Commercial Real Estate News 06-15-21

20. Block 23. Credit: AZRE

Sales Transactions

1. Reserve 100 LLC, an affiliate of Blandford Homes won the auction of 373 acres of State Trust Land at Chandler Boulevard between 19th and 27th Avenues, Ahwatukee, with a bid of $175.5M. In winning the auction, Blandford bested Pulte Homes, DR Horton and First American Trust.

2. S2 Residential purchased the 161-unit Daybreak Gardens Apartments, 5225 E. Thomas Road, and the 211-unit Daybreak Place Apartments, 815 E. Bethany Home Road, for a total of $66.9M. Newmark’s Brett Polachek, Brad Goff and Chris Canter represented the seller, Place Properties II & III.

3. Decron Properties purchased 1221 Broadway, a 194-unit Class-A multifamily community in Tempe for $64.75M.

4. ZMR Capital purchased a 240-unit apartment complex at 15620 N. 25th Avenue, Phoenix, for $40.6M, from Tides Equities.

5. Scannell Properties bought 166.05 acres of land at the SWC of Loop 202 and Warner Road, Mesa, for $36.038M, from ViaWest Group.

6. Silver Creek Development purchased Ascend at Chandler Airport Center, a two-story, 130.6KSF Class A office building at 1811 E. Northrop Boulevard, Chandler, for $34.2M, from Irgens. Cushman & Wakefield’s Chris Toci and Chad Littell handled the transaction on behalf of both parties.

7. JLL Arizona Self Storage, LLC purchased Envy Self-Storage & RV, a 757-unit, 127.7KSF asset at 18612 S. Lindsay Road, Gilbert, for $17.5M. NAI Horizon’s Nunez Self-Storage Group represented the seller, 202 Storage, LLC.

8. An out of state investor purchased three multifamily properties in Phoenix and Surprise for a total of $14.2M. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and undisclosed seller. The transactions include:

  • The $5.4M acquisition of Encanto Oasis, a 26-unit property located at 1840 W. Thomas Road in Phoenix.
  • The $5M acquisition of Thompson Ranch, a 34-unit townhome property located at 15427 N. Jerry Street in Surprise.
  • The $3.8M acquisition of The Madison, an 18-unit community located at 5624-5646 N. Sixth Street in Phoenix.

9. Richmond American Homes bought 19.08 acres of land at the NEC of John Wayne Parkway and Smith Enke Road, Maricopa, for $11.163M, from Harvard Investments. The broker was Nate Nathan of Nathan & Associates.

10. Landsea Homes Corp. has purchased 193 lots at the NWC of 183rd Avenue and Deer Valley Road, Surprise, for $9.42M, from Courtland Homes, Inc. Nate Nathan of Nathan & Associates represented both the buyer and seller.

11. Kimwell Corporation purchased a short term leased, single-tenant flex office building totaling 56.2KSF at 8123 S. Hardy Drive, Tempe, for $7.8M, from ViaWest Group. Cushman & Wakefield’s Eric Wichterman, Mike Coover and Steve Lindley brokered the transaction.

12. First and Portland LLC, an entity formed by JRG Capital Partners, purchased an approximately 1.61 acre lot at the NEC of 1st and Portland Streets, within Roosevelt Row in Phoenix, for $7.75M, from Arizona Moreland Developments, LLC. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer.

13. An undisclosed buyer purchased the 47-room Days Inn & Suites Hotel at 7330 N. Pima Road, Scottsdale, for $6M. Zack Mishkin of ORION Investment Real Estate represented both the buyer and undisclosed seller.

14. Montlake Residential, LLC purchased Casa Monte Vista Apartments, a 45-unit apartment complex at 120 W. Dobbins Road, Phoenix, for $5.995M. Zack Mishkin and Jackson Everhart of ORION Investment Real Estate represented the seller, 2420 W Glenrosa LLC. ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the buyer.

15. North 43rd Enterprises, LLC purchased a 5.9KSF freestanding retail building leased to a specialty retail jewelry store chain at 4240 N. Oracle Road, Tucson, for $4.75M. Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller, RJR Tucson, LLC.

16. BLZ Company, LLC purchased a 27.5KSF, single-tenant medical office building at 2806 W. Cactus Road, Phoenix, for $4.67M. Chris Ackel, Andrew Fosberg and Dylan Brown with CBRE represented the local seller, 2806 Cactus Partners, LLC. The property is fully leased to Community Medical Services (CMS) on a long-term, triple-net lease.

17. Anchor Health Properties bought 2.58 acres of land at 5316 E. Shea Boulevard, Scottsdale, for $4M, from Steve Addison. The land is expected to be the site of a 25KSF medical office outpatient facility for HonorHealth.

18. Midwestern Realty Limited, LLC purchased Ajo Highway Shops, a 6.9KSF retail strip center at 4889 W. Ajo Highway, for $3.415M. John Schwikert and Chad Tiedeman with Phoenix Commercial Advisors represented both the seller, Ajo SEC Shops, and the investor.

19. A personal trust purchased Habit Burger Grill, a 1.9KSF net-leased property at 745 E. Glendale Avenue, Phoenix, for $2.2M. Zack House, Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Lease Transactions

20. RED Development is welcoming two new tenants to Block 23 in Downtown Phoenix. Western Alliance Bank is expanding its downtown footprint by leasing the entire sixth floor with a 45.5KSF space that is set to open in early 2022. CVO Holding Company moved its Phoenix headquarters and 200 of its employees to the 31.6KSF office located on the fifth floor.

21. Southern Arizona Graphic Associates, Inc. leased an additional 14.5KSF of industrial space from Walker Tucson Property, LLC, located at 1861 W. Grant Road, Suite 105, Tucson. Robert C. Glaser, SIOR, CCIM, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. Dean Cotlow with Cotlow Company represented the tenant.

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