Sales Transactions
1. Southwest Value Partners purchased six Class A office assets totaling 1.2MSF in Phoenix from City Office REIT, Inc. for $266M. The portfolio is made up of:
- Block 23 at 101 E. Washington St.,
- SanTan at 3100–3200 W. Ray Road,
- Papago Tech at 1600–1700 N. Desert Dr.,
- The Quad at 6200–6390 E. Thomas Road,
- Camelback Square at 6991 E. Camelback Road and
- 5090 N. 40th St.
JLL Capital Markets represented the seller.
2. An entity linked to INDUS Realty Trust purchased three industrial buildings in Tolleson from Link Logistics for $116.7M. The first industrial property comes in at 232.9KSF and is located at 4 S. 84th Ave. This property sold for $35.6M. The second, Tolleson Commerce Park II, is at 5 S. 84th Ave. This building is 217.4KSF and was sold for $40.2M. The final property is 278.1KSF and is located at 10397 W. Van Buren St. This property was sold for $40.8M. The buyer and seller were both represented by Cushman & Wakefield’s Will Strong, Molly Hunt, Michael Matchett and Jack Stamets.
3. The 135KSF Mountain Vista Commerce Center at 14647 S. 50th St. in Phoenix was purchased by Sword Industrial Partners for $26M. The three-building industrial complex was fully leased at the time of sale. Cushman & Wakefield’s Eric Wichterman, Chris Toci, Mike Coover, Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Jack Stamets and Madeline Warren represented the undisclosed Dallas-based seller.
4. The former Wells Fargo Bank complex at 150 N. Stone Ave. in Tucson was purchased by Pima County for $6.2M. The building is located directly across the street from the existing Joel D. Valdez Main Library. The complex includes a 50KSF main building, two ancillary structures and a 121KSF parking garage. The County intends to move the library into the newly acquired complex, and it estimates renovating the property will cost $24M.
5. Arizona RV Corral Storage at 1201 W. Houston Ave. in Gilbert recently sold for $3.8M. The property features 43 covered RV spaces and 282 outdoor parking spaces. The buyer and seller were undisclosed. Specialty One’s Denise Nunez was the exclusive broker in the transaction.
6. An entity tracing to Tim Burns purchased the 5.6KSF Township Plaza retail building at 1851 E. Baseline Road in Gilbert for $2.5M. The seller was an entity tracing to Floyd Luman. The property, built in 2003 on 0.5 acres, is part of a community retail center anchored by Fry’s and Ace Hardware.
7. TMR Investments completed the sale of Circ Tucson, a 368-unit multifamily community at 2255 W. Orange Grove Road, in Tucson. The deal, brokered by IPA, was Tucson’s largest sale of a complex with more than 80 units since 2023. Financial terms were not disclosed.
Lease Transactions
8. The Arizona Builders Alliance recently signed a 20.9KSF lease at Arizona State University’s SkySong 1building near the intersection of Scottsdale and McDowell roads in the ASU Scottsdale Innovation Center. ABA intends to use 5.3KSF for offices and the remainder of the space for educational purposes. Lee & Associates’ Coppola Cheney Group is SkySong’s leasing broker. JLL’s Kyle Seeger and Jami Savage-Gray represented the tenant.