Commercial Real Estate News 02-02-21

13. PepsiCo. Credit: West Valley View

Sales Transactions 

1. An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartment units through a recapitalization valued at approximately $85M. The first is Pavilions at Arrowhead, a 248-unit garden-style complex at 7400 W. Arrowhead Clubhouse Drive, Glendale. The second is Alta Mesa, a 200-unit garden-style complex at 1865 N. Higley RoadMesa. The sellers were not disclosed. 

2. Jason McCool, the founder of Executive Coatings and Contracting LLC, purchased Stadium Vue Townhomes, a 163-unit, Class A multifamily community at 7677 W. Paradise Lane, Peoria, for $47.3M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix Multifamily Institutional Properties represented the seller, Sunroad Enterprises. 

3. An undisclosed, Arizona-based buyer purchased Sanctuary on Broadway, a 240-unit multifamily apartment property in Tempe, for $42.75M. ABI Multifamily‘s Rue Bax, Royce Munroe, John Kobierowski, Alon Shnitzer, Doug Lazovick and Eddie Chang represented the buyer and the undisclosed, California-based seller. 

4. MIG Real Estate purchased Gateway Technology Commerce Center, a newly constructed, 138.7KSF, Class A multi-tenant industrial / warehouse project at 7535 E. Ray Road, Mesa, for $21.4M. Steve Lindley, Eric Wichterman and Will Strong with Cushman & Wakefield in Phoenix represented the seller, Orsett Properties. Ken McQueen and Chris McClurg with Lee & Associates provided leasing advisory. 

5. PulteGroup Incpurchase the entire 1,200-lot third phase of Harvest Queen Creek master-planned community at the SWC of Signal Butte and Riggs roads, Queen Creek, for $18.99M. Nate Nathan, founder of Nathan & Associates Inc., along with Ryan Duncan, Dave Mullard and Casey Christensen were the brokers. TerraWest Communities LLC manages Harvest Queen Creek. 

6. An undisclosed buyer purchased Casa Loma, an apartment complex located at 6639 E. Broadway Boulevard, Tucson, for $10.85M. Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson officehad the exclusive listing to market the property on behalf of the seller, a limited liability company. 

7. Kanasardas Investment, LLC purchased a 62.4KSF Class A industrial facility at 3167 W. Armstrong Place, Chandler, for $10M. Executive Managing Director Will Strong, Senior Director Phil Haenel, Associate Greer Oliver, and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the undisclosed seller. 

8. An undisclosed buyer purchased Highland Woods, an apartment complex at 555 N. 7th Street, Sierra Vista, for $9.95M. Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson officehad the exclusive listing to market the property on behalf of the seller, a limited liability company. 

9. An undisclosed buyer purchased Vista Village an apartment complex located at 1125 N. 7th Street, Sierra Vista, for $9.9M. Hamid Panahi, investment specialist in Marcus & Millichap’s Tucson officehad the exclusive listing to market the property on behalf of the seller, a limited liability company. 

10. M3 Multifamily, LLC purchased 23 net acres for up to 400 homes at 4025-4105 W. Aerie Drive in Marana for $9.5M. This will allow the luxury rental community of Avilla Marana to expand. Art and Clint Wadlund of Berkadia Real Estate Advisors Tucson represented the seller, Alta Vista Communities RP, LLC. 

11. Kia Ora, LLC purchased Broadway Commerce Center, a 96.7KSF industrial/flex property portfolio in Phoenix for $4.975M. Tyson Breinholt’s Team and Leroy Breinholt of Commerical Properties Inc. represented both the buyer and seller. 

12. Performance Properties Group, LLC purchased the Don Martin Apartments, a 24-unit complex at 605 E. 9th Street, Tucson, for $2.665M. Tony Reed with Long Realty represented the sellerPhil Lipman, and Shelly Minish with Re/Max Select represented the buyer 

Lease Transactions 

13. PepsiCo will lease a facility currently being developed at 75th Avenue and Buckeye Road, Tolleson, from Merit Partners, for e-commerce and distribution. The site is expected to be completed by the beginning of November. 

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