Sales Transactions
1. Fairfield Residential has disclosed two more multifamily acquisitions as part of its recent Phoenix area portfolio purchases. The company paid $120M for The Laurel Apartments in Chandler and $97.38M for Slate Scottsdale on 68th Street in Phoenix. Combined with its other three recent buys, the five-site portfolio purchase totals 1,568 units and $462.38M, the largest multifamily portfolio acquisition in Arizona history.
2. LaSalle Investment Management, a subsidiary of JLL, purchased the 1MSF industrial distribution center at 8900 N. Sarival Ave. in Waddell for $140.2M. Clarius Partners LLC sold the property. The buyer and seller were represented by Cushman & Wakefield’s Will Strong, Molly Hunt, Jack Stamets, Michael Matchett and Madeline Warren. Puma is currently leasing the property.
3. ColRich acquired Mason Oliver, a 292-unit Class A multifamily community in downtown Phoenix, for $62.3M. CBRE represented the seller, Knightvest Capital, and also arranged financing for the buyer.
4. Management & Training Corp. repurchased the former Arizona State Prison-Marana from the State for $15M. The 500-bed facility, closed in late 2023, was originally built by MTC and sold to the State in 2013. Future use has not been confirmed, though use as an ICE detention facility is speculated.
5. The Opus Group sold a 66KSF industrial building in the Deer Valley 30 industrial complex in north Phoenix for $14.6M. The industrial property was purchased by NBPure, a vitamin and supplement manufacturer. The buyer was represented by Cushman & Wakefield’s Foster Bundy, Will Strong, Phil Haenel, Michael Haenel and Andy Markham. The manufacturer is expected to move into its new facility in Q1 2026.
6. PRH XXXXV, LLC acquired Forty6Forty5, a 116.9KSF Class A office building at 4645 E. Cotton Center Blvd. in Phoenix, for $10.1M. The buyer will relocate Legacy Capital Services and Shield Legal to the property, which remains 23% leased. The seller was represented by Cushman & Wakefield, with support from JLL and Voit Real Estate Services.
7. Tucson Hotel Investments sold Comfort Suites at Sabino Canyonto Udev Properties for $7.5M. The hotel, located at 7007 E. Tanque Verde Road in Tucson, contains 89 units across two stories. NewGen Advisory’s Dinesh “Dan” Rama and Jigar “Jay” Desai represented the seller.
8. CBRE arranged the $6.7M sale of two adjacent ground-leased restaurant sites at 1420 and 1460 N. Bullard Ave. in Goodyear. The newly built White Castle location, on a nearly one-acre parcel, sold for $3.2M. The Bubba’s 33 site, on 1.7 acres with a 15-year absolute triple-net lease, sold for $3.5M. CBRE represented seller Tradecor Partners Goodyear, LLC.
9. Stos Partners acquired 2229-2235 E. Magnolia St., a 39.4KSF industrial building in Phoenix, for $5.2M in an off-market deal. The building, located in the Sky Harbor submarket, features 24-foot clear height, two dock-high and two grade-level doors. The company plans to reposition the asset with capital improvements. DAUM Commercial Real Estate Services represented both parties in the transaction.
10. JP Family Trust purchased BV Shoppes, a 12.9KSF retail strip center at 2920-2932 E. Broadway Blvd. in Tucson from LMG Investments, LP for $2M. Dave Hammack with Cushman & Wakefield | PICOR represented the seller. Jeremy Price with Volk Company represented the buyer.
Lease Transactions
11. Busey Bank has leased 15KSF on the second floor of one of two twin buildings at the 134-acre Cavasson mixed-use campus at Hayden Road and Loop 101 in Scottsdale. Effective Jan. 1, 2026, the new location will serve as Busey’s Arizona market HQ and support the bank’s post-merger expansion strategy following parent company First Busey Corp.’sacquisition of CrossFirst Bankshares. The bank will retain its 4.5KSF office at 3237 E. Camelback Road in Phoenix. Newmark represented the tenant.
12. DICK’S Sporting Goods, Five Below and Barnes & Noble have signed leases at Buckeye Commons, the Costco-anchored retail center in Buckeye developed by Sunbelt Investment Holdings Inc. The more than 440KSF center is located at I-10 and Verrado Way. The new tenants are expected to open in the first half of 2026. No individual square footages were provided. The project was designed by Butler Design Group and built by CHASSE Building Team, with Phoenix Commercial Advisors handling leasing.
13. Toyota Financial Services has leased a 40KSF office space at the Allred Park Placeoffice complex. After the transaction, Toyota’s financial branch now occupies 120KSF of office space at the Chandler complex.
14. Tucson Medical Center (dba TMC Health Cancer Center)expanded its lease with Magnum Realty, LLC for a total of 30.8KSF of medical office space at 603 N. Wilmot Road, Suite 110, 141 and 151 in Tucson. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the tenant. Buzz Isaacson with CBRE represented the landlord.