Commercial Real Estate News 04-27-21

13. NovaSource. Credit: AZRE

Sales Transactions

1. An entity tracing to RPM Co. purchased the Village at Harvard Crossing, a 184-unit single-family rental community at the SWC of Pebble Creek Parkway and Virginia Avenue, Goodyear, for $56.12M, from The Empire Group. Berkadia represented both the buyer and seller.

2. Nearon Enterprises, LLC purchased the 91st Avenue Distribution Center, a 417.6KSF, Class A warehouse and distribution building at 670 S. 91st Avenue, Tolleson, for $35M. Darla Longo, Rebecca Perlmutter, Barbara Perrier, Brett Hartzell, Joe Cesta, Eric Cox, Danny Calihan, Pat Feeney and Rusty Kennedy of CBRE represented the sellers, CT Realty and Artemis Real Estate Partners. Bruce Francis, Shaun Moothart, Bob Ybarra, Dana Summers, Doug Birrell and Jennifer Ansari of CBRE’s debt and structured finance team arranged the $19.35M acquisition loan on behalf of the buyer.

3. Rise48 Equity LLC purchased Haven on Peoria Apartment Homes, a two-story, 164-unit apartment complex at 5020 W. Peoria Avenue, Glendale, for $28.7M. Newmark’s Senior Managing Director Brett Polachek, Managing Director Chris Canter and Executive Managing Director Brad Goff represented the seller, Whitehaven Capital LLC.

4. An undisclosed buyer purchased two industrial core sale leasebacks for a combined value of $25.25M. One is a 55.3KSF single-tenant industrial property leased long term to Benson Systems at 2065 W. Obispo Avenue, Gilbert. The other is a 79.2KSF single-tenant industrial property leased long term to Elevation Labs in Idaho Falls. John Berger, president, and Mauricio Olaiz, associate, of Lee and Associates represented the buyer. VIAONE Commercial Real Estate Group represented the seller of the Gilbert site. TOK Commercial Real Estate represented the seller in Idaho Falls.

5. An affiliate APRA Capital purchased Glen Arbor Apartments, an 87-unit apartment complex at 2250 W. Glendale Avenue, Phoenix, for $11.275M. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the deal. The undisclosed buyers are based in Southern California.

6. An Arizona-based buyer purchased Park Terrace Apartments, a 40-unit multifamily apartment property in Tempe, for $6.4M. ABI Multifamily‘s Royce Munroe and John Kobierowski represented the buyer and California-based seller.

7. Serenity Holdings III, LLC purchased 31.5KSF of office space at the Brown Mackie College Campus, 4555 and 4585 E. Speedway Boulevard, and 1111, 1145, 1201, 1209, 1217 1225, 1231 N. Venice Avenue, Tucson, for $3.65M. Thomas J. Nieman, Principal, and Office Specialist with Cushman & Wakefield | PICOR represented the seller, Eugene Pamfiloff and Erena Pamfiloff. Paul Hooker, Principal, and Industrial Specialist, also with Cushman & Wakefield | PICOR, represented the buyer.

8. An affiliate of the Dunn-Edwards Corporation purchased its latest Tucson store at The Landing for $3.625M. The 5.8KSF build-to-suit was completed in 2021 at 4625 S. Landing Way, Tucson, and Irvington Interstate Partners East, LLC, an affiliate of Bourn Properties, was the seller.

9. An undisclosed buyer purchased The Salvation Army Family Thrift Store, a 13.9KSF net-leased property at 4920 S. Arizona Avenue, Chandler, for $3.3M. Mark Ruble and Chris Lind, 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

10. Davis Kitchens has leased 45.2KSF, at the former Toys R Us Building, 5355 E. Broadway Boulevard, Tucson. Brian Harpel, Dave Cheatham and Darren Pitts of Velocity Retail Group, LLC represented the landlord, SDR Associates LLP. The new store is scheduled to open in the summer of 2021.

11. The Phoenix office of JLL has signed Eide Bailly LLP to 23.4KSF at Camelback Center, located at the southwest corner of 24th Street and Camelback Road, Phoenix. JLL Managing Director John Pierson, Senior Vice President Trevor Pratt and Associate Lauren Lovell represented Eide Bailly in the lease renewal and expansion. JLL Project and Development Services (PDS) managed the tenant build-out. Greg Mayer of Cushman & Wakefield represented the building owner, Nuveen – a TIAA company.

12. United Healthcare Services, Inc. leased 18KSF of retail space from Grant / Swan Center, LLC, located at 4730 E. Grant Road, Tucson. Greg Furrier and Dave Hammack, Principals, and Retail Specialists with Cushman & Wakefield | PICOR, represented the landlord. Timothy Hurley with Kidder Mathews represented the tenant.

13. NovaSource is relocating from its current Tempe office and will lease a 14.7KSF space from Hines on Chandler Viridian office building’s 5th floor at Intersection of Loop 101 and San Tan Loop 202. Michael White from Studley represented NovaSource. The leasing team that represented Hines was Jerry Roberts, Executive Managing Director, and Pat Boyle, Managing Director, with Cushman & Wakefield.

14. City Electric Supply Company leased 10KSF of industrial space from Tin Cup Properties, LLC, located in Research Plaza, 1671 S. Research Loop, Suite 145, Tucson. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord.

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