Commercial Real Estate News 10-12-21

11. Cornell Apartments. Credit: ABI Multifamily

Sales Transactions

1. Equus Capital Partners, Ltd. acquired a 74 property, 7.3MSF industrial portfolio located across the Phoenix and Tucson metropolitan areas. The $1.5B, 342-building portfolio is comprised of predominantly multi-tenant in-fill shallow bay properties and is approximately 98% leased.

2. CBRE announced the $132M sale of two office buildings totaling 300,000 square feet in Tempe to Strategic Office Partners. The sale is the highest-priced and largest office transaction year to date in 2021 within the region. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Boyer Company. Bryan Taute and Charlie von Arentschildt of CBRE were the leasing agents for the property, securing the tenant, Freedom Financial Network on a long-term basis. The two newly constructed buildings, located at 2114 & 2116 South Freedom Way, are in the Rio2100 business park.

3. Luby’s Inc. said it has completed the sale of 26 real estate properties to Scottsdale real estate investment trust Store Capital Corp. for $88M. A portion of the proceeds from this and other sales will be used to repay in full the company’s senior lender, MSD PCOF Partners VI LLC.

4. Thayer Manca Residential has purchased Desert Shadows, a 338-unit property in Tucson, for $69.3M ($205K/unit).

5. Vestar paid $50.2M for the Crossroads Towne Center in Gilbert. The Center is a 256KSF strip mall at Gilbert and Germann roads.

6. CapRock Partners sold the 226KSF Papago Distribution Center near I-10 and 51st Avenue to KKR Co. for $32.85M.

7. CBRE announced a joint venture between Global Mutual and funds managed by Rialto Capital Management purchased a 153.7KSF corporate headquarters site in Scottsdale for $25M. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller. The three buildings at 14455, 14505 & 14555 North Hayden Road sits on approximately 14.1-acres in the Scottsdale Airpark Office submarket.

8. ABI Multifamily announced the $18M sale of Cordillera Luxury Condominiums, an 84-unit portion of a 272 total unit condominium community in Phoenix. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – represented the buyer. The buyer is based in Illinois and the seller is based in Arizona.

9. CBRE announced the sale of a 204.5KSF retail property in Mesa, to SimonCRE for $17.6M in cash. CBRE’s Alex Kozakov, Patrick Wade, Matthew Greenberg, Andrew Fosberg and Dylan Brown represented the seller. Mesa Ranch Plaza also features undeveloped land at the corner of Solomon and Southern Avenue.

10. Park Brokerage Inc.’s John Sheedy recently managed the sale of two 55+ RV/mobile home communities from the same seller to the same buyer in one portfolio transaction. Westward Village in Yuma has 95 total sites, while Carousel Ranch in Tucson has 84, along with two apartment units and a commercial building. The combined sale price was $13.05M.

11. ABI Multifamily announced the $11M sale of Cornell Apartments, a 51-unit apartment property in north central Phoenix. ABI Multifamily’s John Klocek and Patrick Burch represented the seller. The buyers are based in California and Texas and the seller is based in Arizona.

12. Newmark announced the sale of Village at Augusta Ranch, a 25.7KSF retail center in Mesa, for $9.7M. Newmark’s Jesse Goldsmith, Steve Julius and Chase Dorsett represented both seller Village Augusta SPE, LLC and buyer Alan Development, LLC.

13. ABI Multifamily announced the $7.1M sale of 241 East Apartments, a 46-unit multifamily apartment community near downtown Mesa. The buyer and sellers were represented by ABI Multifamily’s Dallin Hammond, Mitchell Drake and Carson Griesemer.

14. NAI Horizon Land Specialist Joan Krueger represented the seller in the three-parcel, $4.9M disposition of a 62-acre family farm in Buckeye. Krueger represented the Stephens Family Trust of Buckeye.

15. Amerco Real Estate Company purchased 11.85 acres of industrial land at Tangerine Commerce Park Lot 7 in Tucson. The vacant land parcel was purchased from Tangerine/I-10, LLC for $4.2M. Jesse Blum with Cushman & Wakefield | PICOR, represented the seller.

16. Sonora Behavioral Health Hospital, LLC, purchased a 17KSF medical office building at 3130 E. Broadway Boulevard in Tucson. The single-tenant investment property was purchased from LC3130, LLC, for $3.9M. Thomas J. Nieman with Cushman & Wakefield | PICOR, represented the seller. Jeremy Adams with Jones Lang LaSalle Brokerage, Inc., Atlanta, represented the buyer.

17. IG Logistics announced its purchase of a truck parking facility in Phoenix. The site was purchased for $3M. The 8.5-acre site at 4020 W. Lower Buckeye Road functions as a truck parking facility and currently has 15 tenants.

18. Meritage Homes closed on 161 lots in Tucson for $2.6M. The lots are platted, and development of Valencia Crossing is underway. Derrick Sinclair of Terramar Properties represented seller Desert Parcel 510 Associates LLC.

Lease Transactions

19. Abercrombie & Fitch Co. and GXO Logistics Inc. will open a 715KSF distribution center in the PV303 industrial development at Citrus and Thomas roads in Goodyear. The new Abercrombie hub will be in place and functional by the end of the year. The landlord is Westcore Alpha Goodyear I LLC.

20. On October 14th, LOOK Dine-In Cinemas began operation and has leased the 35KSF Flix Brewhouse at Overstreet in Chandler. AZ Management & Investments LLC is the owner.

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