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Commercial Real Estate News 02-09-21

9. Augusta Ranch. Credit: Velocity Retail Group

Sales Transactions

1. Funds managed by Oaktree Capital Management, L.P. recently purchased The Core Chandler, a 220-unit, Class A multifamily community in Chandler, for $65M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Sunrise Luxury Living.

2. Taurus Investment Holdings LLC purchased Indigo Springs, a 240-unit apartment community in Mesa for $56.4M.

3. A private buyer purchased Grove Deer Valley, a 208-unit apartment asset in Phoenix, for $46.75M. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller, a partnership between RedHill Realty Investors and Shelter Asset Management.

4. JB Partners purchased Cabana on Washington, a 226-unit transit-oriented apartment complex in Phoenix for $45.3M, from Greenlight Communities. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

5. An affiliate of Black Lion Investment Group, Inc purchased Oracle Wetmore, a high-quality 150.2KSF retail destination shopping center at the SEC of Oracle Road and Wetmore Road, Tucson, for an undisclosed amount. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller, Weingarten Realty.

6. Westmount Realty Capital announced the acquisition of Tides at Downtown Tempe, a two-story, 227-unit, garden-style apartment community at 615 S. Hardy Drive, Tempe, for an undisclosed amount. The property will be rebranded as Westmount at Downtown Tempe.

7. An undisclosed buyer purchased The Madison, a 2000 vintage, 96-unit garden-style multifamily property at 520 N. Mesa Drive, Mesa, for $23M. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia’s Phoenix office represented the seller, Westgrove Partners.

8. Kroger Co. purchased a 57.3-acre property on the SWC of 91st Avenue and Buckeye Road, Phoenix, for $13.7M, where it plans to build its $89M, 222.9KSF high-tech warehouse to fulfill online grocery orders. The seller was Phoenix Logistics Center LLC, which is connected to McShane Development Company.

9. A 1031 Southern California investor represented by Daum Commercial purchased Augusta Ranch Marketplace, an 83.7KSF, Bashas’-anchored shopping center at 9911-9931 E. Baseline Road, Mesa, for $12.5M. Velocity Retail Group’s Dave Cheatham, Darren Pitts, and Eli Castronova, along with Faris Lee Investments Don MacLellan and Richard Chichester represented the seller, Augusta Ranch, LLC.

10. Lennar Corp. purchased 115 finished lots in Casa Grande for $6.78M, from Dolphin Partners, to build its NextGen home product and RV product lines.

11. DR Horton, Inc. purchased the balance of the lots at The Village at Barnett, which consisted of 146 platted and engineered lots, for $5M. The seller was RB Land Barnett Partners, LLC. The transaction was handled by Will White and John Carroll of Land Advisors Organization.

12. IPX 1031 Qualified intermediary for CI Rancho II, LLC purchased Fortuna Commons, a 15.4KSF daily needs grocery anchored shopping center at Fortuna Road and I-8 in Yuma for $4.2M. Lee & Associates’ Principal Jan Fincham facilitated the sale on behalf of the seller, FORTUNA COMMONS INVESTMENTS, LLC and the buyer.

13. A private investor purchased a 3KSF Whataburger at 9990 N. 90th Street, Scottsdale, for $2.86M. Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was procured by Ruble.

14. A family trust purchased a 6.1KSF Big-O-Tires store at 35 S. Idaho Road, Apache Junction, for $2.635M. The buyer was secured and represented by Zachary Turner, Erin E. Patton, Scott Wiles and Craig Fuller, investment specialists in Marcus & Millichap’s Columbus and Cleveland office. Ryan Sarbinoff, Regional Manager and Broker of Record assisted in closing this transaction.

15. The Johnson Family Trust purchased the 3KSF Arby’s restaurant at 4405 N. 1st Avenue, Tucson for $2.392M. Clint Short with Matthews Real Estate Investment Services represented the seller, Bonanza Plaza of Scottsdale and is now with Berkeley Capital Advisors.

Lease Transactions

16. The RealReal Inc. has signed a lease to expand its physical footprint with nearly 600KSF of warehouse space in Phoenix. The Phoenix facility, which The RealReal anticipates being fully operational by fall 2021, will help support the company’s growing operations. Shannon Aja and Rob Stephens with Newmark are representing The RealReal with its real estate transaction and continued expansion.

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