Commercial Real Estate News 06-29-21

14. Fox Cigar. Credit: ORION Investment Real Estate

Sales Transactions

1. Sares Regis Group purchased Level at Sixteenth, a 240-unit, mid-rise apartment community at the intersection of 16th Street and Camelback Road, Phoenix, for $69.1M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, an affiliate of Abacus Capital Group.

2. Rise48 Equity purchased Cascada Del Sol Apartments, a 166-unit multifamily apartment property in Phoenix, for $26.726M, from the Canada-based, undisclosed seller. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction.

3. Newmark Knight Frank announced it has completed the sale of two grocery-anchored retail centers in Phoenix for a combined total of $14M. Reel Retail Fund I, LLC purchased the first property, Safeway Shops at 83rd & Camelback, a multi-tenant retail center at 4819 N 83rd Avenue and 8141 W Camelback Road, from Boros Investments, LLC. Newmark represented both parties. Desert Canyon Investment Properties III, LLC purchased the second property, Happy Valley Walmart Shops located at 25155 N. 67th Avenue & 6520 W. Happy Valley Road, from BevNorm Olive, LLC. Newmark represented the seller.

4. Meritage Homes Corp. purchased 136 acres at the SEC of Citrus Road and Van Buren Street, Goodyear, for $14M. Meritage will develop a new master-planned community to be known as Silva Trails.

5. Zona Investments SPE, LLC purchased Bellevue Tower Apartment Homes, a 90-unit complex at 3710-3730 E. Bellevue Street, Tucson, for $7.5M. Zack Mishkin of ORION Investment Real Estate represented both the buyer and the seller, Bakerson LLC.

6. Bela Flor purchased 47.1 acres located at Idaho Road, Old West Highway, and Apache Trail in Apache Junction for $5.8M. Nick Miner, CCIM, J.T. Taylor, and Larry Kush of ORION Investment Real Estate represented the seller, WGG Partners, LLC.

7. An undisclosed buyer, represented by Matt Bittick of CBRE, purchased a 29.4KSF, fully-leased industrial property at 23048 N. 15th Avenue, Phoenix, for $5.5M. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Gary Stache, Anthony DeLorenzo and Bryan Johnson of CBRE represented the seller, a private investor. The two-story building is fully leased to Valenz, one of the nation’s leading medical cost reduction and claims flow management organizations.

8. An undisclosed buyer purchased Super Star Car Wash, a 3,538-square-foot net-leased property at 2020 W. Northern Avenue, Phoenix, for $4.05M. Zack House, 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.

9. An undisclosed buyer purchased 7575 W. Twin Peaks Road (Lot 1 of Twin Peaks Plaza) a net- leased property, for $4M. Gary Heinfeld, CPA, CCIM of Advisors in Real Estate, Inc. and Matt McNeill of Cushman & Wakefield represented the seller. Matt McNeill of Cushman & Wakefield also represented the buyer.

10. Neil Superfon worked with Arizona Land Consulting to purchase 12 acres of land in Goodyear for $2.75M for a possible commercial development.

11. REM Investment Group, LLC purchased Grant Road Place, a 20.1KSF, multi-tenant office complex at 5625-5687 E. Grant Road, Tucson. The property was purchased from the Shenitzer Family Trust U/T/A, the Pepper Trust U/T/A, and WV, LLC for $2.697M. Richard M. Kleiner, MBA, Principal, and Office Specialist with Cushman & Wakefield | PICOR, represented both parties.

12. A limited liability company purchased NextCare Urgent Care, a 4.5KSF net-leased property at 17688 W. Elliot Road, Goodyear, for $2.5M. 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, an individual/personal trust.

13. Mattamy Homes purchased a 27-acre property at Silverbell and Goret roads, Tucson, for $2.44M. Mattamy’s new community will be known as Westbridge at Silverbell which will begin in January 2022.

14. Fox Headquarters, LLC purchased a 21.2KSF two-story flex/warehouse building at 2166 E. University Drive, Tempe, for $2.4M. Nick Miner, CCIM of ORION Investment Real Estate represented the buyer, who plans to use the space as their headquarters after spending $2M in renovations. The seller, 101 Tempe, LLC, was represented by Ken McQueen at Lee & Associates.

15. A private investor from California purchased a 5.7KSF ambulatory surgery center at 3525 N. Central Avenue, Phoenix, for an undisclosed amount. Mindy Korth with Colliers in Arizona handled the transaction.

16. Tides Equities, LLC purchased Desert Gardens Apartments, located at 13517 W. Glendale Avenue, Glendale, for an undisclosed amount. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the buyer and seller, Desert Gardens, LLC.

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