Commercial Real Estate News 07-27-21

17. Shea Medical Plaza. Credit: Cushman & Wakefield

Sales Transactions

1. Bridge Investment Group purchased Parc Roundtree Ranch, a 275-unit, newly constructed multifamily asset in Peoria, for $88.8M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller, Evergreen Devco Inc.

2. An undisclosed buyer purchased Paseo Park, a 35-building, 480-unit, garden-style apartment community at 5205 W. Thunderbird Road, Glendale, for an undisclosed amount. Transwestern Investment Group (TIG®), along with its partner, Knightvest Capital, were the sellers.

3. American Homes 4 Rent purchased 184 acres of State of Arizona land near Valencia and Houghton Roads in Tucson for $44M in a land auction.

4. 3rd Ave Investments purchased Tides on 50th Apartments, a 155-unit apartment community at 5008 E. Thomas Road, Phoenix, for $34.275M, from Tide Equities. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller.

5. Rise48 Equity purchased City 15 Apartments, a 161-unit multifamily apartment property at 4728 N. 15th Street, Phoenix, for $32.275M, from Pacific Reach Properties. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick brokered this transaction.

6. Confluent Development and DPC Companies have closed on the sale of the HUB 317, a 225KSF, class “A” distribution center at 317 S. 48th Street, Phoenix, for an undisclosed amount. The buyer was not disclosed. Cushman & Wakefield serves as the leasing agent and broker.

7. 303-NP Venture, LLC purchased approximately 98.74 acres of industrial zoned land at the NEC of the Loop 303 and Northern Parkway for $23.36M. The seller was Northern Parkway Investors, LLC. The transaction was handled exclusively by Justin Carlson of JR Carlson Company in Scottsdale.

8. Hanson Aggregates, LLC purchased about 1,425 contiguous acres at Arlington Valley Farm near Buckeye for $16.5M, from Resource Land Holdings, LLC. Trey Champie with Headquarters West, Ltd. closed the sale.

9. Triumph Properties purchased Main Street Lofts at Verrado, a 45-unit multifamily community in Buckeye for $10.5M. Senior Director Dan Cheyne, and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix represented the buyer.

10. A limited liability company purchased Comprehensive Integrated Care, a 15.3KSF net-leased property at 838 W. Elliot Road, Gilbert, for $9.145M. Chris Lind, Mark Ruble and Alan B. Laulainen, 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. Lind and Ruble procured the buyer.

11. Alignment Realty Capital announced the closing of a $9M sale leaseback acquisition of a 55.1KSF industrial property in Chandler. The building serves as the headquarters facility for a diversified equipment rental company, who signed a long-term lease as part of the acquisition. Chad Neppl and Todd Hamilton of Citywide CRE represented the seller. The building was developed by LGE Design Build.

12. Tucson Silverado, an affiliate of Boarder Capital, purchased the shops at the Safeway anchored, Silverado Plaza, a 77.7KSF shopping center at 105 S. Houghton Road, Tucson, for $8.3M. The seller was a joint venture formed by DDR Corp. and an affiliate of the New TUCSON Blackstone Group. CBRE’s Philip D. Voorhees, Jimmy Slusher and Nancy McClure in Tucson represented the seller and the buyer.

13. A private investor purchased Georgia Villa, a 52-unit apartment property at 2534-2548 W. Georgia Avenue, Phoenix, for $8M. Paul Bay and Darrell Moffitt with Marcus & Millichap’s Phoenix office procured the buyer and had the exclusive listing to market the property on behalf of the seller, Andre Golnazarian.

14. A private investor purchased Tempe Gardens, a 36-unit apartment property at 109-139 & 112-124 S. McKemy Street, Tempe, for $7.2M. Paul Bay, First Vice President Investments in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, another private investor.

15. A limited liability company purchased Planet Fitness, a 25KSF net-leased property at 4755 S. Calle Santa Cruz, Tucson, for $4.8M. 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.

16. LGI Homes and Lennar separately purchased a total of 285 lots in the Red Rock Village MPC for $4.769M. LGI purchased 167 platted lots for $3.006M and Lennar added an additional 118 platted lots for $1.763M. The seller was Sunbelt Holdings. Will White and John Carroll of Land Advisors Tucson handled the transaction.

17. Seidner Trust purchased 4600 Medical Plaza, a two-story 17.9KSF office and medical building at 4600 E. Shea Boulevard, Paradise Valley, for $3.8M, from Jumping Cholla III, LLC. Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller.

18. A limited liability company purchased Sierra Suites, a three-building, two-story, 100-room, hotel property at 391 E. Fry Boulevard, Sierra Vista, for $3.6M. Ahmed Kabani and Luis Garino, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was secured by Kabani.

19. An undisclosed buyer purchased 8275 N .Silverbell Road Units 1, 2, 3, 4, 5, 6, 7, & 9, a net- leased property in Tucson for $3.084M. The property was 100 percent occupied by such tenants as Growlers Tap House, Tucson Orthopaedic Institute, F 45, Dignity Health and Project 520 Dance Studio when it sold. Gary Heinfeld, CPA, CCIM of Advisors in Real Estate, Inc. and Matt McNeill of Cushman & Wakefield represented the seller. Mat Kolding of Kolding Commercial Brokerage & Investment, Inc. represented the buyer.

20. Porter Kyle purchased just under five acres at the SEC of Arizona Avenue and Appleby Road in Chandler for $2.2M from the Norman L. Farmer and Gwen Farmer Revocable Trust. Porter Kyle will develop the site into a fully amenitized townhome community called The Ashley.

21. Mr. An recently purchased the 8.5KSF restaurant building they’ve occupied since 2000 at 6091 N. Oracle Road in Tucson for $2M, in a seller carry back transaction from Robert Gugino.

Lease Transactions

22. Majestic Realty Co. signed a 224.9KSF lease with Ashley Furniture at the Majestic Tolleson Center. Aaron Hodgdon of Hodgdon Group Realty and Rick Robertson of Lee & Associates represented Ashley Furniture. Allen Lowe and Jeff Conrad of Lee & Associates represented Majestic Realty Co.

23. Majestic Realty Co. leased 74.2KSF to Dedicated Delivery Professionals in a single-tenant net lease at Majestic Papago, near 48th and Roosevelt streets. The tenant, a third-party logistics firm, was represented by Jeff Hays with Commercial Properties Inc. Majestic Realty Co. was represented by Allen Lowe and Matt Hobiaca of Lee & Associates.

24. ASML is relocating its local offices to 2625 W. Geronimo Place in the Chandler Freeways Crossing office park along the Price Corridor. ASML has signed a seven-year, 38KSF office sublease and the company expects to make the move by December.

25. Majestic Realty Co. leased 21.9KSF to U-Haul at the Majestic Falcon Field development in Mesa. Rick Collins and Steve Larsen of JLL represented Majestic Realty Co. in the lease.

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