Sales Transactions
1. Virtus Real Estate Capital, with partner Coastal Ridge Real Estate, purchased Nine20 Tempe, a 260-unit student housing complex in Tempe, for $130M. TSB Capital Advisors arranged financing for the deal.
2. Curve Development sold Cyrene at Estrella, a 64-home single-family rental community in Goodyear, for more than $25M. The buyer for the community of three- and four-bedroom homes was not disclosed.
3. G & R Real Estate LLC has sold a 44.1KSF auto dealership at 6354 E. Test Drive in Mesa to Courtesy Auto Group for $17.85M. A Courtesy Nissan dealership will occupy the space.
4. Carter Funds’ infrastructure and data center division—Aphorio Carter Fund Management Company, LLC—has bought a 133.5KSF data center on eight acres in Tucson for $13M. The buyer plans another $8M in improvements. The center is fully leased to TECfusions.
5. Lamar Companies has sold South Mountain Crossing, an 89.4KSF neighborhood shopping center at 35th and Southern avenues in Phoenix to ACP Management for a reported $11.5M. Mindy Korth and JK Jackson of Colliers in Arizona worked in conjunction with El Warner and Caitlin Zirpolo of Colliers in Irvine, Calif. to handle the sale transaction.
6. Brandon Perez of Matthews Real Estate Investment Services represented the seller in the sale of LA Fitness, a 45KSF gym on Chandler Blvd. in Phoenix for $9.5M. The buyer and seller were not disclosed.