Commercial Real Estate News 09-04-2018

Credit: Commercial Executive Magazine

Sales Transactions

1. JLL Capital Markets has completed the $48.5M sale of the 684.4KSF Southwest Industrial Center, 7775 West Buckeye Road in Phoenix, on behalf of Hines. The buyer was CBRE Global Investors Acquisitions, LLC. Bo Mills, Mark Detmer and Ryan Sitov of JLL’s Industrial Capital Markets platform, along with Marc Hertzberg and Anthony Lydon, represented the seller.

2. Millburn & Co. bought Hacienda del Rio and Colonia del Rio apartment complexes, at 4545 and 4601 N. Via Entrada, Tucson, for $43M. The buyer and the seller, MG Properties Group, were represented by Art Wadlund and Clint Wadlund, of Berkadia.

3. ABI Multifamily announced the $22.35M sale of Casa Bellisima Apartments in Glendale. The buyer was 3rd Ave Investments. The seller was a joint venture between EBEX Holdings and Monument Capital Management. The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both the buyer and seller.

4. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Wilshire Pines, a 173-unit multifamily asset in Tempe. The property sold for $22.25M. IPA’s Steve Gebing and Marcus & Millichap’s Cliff David represented the seller, Tonti Properties, and procured the buyer, Sheiner Group.

5. Berkadia announced the cash sale of The Place on 51st, a townhome-style multifamily property in Glendale. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office led the $15.5M sale on behalf of the seller, MPC Development.

6. Avalon Southwest Health & Rehabilitation, a 211-bed skilled nursing facility in Tucson, has been bought for $15M. Evans Senior Investments represented the seller, an independent investor group.

7. The 197-unit Wilmot Vista apartments, located at 3225 S. Wilmot Road, Tucson, sold for $8.8M. Wilmot Apartments Enterprises LLC, a private real estate investor, was the buyer. Wilmot Apartments Enterprises LLC, an entity formed by Interurban Companies, was the seller. Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and procured the buyer.

8. ABI Multifamily announced the $5.7M sale of Los Olivos Condominiums in Phoenix. The buyer is a California based private investor. There were 15 individual sellers from Canada, California, Arizona and France. The multifamily brokerage team of Ryan Smith, Royce Munroe, John Klocek, Patrick Burch, and Nathan Bruer represented both the buyer and sellers.

9. The 18-hole Golf Club at Vistoso was bought by longtime course operator Alan Mishkin via the Parks Legacy Project out of escrow Aug. 15. The group purchased the Tom Wiskopf-designed championships links course for $3.5M, with the operator estimating another $2.5M to be spent on rebuilding and replacing the facility’s aging infrastructure.

10. Marcus & Millichap announced the sale of Chipotle Ground Lease, a 2.3KSF net-leased property in Tucson, for $2.7M. Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, marketed the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by J.J. Taughinbaugh and Yuri Sergunin, investment specialists in Marcus & Millichap’s Palo Alto, Calif. Office.

11. Marcus & Millichap announced the sale of Second Street Homes, a seven-unit apartment property in Tucson, for $2.32M. Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, marketed the property on behalf of the seller, a limited liability company, and secured and represented the buyer, a private investor.

12. Summer Cove, 1941 W. Morten Ave., Phoenix, was sold for $2.15M. The property features 20 apartment units. The community was purchased by Tenants in Common: Geiger Properties I LLC, Geiger Properties VI LLC, Sally Geiger, and Franklin 2000 Properties I LLC, based in Huntington Beach, CA. They purchased the property from private investors based in Los Gatos, CA. Chris Roach and Matt Roach of Colliers International in Greater Phoenix handled the transaction.

13. CBRE has brokered the sale of Chandler Airport Center I, a 91KSF office building at 1850 E. Northrop Blvd. in Chandler. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Founder’s Properties, LLC. Exeter Property Group acquired the property. Financial details were not disclosed.

14. CBRE has arranged the sale of Broadstone Arts District, a 280-unit, Class A mid-rise apartment community at 222 E. McDowell Road in Central Phoenix. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers, The Carlyle Group and Alliance Residential Company. The buyer is Green Leaf Partners Management. Terms of the sale were not disclosed.

Lease Transactions

15. The Opus Group announced the recently completed speculative warehouse and distribution building at its Goodyear Crossing Industrial Park in Goodyear is 100 percent leased to a national pet food producer. The company will occupy the entire 540KSF development on a long-term basis, representing the largest industrial lease in greater Phoenix this year, the group claims.

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