Commercial Real Estate News 06-01-21

8. Revival on Indian School. Credit: ABI Multifamily

Sales Transactions

1. TruAmerica purchased The Urban, a 435-unit, garden-style multifamily community 3601 East McDowell Road, for an undisclosed amount. The seller was not disclosed.

2. An affiliate of Walton Street Capital has originated a $71.6M loan to Knightvest Capital for the purchase of Portrait at Hance Park, a 340-unit apartment community at 1313 N. Second Street, Phoenix. The acquisition terms were not disclosed.

3. An undisclosed buyer purchased Parkwood, a 344-unit, fully gated garden-style apartment community in Phoenix for $69.25M. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and undisclosed seller.

4. JB Partners purchased The Curve at Melrose, a four-story, 204-unit multifamily asset in the Melrose District of Phoenix, for $56.2M. Steve Gebing and Cliff David, Executive Managing Directors with Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller, P.B. Bell.

5. An undisclosed buyer purchased Desert Point, a 280-unit, fully gated garden-style apartment community in Phoenix for $47.75M. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and undisclosed seller.

6. An undisclosed buyer purchased Cameron, a 200-unit, fully gated garden-style apartment community in Phoenix for $41M. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and undisclosed seller.

7. Marble Partners Management, LLC purchased Mountain View Casitas, a 146-unit apartment community at 1130 E Grovers Avenue, Phoenix, for $31.2M. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, MV Casitas, LLC.

8. Rise48 Equity purchased Revival on Indian School, a 96-unit garden-style multifamily community in Phoenix, for $18.4M. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer. The undisclosed seller was based in Arizona.

9. A private investor purchased 10|Ten on Main, an 84-unit apartment property at 1006 West Main Street, Mesa, for $13.15M. Paul Bay, Cliff David, Darrell Moffitt, Nate McDaniel and Steve Gebing of Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was procured by Bay, David, Moffitt and Gebing.

10. Van Tuyl Group (Berkshire Hathaway Automotive) bought 44.86 acres of land at the SWC of Estrella Parkway and Yuma Road, Goodyear, for $12.085M, from SunChase Holdings. Matt Rinzler, Jeremy Lovejoy, and Brian Stillman of Insight Land & Investments represented the buyer. Bret Rinehart, Wes Campbell, and Greg Vogel of Land Advisors represented the seller.

11. Forestar (USA) Real Estate Group Inc. purchased 87 acres at the SWC of Wilmot Road and Interstate 10 for $4.794M, from Legacy Collateral Holdings, LLC. Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction.

12. Brad Umansky and Mike Lin of Progressive Real Estate Partners, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller in the sale of six single-tenant Sunrise Preschool locations. The transactions include:

  • The $3.8M sale of an 8.8KSF property at 102 N. Lindsey Road in Mesa.
  • The $3.4M sale of a 12.5KSF location at 1365 S. Gilbert Road in Mesa.
  • The $2.6M sale of an 8.5KSF location at 5801 W. Mohawk Lane in Glendale.
  • The $2.5M sale of a 7KSF asset at 4110 W. Northern Ave. in Phoenix.
  • The $2.3M sale of a 7KSF preschool at 1114 W. Elliot Road in Chandler.
  • The $2.3M sale of a 7KSF building at 800 E. Minton Drive in Tempe.

13. A limited liability company purchased Westwood, a 19-unit apartment property at 714 East 10th Street, Tucson, and Park Vista, a 31-unit apartment property at 2497 North Park Avenue, Tucson, for $2.455M each. James K. Crawley and Hamid Panahi, investment specialists in Marcus & Millichap’s Arizona office, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer was represented by Crawley & Panahi.

14. MRL Greenway LLC purchased Greenway Center, a 23KSF retail/office/warehouse at is 2802/2822 E Greenway, Phoenix, for $2.065M. Mark Rein of Rein & Grossoehme represented the buyer and seller, Greenway Center LLC.

Lease Transactions

15. CBRE has arranged a 146KSF industrial lease on behalf of Rosendin Electric, Inc. at Power 202 Business Park, 4617 S. Power Road, Mesa. CBRE’s Mike Parker represented Rosendin in the lease negotiations. The landlord, Bird Dog Industrial, was represented by Lee & Associates’ Ken McQueen and Chris McClurg. The space will serve as a prefabrication facility, offering the tenant proximity to a nearby job site.

16. Mariposa Inspection Terminal, LLC expanded their lease with Nogales Warehouse, LLC, to include an additional 22.5KSF of industrial warehouse space, totaling 42.5KSF at 772 W. Frontage Rd., Suites 2 and 3 in Nogales. Cintya Denisse Angulo Garcia, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord.

17. NextGen Aviation Services leased 15KSF of industrial space from Walker Tucson Property, LLC at 1859 W. Grant Road., Suite 101, Tucson. Robert C. Glaser, SIOR, CCIM, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, handled the transaction.

18. JOERNS, LLC leased 15KSF of industrial space from Daveck Properties, LLC at 3781 N. Highway Drive, Tucson. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord.

19. Silver Mountain Mining Operations, Inc. leased 12.4KSF of industrial space from SN Investment Properties, LLC at 10861 N. Mavinee Drive, Suite 163, Tucson. Paul Hooker, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant. Jesse Blum and Ian Stuart with CBRE represented the landlord.

20. Dollar Tree Stores leased 11.2KSF of retail space from 4-D/Weil Sierra Vista Shopping Center, LLC, located in the 7th Street Marketplace, 820 E. Fry Blvd. in Sierra Vista. Greg Furrier, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord. Kurt Kaolcin with Christifulli Commercial Real Estate, LLC represented the tenant.

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