Commercial Real Estate News 04-20-21

6. 815 E Deer Valley. Credit: CBRE

Sales Transactions

1. Erickson Companies purchased a multi-state industrial portfolio consisting of a 40KSF headquarters facility on 13-acres at 250 N. Beck Avenue, Chandler, and a 20KSF regional office facility on 15-acres at 8350 Industrial Avenue, Roseville, Calif., for $26.25M. Senior Director Phil Haenel and Executive Managing Directors Mike Haenel, Andy Markham and Will Strong with Cushman & Wakefield represented both the buyer and undisclosed seller.

2. The Bascom Group has purchased Sierra Charles Apartments, a 196-unit, garden-style multifamily property at 600 Charles Drive, Sierra Vista, for $11.6M, from an undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged the acquisition financing, which MF1 Capital provided.

3. Imagine Shea, LLC purchased Shea Plaza, an 88.9KSF retail shopping center at the NEC of 32nd Street and Shea Boulevard, Phoenix, for $9.85M. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller, Starwood Property Trust.

4. The Prescott City Council approved paying $7.55M for the three-story National Bank building at 201 N. Montezuma Street, which will replace the current City Hall building at 201 S. Cortez. The purchase of the bank building from Arma Vista Properties, LLC will go into a 60- to 90-day escrow process.

5. Samuel & Company, Inc. purchased a freestanding industrial/retail/automotive building, fully leased to a national tire and automotive services brand, at 241 W. Osborn Road, Phoenix, for $7.4M. Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller, HPPC, LLC.

6. A private Los Angeles-based investor purchased a 49.8KSF industrial facility at 1815 Deer Valley Road, Phoenix, for $6.97M. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan with CBRE represented the seller, Regency Technologies. Regency Technologies signed a new 10-year triple-net lease, reflecting the company’s continued commitment to the area.

7. DHIC – Black Canyon, LLC, a division of DR Horton, purchased 10.48 acres or 456.5KSF of land at 28201 N. Black Canyon Highway, Phoenix, for $3.775M. Neil Sherman & Ian Turner with Sperry Commercial-Insignia CRE represented the seller, Fortress RV Storage, LLC. The buyer was represented by Michael Lieb of Cherokee Development.

8. TK Family, LLC, the parent company of The Barnyard Crafthouse & Eatery purchased 1.66 acres of vacant land at 11101 E. Tanque Verde Road, Tucson, for an undisclosed amount. Craig Finfrock of Commercial Retail Advisors, LLC represented both the seller, Tanque Verde Loop Plaza, LLC, and Frank Arrotta of Tucson Realty and Trust Company represented the buyer.

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