Commercial Real Estate News 07-13-21

16. Realterm Logistics. Credit: Glendale Star

Sales Transactions

1. Sunroad Enterprises purchased Parcland Crossing, a 383-unit multifamily community at 800 W. Willis Road, Chandler, for $125M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, PrivatePortfolio Group.

2. A partnership between Highgate and Rockpoint Group purchased the Scottsdale Plaza Resort at 7200 N. Scottsdale Road, Scottsdale, for $90.75M, from Scottsdale Plaza Resort LLC.

3. Tides Equities purchased Palm Valley, a 264-unit multifamily community in Goodyear, for $71.8M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Avanti Residential. Tides Equities renamed the community Tides at Palm Valley.

4. Element Property Company purchased The Ranch at Star Pass, a 336-unit luxury student housing complex in Tucson, for $57.5M from PC Star Pass, LLC. It will now be rebranded The Reserve at Star Pass.

5. The City of Phoenix will buy the 27-story former Wells Fargo tower in downtown Phoenix for $46.5M, which will house multiple city departments, including police and 911 operators. The city will lease back the main branch space to Wells Fargo while the bank transitions into a new space.

6. Tides Equities purchased IVilla Garden Apartments, a 214-unit multifamily project at 2634 N. 51st Avenue, Phoenix, for $30M. Real estate brokers Jesse Hudson, Bill Hahn and Trevor Koskovich of Northmarq Phoenix advised the seller, Tower 16 Capital Partners.

7. JLL Arizona Self Storage, LLC purchased Envy Self-Storage & RV, located at 18612 S. Lindsay Road, Gilbert, for $17.5M. Denise Nunez and Victoria Filice of NAI Horizon represented the seller, 202 Storage, LLC. The buyer was self-represented.

8. InTrust Property Group purchased Sky Harbor Inn, a 237-unit multifamily property at 2307 E.Van Buren Street, Phoenix, for $17.1M. CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the local seller, Incline Village Properties LLC.

9. Mattamy Homes purchased 85 acres at Gary and Empire Roads, Queen Creek, for $15.5M. The first of a two-phase transaction that will include a total of 165 acres and will deliver 533 new home lots to the national builder. Land Advisors Organization’s Homebuilding Team of Bret Rinehart and Ryan Semro represented the buyer.

10. Bestway USA Inc. purchased a 129.7KSF building at the newly constructed Chandler Airport Commerce Center for $14.7M. The company will move its company headquarters to the building this fall.

11. KB Home bought 39.9 acres of land at the SWC of Higley and Riggs Road in Gilbert for $12.999M, from Vestar. The land is expected to be used for the proposed Cordillera Vista Estates.

12. ABCJ, LLC purchased a 36.5KSF building that serves as the headquarters for HomeSmart, located at 8388 Hartford Drive, Scottsdale, for $12.45M. Cushman & Wakefield’s Eric Wichterman and Mike Coover in Phoenix brokered the transaction along with Michael Kitlica as leasing advisor in the sale/leaseback transaction.

13. ArroyoBel PPP Operating LLC purchased the +/-38.9KSF Pecos Professional Plaza at 16611 S. 40th Street, Phoenix, for $12.175M. Ken Elmer, Senior Vice President, Ron Schooler, Senior Vice President, and Scott Nelson, Vice President with Commercial Properties, Inc., represented the seller, Pecos Professional Plaza LLC.

14. MIG Real Estate LLC purchased First Commons, a two-building 99.5KSF, multi-tenant industrial warehouse complex at 4624-4635 W. McDowell Road, Phoenix, for an undisclosed amount. Tracy Cartledge and Robert Buckley with Cushman & Wakefield represented the undisclosed seller and John Pompay with Cushman & Wakefield provided leasing advice for MIG.

15. DTFP, LLC purchased an 8.1KSF Class A building at 4270 N. Oracle Road, for $6.1M. Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented the seller, RJR Tucson, LLC. The building is fully leased to BJ’s, a national restaurant and brewhouse brand.

16. Realterm Logistics acquired a 75KSF warehouse at 10950 W. Northview Avenue in Glendale for an undisclosed amount. The building sits on 6.4 acres and has a combination of 14 dock-high and ground-level doors.

