Sales Transactions
1. Longpoint Partners acquired Stetson Village, a 144.2KSF Safeway-anchored shopping center at 3780-3890 W. Happy Valley Road in north Phoenix, for $71M. CBRE represented seller Pederson Group and buyer Lena Centers, a subsidiary of Longpoint. The property sits on 18.6 acres and is fully leased.
2. Goodman Real Estate has paid $49M for the 135-unit Build-to-Rent community Annex at Cadence in Mesa. The property was developed in Eastmark by Newport Homes. Seller Cadence MFP135 Land Group LLC was represented by Northmarq’s Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca.
3. Principal Asset Management and IRA Capital acquired American Groves, a two-story, 89-unit senior living community built in 2021 at South 29th Place and Elliot Road in Gilbert. The complex sold for $44.5M. The property, which is 100% occupied, was sold by American Care Concepts and Reichmann International Realty Advisors, with JLL Seniors Housing Capital Markets facilitating the transaction.
4. Widewaters has purchased the vacant Target office center at 8530 S. Priest Dr. for $20.5M. Target had spent $8M in 2019 renovating the two two-story office buildings, which also include 12.64 vacant acres on a total 25.29-acre site, but employees were never moved back in after the pandemic. Widewaters plans to find a tenant for the office space and to develop the vacant area. The buyer was represented by Transwestern’s Paul Borgesen, Dylan Sproul and Royden Hudnall. CBRE’s Bill Bayless represented Target.
5. Park Brokerage and Commercial Real Estate announced the closing of Prescott Gardens MHP at 510 Copper Basin Road in Prescott. The 55+ community sold for nearly $8.8M. John Sheedy represented the undisclosed seller and procured the undisclosed buyer.
6. Cushman & Wakefield facilitated the $7.3M sale of 8700 S. Price Road, a 132KSF two-story flex office building on 9.6 acres at ASU Research Park in Tempe. The building, acquired by David McHenry from LNR Partners LLC, was represented by Cushman & Wakefield, with CBRE assisting on leasing. The building is 100% available for tenancy.
7. Red Treasure Arizona LLC acquired Hinchcliffe Court in Tucson’s El Presidio neighborhood for $4.6M. Hinchcliffe Shire LLC was the seller. Built in 1911, the 10-unit property totals 6.8KSF on one acre and includes eight one-bedroom units and two two-bedroom units. It is listed on the National Register of Historic Places.
Lease Transactions
8. Simpson Strong-Tie signed a 67KSF lease at 2850 S. Cooper Road in Chandler Airport Business Park, marking its third expansion since entering Chandler with 22KSF about 12 years ago and later growing to 32KSF. The new facility is expected to be fully operational by early 2026.
9. Werner Aero, LLC subleased 30KSF of industrial space at 845 E. Ohio St., Suites 101, 103 and 105 in Tucson from AB46 Investments LLC. Paul Hooker and Robert C. Glaser with Cushman & Wakefield | PICOR represented the sublandlord.
10. Spirit Halloween Superstores, LLC leased 26.5KSF of retail space at 2520 S. Harrison Road in Tucson from Harrison 135th St., LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the landlord.
11. Shine Bright Academy recently leased a 24.9KSF space in Chandler Uptown Square at 2031 N. Arizona Ave. in Chandler. Rainbow Investments, LLC owns the property. Jared Lively of Rein & Grossoehme CRE represented both the landlord and tenant.