Sales Transactions
1. Cushman & Wakefield announced the firm has advised the sale of the 100% leased Sarival Logistics Center industrial project in Litchfield Park. Totaling 1.6MSF, the single-tenant building at 6390 N. Sarival Ave, is fully leased to Logistics Plus, Inc. The property was acquired by EQT Real Estate for $128.2M. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets, and Madeline Warren of Cushman & Wakefield’s National Industrial Advisory Group—Mountain West represented the seller. Cushman & Wakefield’s Mike Haenel, Andy Markham, and Justin Smith, who head leasing services for the project, provided market leasing advisory.
2. MIG Real Estate sold its office park at 7373 N. Scottsdale Road in Paradise Valley for $44.6M. The property was purchased by The Cardon Group. It includes four two-story buildings spanning 162.8KSF and 11.6KSF of restaurant space across 8.7 acres. The new owners plan to convert the traditional office space into medical offices, a process that had been started by the previous owners.
3. Olympus Property has paid $37.5M for The Place at Arroyo Verde, a 156-unit apartment community in Tucson’s Casas Adobes neighborhood. Institutional Property Advisors’ Steve Gebing, Hamid Panahi, Clint Wadlund and Cliff David represented seller MC Companies and procured the buyer. Acquisition financing was arranged by Brian Eisendrath and Cameron Chalfant of IPA Capital Markets.
4. The Kenneth M. Phrang & Cynthia L. Phrang Trust purchased the 10.4KSF medical office at 2155 W. Orange Grove Road in Tucson from OGFP Building, LLC for $3.1M. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the seller. Ryan Gonzales with Marcus & Millichap Real Estate Investment Services represented the buyer.
5. Tucson I Buyer purchased Glenn Dorado Apartments, a 28-unit apartment complex located at 3839 E. Glenn St. in Tucson. The 22.4KSF complex was purchased from M&L-LA Properties #2 LP and B Ave Investments LLC for $2.7M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
Lease Transactions
6. A 521KSF lease was signed at Building C of Goodyear’s Litchfield Palms Logistics Park. The industrial building is located at 200 S. Litchfield Road. An unnamed tenant in the warehousing and distribution sector will fully occupy the space. CBRE represented the tenant, and JLL represented the landlord. This lease is the second-largest industrial lease in the Valley this year.
7. EPIX Interiors, LLC leased 15KSF of industrial space at 2301 N. Forbes Blvd., Suite 101, 102 in Tucson from Broadbent Square, LLC. Alex Demeroutis, Jesse Blum and Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. Kyle McGinley with Ross Brown Partners, Inc. represented the tenant.