Sales Transactions
1. CBRE negotiated the sale of Smith & Rio, a 310-unit multifamily community located at 1979 E. Rio Salada Pkwy. in Tempe. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, a partnership between PGIM Real Estate and High Street Residential, the residential subsidiary of Trammell Crow Company. Industry news outlets reported the sales price at $106M.
2. Institutional Property Advisors, a division of Marcus & Millichap, facilitated the $56.5M sale of the Hampton Meridian at 3000 W. Southern Ave. in Apache Junction. The 195-unit property was sold by The Carlyle Group to Hampton Meridian CAT LLC & Hampton Meridian KFT LLC.
3. The 126-unit WaterWalk by Wyndham Phoenix – North Happy Valley, near the intersection of 19th Avenue and Pinnacle Peak Road in the North Black Canyon Corridor, sold for $28.2M. WaterWalk Holding Company sold the property to Happy Valley 1905 LLC. HREC Investment Advisors’ Josh Smith and Jon Grantham represented WaterWalk Holding Company.
4. Cushman & Wakefield announced the firm advised the sale of 501 Gateway, a four-story, multi-tenant office building totaling 102.3KSF at 501 N. 44th St. in Phoenix. The building was sold to 501 Gateway Center LLC for $18M. C&W’s Eric Wichterman, Chris Toci and Mike Coover represented the seller, an undisclosed full service real estate solutions firm.
5. Transwestern announced it brokered the $16.5M sale of 24 acres of land at 4507 N. 45th Ave. in Phoenix. The firm represented the seller, Hensley Beverage Group, and the buyer, Pritzker Realty Group. Pritzker plans to develop two warehouses totaling 418KSF on the land. Construction is slated to begin in Q2 2025, with project completion expected in early 2026. The project team includes Ware Malcomb as the architect and FCL Builders as the general contractor. Transwestern’s Paul Borgesen, Dylan Sproul and Royden Hudnall brokered the deal.
6. Cushman & Wakefield announced the firm advised the sale of a 48.8KSF industrial manufacturing building at 779 N. Colorado St. in Phoenix’s southeast Valley. The buyer was an affiliate of Cohen Asset Management. The property was traded for $8.7M. The seller was De Pietro Holdings. C&W’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented both parties.
7. Escalante Concrete Construction Inc. purchased the 20KSF building at 1455 W. River Road in Tucson from 1455 River Rd LLC for nearly $3.9M. Greg Furrier and Natalie Furrier with Cushman & Wakefield | PICOR represented the seller. Max Fisher with BRD Realty, LLC represented the buyer.
8. M&A Building Ventures recently acquired a 14.1KSF office building at 3530 N. Camp Abierto in northeast Tucson for $2.9M. VOLK Company’s Dave Volk represented M&A Building Ventures. Waldemere LLC, the seller, was represented by Mark Irvin and Janine Irvin of Mark Irvin Commercial Real Estate Services.
9. FTL 3935, LLC and Dalehurst, LLC purchased 6.3KSF of office space at 3935 E. Fort Lowell in Tucson from Harlequin, LLC for approximately $2.4M. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the buyer.
10. CRE8 Advisors facilitated the approximately $2.3M sale of a 4.1KSF property at 4828 S. Vista Dr. in Chandler. The building was purchased by Brad Young, who was solely represented by CRE8 Advisors. The seller was Jack Berg Family LP.
Lease Transactions
11. Kidder Mathews represented Precision Science, Inc. in securing a more than 130KSF lease at Mack Innovation Park, located at 1775 W. Alameda Road in Phoenix. The space is part of a newly constructed 201KSF industrial building in Mack’s multi-phased development in Deer Valley. Kidder Mathews’ Mike Ciosek and Michelle Gardner represented Precision Science.
12. Helping Ourselves Pursue Enrichment, Inc. renewed and expanded its lease with Alvernon Executive Plaza LLC for a total of 10.4KSF of office space at 877 S. Alvernon Way, Suites 100 & 200 in Tucson. Cushman & Wakefield | PICOR’s Molly Mary Gilbert represented the landlord.