Sales Transactions
1. The Morgan Group sold the Pearl Biltmore for $152M. The Nashville-based Covenant Capital Group is the buyer. Morgan Group originally developed the 472-unit property, which opened in 2021, in a joint venture with Mesirow.
2. JLL Capital Markets facilitated the sale and acquisition financing for Casas Adobes Plaza. The shopping center sold for $51M. JLL worked on behalf of the seller, First Washington Realty. The buyer was not disclosed.
3. Mountain Vista, an 80-acre manufactured home development in Tucson, recently sold for $34M. The seller was an affiliate of the Pegasus Group. The buyer was an affiliate of Mountain Vista Parent Company.
4. Cushman & Wakefield announced the firm brokered the sale of a newly renovated single-tenant industrial property at 1503 W. San Pedro St. in Gilbert. The 68.8KSF building was acquired by Longpoint Realty Partners from Stonelake Capital Partners for $17M. Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy, and Katie Repine of the firm’s Private Capital Group in Phoenix represented the seller. The firm’s Mike Haenel and Andy Markham provided leasing advisory.
5. Cushman & Wakefield announced the firm has advised the sale of a multi-tenant 77.4KSF building in Phoenix, known as Gateway Medical Center. The building was approximately 35% leased at the time of sale and was acquired for $7.2M by Helix Properties. The seller, an entity managed by a subsidiary of LNR Partners, was represented by Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Markets.
6. Menlo Group Commercial Real Estate has announced the sale of a 12.6KSF surgical center in Scottsdale for more than $5.5M. The undisclosed buyer was represented by Stuart Milne of Menlo Group. Rich Andrus, also from the Menlo Group, represented the seller, Pathfinder Holdings, LLC.
Lease Transactions
7. Colliers announced Quantum Industrial Services, LLC has leased a 135.8KSF industrial space at 50262 S. Ellsworth Road in Mesa. Quantum Industrial Services was represented by Colliers’ Don MacWilliam, Payson MacWilliam, Casey Koziol and Chris Reese. Chris McClurg and Ken McQueen of Lee & Associates represented the landlord, Mesa Gateway Owner PH2, LLC.
8. Pepperidge Farm, Inc. has leased 15KSF of industrial space at Tucson Airport Center from H&A Realty, LLC in Tucson. Cushman & Wakefield | PICOR’s Jesse Blumand Alex Demeroutis represented the landlord. The firm’s Stephen D. Cohenand Chon Kantikovit represented the tenant.
9. Midwest Battery, LLC leased 15KSF of industrial space at Park/Ajo Commerce Center in Tucson from Park/Ajo Associates, LLC. Cushman & Wakefield | PICOR’s Stephen D. Cohen, Alex Demeroutis and Briclyn Chase represented the landlord. The firm’s Paul Hooker and Greg Charmoli represented the tenant.