Sales Transactions
1. Microsoft Corp. has purchased approximately 40 acres near the SWC of Cotton Lane and Indian School Road in the PV303 area in Goodyear for $41M. The seller was First Industrial Realty Trust. Included in the sale is a 100-acre ground lease for land south of the purchased lot. The ground lease runs through September 2028.
2. Pima Transitional Living Facility, a 14.5KSF rehabilitation center, sold for $8.4M in Tucson. Sanders Capital Partners was the buyer. Other details were not disclosed.
3. Lane Neville and Cole Neville of NAI Horizon represented the seller, Flying E Ranch Holding, LLC, in the sale of 643 acres of land for $7.07M. The sale was part of the Flying E Ranch Maricopa County, which continues to operate on more than 1,200 remaining acres. The buyers were Michael C. Emond and Kathryn K. Emond of Emond Family Revocable Trust.
4. ABI Multifamily’s Carson Griesemer, Dallin Hammond and Mitchell Drake brokered the sale of The Harlow Townhomes, a 27-unit apartment complex in Tempe, for $6.1M. The parties were not disclosed.
5. Wetton Investment Properties has bought the 24-unit Sevilla Apartments on East Bellevue Street in Tucson for $2.92M and will refurbish and reposition the property for student housing. Wetton was self-represented. The seller, a family trust, was represented by Dan Wesson of The Waterfall Group.
6. Montecito Medical has purchased a medical office building in Tucson’s Swan Corporate Center at 4741 E. Camp Lowell for $2.9M. Seller Pain Institute of Southern Arizona, operating as PISA Real Estate, was the seller and will continue to occupy the location under a sale-leaseback agreement. PISA was represented by Mark Irvin and Janine Irvin of Mark Irvin Commercial Real Estate Services.
Lease Transactions
7. Saddle Creek Logistics Services has leased a new 570.1KSF industrial space in Glendale and will be the building’s sole occupant. The firm was represented by Ladson Montgomery, Rob Stephens and Chase Gabriel of Newmark.
8. Artisan Design Group Investments, LLC, leased 33.3KSF of industrial space at Tucson Airport Distribution Center, 6855 S. Lisa Frank Ave. in Tucson, from Schnitzer Properties, LLC. Jesse Blum and Alex Demeroutis with Cushman & Wakefield | PICOR represented the landlord. Robert C. Glaser, also with Cushman & Wakefield | PICOR, and Beau Kaleel with Cushman & Wakefield, Houston, represented the tenant.