Commercial Real Estate News 07-20-21

10. 4th and Osborn. Credit: Cushman & Wakefield

Sales Transactions 

1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development. 

2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E. Broadway Road, Tempe, for $64.75M. Brass Enterprises was the seller. 

3. Kohlberg Kravis Roberts & Co. purchased Sierra Pines Apartments, a multifamily community at 9422 N. 31st Avenue, Phoenix, for $55M. The seller was Western Wealth Capital. 

4. Capital Real Estate purchased The Villas at Mountain Vista, a multifamily community at 16630 N. Reems Road, Surprise, for $55M, from an undisclosed seller. 

5. Greenwater Investments purchased Westcreek Apartments, a multifamily community at 4040 W. Peoria Avenue, Phoenix, for $41M. The sellers were Suzana McCoy and Urania Pinheiro. 

6. Liptz & Associates Inc. purchased the Clarendon Park Apartment Homes, a multifamily community at 222 W. Clarendon Avenue, Phoenix, for $37.25M. The seller was 3rd Ave Investments. 

7. KKR recently acquired The District at Scottsdale, a 332-unit class-A residential building located in Scottsdale, for an undisclosed amount. RPM Living will continue to manage the property. 

8. Claycorp / CRG bought 75.24 acres of land at the NEC of Reems Road and Glendale Avenue, Glendale, for $20.484M. The seller was also Claycorp / CRG. The land is expected to be used for a planned 637KSF industrial warehouse that is part of The Cubes at Glendale. 

9. Fulton Homes purchased 187 acres at NWC of Perryville and Indian School roads for $14.78M and is planning 675 lots. Land Advisors Organization’s team of Greg Vogel, Wes Campbell, Bret Rinehart, Ben Heglie and Ryan Semro represented the seller. 

10. Masyno Osborn, LLC purchased three properties in the Midtown area of Phoenix. The sites are located at the intersection of 4th Avenue and Osborn Road and consist of two vacant lots totaling ±0.38 acres along with an existing 47.5KSF office building on ±0.77 acres located right across the street. The properties were all sold by Central Garden & Pet for an undisclosed amount. Cushman & Wakefield’s Mark Bramlett represented the buyer. 

11. Baxter/Tao Family Trust purchased MZ Scottsdale, an 11-unit luxury rental townhome development in Scottsdale for $9.2M. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona represented the seller, MZ2 Partners, LLC. 

12. A Nevada-based investor purchased a single-tenant building located with Ahwatukee Foothills Towne Center for $3.7M. Salad and Go occupies the property under an absolute triple-net, 20-year ground lease. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller, Capstone Advisors. 

13. An out-of-state investment group purchased 7A Budget Mini Storage, a nine-building, 279-unit storage facility totaling 30.2KSF, located in Tucson, for an undisclosed amount. Bill Alter with Rein & Grossoehme Commercial Real Estate represented the seller, a partnership consisting of three individual investors who had exchanged into this property. 

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