Sales Transactions
1. As part of a $1.1B national portfolio venture, Sunroad Enterprises recapitalized six multifamily assets in Arizona. Fairfield partnered with Sunroad in the transaction, and JLL represented Sunroad and arranged financing. The Arizona properties consist of:
- Slate Scottsdale in Scottsdale with 278 units,
- The Laurel in Chandler with 383 units,
- Lazo in Chandler with 346 units,
- Zone in Glendale with 232 units,
- Zone Luxe in Glendale with 253 units and
- Verde Vista in Glendale with 270 units.
2. The Bower Gateway in Mesa and Bower Hudson Crossing in Chandler, totaling 91 homes, sold for $44.2M. Blackstone’s Tricon Residential acquired the properties from a joint venture of Arcadia Capital Group and Platform Ventures. Northmarq represented the sellers.
3. An entity tracing to Rajan Rakheja purchased the southeastern portion of Crossroads Towne Center in Gilbert for $26.1M. An entity tracing to Mark IV Capital was the seller. The asset consists of a 154.8KSF shopping center on 17.5 acres.
4. Cogir at Continental Ranch at 8689 N. Silverbell Road in Marana was purchased by Welltower Inc. for $22.2M. The two-story assisted living and memory care facility is 101.8KSF and consists of 108 units. Kayne Anderson Real Estate sold the property.
5. 3302 W. Washington St., a 101.8KSF industrial property in Phoenix, sold for $20M. IDI Logistics acquired the property from Atlas Capital Partners. CBRE represented both parties and will continue leasing the building.
6. The former Kmart property on Golf Links Road in Tucson sold for $5.7M. The 89KSF building sits on more than seven acres and was 86% occupied at the time of sale. Bob Speedway LLC purchased the property from Leyenda en Tiempo LLC. Cushman & Wakefield | PICOR represented the seller, and the buyer was self-represented. Cushman & Wakefield | PICOR will continue to lease the property on behalf of the new owner.
7. Union Hospitality Group sold the former Chase Bankbuilding at 2465 N. Campbell Ave. in Tucson to an affiliate of Larsen Baker for $2.4M. Isaac Figueroa with Larsen Baker represented the buyer. Union Hospitality Group recently purchased the 6.2KSF property from JPMorgan Chase Bank NA for the same price.
Lease Transactions
8. Centris Industrial at Mesa, a new 421.7KSF Class A project in Mesa developed by Outrigger Industrial, is now fully leased. XNRGY Climate Systems signed for 377.4KSF, and Watson Gloves leased 44.3KSF. Cushman & Wakefield represented the landlord and Watson Gloves, while Urban Luxe Real Estate represented XNRGY.
9. TMC Healthcare leased 78KSF of medical offices at El Dorado Health Campus at 1400 N. Wilmot Road in Tucson from HSRE – MPCAA Tucson MOB, LLC. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the tenant.
10. Nova Via, LLC leased 12.6KSF of the second floor of 2221 N. Rosemont Blvd. in Tucson from Handmaker Jewish Services for the Aging. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the landlord. George Amos, III of Tucson Realty & Trust Co. represented the tenant.