Sales Transactions
1. St. Clair Holdings LLC sold The Bungalows on Estrella at 15545 W. Hudson Way in Goodyear for $56M. The 183-unit rental property was sold to M3 Multifamily. St. Clair Holdings originally purchased the property in 2021 for $73.2M.
2. Cushman & Wakefield announced the firm advised an entity controlled by Bank of America in the sale of 20 East Thomas Road, a 25-story office tower totaling 548.9KSF in Midtown Phoenix. The property, which happens to be the third largest office building in the state, sold for $23.7M to U-Haul International. U-Haul intends to occupy the majority of the building. Approximately 16% of the space will be leased to existing tenants. C&W’s Eric Wichterman, Chris Toci and Mike Coover represented Bank of America. C&W’s Jerry Roberts and Pat Boyle also provided leasing advisory. Kidder Mathews’ Ryan Eustice represented U-Haul.
3. ABI Multifamily announced the $18M sale of Rancho Las Palmas Apartments, a 112-unit multifamily apartment community in Tempe. The sale was facilitated by ABI Multifamily’s Phoenix-based Institutional Arizona Team of Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman in collaboration with Peter Sherman, Keith O’Donnell and Mark Seale of Avison Young. The buyer is Rincon Partners, based in Phoenix.
4. Kidder Mathews represented a private owner in selling the 87.2KSF industrial building at 1150 N. Fiesta Blvd. in Gilbert. The transaction was brokered by Kidder Mathews’ Pete Klees and Rick Danis. Flo Realty Gilbert LLC acquired the property for $15.3M as an owner-user.
5. The Heard Building, an eight-story office building at 112 N. Central Ave., was sold after the lender, SMS Financial VW LLC, filed a notice of trustee sale earlier this year. The most recent owner of the 77KSF building was Expansive, previously known as Novel Coworking. The notice of trustee sale was filed when Expansive had an unpaid principal balance of approximately $10.9M. West USA Realty won the bid at $5.5M. West USA Realty reportedly intends to continue office use of the property, with some potential renovations to attract new tenants.
6. Marcus & Millichap announced the sale of AMR Mesa – 222 E. Main. The 22.7KSF industrial property sold for approximately $5M. Marcus & Millichap’s Brandon Kramer and Maxwell M. Rist had the exclusive listing to market the property. Ryan Sarbinoff assisted in closing the transaction. MMCC’s Rob Cronenberg provided financing quotes. The seller obtained a long-term lease with AMR. The buyer purchased the property in a 1031 transaction.
7. An affiliate of OZ Development purchased approximately 1.2 acres of land in two transactions for a multifamily project in Tucson’s Menlo Park Neighborhood. The developer paid $875K for the 0.52 acres at 701 and 702 W. Congress St., with plans to raze the existing properties on the plots. The second transaction was for 0.66 acres at 115 S. Linda Ave. for approximately $1.6M. The developer intends to use the land to build 96 micro units. Cushman & Wakefield | PICOR’s Kameron Norwood and Andrew Keim represented the seller of the Congress Street property. Norwood also represented the buyer of the Linda parcel. Kidder Mathews’ Randy Tizck represented the seller of the Linda parcel.
Lease Transactions
8. Kitchell Development Company announced MAC.BID signed a lease for 113.5KSF at Elliot 94. The industrial property is located at 9342 E. Elliot Road. This lease marks 75% occupancy of Phase One. The building currently has one 50.5KSF space left. Phase Two, an industrial development called Elliot 96 at the NWC of Elliot Road and 96th Street in Mesa, is currently in development.
9. JLL announced it completed a 34.2KSF lease that relocates and expands the Arizona location of Feed My Starving Children from Mesa to a new facility at 1100 W. Grove Pkwy. in Tempe. Mark Gustin, Jimmy Cornish and Emily Minnier of JLL represented the building owner, Providence Real Estate Group. Bryce Terveen of CBRE represented FSMC.
10. Marshalls recently signed a lease at Las Tiendas Village at the NEC of Alma School and Queen Creek roads in Chandler. Vestar operates the more than 200KSF property. Marshall’s lease size was not disclosed, but the average square footage of a Marshalls store is reportedly 31KSF.
11. Creation, in partnership with Crescent Communities, announced Flagship Restaurant Group signed a lease for approximately 14KSF at Heritage Park in downtown Gilbert with plans to bring three of its concepts to the east valley. Heritage Park will be completed in phases, with phase one encompassing approximately 47KSF of retail and restaurants, a 288-unit multifamily community and a 17.5KSF public square. LGE Design Build is leading the design and construction of Heritage Park, which is expected to break ground in early 2025. Phoenix Commercial Advisors will oversee the leasing.