Sales Transaction
1. Goodman Real Estate purchased Spire Deer Valley at 24100 N. 19th Ave. in Phoenix for $131.1M. The property spans 18 acres just north of the NWC of 19th Avenue and Pinnacle Peak Road. An entity tracing to Rockpoint sold the 388-unit multifamily complex.
2. EQT Exeter Property purchased Park Lucero East for $99.6M. The three industrial buildings are located at 410-450 Germann Road in Gilbert. The buildings combine for 562.9KSF across a 36.7-acre site. Artis Real Estate Investment Trust was the seller.
3. Alden Street Capital Management sold The Cottages at Tucson at 1000 E. 22nd St. in Tucson for $91M. An affiliate of Ares Management, LLC purchased the student housing property. The one-, two- and three-story buildings are comprised of 183 units and 774 beds.
4. Unbound Development sold the 65.9KSF Chandler Medical Pavilion building at its ALMA 202 mixed-use development for $30M. Unbound, in a partnership with Webb Investments, sold the property to Montecito Medical Real Estate. The building, located at 1125 S. Alma School Road, is fully leased to Banner Health. The sellers were represented by JLL’s Medical Properties Capital Markets team. ALMA 202 was designed by Butler Design Group and is currently in the planning stages for its next phase.
5. Kidder Mathews announced the $10.6M sale of Rancho Encanto, a 70.4KSF grocery-anchored retail center located at 3434 W. Greenway Road in Phoenix. The firm’s brokers—Darren Tappen, Nathan Thinnes, Pete Beauchamp and Patrick Gardner—represented both the seller, Dayanim Real Estate Corporation, and the buyer, Junam Enterprises, Inc. Kidder Mathews was selected to manage the property.
6. Cushman & Wakefield announced the firm arranged the sale of Arrowhead Professional Plaza, a single-story office and flex building in Peoria. Located at 9051 W. Kelton Lane, the 33.7KSF multi-tenant building is currently 100% leased to 12 tenants. Erskine Property Group LLC acquired the property for $6.2M. Eric Wichterman and Mike Coover with C&W represented the seller, Hill Trust Delaware, LLC. Keri Davies and Jason Reddington of Levrose Commercial Real Estate represented Erskine.
7. Cavender’s purchased the former 14.9KSF Walgreens building at Oracle Wetmore Shopping Center, 4220 N. Oracle Road in Tucson. Tucson Arizona Partners LLC sold the property for $3.7M. This will be the first Cavender’s in the Tucson market. Aaron LaPrise with Cushman & Wakefield | PICOR represented the seller. Neil Board and Noah Anastassatos with Western Retail Advisors, LLC represented the buyer.
8. CBRE negotiated the sale of Marquis at Desert Ridge, a 370-unit Class A multifamily community located in the Desert Ridge neighborhood in north Phoenix. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, a national multifamily investor and operator. Real estate investment firm IMT Capital and its affiliated property management company IMT Residential acquired the community, which will be rebranded as IMT Desert Ridge. The sale amount was not disclosed.