Commercial Real Estate News 08-31-21

16. Gilbert Crossroads Business Park. Credit: Colliers International in Arizona

Sales Transactions 

1. Inland Real Estate Group of Cos. Inc. purchased the 286-unit Christopher Todd Communities at Estrella Commons build-to-rent property in Goodyear, for $98.098M, and the 222-unit Christopher Todd Communities on Happy Valley Road in Phoenix for $76.15M. That package deal was brokered by the NorthMarq team of Trevor Koskovich, Jesse Hudson and Bill Hahn. The seller was Christopher Todd Communities. 

2. CIM Group purchased 2250 S. Litchfield Road, a newly constructed 450.6KSF industrial building adjacent to the Phoenix Goodyear Airport in Goodyear, for $56M. Executive Managing Director Will Strong, Associate Greer Oliver, Senior Director Kirk Kuller and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller, The Opus Group. 

3. Greystar purchased Cordoba, a 352-unit apartment community at 4520 E. Baseline Road, Phoenix, from Cordoba Apartments LLC for an undisclosed amount. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers in Arizona handled the transaction. 

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

5. Clayton Homes bought 185 partially finished single-family residential lots at the NEC of Northern Avenue and Vah Ki Inn Road, Coolidge, for $13.655M, from Richmond American Homes. The buyer’s broker was Ben Heglie of Land Advisors Organization. The lots are expected to be part of the Cross Creek Ranch residential development. 

6. ScanlanKemperBard has acquired Chandler Business Center, a 106.9KSF flex/industrial park at 6150 W. Chandler Boulevard, for $13.2M, from Montana Avenue Capital Partners. SKB plans to implement a number of upgrades at the property, which will allow the company to capitalize on rent growth. 

7. Nirvana at Zanjero, LLC purchased Zanjero Falls, a three-story, 231.3KSF grey shell building at 7410 N. Zanjero Boulevard in Glendale for $10M. Tim Dulany and Alexandra Loye of Colliers in Arizona represented the seller, SZ Real Co, LLC, an Arizona limited liability company headed by a San Francisco-based investor. Sharat (Shuan) Kanaka of Paradise Valley represented the buyer. The property was originally developed to be medical/office condominiums and will now be converted into a market competitive multifamily community. 

8. Fivey Company purchased The Hayden, a 25-unit, garden-style multifamily property at 2635 N. Hayden Road, Scottsdale, for $8.3M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, Fringe Capital Partners. 

9. Landsea Homes purchased a vacant parcel at the SEC of 51st and Peoria Avenues in Glendale, for $6.3M in a court-approved sale. Landsea plans to build a new 80-home master-planned community called Marlowe. 

10. An Arizona-based buyer purchased Chandler Parc Condominiums, a 31-unit multifamily condominium property at 1287 N. Alma School Road, Chandler, for $6.1M. ABI Multifamily‘s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the undisclosed seller, also based in Arizona. 

11. A San Diego investor purchased Palo Verde Terrace Apartments, a 52-unit apartment complex at 3493 E. Lind Road, Tucson, for $3.6M. Joseph Chaplik of Joseph Bernard Investment Real Estate represented the seller, 5330 Bellevue Investments, LLC of Scottsdale and Joe Boyle also with Joseph Bernard Investment Real Estate represented the investor. 

12. A private investor purchased Vista Star, a 16-unit apartment property in Chandler for $3.343M. Darrell Moffitt and Paul Bay of Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, another private investor. The buyer was procured by Bay and Moffitt, as well as Peter Bauman and Tivon Moffitt of Marcus & Millichap. 

13. An undisclosed buyer purchased Cycle Gear, a 9.3KSF net-leased property at 1040 S. Country Club Drive, Mesa, for $2.327M. 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. 

14. A local Phoenix based HVAC contractor purchased 3637 E. Anne Street, a multi-building, 15.8KSF property in Phoenix for $2.15M. Max Schumacher and Patrick Sheehan of Rein & Grossoehme represented the undisclosed seller and buyer.   

15. Strategic Storage Trust VI, Inc purchased the approximately 72.8KSF, 665-unit self-storage facility at 11658 W. Bell Road, Surprise, for an undisclosed amount. The buyer is a private real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. 

Lease Transactions 

16. Colliers in Arizona has completed the leasing of Gilbert Crossroads Business Park, the four-building, 318KSF light industrial development, signing every tenant before construction completion. Tenants in the project include DB SchenkerMorscoZero Electrical Vehicles (ZEV), Origami Owl and Hat Club. Gilbert Crossroads Business Park offers industrial suites ranging from 11.7KSF-103.3KSF. 

17. NAI Horizon Senior Vice President Jeff Adams represented Liquidity Services Operations, LLC, in its 84.7KSF lease of Building 2 at Hopewell 67, 6800 W. Van Buren Street, Phoenix. The landlord, Van Buren Owner LLC was represented by Mike Gilbert and Gary Anderson of Cushman & Wakefield. 

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