Commercial Real Estate News 04-06-21

20. Superior Logistics Lease. Credit: ViaWest Group

Sales Transactions

1. BPM Real Estate Group purchased PetSmart’s corporate headquarters campus at 19601 N. 27th Avenue, Phoenix, for $110M. The property includes three, four-story buildings as well as a six-level parking structure. CBRE’s Barry Gabel, Chris Marchildon and Will Mast along with Newmark’s Kevin Shannon, Ken White and CJ Osbrink represented the undisclosed institutional seller. Newmark’s Nick Kucha represented the buyer.

2. A New York-based pension fund advisor purchased Almeria at Ocotillo, a 389-unit multifamily community in Chandler, for an undisclosed amount. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Passco Companies.

3. Realterm purchased a single-story, 145.9KSF FedEx last-mile distribution center at 1666 N. McClintock Drive, Tempe, for $27M. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson, and Bill Bayless with CBRE represented the seller, a local real estate investment firm.

4. Rincon Partners purchased Village Greens of Queen Creek, a 50-unit build-to-rent multifamily property at 21565 E. Village Loop Road, Queen Creek, for 15.25M. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the buyer and seller, TruVista Development.

5. Sterling Real Estate Partners purchased Pennytree Apartments, a 146-unit multifamily community at 232 S. MacDonald, Mesa, for an undisclosed amount. The brokers handling the transaction were Ric Holway (Senior Managing Director), Dan Cheyne (Senior Director), and Luke Donahue (Managing Director) from Berkadia.

6. An undisclosed buyer purchased The Park at Chandler, a 111.5KSF retail shopping center at the SWC of Alma School Road and Chandler Boulevard, Chandler, for $12.4M. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller, Grossman/Robson Associates.

7. An undisclosed buyer purchased the Agave Center, a 2.46-acre shopping complex with 16KSF of retail space at Scottsdale Road and Acoma Drive, Scottsdale, for $9.775M. Colliers’ Snyder Carlton Team represented the undisclosed seller.

8. Industrial Outdoor Ventures purchased a 33.5-acre, fully paved site with metal buildings totaling 90KSF at 5220 N. 51st Avenue, Glendale, for $9.5M. Patrick Sheehan and Max Schumacher with Rein & Grossoehme represented both the buyer and the seller, Calcot, LTD.

9. KB Home bought 277 lots at the SWC of Peart and McCartney roads in Goodyear for $6.535M, from Val Vista Centers. The lots are part of the Arroyo Vista development in Goodyear. The brokers on the deal were Matt Rinzler, Jeremy Lovejoy and Brian Stillman of Insight Land & Investments.

10. KB Home acquired nearly 80 acres of land at the NWC of Apache Boulevard and Southern Avenue, Buckeye, for $5.85M from MPC Mystic, LLC. The site, known as Mystic Vista, is planned for approximately 293 lots in this first phase. Land Advisors Organization’s homebuilding team of Ryan Semro, Ben Heglie and Bret Rinehart represented the seller.

11. K Hovnanian Homes acquired 80 partially finished lots at the NWC of Higley Road and Hunt Highway, Queen Creek, for $5.8M, from Wayne DeStefano. The lots are part of the planned Santanilla community near Queen Creek.

12. Innovative Senior Living purchased Wilmot Assisted Living, a 70-bed assisted living community at 602-662 S. Wilmot Road, Tucson, for $4.85M. Alex Snyder and Hamid Panahi, Seniors Housing investment specialists with Marcus & Millichap represented the buyer. Mark Biery, JD, CCIM, Senior Housing Specialist with Berkshire Hathaway represented the undisclosed sellers.

13. A 1031 exchange buyer out of California purchased Arizona Digestive Health and Phoenix Endoscopy, a 11.8KSF, two-tenant medical office property at 349 E. Coronado Road, Phoenix, for $4.3M. Alan Laulainen, Mark Ruble and Chris Lind, investment specialists with Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company.

14. KB Home acquired nearly 30 acres on the SWC of Elwood Street and 83rd Avenue, Phoenix for $3.4M. The site is planned to accommodate approximately 133 new single and two-story homes ranging from 1,400 to 2,600 square feet. The sale was facilitated by Land Advisors Organization’s homebuilding team of Greg Vogel, West Campbell, Rinehart and Semro who represented the seller, a family trust.

15. A local Prescott-based investor purchased the Windsong Medical Park, a 17.1KSF office property at 3188-3200 Windsong Drive, Prescott Valley, for $3.3M. Alan Laulainen, Mark Ruble and Chris Lind, investment specialists with Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

16. Taylor Morrison bought 17 lots at the NEC of Cave Creek Road and Deer Valley Drive, Phoenix, for $2.858M, from Cave Buttes Development Partners. Pulte Homes purchased 16 lots in the same area for $2.173M, from the same developer. The lots are all part of the Sky Crossing development.

17. An undisclosed buyer purchased a 27KSF freestanding industrial manufacturing facility at 3550 S. 16th Street, Phoenix, for $2.8M. Max Schumacher and Patrick Sheehan of Rein & Grossoehme represented the undisclosed seller.

18. An undisclosed buyer purchased a 3KSF net-leased Filberto’s restaurant at 15144 N. Northsight Boulevard, Scottsdale, for $2.475M. 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.

Lease Transactions

19. OnePointOne, leased 50KSF of industrial space at 107th Avenue and Pierce Street, Avondale. Robert Stephens of Newmark represented OnePointOne in the lease. The landlord is Eisenberg Company.

20. Thrive Printing and Pep Boys Tires both leased space at the newly completed Superior Logistics Center in Phoenix. Thrive Printing, represented by Ryan Steele with Keyser, signed a long-term lease for 42.8KSF and Pep Boys Tires, represented by Rusty Kennedy with CBRE, signed a long-term lease for 28.7KSF. John Werstler and Cooper Fratt of CBRE in Phoenix are handling the marketing and leasing of the project. The owner is ViaWest Group.

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