Commercial Real Estate News 03-23-21

11. Richmond American Goodyear. Credit: AZRE

Sales Transactions

1. TerraCap Management, LLC purchased Koll Cotton Center, a seven-building, 225.4KSF light industrial park at 4050 E. Cotton Center Boulevard, Phoenix, for $30.89M. JLL’s 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, represented the seller, BKM Capital Partners. The JLL Capital Markets Debt Placement team representing the buyer included Executive Managing Director Kevin MacKenzie and Director Jason Carlos.

2. An affiliate of Zeitlin Capital purchased The Crossing at Sahuarita, a 137.6KSF Sprouts-anchored neighborhood center at I-19 and Old Nogales Highway, Sahuarita, for $19.1M. The team of Steve Underwood and Chad Tiedeman with Phoenix Commercial Advisors represented the seller, FAE Holdings, and the buyer was self-represented.

3. CAVCO Industries purchased Building D at Park Aldea, a 118.2KSF, Class A industrial building at 10250 W. Montebello Avenue, Glendale, for $15M. Cooper Fratt, John Werstler, Tanner Ferrandi and Mitchell Stravitz with CBRE represented Trammell Crow Company in the sale, while Matt Frederick, Matt Hobaica and Kurt Saulnier of Lee and Associates represented the buyer.

4. Lennar Homes purchased the remaining 194 lots in Phases 2 and 3 at Santa Rita Ranch III, southeast of the intersection of Houghton Road and Sahuarita Road, for $14.9M, from Santa Rita Ranch III, LLC and Santa Rita Ranch III 2015, LLC. Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction.

5. Bestway USA Inc, a pool and spa company, has secured a $12.8M loan from Integrity Capital to purchase an approximately 129.3KSF industrial building in Phoenix, for an undisclosed amount. Ross Brown Partners, Inc. represented the buyer and Less & Associates represented the undisclosed seller.

6. S&J Enterprise LLC bought 2.42 acres of vacant land at the SEC of Reems and Cactus roads, Surprise, for $6.128M, from Continental Properties. The developer’s plans for the vacant land include Goodwill at Cactus Plaza, a 23KSF, one-story commercial retail building. Chris Lind and Mark Ruble from Marcus & Millichap represented the seller.

7. Starpoint Commercial Properties bought 6.08 acres of land at the NEC of Dobson Road and Main Street in Mesa for $5.775M, from Miravista Holdings.

8. Moreno Valley Gateway, LLC purchased the 24.3KSF, three-story MacArthur Hotel building at 345 E. Toole, Tucson, for $4.6M, from Macarthur Tucson, LLC (Madden Media). Brenna Lacey, Vice-President, of VOLK Company represented the seller. Madden Media will continue to occupy it in a sale leaseback agreement.

9. GW Raintree, LLC (YC’s Mongolian Grill) purchased the newly completed 8.4KSF retail property at 14850 N. 87th Street, Scottsdale, for $3.5M, from 101 Mega Raintree, LLC. Brian Woods of Colliers in Arizona handled the sale transaction.

10. A private investor purchased Valle Monterosa, a 24-unit apartment property at 3747 E. Monterosa Street, Phoenix, for $3M. Paul Bay and Darrell Moffitt with Marcus & Millichap procured the buyer and had the exclusive listing to market the property on behalf of the seller, a private investor that owed the property for 28 years.

11. Richmond American Homes bought 53 lots at the NEC of Citrus and Yuma roads, Goodyear for $2.95M, from Steele Investments Inc. Profit Sharing Trust. Rick Jellies and Chris Benjamin from City to City represented the buyer.

12. 4221 Thomas, LLC purchased an 18.2KSF retail building and warehouse at 4221 E. Thomas Road, Phoenix, for $2.5M, from Thomas-Edgemon Properties. Keri Davies, Jason Reddington and Jon Rosenberg of LevRose/TCN Worldwide brokered the sale.

Lease Transactions

13. Zak Kottler, Joe Cosgrove, Hunter Chasse, and Aaron Cook of LevRose/TCN Worldwide facilitated the lease of 15950 N. 76th Street, Suite #200 in Scottsdale. Integrated Transportation Management LLC leased 19KSF.

14. Applied Energetics, Inc. announced that it will relocate its corporate headquarters to UA Tech Park. The move, expected to take place over the next 60 days, will provide the Company with an ITAR and laser safety compliant facility totaling approximately 13KSF, of which approximately 4.8KSF is dedicated to a Class 1000 (ISO 6) Cleanroom.

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