Commercial Real Estate News 03-30-21

12. LifeStance Health. Credit: Cushman & Wakefield

Sales Transactions

1. A Chicago-based investment advisor purchased the first phase of the Lotus Project in Chandler, for an undisclosed amount, from Conor Commercial Real Estate and joint venture partner WHI Real Estate Partners. The newly built industrial park includes four state-of-the-art advanced manufacturing and light industrial buildings totaling 473.5KSF. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented Conor and WHI.

2. West Freeman Properties purchased Midtown Flats, a luxurious, 122-unit multifamily property at 825 W. Osborn Road, Phoenix, for $26M. Newmark’s Managing Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Midtown Flats Acquisition Company, LLC.

3. An undisclosed buyer purchased Avalon Apartments, a 117-unit seven-building multifamily community in Phoenix for $23M, from Pathfinder Partners. Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the transaction.

4. Drake T16 La Mirada Owner, LLC purchased La Mirada Apartments, a 201-unit, 198.3KSF complex at 4415 & 4515 E. Grant Road, Tucson, for $18M. Joseph Chaplik of Joseph Bernard Investment Real Estate represented the seller, Tolu Real Estate, LLC. Joe Boyle also with Joseph Bernard Investment Real Estate represented the buyer.

5. An out of state investor purchased Shorewood Apartments, a 21-unit mid-century modern apartment community at 3601 N. 5th Avenue, Phoenix, for $4.9M. Brian Tranetzki, Principal of Taylor Street Advisors and Anton Laakso, Vice President Investments, negotiated the transaction on behalf of both the buyer and the seller, a private investment fund.

6. ViaWest purchased 10 acres of land at 3232 S. 48th Street, Phoenix, for $4.57M. NAI Horizon’s Isy Sonabend and Drew Eisen negotiated the sale on behalf of the seller, 4 P’s LLLP. The buyer was self-represented.

7. Bedbrock Developers bought three lots at the SWC of Scottsdale and Macdonald roads in Paradise Valley for $4.149M, from G&J Properties.

8. An undisclosed buyer purchased the Chandler Business Center, a 23.2KSF retail and office property at 6170 W. Chandler Boulevard, Chandler, for $3.998M. 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 limited liability company.

9. The M. Steven and Kathleen Davidson Family Trust of Tucson purchased the historic 30-unit, 11.3KSF Coronado Hotel Apartments located at 402 E. 9th Street, Tucson, for $3.6M, from Carbon Cabo, LLC. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties.

10. John & Lori Poulsen 2003 Family Trust purchased a 160-acre development site located at the NWC of Nafziger Road and Martin Road in Coolidge, for $2.002M. The seller P & L Arizona Real Estate LLC was represented by Kidder Mathews commercial real estate broker Brian Rosella.

Lease Transactions

11. ThriftBooks will create 150 new jobs with the opening of a 190KSF processing center in Phoenix in early May. Cooper Fratt, senior vice president at CBRE, is representing the company in its real estate transaction, and Gary Anderson, senior director at Cushman & Wakefield, is the building representative for the facility leased by the growing company, located at 9393 W. Buckeye Road, Phoenix.

12. LifeStance Health is relocating its company headquarters to Scottsdale from Bellevue, Washington. The behavioral health care company signed a lease for approximately 20KSF of space at the Portales Corporate Center, owned by Principal Real Estate Investors. Cushman & Wakefield’s veteran tenant rep team of Larry Downey, Vice Chairman and Brett Thompson, Director, in Phoenix represented LifeStance Health. The team of Chris Walker, Mike Beall and Jeff Wentworth with Cushman & Wakefield’s Phoenix office represented the landlord.

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