Sale Transactions
1. Cushman & Wakefield announced the sale of The Cubes Building B, a 1.2MSF industrial warehouse building in Glendale. The buyer was an entity connected to BlackRock Realty Advisors Inc. Local news outlets reported the sales price as $128.1M in an all-cash transaction. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield represented the seller, CRG. The property was leased by Amazon earlier this year.
2. Olympus Property has paid $90.2M for Ocio Plaza Del Rio, a 333-unit luxury apartment community in Peoria. Blackstone was the seller.
3. Institutional Property Advisors announced the $76.5M sale of Glen 91, a 296-unit multifamily community in Glendale. Seller HCW was represented by IPA’s Steve Gebing and Cliff David, who also procured buyer Bridge Investment Group.
4. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield represented US Capital Development and another institutional investor in the $50M sale of Falcon Park 303 Campus, a 326KSF industrial asset in Glendale. The buyer was EQT Exeter. Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy of Cushman & Wakefield provided leasing advisory and brokered the full-building lease with the existing tenant.
5. JT Taylor and Nick Miner of ORION Investment Real Estate represented the seller, K&N Investors, LLC in the $5.15M sale of a medical investment property in Maricopa. James DeCremer of Avison Young represented the buyer, AUC Investments II, LLC.
6. Rein & Grossoehme Commercial Real Estate brokered the $5M sale of 7946 E. McClain Dr., a 15.6KSF industrial property in Scottsdale. The seller was Empire Parkway Centre, LP, and the buyer was Cascade Range Investments, LLC.
7. Hanley Investment Real Estate Advisors arranged the $4M sale of First Watch, a nearly 4.2KSF restaurant in Tucson. Bill Asher, Jeff Lefko and Lee Csenar of Hanley represented the seller. Cory Krupinsky of Brisky Net Lease, along with Brian Brockman of Bang Realty, represented the buyer. Neither buyer nor seller were disclosed.
8. Marcus & Millichap announced the $2.6M sale of a 2.5KSF net-leased Starbucks in Gilbert. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the seller. Nick Christifulli of Marcus & Millichap procured the buyer. Neither buyer nor seller were disclosed.
9. Marcus & Millichap announced the $2M sale of Gravity Coffee, a 752SF net-leased property in Phoenix. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller. Neither buyer nor seller were disclosed.
10. Newmark announced the sale leaseback and build-to-suit financing of Ascent Aviation’s aircraft conversion site in Marana. Andrew Sandquist, JC Asensio and Briggs Goldberg of Newmark facilitated the transaction on behalf of the seller, Marana Aerospace Solutions (Ascent Aviation Services). STORE Capital serves as the landlord.
Lease Transactions
11. The United States Postal Service leased a 450KSF distribution center at Fairway Commerce Center in Avondale to open a new Phoenix Regional Processing and Distribution Center. Operations are expected to begin in September. Marc Hertzberg, Patrick Harlan and Riley Gilber of JLL represented the landlord, Westfield Co. Inc.