Commercial Real Estate News 08-17-21

15. AZ Ave and Chandler Blvd. Credit: AZRE

Sales Transactions 

1. American Realty Advisors has acquired Goodyear Logistics Center, a 901.7KSF Class A industrial asset at 575 S. 143rd Avenue in Goodyear for an undisclosed amount. The undisclosed seller was represented by CBRE National Partners. The property is being managed by Lincoln Property Company and is currently being leased by Cooper Fratt of CBRE. 

2. Acacia Capital Corporation purchased Arrive Ocotillo, a 272-unit multifamily community in Chandler for $95.65M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, FPA Multifamily. 

3. Macquarie Asset Management purchased CASA, an experiential, Class A office redevelopment bringing next-generation amenities at 7878 N. 16th Street, Phoenix, for $56.5M. JLL’s Benjamin Geelan and Brian Ackerman represented George Oliver on the building sale. 

4. Dansons purchased a vacant, two-story, 200KSF vacant office building at 8877 N. Gainey Center Drive, Scottsdale, for $39M. Cushman & Wakefield’s Dave Carder and Scott Boardman in Phoenix represented the buyer, and Fred Darche and Spencer Nast with Lee & Associates represented the seller. The building was formerly occupied by a Fortune 100 Insurance Company. 

5. A New York-based buyer purchased 92Forty Scottsdale Apartments, a 110-unit multifamily apartment property at 9240 East Redfield Road, Scottsdale, for $35M, from APRA Capital, LLCABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction. 

6. Richmond America Homes and Oakwood Homes purchased nearly 80 acres at Cross Creek Ranch, located just east of NEC West Vah Ki Inn Road and North Skousen Road, Coolidge, for $27.5M. Land Advisors Organization’s Homebuilding Team of Ben Heglie, Bret Rinehart and Ryan Semro represented the buyer. 

7. TerraCap Management LLC purchased the Airport Technology Center, a two-building, two-story, Class A office development in Phoenix, for $24.6M, from Lone Star Funds. Chad Littell and Chris Toci of Cushman & Wakefield represented the seller. 

8. Andre Golnazarian purchased 114-unit portfolio made up of the 48-unit Wilshire Place apartment community located at 6721 N. 25th Drive, the 44-unit Canyon Greens community at 6310 N. Black Canyon Highway, and the 22-unit Maryland Palms community at 2507 W. Maryland Avenue, for a total of $15M. Paul Bay and Darrell Moffitt with Marcus & Millichap procured the buyer and exclusively listed and sold all three properties on behalf of the sellers – both of whom were private individuals. 

9. An undisclosed buyer purchased +/- 307 acres located at the NEC of Rainbow Road and MC-85, Buckeye, for $9.725M. Brad Kuiper, Howard Weinstein, and Patty Lafferty of The Land Agency represented the seller, Rainbow & Monroe 480, LLC. The property has a dairy farm and irrigated farm ground. The Lamb Family operated a dairy on this site for many years. 

10. An undisclosed buyer purchased Porto Fino, a 66-unit apartment complex at 3547 E. Van Buren Street, Phoenix, for $8.35M. Zack Mishkin, Senior Vice President at ORION Investment Real Estate, negotiated the transaction. The sellers were undisclosed. 

11. Sunlit Chemical bought 17 acres from Mack Real Estate Group near Seventh Avenue and Alameda Road in the Mack Innovation Park, for $8.2M. Sunlit Chemical is the first prominent supplier to announce a real estate purchase to serve Taiwan Semiconductor Manufacturing Co. Ltd.’s massive north Phoenix plant. 

12. Prop Thirteen, LLC purchased ±10.2 acres of land at SWC of Loop 202 and Cooper Road, Chandler, for $4.885M. NAI Horizon’s Chris Gerow, Shelby Tworek and Gabe Ortega represented the seller, DDC Hotels, Inc. The buyer was represented by Greg Laing with Phoenix Commercial Advisors. 

13. Sierra Vista Mall Realty Holdings, LLC purchased The Mall at Sierra Vista, a 437.9KSF, single-story enclosed mall at 2200 El Mercado Loop, Sierra Vista, for $4.265M, from Sierra Vista Mall, LLC. Nancy McClure of CBRE in Tucson along with Phil Voorhees, Jimmy Slusher, Trent Steeves of CBRE’s National Retail Partners – West represented the seller. 

14. Cabana Southern, LLC purchased ±8.63 acres of land at Southern Avenue and Crismon Road, Mesa, for $3.8M. NAI Horizon’s Laurel Lewis represented the buyer. The seller, Sunny Acres, LLC and Montgomery 320, LLC was represented by The Real Estate Office of Rick Brandt. 

15. Bruce D. Raskin bought 3.83 acres of land at the SWC of Arizona Avenue and Chandler Boulevard, Chandler, for $3.775M, from Next Gen Development 

16. A private investor from Paradise Valley purchased 1.2 acres of infill land located at the SWC of 24th Street and Campbell Avenue, Phoenix, for $2.15M. The Phoenix based Vestis Group commercial brokerage team of Natan Jacobs and Matt Morrell negotiated the retail building sale on behalf of the seller, a private investor from Phoenix. Andy Kroot of Kroot & Associates represented the buyer. 

17. Jason and Tonja Howard purchased a 10.6KSF industrial building at 9321 N. 94th Street, Scottsdale, for $2M, from MASH LLC. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented the seller and buyer. 

Lease Transactions 

18. Highland Valley Partners, LLC, leased 104.7KSF of industrial space from US REIF Tucson Commerce Center Arizona, LLC, located in the Tucson Commerce Center, 3000 E. Elvira Road, Tucson. Jesse Blum, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. 

19. NAI Horizon’s Isy Sonabend and Drew Eisen represented the tenant, JDS Industries in a 91-month industrial lease for 64KSF at 9191 W. Buckeye Road, Tolleson. The landlord, CRP/MarWest was represented by Gary Anderson with Cushman & Wakefield. 

20. Array Technologies is relocating from its current Chandler office and will lease 28.6KSF at Hines’ Chandler Viridian office development. Andrew Medley from JLL represented Array Technologies. The leasing team that represented Hines in the transaction was Jerry Roberts and Pat Boyle at Cushman and Wakefield. 

21. KOAM leased 20KSF in Phoenix’s warehouse district to serve as the company’s first West Coast location. Josh Wyss and Christian Coraggio with Cushman & Wakefield represented KOAM in the lease and Scott Wily and Todd Hamilton with Citywide Commercial Real Estate represented the owner of the building located at 1323 E. Jackson Street. 

22. NAI Horizon’s Isy Sonabend and Drew Eisen represented the tenant, Elliot Electric Supply, Inc. in a 127-month industrial lease for 13,000 SF at 1205 N. Elideo Felix Jr Way, Avondale. The landlord, BHRP OZ JV II, LLC was represented by Mike Gilbert with Cushman & Wakefield. 

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