Commercial Real Estate News 01-16-18

Credit: Commercial Executive Magazine

Sales Transactions

1. Florida-based Avesta Communities has entered the Arizona real estate market with its $58M purchase of the 320-unit Coronado Crossing apartment complex in Chandler.

2. Berkadia has announced the sale and financing for Villas on Bell, a multifamily garden-style property in Phoenix. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office completed the $24.6M sale on behalf of the buyer, KMG Properties. Jackson Cloak and Collin Downey of Berkadia’s Irvine office arranged $12.7M in Fannie Mae financing for the purchase. The seller was RK Properties.

3. Jevan Capital has acquired La Mirada, a 300-unit apartment community in Phoenix for $15M. Jevan plans to renovate and rebrand the property.

4. SVN Desert Commercial Advisors’ Eddie Gonzalez and Rommie Mojahed recently sold the 24KSF Glendale Automotive Center to local investor Ludmela Shehter with A.G.A. Property Management, LLC for $2.25M. Junaib Rizvi with Global Business Management LLC was the seller.

5. CBRE has completed the sale of a single-story, 56-unit multifamily community located at 440 Florence Heights Dr. in Florence. Hyperion Group, LLC, a first-time out-of-state investor, purchased the property for $2.3M from TND Holdings, LLC. Brian Smuckler and Jeff Seaman with CBRE Multifamily Investment Properties in Phoenix represented the buyer and seller.

Lease Transactions

6. CBRE and Keyser have negotiated a 446KSF lease between On Q Financial and The Circuit, located at the Loop 101 and University Drive in Tempe. On Q Financial will open in the space in March 2018. Bryan Taute and Charlie Von Arentschildt with CBRE’s Phoenix office represented the landlord, EverWest Real Estate Partners, in the lease negotiations. On Q Financial was represented by Matt Cummings and Jim Sadler with Keyser.

7. ViaWest Group announced the leasing of a 29.5 spec suite to mobile food ordering company GrubHub, Inc. The suite is located at the San Tan Tech Center in Chandler, AZ. Once GrubHub commences their lease this month, the property will be 93 percent leased. Ryan Bartos and Kyle Westfall with JLL represented the tenant.

8. Airstream of Scottsdale has opened an indoor showroom in Scottsdale Airpark’s retail neighborhood at the NWC of Hayden Road and Raintree. The new facility occupies approximately 28KSF of Class A office/warehouse space. Greg Hopley of Colliers Internationals in Greater Phoenix represented building owner Desert Palm Management Group in the lease negotiations. Bill Bayless of CBRE represented Airstream of Scottsdale.


9. Walmart Stores, Inc. is closing down at least four Sam’s Club stores in Arizona as part of a nationwide wave of closures. The four stores being reported are: 2425 E Florence Blvd, Casa Grande; 5757 E State Route 69, Prescott Valley; 1375 S Arizona Ave, Chandler, and 15255 N Northsight Blvd, Scottsdale. Across the country 63 Sam’s Clubs are set to close.

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