Commercial Real Estate News 01-04-22

21. Akos Plaza. Credit: Colliers

Sales Transactions

1. ABI Multifamily announced the sale of the Metro Phoenix 5 Portfolio, one of the largest marketed Arizona multifamily portfolio sales to date, for a combined $414.5M between five properties and 1,448 units in Chandler, Gilbert, & Mesa. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction. Sahara Palms & Playa Palms Apartments is an 840-unit garden style apartment community in Gilbert and is the fourth largest apartment community by total unit count in metro Phoenix. Riviera Park Apartments is a 201-unit, garden-style apartment community in Chandler. Gilbert Greens Apartments is a 164-unit, garden-style apartment community in Gilbert. Lemon & Pear Tree Apartments is a 163-unit, garden-style community located in Mesa. Vantage Point Apartments is an 80-unit, garden-style apartment community in Gilbert. The buyer was 3rd Ave Investments, LLC.

2. Intercontinental Real Estate Corporation purchased Garden Grove Apartments, a 376-unit garden-style apartment complex in Tempe for $126M. The company intends to renovate the units and common areas. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch marketed the opportunity on behalf of the seller.

3. Hines has sold the 251KSF Chandler Viridian office development in Chandler for $102M to Macquarie Asset Management. Hines will remain as property manager.

4. ABI Multifamily announced the $54M sale of Boston Square Apartment Homes, a 177-unit multifamily community in Chandler. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick facilitated the transaction. The buyer was Sunrise Multifamily.

5. ABI Multifamily announced the $48M sale of Canyon Springs Apartments, a 203-unit apartment community in Phoenix. ABI’s Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – represented the buyer and seller.

6. Creation RE, in partnership with Crescent Commercial and FCP, is buying 4.5 acres in three non-connected sites that were once part of the now-canceled Southbridge II redevelopment plan in Old Town Scottsdale. The Unger Family will sell the land for $38M.

7. The Mark, a 153-unit/229-bed off-campus student housing community at 1115 E. Lemon Street in Tempe, has been sold for $36.1M. Tara Investment Group, LLC, a division of Meier-Shefflin Multi-Family, purchased the property. The seller was Nelson Partners, LLC. Brad Cooke, Chris Roach, Cindy Cooke and Matt Roach with Colliers in Arizona handled the sale transaction.

8. Tower 16 Capital Partners has acquired the 160-unit Park 67 Apartments in Glendale for $30.4M. Both parties were represented by Jesse Hudson, Trevor Koskovich and Bill Hahn of Northmarq. NorthMarq helped secure debt financing for the buyer, led by Bryan Mummaw and Bryan Liu.

9. Mattamy Homes has closed on 145 acres in Goodyear at the Las Ventanas location at Perryville and Yuma roads for $20.45M. The site is approved for 412 homes.

10. Newmark announced it has completed the sales of Agave Executive Center, a 78.7KSF flex office park in Tempe, that sold for $16.80M, and River Village, a 16.7KSF shopping center in Tucson, that traded for $4.15M. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett were involved in the transactions.

11. The Land Agency announced the $15M closing of roughly 2,550 acres at Patterson Road and US Old 80 in Maricopa County. Brad Kuiper, Howard Weinstein, and Patty Lafferty of The Land Agency represented seller John Farms.

12. CBRE announced the sale of Scottsdale Professional Building, a 77KSF office property in Scottsdale, to a private investor for $15.9M. CBRE’s Barry Gabel and Chris Marchildon represented the seller Double Anchor Investments. The buyer was represented by Jason Reddington with LevRose Commercial Real Estate.

13. Broadway Investment Group LLC, and affiliate of Larsen Baker, has purchased an 86.5KSF shopping center at Broadway and Craycroft Road for $14.9M. The center will be renovated and rebranded as Broadway Crossing.

14. Berkadia has announced the $11M sale of a 20-acre development site in Queen Creek. Mark Forrester and Andrew Curtis of Berkadia Phoenix completed the sale on behalf of the seller Barney Farm I, LLC. The buyer was Maple Multi-Family Land TX, L.L.C.

15. CBRE announced the $7.76M sale of the 57.3KSF Chandler Office Center to 1351 Piedmont, LLC. CBRE’s Bob Young, Glenn Smigiel, Rick Abraham and Jamie Swirtz represented the seller. Steve Berghoff and Mary Larsen of Menlo Group represented the buyer.

16. Creation RE has purchased a nearly six-acre parcel at 1400 W. 3rd Street in Tempe from Sion Holdings Doubletree for $6.85M. The company has plans for a mixed-use development but has not yet disclosed details.

17. NAI Horizon’s Mark Wilcke represented buyer RCI Properties LLC in the purchase of 21.35 acres of industrial land in the Summit Business Park in Surprise. The sale fetched a purchase price of $4.2M for Lots 7 and 8 at the park.

18. Nick Miner of ORION Investment Real Estate, reports selling an 8.3KSF retail building on the NWC of 53rd Avenue and Bell Road in the Desert Glen Shopping Center for $3.15M. Miner represented the buyer Corridor Living, LLC.

19. DAUM Commercial Real Estate Services has completed the sale of a fully leased four building industrial asset totaling 111KSF in Phoenix’s Deer Valley submarket. DAUM’s Chris Rogers and Trevor McKendry represented the seller Greenwood & McKenzie, and procured the buyer, Mountain West, the industrial platform of Baron Properties, alongside Will Strong of Cushman & Wakefield. Financial details were not disclosed.

20. HSL Gladden Farms, LLC has closed on 17 acres at the NWC of Tangerine Road and Clark Farms Boulevard in Marana at the Gladden Farms master-planned community. The seller was developer Gladden Phase II, LLC. Will White and John Carroll of Land Advisors Organization brokered the transaction and have the marketing assignment for the entire community. Financial terms were not disclosed.

21. Evergreen Medical Properties and Bain Capital Real Estate have purchased Akos Medical Plaza on West Bola Drive in Surprise. The seller was Boomerang Capital Partners. The transaction was handled by Mindy Korth of Colliers in Arizona. No financial details were disclosed.

Lease Transactions

22. Meyer Burger Technology AG announced that the company is establishing a production site for high-performance solar modules in Goodyear. The company will lease and equip a newly built 276KSF structure for its operation.

23. OnePointOne Inc. will open a vertical farm in an 80KSF leased space at 855 N. 107th Avenue in Avondale.

24. Amazon has signed on to a 63KSF expansion at its existing offices at 100 S. Mill Avenue in Tempe, developed by Cousins Properties and Hines. The additional space is expected to open for employees in late 2022.

25. Law firm Buchalter will relocate its office to a newly leased 20KSF space in Scottsdale Quarter by early March. The firm was represented by JLL’s Pat Williams and John Pierson in the lease negotiations.

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