Commercial Real Estate News 03-02-21

9. Caremore. Credit: Real Estate Daily News

Sales Transactions

1. Investcorp purchased Tempe Commerce Park, a five-building, 536.1KSF, multi-tenant, light industrial park at 7340, 7350, and 7360 S. Kyrene Road and 7343 and 7333 S. Hardy Drive, Tempe, for $85.35M. The JLL Capital Markets Investment Sales Advisory team representing the seller, BKM Capital Partners, was led by Senior Managing Director Mark Detmer and Senior Director Ryan Sitov, along with local market experts Executive Vice President Steve Sayre and Managing Directors Mark Gustin and Dave Seeger. The JLL Capital Markets Debt Placement team representing the new owner included Executive Managing Director Kevin MacKenzie, Senior Director Michael Gigliotti and Director Jason Carlos.

2.Taylor Morrison Home Corp. purchased 178 acres of land on each side of Loop 303 just north of West Peoria Avenue in Surprise. Nate Nathan, founder of Nathan & Associates Inc., along with Courtney Buck, negotiated the sale, which closed February 18th.

3. G2 Realty Capital, LLC purchased Carob Tree, a 137-unit multifamily community at 9202 N. 19th Avenue, Phoenix, for $14.625M. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, senior vice president, and Ryan Boyle, senior associate represented the buyer and seller, Carob Tree LLC.

4. Nutex Health LLC purchased the 31.5KSF Gilbert Emergency Hospital at 5656 S. Power Road, Gilbert, for $10.5M. Philip Wurth and Alexandra Loye of Colliers in Arizona represented the seller. Christian Giles of Arizona Healthcare Realty represented Nutex Health.

5. STAG Industrial, Inc. purchased a 71KSF, single-tenant industrial property at 7447 E. Ray Road, Mesa, for $9.5M. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented the buyer. The seller, Gateway Properties of AZ, was represented by Ken McQueen and Chris McClurg of Lee & Associates. During escrow, CBRE assisted in preleasing the property to Bass Cabinets.

6. DR Horton bought 119 residential lots at the NEC of Apache and Lower Buckeye Roads, Buckeye, for $8.011M, from Forestar Group. The land includes 119 platted and engineered single-family residential lots and is part of Desert Moon Estates Parcel 2, which totals 146 lots on 38.15 acres.

7. Montecito Medical Real Estate purchased a 12.9KSF freestanding Class A medical office building at 1475 W. Chandler Boulevard, Chandler, for $6.54M. Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team collaborated with the firm’s Phoenix medical office experts, Tom Weinhold and Sheila Bale, to represent the seller.

8. Forestar Group acquired 325 planned lots at the NWC of Miller Road and Southern Avenue in Buckeye for $5.363M, from TGV Investments. The seller brokers were Bret Rinehart, Ryan Semro, Greg Vogel, and Wes Campbell from Land Advisors Organization. The lots are planned as a portion of Copper Falls, a master-planned community by KB Home Phoenix and Triyar Management.

9. Marcus & Millichap announced the sale of CareMore, a 11.5KSF net-leased property at 315 W. Irvington Road, Tucson, for $5M. Mark Ruble, Chris Lind and Jamie Medress, 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 not disclosed.

10. Marcus & Millichap announced the sale of Walgreens, a 13.9KSF net-leased property at 1825 E. Warner Road, Tempe, for $4.225M. Chris Lind and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer was not disclosed.

11. Mark Eneix purchased South Mountain Plaza, a multi-tenant, 14KSF retail property at 1635 E. Baseline Road, Phoenix, for $2.85M. Andrew Fosberg and Dylan Brown of CBRE in Phoenix represented the seller, G&G LLC.

12. 26 Oaks LLC bought 2.94 acres of residential zoned land at 2340 N. Hayden Road, Scottsdale, for $2.65M, from the First Church of the Nazarene. The broker on behalf of the seller was Tracy Glass of Insight Land & Investments.

13. San Isidro Six Investments bought 5.4 acres of land at the NWC of North 99th Avenue and West Northern Avenue, Peoria, for $2.117M from Ali Mojaverian. The Prescott at Park West, a proposed 95-unit townhome development in multiple two-story buildings, is planned for the site. Western Retail Advisors represented both the buyer and the seller.

14. An entity formed by BP National City, LLC purchased Moon Valley Towne Center, a 106.6KSF retail shopping center at the SEC of 7th Street and Bell Road, Phoenix, for an undisclosed amount. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller, Starwood Property Trust.

Lease Transactions

15. DAUM Commercial Real Estate has arranged the lease of a newly constructed industrial warehouse at 320 S. 91st Avenue in Tolleson. Republic National Distribution Co. will occupy the 173.9KSF property, which Hopewell Development owns. Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston of DAUM represented the landlord, while Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the tenant.

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