Sales Transactions
1. Prologis, Inc. purchased Airpark Logistics Center, a 170-acre multi-building industrial business park in Goodyear, from Creation and CrossHarbor Capital Partners for $184M. LGE Design Build was both the designer and builder of Phase I, which comprises 1.44MSF. Phase II consists of 84 acres of undeveloped build-to-suit land. At buildout, the development will total more than 2.7MSF. The sellers were represented by Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt of Cushman & Wakefield. Leasing is managed by JLL.
2. Brixton Capital acquired Alta Warehouse District, a 300-unit apartment complex in downtown Phoenix, for $82M. Asher Gunter and Austin Groen of CBRE assisted in the acquisition. The property consists of three, four-story, apartment buildings with one-, two- and three-bedroom units.
3. Albany Road Real Estate Partners has purchased a four-building, 110.7KSF light industrial complex on North 15th Avenue in Phoenix’s Deer Valley area. The property is 95% leased to 34 tenants. Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett and Molly Hunt represented seller Baron Properties. Leasing advisory was by Daum Commercial’s Trevor McKendry, Chris Rogers and Dan Casey.
4. Tower 16 Capital Partners sold Obsidian on 85th, a 100-unit multifamily community in Peoria, to RSN Property Group for $18.6M. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq represented the seller.
5. Joseph Compagno and Benjamin Farthing of CBRE represented sellers 48 Development and Jag Development Phoenix in the sale of a 5.4KSF Chick-fil-A restaurant in Phoenix for $6.1M.
6. Marcus & Millichap announced the sale of Super Star Car Wash, an 11.6KSF cleaning facility in Avondale, for $5.5M. Zack House, Mark Ruble and Chris Lind at Marcus & Millichap brokered on behalf of the seller. Neither buyer nor seller were disclosed.
7. Desert Green, a 16-unit Phoenix apartment complex, sold for $3.2M. Paul Bay, Adam Saylor and Darrell Moffitt of Marcus & Millichap listed on behalf of the seller and procured the buyer, neither of which were disclosed.
8. River People, LLC has sold a 12KSF building at 655 E. River Road in Tucson for $2.2M. Buyer LeeShanok Network Solutions will occupy the first floor and plans to lease the second floor. Juan Teran with Realty Executives International represented the buyer and is managing leasing. Seller River People, LLC was represented by Dave Volk with VOLK Company.