Sales Transactions
1. An undisclosed buyer acquired a 566.1KSF industrial building in Virgin Industrial Park at 15784 W. Hatcher Road in Waddell for $90.58M. The seller, a partnership between IndiCap and Invesco Ltd., was represented by Marc Hertzberg, Riley Gilbert and Kelly Royle of JLL. The buyer was represented by Sean Kropke, Michael Haenel and Justin Smith of Cushman & Wakefield.
2. Irgang Group’s affiliate, GGCTCN LLC,recently purchased Gilbert Gateway Towne Center for $85M. Mega Furniture’s affiliate, Gilbert Gateway Towne Center Holdings LLC, sold the 259.8KSF shopping center at 5110 S. Power Road.
3. Oaktree Capital Management recently sold the Rio West Business Parkoffice park in Tempe. The 296.7KSF development was purchased by an entity tracing to Andrew M. Cohn for $61.5M.
4. Zenith Industrial Outdoor Storage, in partnership with institutional investors advised by J.P. Morgan Asset Management, acquired the Phoenix Infill IOS Portfolio for over $43M. The portfolio consists of an 11-property industrial outdoor storage collection totaling 280KSF across 39 acres in Phoenix. Greer Oliver, Ben Geelan, Bryce Beecher and Gigi Martin of JLL represented the seller, Hanson Capital. The portfolio is located within seven miles of Sky Harbor International Airport and is currently 100% leased to construction, logistics and manufacturing tenants under triple-net lease structures.
5. Mikhail Holdings purchased Phoenix Corporate Center, a 26-story, 458KSF Class A office property located at 3003 N. Central Ave. in Phoenix. The tower, which sold for more than $32M, was approximately 80% leased at closing. The seller was a joint venture between Balfour Pacific and Ryan Companies US Inc., represented by CJ Osbrink, Barry Gabel and Chris Marchildon of Newmark.
6. The 232-unit Metro Tucson Apartmentsat 3985 N. Stone Ave. was recently purchased by Metro Tucson Apartments LLC c/o DGE Investments, LLC. N Stone Ave LLC and Ashbran Properties LLC c/o Vertical Street Ventures sold the 128.7KSF complex for $25.05M.
7. Equinox Prince Apartments LLC, c/o DGE Investments, LLC, recently purchased the 114-unit Equinox on Prince multifamily complex at 1625 E. Prince Road and 3699 N. Cherry Ave. 1625 E Prince, LLC, c/o Vertical Street Ventures, sold the 73KSF property for $12.95M.
8. A warehouse at 4137 W. Adams St. in Phoenix was recently purchased by Comunale Properties. TA Realty sold the property for $12.15M. Both the buyer and seller were represented by Cushman & Wakefield’s Will Strong, Phil Haenel and Foster Bundy.
9. A 5.8-acre site at 1300 N. 52nd St. was recently purchased by Baker Development for $11.37M. The vacant site was sold by an entity connected to Robson Communities. Plans for the land have not been announced.
10. Aspen Grove Circle Lofts, LLC is the new owner of Eclipse Luxury Condominiums, a 20-unit, 37.2KSF multifamily property at 1401 N. Granite Reef Road in the Old Town Scottsdale submarket. The property sold for $10.28M. The seller, Caliber Companies, Circle Lofts Holdco, LLC, was represented by Karl Abert and Bret Zinn of Kidder Mathews. The sale was the highest recorded price/unit in the Phoenix MSA for a multifamily property of fewer than 100 units during the past two years.
11. North Mountain Commerce Center, located at 10400 N. 25th Ave. in Phoenix, has been sold for $7.18M. The property was acquired by The Meritex Company from Macfarlan Capital Partners. The buyer plans to redevelop the infill site with a new institutional-quality industrial project. The transaction was handled by Brian Ackerman, Todd Noel, Kyle Campbell and Matt Baniszewski of Colliers. Keri Scott and Alex Kas-Marogi of Newmark will handle leasing for the property following redevelopment.
12. Towncentre Professional LP acquired a former 85-space RV park on 17.2 acres at 9001 W. Tangerine Road in Marana for $3.35M. The seller, Tangerine Properties LLC and 9933 Investments LLC, was represented by David Rogers of Diligence Realty, and the buyer was represented by Devin Beasley of Cushman & Wakefield. The property includes 2.1KSF of building area and was reportedly sold for land value.
Lease Transactions
13. Stockdale Capital Partners executed a 40.3KSF long-term office lease with PURE Insurance at The Galleria in Scottsdale. The tenant will relocate its regional headquarters to the building at 4343 N. Scottsdale Road in the 600KSF, two-building creative office campus. Corey Hawley and Pat Boyle of CBRE represented the landlord, and Erin McClure of Newmark represented the tenant.
14. MayAir signed a long-term lease at 18815 W. McDowell Road in Buckeye. The 54.8KSF industrial facility will serve as the Malaysia-based company’s first U.S. manufacturing location, supporting semiconductor operations in the region. Cushman & Wakefield’sNik Vallens, Gary Anderson and Steve Mardian represented the tenant. The team also provided advisory services on incentives from the Arizona Commerce Authority, Greater Phoenix Economic Council and the City of Buckeye.