Commercial Real Estate 09-10-19

Sales Transactions

1. The JW Marriott Desert Ridge has sold a record of $602M. Trinity Real Estate Investments and Elliott Management Corp purchased the North Phoenix property and plan a multi-million dollar renovation to guest spaces including rooms, meeting spaces and restaurants. The Blackstone Group out of New York sold the property.

2. Coastal Ridge Real Estate, along with iStar Financial, have purchased and leased back the Sterling 920 Terrace in Tempe for $115M. Built by the Dinerstein Companies in 2018, the 775-room student housing complex is situated near ASU on S. Terrace Drive.

3. The McDowell Mountain Business Park has sold for $71M. Strategic Office Partners has acquired the building from Equus Capital Partners Ltd, located near the Loop 101 and Frank Lloyd Wright Boulevard. The transaction was brokered by Barry Gabel, Chris Marchldon, and Will Mast, all with CBRE.

4. Millburn & Cos, an investor based out of Salt Lake City, UT, has purchased the Serafina Apartments in Goodyear for $45.5M from ReNue Properties. Brokers Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller.

5. The Watermark at Continental Ranch Assisted Living and Memory Care Facility has traded hands for $29.5M. Kayne Anderson Real Estate bought the property and maintained Watermark Retirement Communities as the operator and property manager. The 96KSF property was constructed this year and is located in Marana, AZ.

6. The Flats at 2030 have sold for $16.7M to an unnamed out of state buyer. Located in an opportunity zone, the new owner plans to improve the property which was constructed in 1971 and was 100 percent occupied at the time of sale. Orion Residential brokers Lacey Eyman, Bob Farrell and Joseph Dietz negotiated the transaction on behalf of the buyer and seller.

7. JLL has completed the sale of a single-tenant building located at 8210 S. Hardy Drive, in Tempe, AZ. The last-mile logistics center was built to suit FedEx and they remain as the sole tenant. The 128KSF building was sold as part of a 1031 exchange for $16.2M.

8. Sonoma Heights, a 96-unit garden-style multifamily property located in Mesa, AZ, has sold for $16M. Westgrove Partners based in CA purchased the property from AZ-based ReNue Properties. The complex was built in 2000. Brokers Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller.

9. The 54KSF Ahwatukee Mercado shopping center, located at the southwest corner of 48th Street and Elliott in Ahwatukee has sold for $9M. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE in Phoenix and Philip Voorhees, John Eddy and Jimmy Slusher of CBRE in Newport Beach, California represented the buyer and the seller in the transaction.

10. The 100-unit ViBE on Thomas has sold for $8.45M. Both the buyer and seller are private investors. Marcus & Millichap broker Paul Bay along with IPA Senior Managing Directors Cliff David and Steve Gebing marketed the property on behalf of the seller. Darrell Moffitt of Marcus & Millichap represented the buyer.

11. The 20KSF Planet Fitness located in Buckeye, AZ, has sold for $3.65M. Neither the buyer nor the seller were disclosed. The brokerage team of Mark Ruble, Jamie Medress and Chris Lind from the Marcus & Millichap’s Phoenix office negotiated on behalf of the seller.

12. The Brakes Plus located at 17249 North Tatum Boulevard in Phoenix, AZ, has sold for $2.775M. The 6KSF building sits on 0.66-acres of land. Marcus & Millichap brokers Chris Doty, Mark Ruble, Jamie Medress, and Chris Lind represented both the buyer and seller, neither of who were disclosed.

Lease Transactions

13. Helicopter Engine Repair and Overhaul Service (HEROS) has leased 19KSF of space at 10 Chandler, an industrial complex owned by ViaWest Group. The company plans to create 25 new jobs with the relocation of their headquarters from California to Chandler. Chad Neppl of Cresa negotiated the transaction on behalf of the lessee while Jackie Orcutt and Evan Koplan of CBRE represented the lessor.