Commercial Real Estate News 01-11-22

10. Promenade at South Mountain. Credit: Cushman & Wakefield

Sales Transactions

1. ABI Multifamily announced the $150M sale of Sierra Ranch Apartments, a 582-unit multifamily apartment community in Phoenix. ABI’s Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction. The parties were not disclosed.

2. Decron Properties has acquired BB Living at Eastmark, a 132-unit multifamily Build-to-Rent community in Mesa, for $76M.

3. Berkadia Institutional Solutions announced the $73.2M sale of The Bungalows on Estrella, a 183-unit apartment complex in Goodyear. Berkadia’s Mark Forrester and Andrew Curtis represented the seller. Cavan Companies, LLC. St. Clair Holdings was the buyer.

4. Cushman & Wakefield has advised the $71M sale of Avondale 107th, a new four-building, 405.7KSF industrial development at 107th Avenue and Pierce Street in Avondale. Will Strong, Kirk Kuller, Greer Oliver, and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the buyer, Cohen Asset Management Investors. Eisenberg Company was the developer and seller.

5. Institutional Property Advisors has announced the $65.5M sale of Yardz on Kolb, a 410-unit multifamily complex in Tucson. IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group and procured the buyer, Greenwater Real Estate Management.

6. CBRE announced the sale of seven multifamily properties in the Greater Phoenix area for a total of $64M. Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE facilitated the transactions. The properties were:

  • Park West, 4404 W. Bethany Home Road, $14.9M;
  • Monte Vista, 302 E. Monte Vista Road, $13.2M;
  • Rio Salado Place, 830 N. Alma School Road, $12.3M;
  • Trident, 1206 E. Lemon Street, $7.65M;
  • The Alhambra, 43 S. MacDonald, $6.35M;
  • Roosevelt Park, 210-220 S. Roosevelt St., $6.3M;
  • Coronado Court, 743 E. Coronado Road, $3.2M.

7. SVN Desert Commercial Advisors completed the $36.7M sale of an approximately 112-acre industrial site in Mesa at the SWC of Warner Roa dand Sossaman Road just north of the Mesa Gateway Airport. The property was acquired from Structures Investment LLC by an entity controlled by Contour Real Estate. Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer and seller

8. Pollack Investments Principal Michael Pollack announced his firm sold five retail properties totaling 206KSF for $31M. The properties, prices and buyers were: Lindsay Marketplace, BL Investors LLC, $11.25M; Apache Central Center, City of Tempe, $10.6M; Olive Plaza, Oliver Group LLC, $4.25M; Tower Plaza, Snap Realty LLC, $2.4M; and Trailside Center, Trailside LLC/ Vijay Peddada/Sailaja Peddada, $2.4M.

9. Cushman & Wakefield announced the firm has brokered the sale of Ocotillo Plaza, a 117KSF retail shopping center located at the NWC of Alma School and Queen Creek roads in Chandler. The property sold for $25.1M. The seller was an entity formed by DeRito Partners and the buyer was Ocotillo Plaza Chandler LP. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller.

10. Cushman & Wakefield announced the firm has brokered the sale of Promenade at South Mountain, a 110KSF multi-tenant office building in Phoenix. The buyer was MCS South Mountain LLC, an entity formed by M.C. Strauss Company. The seller was Alpine Regional Center, LLC. Mike Coover, Eric Wichterman, Tracy Cartledge, and Robert Buckley with Cushman & Wakefield in Phoenix represented the seller.

11. The three-acre, two-building, 15KSF Shops at Terravella in Queen Creek sold in an off-market transaction for $9M. Phoenix Commercial Advisors facilitated the sale.

12. Colonia Properties LLC, Colonial HP, LLC, & SW REO Colonial, LLC purchased Colonia de Tucson, a 47.8KSF investment property at 1335 & 1351 W. Saint Mary’s Road in Tucson. The 84-unit facility was purchased from 1335 W. Saint Mary’s, LLC for $7.8M. Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.

13. Yulapa Investments, LLC and Creekside Investments, LLC purchased the AMR Rural/Metro Ambulance Tucson Headquarters Facility at 3759 N. Commerce Drive in Tucson. The 21KSF building on 4.8 acres was purchased for $7.2M from West Partners Too, LLC. Paul Hooke with Cushman & Wakefield | PICOR, Michael Sharapata and John Ruskin with Jones Lang LaSalle Brokerage, Inc., represented the seller. Ronald Reinking with Newmark Knight Frank represented the buyer.

