Sales Transactions
1. The Parker Tucson—a LEED Silver Certified, 130-unit student housing community—has sold for $132.5M. The $1.02M/unit price is a record for the market. Owner/developer Sterling University was the seller and was represented by CBRE Tucson’s Jeff Casper and the Dallas-based CBRE Student Housing Team of Jaclyn Fitts, Wiliam Vonderfecht and Casey Schaefer. The self-represented Buyer is an affiliate of Inland Prime Capital.
2. Cliff David of Institutional Property Advisors led the $94.5M sale of Alta Chandler at the Park, a 291-unit apartment complex in Phoenix. The parties were not disclosed.
3. Cushman & Wakefield arranged the $21.8M sale of Elwood Rising, a new Class A speculative industrial development totaling 120KSF in Goodyear. Atlas Capital Partners constructed and sold the property to Cohen Asset Management. Cushman & Wakefield’s Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt, and Dean Wiley represented both parties in the sale. JLL’s Pat Harlan and Kyle Westfall served as the project’s leasing team and negotiated the existing lease.
4. Geoff Turbow of CBRE arranged the $6.3M sale of 2801 S. 35th St. in Phoenix on behalf of the seller, Lasalle Company LLC. Buyer PR & MC Properties LLC has leased the property to Nextmune, a veterinary pharmaceutical company.
5. Three industrial buildings totaling 58.7KSF sold for $4.5M in Tucson. The buyer, Assured Document Destruction, Inc., occupied one of the three buildings and leased out the other two. The buyer was represented by Pat Welchert of Alpha Commercial Real Estate Services. Derrick Sinclair of Terramar Properties represented the seller, 20th Street 691, LLC.
6. The Twenty Lofts on Tenth, LLC purchased Alamo Apartments, an 11.2KSF investment property at 824 E. 10th St. in Tucson. The 20-unit property was purchased from Euclid 35 LLC for $2M. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties.
Lease Transactions
7. Amazon has leased 1.2MSF of space at The Cubes at Glendale. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield listed the lease. CRG was the developer.
8. Kimco Realty announced it has leased four large spaces and 15 small retail/restaurant sites in metro Phoenix. The properties larger than 10KSF are:
Mesa Riverview
- Dink & Dine Pickle Parks, 65KSF;
- ROSS Dress for Less, 28KSF.
Christown Spectrum
- Burlington, 30KSF;
- Five Below, 10.8KSF.