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Commercial Real Estate News 02-23-21

18. Dynarex. Credit: AZRE

Sales Transactions 

1. Apartment Ventures NNC has purchased Village at Aspen Place, a 222-unit, Class A apartment community located within Aspen Place at the Sawmill in Flagstaff, for $64.5M, from an undisclosed seller.  

2. Barker Pacific Group purchased a Class A self-storage portfolio totaling 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces, for $39.5M. The three properties are located at 670 Gilbert Road, 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in PhoenixDevin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self-Storage Advisory Group represented the sellers, WDP Partners and Titan Development/TDREF I. 

3. L5 Odyssey Real Estate Investments purchased The Tides on 5th, a 197-unit garden-style multifamily property at 805 W. Brown Street, Tempe, for $39M. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia’s Phoenix office completed the sale on behalf of the seller, Tides Equities. 

4. Sterling Real Estate Partners announced the sale of Seventh Apartments, a 286-unit multifamily community at 5145 N. 7th Street, Phoenix, for $38.3M. The acquisition was brokered by Cliff David and Steve Gebing at IPA. 

5. An undisclosed buyer purchased Tides on 28th, a 224-unit multifamily property in Phoenix for $34.8M. Cliff David and Steve Gebing with Institutional Property Advisors (IPA), a division of Marcus & Millichap represented the seller, Tides Equities. 

6. Meritage HomesLennar and Pulte Homes have teamed up to buy 464 finished lots at the 556-acre master planned La Estancia Community in Tucson, paying a combined $29.1M. The seller was Sunbelt HoldingsThe transactions were handled by Will White and John Carroll of Land Advisors Organization. 

7. AHC Real Estate FND VIII L.P. purchased Treehouse Apartments, a 167-unit multifamily community at 3636 N. Campbell Avenue, Tucson, for $23M. Justin Lanné and Mike Chapman with NAI Horizon’s Tucson office represented both the seller, CaliberCos, Inc.’s FundCDIF Sunrise L.L.C., and the buyer. 

8. Metro Tucson Living SPE, LLC purchased The Villas at Roger Road, a 232-unit, 129.4KSF multifamily complex at 3985 N. Stone Avenue, Tucson, for $19M, from Equilibrium Villas, LLC. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR represented both parties. 

9. DR Horton bought 62.02 acres of land in Maricopa for $16.744M. The land includes 220 partially improved lots in Tortosa South. The seller was McRae Group of Companies. 

10. Molson Properties purchased the 18-hole, 172.55-acre Legacy Golf Course in Phoenix for $16M. The seller was Concert Golf Partners. 

11. DR Horton bought 33.75 acres of land near the NEC of John Wayne Parkway and Smith Enke Road in Maricopa for $12.834M, from Harvard InvestmentsThe land is part of the Lakes at Rancho El Dorado residential community and the plan is to divide the land into residential lots. 

12. Hawkins Companies bought a 3.83-acre parcel of land at the NWC of Scottsdale and East McDowell roads in South Scottsdale for $7.4M, from Cercidium Holdings. Hawkins plans to use the land to develop a four-story, mixed-use Southdale project. 

13. AZCOMS, LLC purchased a 140KSF industrial building at 5120 S. Julian Drive, Tucson, for $6.125M, from Warehouseone, LLC. The building will be occupied by COMSovereign, a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions. Stephen D. Cohen, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller. 

14. Glenn3, LLC and ASD, LLC purchased a 10.4KSF medical office located in the Glenn Medical Center, 5150 E. Glenn Street, Tucson, for $3.25M, from Sunrise Properties Leasing, LLC. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the seller. 

15. CRE Higley Park, LLC purchased 35.6KSF of industrial space located in Gateway Industrial Park, 3690, 3710, 3720 S. Park Avenue, Tucson, for $2.745M, from William Lee, LLC. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the seller. 

16. TGOT Holdings Pima Campus, LLC purchased the 20.3KSF Pima Professional Plaza, a professional office/medical complex at 5700 E. Pima Street, Tucson, for $2.31M. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the buyer. Andrew Ostrander with Keller Williams, Professional Partners, represented the seller, Christopher B. Heward and Pamela F. Heward Family Revocable Trust. 

17. Artemis Real Estate Partners purchased a 10-property, Class A medical office portfolio totaling 270.8KSF in Salem, Ore.; Phoenix, Ariz.; Indianapolis, Ind.; Cincinnati, Ohio; Atlanta; Ga.; and Lancaster, Pa., for an undisclosed amount. The JLL Capital Markets team representing the private seller includes Senior Managing Director Ted Flagg; Managing Director Andrew Milne; Vice Presidents Vasili Davos and Kristina Patrk; and Analysts Niema Beglari, Katya Golynko and Rachel Oates. JLL Capital Markets Senior Managing Directors Daniel Turley and Tim Joyce and Director Anthony Sardo led acquisition financing efforts on behalf of Artemis. 

Lease Transactions 

18. DAUM Commercial Real Estate Services has secured the lease of 250KSF of industrial space on behalf of the lessee, Dynarex Corporation, at 7811 N. Glen Harbor Boulevard, Glendale. The space will serve as the lessee’s Southwest regional distribution facility. 

19. Cushman & Wakefield announced the firm has represented Kapture Prehab in the lease of a 140KSF industrial/warehouse facility situated on approximately 13 acres at 1300 N. Fiesta Boulevard, Gilbert. The team of Phil Haenel, Mike Haenel and Andy Markham with Cushman & Wakefield’s Phoenix office represented the tenant. Pete Klees and James Harper also of Cushman & Wakefield’s Phoenix office represented the landlord. 

20. TMC Healthcare leased 82.1KSF of medical office space from HSRE-MPCCA Tucson MOB II, LLC, in the El Dorado Health Campus, 1398-1400 N. Wilmot Road, Tucson. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented the tenant. 

21. Mariposa Inspection Terminal, LLC leased 20KSF of industrial space in NogalesCintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord. 

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