Commercial Real Estate News 05-25-21

12. Arcadia Green. Credit: MadridMedia

Sales Transactions 

1. Tides Equities purchased Terrace Park Apartments, a 213-unit value-add apartment complex at 8130 W. Indian School Road, Phoenix, for $37.86M, from Western Wealth CapitalNorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale. 

2. Taylor Morrison bought 165.78 acres of land at the NEC of 91st Avenue and Camelback Road, Glendale for $29.5M, from Jacob F. Long. Taylor Morrison is planning to use the land for Phases Two and Three of Stonehaven, a proposed 628-lot single-family subdivision. The brokers were Bret Rinehart, Ryan Semro, and Greg Vogel of Land Advisors Organization. 

3. An undisclosed buyer purchased District Flats Off Dobson Apartments, a 112-unit multifamily apartment property in Mesa, for $18.2M, from Rise48 Equity. 

4. Girard Flats, LLC purchased The Flats at Granite Reef, a 135-unit multifamily property at 980 N. Granite Reef Road, Scottsdale, for $17.5M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the California-based seller and the buyer. 

5. A private 1031 buyer purchased a 33KSF, single-tenant retail building ground leased to a global discount department and grocery store tenant at Talavi Town Center, 5845 W. Bell Road, Glendale, for $16.2M. The JLL Capital Markets Investment Sales Advisory team representing the undisclosed seller was led by Director Adam Friedlander and Managing Director Patrick Dempsey.  

6. Taylor Morrison bought 98.57 acres of land at the NWC of S. Ellsworth Road and E. Chandler Heights Boulevard, Queen Creek, for $12.412M, from EIP Ellsworth Feedlot. The land is intended to be part of Phase One of the proposed Ellsworth Ranch residential community. 

7. An undisclosed buyer purchased a 52.9KSF retail asset located within City Square Shopping Center in Bullhead, for $7.1M. Chris DePierro of Faris Lee Investments represented the undisclosed seller. 

8. Rainbow Investments, LLC & Pacific Coast Holdings, LLC purchased Chandler Uptown Square, a 90.1KSF retail property at the NEC of Arizona Avenue & Warner Road, Chandler, for $6.85M. Jared Lively of Rein & Grossoehme represented the buyer. The seller was MSC 2017-H1 North Arizona Avenue, LLC. 

9. A limited liability company purchased Verizon, a 4KSF net-leased property at 1305 S. Alma School Road, Mesa, for $3.302M. 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. The buyer was procured by Ruble, Lind and Zack House, an investment specialist in Marcus & Millichap’s Phoenix office. 

10. Miller Sales & Engineering purchased a 39.1KSF warehouse/manufacturing building at Midvale Park Commerce Center in Tucson, for $2.725M. Tim Healy with CBRE in Tucson represented the seller, Acuity Brands Lighting, and Mike Beck of The Voyager Bay Company represented the buyer. 

11. CRG Sun Medical, LLC purchased Sun West Professional Building, a ±17.8KSF multi-tenant property at 13920 W. Camino Del Sol, Sun City, for $2.64M, from Dale Cutler of CDS Professional Building LLC. Eric Butler, Senior Vice President – Sales & Leasing for Commercial Properties, Inc., was the only broker involved in this transaction.  

12. 6155 E. Indian School, LLC purchased Arcadia Green, a garden office complex at 6155 E. Indian School Road, Scottsdale, for $2.6M. Adam Tolson with Lee & Associates Arizona represented the seller, BHG Commercial, LLCWakeman Integrity, LLC President/Designated Broker Melynn Wakeman represented the buyer. 

13. GRS Investments LLC purchased Beadle Apartments, a 12-unit apartment complex at 5115 N. 12th Street, Phoenix, for $2.1M. Jackson Everhart and Zack Mishkin of ORION Investment Real Estate represented the buyer. The seller was Cohoda Holdings LLC, unrepresented. 

14. Mattamy Homes purchased Malone Place Park134 single-family lots that range in width between 55 feet and 65 feet in Queen Creek, for an undisclosed amount. Howard Weinstein and Patty Lafferty of The Land Agency brokered the closing. 

Lease Transactions 

15. RED Development announced it has signed Snell & Wilmer as a new office tenant at CityScape Phoenix, bringing the mixed-use center to 98 percent leased. Snell & Wilmer will be relocating its headquarters from the Arizona Center to occupy a total of 115KSF, spanning five floors at CityScape. The tenant was represented by Chuck Nixon, executive vice president of CBRE. 

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