Sales Transactions
1. Wood Partners has sold the 330-unit Alta Raintree apartment development in Scottsdale to The Connor Group for $141.5M. The community will now be known as The Aston Scottsdale.
2. Garrett Development Corp. has sold two self-storage centers—one in Mesa and one in Cave Creek—totaling 1,620 units and 160.5KSF to Buchanan Street Partners LP for $41M. The buyer was assisted by Nick Walker and Walter Brauer of CBRE Group Inc. in the acquisition.
3. Six Old Town Scottsdale properties owned by Pan Am Equities have been sold to Old Town Waterfront LLC for $36M. The motel, retail and office locations are located near Indian School Road and Goldwater Blvd.
4. Comfort Communities has sold the 188-unit Desert Valley Oasis mobile home community on Main Street in Mesa to Bridge Investment Group for $20M. John Sheedy of Park Brokerage Commercial Real Estate represented the seller and procured the buyer.
5. The 229.7KSF Plaza del Sol shopping center at 33rd Avenue and Indian School Road in Phoenix was sold by Diamond Ventures to a joint venture of Jams Investments Inc. and The Benjamin Cohanzad Trust for $17.25M.
6. 29th Street Capital has purchased the 124-unit Solaire at Scottsdale apartment community on McKellips Road in Tempe for $17.7M. Gantry’s Adam Parker and Chad Metzger secured the five-year fixed-rate Freddie Mac loan that financed the transaction. The new owner plans exterior and unit interior upgrades across the property.
7. Don Martin Apartments LLC purchased Don Martin Apartments, a 12.6KSF investment property at 605 E. 9th St. in Tucson. The 24- unit apartment property was purchased from Performance Properties Group LLC for $3.25M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
8. RedSwell LLC has paid $2.52M for a 29.5KSF industrial property at 3151 E. Drexel Road in Tucson. The previous owner, MRK Global Network, will continue to occupy the building on a short-term leaseback until the business and inventory are liquidated. Jake Arnold and Omer Kreso of Realty Executives Arizona Territory represented both parties.