Commercial Real Estate News 08-10-21

12. Urbana Midtown. Credit: Commercial Executive Magazine

Sales Transactions

1. A California-based buyer purchased Sky Ancala Apartments, a 330-unit luxury apartment community at 11545 N. Frank Lloyd Wright Boulevard, Scottsdale, for $104.5M. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and Canada-based seller.

2. American Realty Advisors purchased the 901.8KSF Lincoln Logistics 40, located at 143rd Avenue and Van Buren Street, Goodyear, for $103.2M, from Nike. Nike bought the building in 2019 for $69.8M, but never opened the factory that was planned.

3. A Southern California investor purchased Superstition Canyon, a 200-unit multifamily community at 1247 S. 96th Street, Mesa, for $65M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, KB Development.

4. KB Development purchased Green Leaf on Bell, a 306-unit Class A multifamily community at 1100 Bell Road, Phoenix, for an undisclosed amount. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Green Leaf Capital Partners. KB renamed the community Palms Luxury Apartments.

5. KORE Power purchased a desirable 214-acre property at Baseline Road and Highway 85 in Buckeye, for $29M, from The Mangat Group. KORE Power intends to use the property as the location for its new KOREplex facility.

6. A private California-based investor purchased Club 715, a 71-unit multifamily community at 715 N. Country Club Drive, Mesa, for $21M. CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke represented the buyer and the seller, also a private, California-based private investor.

7. An unnamed REIT purchased Westgate Village, a 129-unit independent living community in Glendale for an undisclosed amount from an unnamed developer. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage (SLIB) handled the transaction.

8. Armstrong Capital Development has acquired The Plant Shops North and South, two adjacent shopping centers totaling 30.8KSF at 4205 and 4225 S. Gilbert Road, Chandler, for $18.3M. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark facilitated the transaction.

9. An undisclosed buyer purchased Pulliam Innovation Park, a four-building, 91.4KSF industrial flex park at 2051, 2951, 3001 and 3051 W. Shamrell Boulevard, Flagstaff, for $18.26M. The JLL Capital Markets Investment Sales Advisory team of Director Brian Ackerman and Senior Director Ben Geelan represented the seller, Kentwood Ventures. The JLL Capital Markets Debt Placement team that represented the new owner included Director Jason Carlos.

10. FEM Real Estate purchased the 49.5KSF Amazon Last Mile Distribution building at 775 W. Silverlake Road, Tucson, for $18M, Silverlake NNN LLC, an affiliate of Spitzer Engineering. Douglas Longyear of Cushman & Wakefield in San Francisco and Steve Cohen of Cushman & Wakefield | PICOR in Tucson handled the transaction.

11. An undisclosed buyer purchased Jefferson 83, a 126.8KSF multi-tenant industrial property in Phoenix, for $17.4M., from an undisclosed seller. Gantry provided $9.6M in financing for the transaction.

12. A private partnership purchased Urbana Midtown, a 28-unit apartment property at 4711 N. 15th Street, Phoenix, for $7M. Paul Bay, first vice president investment in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a private investor.

13. 8701 BT McDowell, LLC purchased 5.4 acres of land at 8701 E. McDowell Road, Scottsdale, from Goettl, for $6M. Greg Hopley, Executive Vice President with Colliers in Arizona, assisted both parties in the transaction. The buyer plans to hold the property for future development.

14. Cahuenga Capital Gilbert, LLC purchased the 10.3KSF Harvest Plaza retail center in Tempe for $5.35M. Newmark represented seller, BRLS Properties II, LLC.

15. A limited liability company purchased Starbucks Drive-Thru Shops, a 8.3KSF retail property in Mesa for $5.07M. Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, secured the buyer and had the exclusive listing to market the property on behalf of the seller, a limited liability company.

16. SS Plaza 51, LLC purchased the 29.4KSF multi-tenant Northern Lights Shopping Center in Glendale for $5M, from SJ & SM, LLC. Newmark represented buyer.

17. Schell, Inc, et al purchased the 7.9KSF Northern Crossing retail pad at the SEC of 59th Avenue and Northern Avenue, Glendale, for $4.09M. Newmark represented the buyer and seller, Northern Crossings SPE, LLC.

18. A California-based investor with MH/RV experience purchased Oaks Mobile Home Park, a 95 space mobile home community at 52744 US-60, Miami, for $3.35M. John Sheedy, Senior Vice President with Park Brokerage Inc. exclusively represented the seller and procured the buyer.

19. An undisclosed buyer purchased Arizona Maverik RV Park, a 41 space RV community located at 201 S. Crismon Road, Mesa, for $2.45M. John Sheedy, Senior Vice President with Park Brokerage Inc. represented the undisclosed seller.

20. Select Medical acquired and will be relocating Curahealth Tucson, a 51-bed long-term acute care hospital at 355 N. Wilmot Road, Tucson, for $2.25M. Colliers’ of Phoenix, Todd Noel and Kyle Campbell, handled the sale.

21. Retail Properties of America, Inc purchased Arcadia Village Shopping Center, a thriving shopping center anchored by a major pharmacy/health store chain in Phoenix, for an undisclosed amount. Michael Hackett and Ryan Schubert with Cushman & Wakefield represented the undisclosed seller.

Lease Transactions

22. CBRE announced a confidential aerospace manufacturing and maintenance company leased a total of 72.2KSF at two industrial spaces, 6341 S. Downwind Circle and 7852 E. Velocity Way, near Phoenix Mesa Gateway Airport. Jackie Orcutt, Kevin Cosca and Pete Wentis of CBRE represented the landlord, Skybridge Arizona. CBRE’s Alex Wentis, Pete Wentis and Cosca represented the unnamed tenant.

23. Marshalls will be leasing the 22KSF space just south of the Sprouts Farmers Market grocery at Sonoran Creek Marketplace in Maricopa. Thompson Thrift is the developer for the Marketplace which is currently under construction.

24. Oak Street Health signed a lease for 12KSF for its 1st Arizona location in Tucson in the Oracle Gateway Shopping Center located at 3820 N. Oracle Road. The new Tucson location is expected to open in the first quarter of 2022. Craig Finfrock of Commercial Retail Advisors, LLC represented the landlord, 3838 Oracle Plaza Joint Ventures, LLC, and Sean Bossy of Tether Advisors and Ty Brewster of LocateAI represented the tenant.

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