14. Marcus & Millichap announced the $6.2M sale of the 24-unit McKemy multifamily community in Tempe. Paul Bay of Marcus & Millichap represented the seller and, in association with Darrell Moffitt, procured the buyer.

15. Toor Enterprises Inc. has purchased a 19-acre property at Peoria Avenue and Reems Road in Surprise for $9.7M. The seller was Kent Circle Partners. Both parties were represented by Brad Cleaves of BC Commercial Real Estate Inc.

16. Compass RE, LLC purchased a 53.8KSF industrial building at 3535 E. Columbia Street in Tucson, from Glazer Investments Inc. for $6.5M. Paul Hooker with Cushman & Wakefield | PICOR and William Honsaker with Jones Lang LaSalle Americas, Inc. represented the seller. Robert C. Glaser with Cushman & Wakefield | PICOR represented the buyer.

17. CTI, Inc. purchased 19.51 acres of industrial land at Tangerine Commerce Park, Lot 5 in Marana, from Tangerine/I-10, LLC for $4.1M. Jesse Blum with Cushman & Wakefield | PICOR represented the seller. Wayne R. Rutschman represented the buyer.

18. Palo Brea Enterprises LLC has purchased a 10KSF building at 3111 E. Pecos Road in Gilbert for $3.7M. The Learning Experience is the current tenant. Marcus & Millichap’s Mark Ruble and Chad Lind represented the seller Elliot Westpark LLC.

19. Marcus & Millichap has announced the sale of a 6.6KSF AAAleased property near 40th Street and Thomas Road in Phoenix for $3.5M. The company’s Mark Ruble and Chris Lind represented the seller and procured the buyer.

20. ABI Multifamily announced the $2.9M sale of Foothills Villas, a 16-unit multifamily apartment community in Phoenix. ABI’s Tyler Bruggman represented the buyer. ABI’s John Klocek and Patrick Burch represented the seller.

21. Phoenix Commercial Advisors facilitated the sale of a Valvoline shop on a 15-year ground lease at 20876 E. Queen Creek Road, Queen Creek for $2M.

22. ABI Multifamily announced the $2M sale of The Westfall, an eight-unit multifamily apartment community in Tempe. ABI’s Dallin Hammond, Mitchell Drake, and Carson Griesemer represented the buyer and seller.

23. Larsen Baker has sold an office building at 3350 E. Grant Road in Tucson to SAAVI for $2M. Seller TRT Grant/Rita Associates LLC, a Larsen Baker affiliate, was represented by Isaac Figueroa. SAAVI was represented by Gregory Hopley of Colliers.

Lease Transactions

24. The Phoenix office of JLL has completed a 300KSF lease to HelloFresh’s subsidiary Factor service. The lease is at Yuma|143, a still-under-construction, two-building industrial project being co-developed in Goodyear by Baker Development Corporation and Foundation Capital Partners, along with capital partner GTIS Partners. HelloFresh was represented by JLL’s Marc Hertzberg, Anthony Lydon, Adam Citron and Kelly Royle. JLL’s Hertzberg, Lydon and Riley Gilbert represented the building owner, a joint venture controlled by BDC and FCP.

25. Cornerstone Behavioral Health Tucson, LLC, expanded and extended their lease with HSRE-MPCCA Tucson MOB, LLC, for a total of 41KSF of medical office space in the El Dorado Health Campus, 1400 N. Wilmot Road in Tucson. Richard M. Kleiner with Cushman & Wakefield | PICOR represented the landlord.

26. Mega Furniture has entered into a lease for a 28.4KSF space at the Vestar-owned Gilbert Towne Center on Power Road in Mesa.

27. AOR Management Company of Arizona, LLC, leased 28.4KSF of office space from Tucson Medical Center of the medical office building located at 2625 N. Craycroft Road in Tucson. Richard M. Kleiner with Cushman & Wakefield | PICOR, represented the landlord. Scott Solomon with CBRE (TX) represented the tenant.

28. Skincare product company Skin Script has leased a 26KSF space at 6150 W. Chandler Boulevard to relocate its headquarters.

29. Zamora Trucking leased 0.57 acres of industrial land at Mariposa Industrial Park, Lot 3 in Nogales, from 18232, LLC. Cintya Denisse Angulo Garcia with Cushman & Wakefield | PICOR represented the landlord.

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