17. Cordova Investment Partners, LLC purchased Mesa Commerce Center, a 71.6KSF multi-tenant office complex at 1930 S. Alma Road, Mesa, for $5.85M. Cushman & Wakefield’s Eric Wichterman and Mike Coover in Phoenix represented the seller, CDKT, LLC.

18. Larsen Baker, LLC through its affiliate Valencia Tech Park, LLC, has acquired the 90KSF business park at the SWC of Valencia Road and Country Club Road, Tucson, for $4.9M. Bryce Horner and Tim Healy with CBRE represented the seller, 3000 East Valencia, LLC and Isaac Figueroa with Larsen Baker, LLC represented themselves. The project will be renamed Valencia Tech Park.

19. An undisclosed buyer purchased Panda Express & Five Guys, a 6.3KSF retail property at 2800 N. Campbell Avenue, Tucson, for $4.405M. 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.

20. An undisclosed buyer purchased First Watch & Mattress Firm Shops, an 8.9KSF retail property at 1080 W. Irvington Road, Tucson, for $4.3M. Chris Lind and Mark Ruble, 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.

21. A private investor purchased the headquarters for Truesdell Corporation, a 17.8KSF industrial property at 1310 W. 23rd Street, Tempe, for $4.2M. Blake Duncan, Peter Bauman and Tivon Moffit of Marcus and 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.

22. An undisclosed buyer purchased Sherwin-Williams Shops, a 7.5KSF retail property at 4830 S. Calle Santa Cruz, Tucson, for $3.075M. 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, Irvington Interstate Partners West, LLC.

23. Brik Investments, LLC, an affiliate of HBL CPA’s, purchased a 10.4KSF building in the Plaza at Williams Center, 5470 E. Broadway Boulevard, Tucson, for $2.725M. Isaac Figueroa of Larsen Baker represented the seller, Plaza Williams Center, LLC, an affiliate of Larsen Baker. The buyer was represented by Buzz Isaacson and Annie Lewis of Buzz Isaacson Realty.

24. A limited liability company purchased Scottsdale Shops, a 9.7KSF retail property at 14900 N. Pima Road, Scottsdale, for $2.55M. 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.

25. B&B Real Estate Holdings, LLC purchased Dobson Palm Plaza Retail Shops, a 15.9KSF retail property in Mesa, for $2.45M. Derek Buescher of ORION Investment Real Estate represented both the buyer and seller, TMSGuadalupe Dobson Center, LLC.

26. Who’s Holdings, LLC purchased a 19.5KSF industrial building at 450 E. Watkins Street, Phoenix, for $2.25M. Isy Sonabend and Drew Eisen with NAI Horizon represented the buyer. Trevor McKendry and Chris Rogers with DAUM Commercial Real Estate Services represented the seller, MHBB Capital, Inc.

27. RPM Investments Q/I purchased the New Devonshire Apartments, a cozy garden-style 16-unit complex in Central Phoenix for $2.15M. Zack Mishkin of ORION Investment Real Estate and Davide Pio of BCRE represented the buyer. Ryan Ash and Mike Woodrick of Newmark Knight Frank represented the seller, SOLOAN INC.

28. The City of Sedona purchased two parcels totaling 1.9 acres at 4205 and 235 West State Route 89A for $2.15M. There is currently no decision on what the land will be used for.

29. Landsea Homes Corporation closed on 616 homesites at Citrus Park in Goodyear for an undisclosed amount. Construction on the homes is slated to begin in summer 2022, with sales expected to begin in fall 2022.

Lease Transactions

30. Embark Behavioral Health has signed a lease for 24KSF the Chandler Viridian development. Jerry Roberts of Cushman and Wakefield represented the building owner, Hines, in the lease, and Tyson Breinholt of Commercial Properties Inc. represented Embark Behavioral Health.

31. NAI Horizon’s Rick Foss represented the tenant, Super Radiator Coils, LP in a 37-month industrial lease for 16.5KSF at 2060 S. 16th Street, Phoenix. The landlord, Prologis, was represented by Phil Haenel with Cushman & Wakefield.

32. Arizona Biological Control, Inc. expanded into and leased 16KSF of industrial space at Oro Valley Commerce Center, 10831 N. Mavinee Drive, Suite 185 in Oro Valley, from Harsch Investment Properties, LLC. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant.

33. Vestar leased 12KSF on the ground floor of the Esplanade III building in Phoenix and plans to move into the space in October. Gensler designed the new office space and Jokake Construction is performing tenant improvements.

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