Commercial Real Estate News 10-05-21

7. 20 W Jackson. Credit: CBRE

Sales Transactions

1. Oxford Properties Group announced it has agreed to acquire a 14.5MSF infill and light industrial portfolio from KKR for approximately $2.2B. The portfolio consists of 149 distribution buildings located across 12 major industrial U.S. markets, including metro Phoenix. The transaction is anticipated to close in the coming months. According to published reports, Oxford’s Phoenix-area purchases totaled at least $182.8M, ranging in value from $8M to $47M and ranging in size from 71KSF to nearly 243KSF. CBRE National Partners acted as real estate advisor for KKR. JLL Industrial Capital Markets acted as advisor for Oxford.

2. Tara Investment Group LLC has purchased the 205-unit The Ledges at West Campus from Berger Investment Group for $33.75M. Berger had begun to convert the property at 2162 W. Speedway from by-the-bed student rentals to a traditional multifamily format. TIG will finalize that process.

3. ABI Multifamily announced the $24.5M, $135,359/unit sale of the 181-unit Verde Vista Apartments in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the California-based and New Jersey-based seller.

4. CBRE announced the sale of a 56.5-acre development site in Mesa’s Elliot Road Technology Corridor for $16.6M to Phoenix-based real estate investor and developer Eisenberg Company. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the institutional seller. Steve Larsen with JLL represented the buyer.

5. Marcus & Millichap brokered the $6.75M sale of Super Star Car Wash, a 4.6KSF net-leased property in Peoria. Zack House, Waylan Heers, Mark Ruble and Chris Lind, from Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

6. Avison Young brokered the $7.14M acquisition of 27.9 acres in Surprise. The Skyway Commons site will include a multi-phase industrial warehouse/distribution, manufacturing and flex facilities development that will be for sale or lease. Kevin Helland represented buyer SWC Development Partners. Helland and Mark Seale will represent the ownership on the project’s leasing and sale.

7. CBRE announced the sale of a 21KSF creative office property in Phoenix’s Warehouse District to a private investor for $5.76M. CBRE’s Geoff Turbow, Gary Cornish, Matt Pourcho and Anthony DeLorenzo represented the seller, a local private investor. In conjunction with the sale, CBRE’s Jimmy Cornish, Corey Hawley, and Sean Spellman secured the tenant, Maricopa County Regional School District, which signed a long-term triple-net lease. CBRE Debt & Structured Finance’s Garrett Stasand arranged the financing on behalf of the buyer.

8. Outback Steakhouse at 4871 E. Grant Road in Tucson sold in a sale leaseback to Incommercial Net Lease for $4.215M. The seller was Outback franchisee Limestone Outb AZ, LLC. Patrick Luther and Mathew Mousavi of SRS Real Estate Partners in Newport Beach handled the transaction.

9. Tucson Swan Dialysis has completed the off-market $3.8M sale leaseback of two medical office properties at 1635 and 1645 N. Swan Road in Tucson. The buildings total 10.8KSF and are fully leased by Southwest Kidney Institute and a partnership between SKI and DaVita. The buyer is Cypress West Realty Partners.

10. Marcus & Millichap announced the $3.2M sale of Coronado Vista Courtyard, a 21.6KSF senior housing property in Tucson. Alex Snyder, Hamid Panahi and Lane Schwartz, of Marcus & Millichap’s Tucson and West Los Angeles offices, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was procured by Snyder, Panahi and Schwartz.

11. Mark Wilcke of NAI Horizon negotiated the sale of a 9.9KSF retail building representing the seller, Nu Sash, LLC for $2.3M. The property is located at 1507 S. Country Club Drive, Mesa. The buyer, Little Sam Investments, LLC was represented by Scott Spear with Eisenberg Company.

Lease Transactions

12. NAI Horizon’s Jeff Adams represented the tenant, AES Direct Express, LLC, in a 87-month new industrial lease for 132KSF at 2225 E. Germann Road, Chandler. The landlord, Realty Associates Fund XII Portfolio, L.P. was represented by Pat Harlan & Steve Sayre with JLL.

13. CBRE announced Maricopa County has leased nearly 42KSF of office space at Mesa Corporate Center in Mesa. CBRE’s Jamie Swirtz and Bruce Suppes represented the landlord, Shadow Ridge Estates.

14. Chris Gerow, Shelby Tworek and Gabe Ortega of NAI Horizon represented landlord SIMONCRE CSH II, LLC in a 120-month retail lease for 26.8KSF at 1036 E. Southern Avenue, Mesa. The tenant, Goodwill of Central and Northern Arizona was represented by Jeff Lee with GWCRE, LLC.

15. Avison Young announced it has negotiated three retail leases totaling just less than under 35KSF in the greater Phoenix market. The leases include Pure Patio at Surprise Towne Center in Surprise (9.5KSF; landlord Vestar represented by Matt Milinovich and James DeCremer); Boot Barn at Sundance Towne Center in Buckeye (18KSF; landlord ShinYen represented by James DeCremer, Matt Milinovich and Alec Miller); and Walk-On’s Sports Bistreaux (8KSF; landlord Vestar/UBS represented by Matt Milinovich, James DeCremer and Kristina Remon) at Gilbert Gateway Towne Center in Mesa.

16. Big 5 Corporation leased 10.8KSF of retail space at Old Spanish Trail Crossings, 9545 E. Old Spanish Trail, in Tucson, from Barclay Holdings XVIII-A, LLC. Aaron LaPrise and Dave Hammack with Cushman & Wakefield | PICOR represented the landlord. Charles Ogburn with Ogburn Associates represented the tenant in this transaction.

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