was Net 1 Phoenix LLC. The seller was represented by Mindy Korth of Colliers in Arizona. Black Canyon Office Center is a two-story, Class A office building with approximately 139KSF of rentable space. Built in 1981 and sitting on 13.39 acres of land, the building was 55% occupied at the time of the sale.
6. ABI Multifamily is pleased to announce the $2,272,500 / $284,063 per unit / $355.08 per square foot sale of 3526 East Montecito Avenue, an 8-unit multifamily apartment community located in Phoenix, Arizona. The buyer and seller were represented by ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer. The buyer is based in California and the seller is based in Arizona. The property is situated within the Arcadia Lite District, specifically, in the highly sought-after 85018 zip code. 3526 East Montecito Avenue was originally built in 1958, renovated in 2018 and is of block construction.
7. Nick Miner, CCIM of ORION Investment Real Estate, represented the buyer, Corridor Living, LLC, of the ± 8,062-square-foot two-tenant, retail center in Surprise, Arizona for $2,050,000 or $254 per-square-foot. The property is in the Surprise Village Shopping Center at Litchfield and Bell Roads. Seller, Malcolm Family, LP was represented by Bobby Raines of Americor Investment.
Lease Transactions
8. Elevance Health inked a lease in a flex office space near the Loop 101 and Loop 202 interchange in Chandler. The Indianapolis-based insurance firm took 32KSF at the San Tan Tech Center, at 145 S. 79th St., near Chandler Boulevard and McClintock Drive.
9. The Manning Group, LLC, a provider of services for contract office furniture, leased 22KSF of industrial space at 576 E. 16th St. in Tucson, from SYDCO Sixteenth Street, LLC. Stephen D. Cohen, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Jason Malcolm with Cresa, Phoenix, represented the tenant.
10. American Hose, LLC leased 10KSF of industrial space at South Dodge Business Center, 3645 E. 44th St., in Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, Principal, and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.