Sales Transactions
1. Irgang Group has purchased the 264KSF Gilbert Gateway Towne Center at Loop 202 and Power Road in Mesa for $85M. Simon Rosenfeld and Ariel Taieb of Meridian Capital Group arranged $60M in acquisition financing. The 35.5-acre site is fully occupied, with tenants including Mega Furniture, Ross Dress for Less and Michaels, among others.
2. AAA Cooper Transportation, an affiliate of Knight-Swift Transportation Holdings Inc., purchased a 34.6KSF former FedEx facility on 24 acres at 7160 W. Sherman St. in Phoenix for $30M. The seller was EQT Real Estate, which previously acquired the property in 2021 for $24.1M and completed renovations. The asset includes two buildings and a truck terminal and is located near 75th Avenue and I-10. Andrew Gibbs of Burr & Temkin represented the seller, and Eric Walker of Cresa represented the buyer.
3. Copper Creek Apartments was sold to NorthStar Management and Consulting Inc. for $11.08M. The 99-unit, 92.8KSF multifamily community is located at 6666 E. Golf Links Road in Tucson. The seller was AndMark Copper Creek Apartments LLC, an affiliate of AndMark Investment Fund V LLC. Built in 1973, the property sits on approximately 6.3 acres and includes 31 two-story buildings and a clubhouse. Hamid Panahi and Clint Wadlund of Marcus & Millichap, operating through Institutional Property Advisors, marketed and closed the transaction.
4. A Washington-based investor purchased a 14.8KSF freestanding early learning center at 3544 E. Brown Road in Mesa for $8.8M. The property, situated on 0.93 acres, is leased to Busy Bees Child Care under a 15-year absolute NNN lease. The seller was a Texas-based developer. Milo Spector and Remmington Penn of Essential Capital Advisors, along with Scott Reid of ParaSell Inc., represented the seller in the transaction.
5. 450 Propco Tucson, an affiliate of Capital Bay Partners, purchased a 45KSF industrial outdoor storage asset at 450 E. Irvington Road in Tucson. The Light Industrial-zoned, 10.9-acre property, which sold for $4.9M, is fully leased to Arizona Building Supply, a division of US LBM, and includes warehouse space and an active rail spur. Jeff Hays and Sam Rutledge of Commercial Properties Inc./CORFAC International represented the buyer. Mark Williams of Preferred Real Estate Brokers represented the seller.
6. JLL Capital Markets announced it has completed the sale of Pima I and II in Scottsdale. JLL represented the undisclosed seller and procured the two separate buyers. Cypress West Partners purchased Pima I, and a private investor purchased Pima II. The two buildings are located on 14.6 acres at 8415 N. Pima Road and 8465 N. Pima Road. Financial details were not disclosed.
7. Evergreen Development recently purchased The CORE multifamily development near the Banner Gateway Medical Center and US 60 and Higley Road in Mesa. The 260-unit community sold for an undisclosed amount. Evergreen worked with Oakdale Communities to purchase the apartment complex. CBRE’s Mitchell Stravitz and Mark McFate handled the transaction.
Lease Transactions
8. Meade Engineering and Align Technology have each leased approximately 52KSF at Hayden Ferry Lakeside I, a 10-story Class A office building at 80 E. Rio Salado Pkwy. in Tempe. The property is part of a three-building campus owned by Cousins Properties.