Commercial Real Estate News 10-26-21

10. Villa Hermosa. Credit: ABI Multifamily

Sales Transactions

1. The Howard Hughes Corp. has purchased the proposed 37,000-acre Douglas Ranch master-planned community in Buckeye. The company paid $600M to El Dorado Holdings Inc. and JDM Partners for the vacant land, which is planned for 100,000 homes and 55MSF of commercial space at build out.

2. As part of a three-asset portfolio deal, Velocis has sold the four-story, 175.5KSF office building Kierland One, which is anchored by the Carlisle Companies corporate headquarters.

3. JLL Capital Markets has closed the sale of and arranged acquisition financing for Oxford Apartment Homes, a 432-unit multi-housing community in Phoenix. JLL marketed the property on behalf of seller Knightvest Capital and procured the buyer S2 Capital Partners. The Maricopa County Assessor listed the transaction value at nearly $127.9M.

4. El Dorado Holdings closed recently on 525 lots at the Bella Vista Farms master-planned community in San Tan Valley in a $57.8M deal. The three builders selected to develop phase two are Lennar Corp, Tri Pointe Homes and Ashton Woods.

5. Newmark announced it has completed the $45M sale of the 197-unit La Cresenta Park and Gardens apartment complex in Tempe. Brett Polachek, Newmark’s Chris Canter and Brad Goff represented buyer Rise48 Equity LLC in the off-market transaction. Brookhill Corporation was the seller.

6. Thompson Thrift Retail Group has sold Peoria retail center Sunrise Promenade for $18.25M. The site is anchored by Aldi. The buyer was not disclosed.

7. Marcus & Millichap managed the sale of the 48-unit Mesa apartment community River Rock for $11M. The firm’s Vice President Investments, Paul Bay, represented the seller and procured the buyer, both of which are private investors.

8. Marcus & Millichap announced the $6.1M sale of the 40-unit Sunset Mesa apartment complex in Mesa. Darrell Moffitt and Paul Bay represented the seller and procured the buyer, both private investors.

9. NAI Horizon’s Joan Krueger negotiated the sale of 62.39 acres representing the seller, Stephens Family Trust, for $4.927M. The property is located in Buckeye. The buyer, AZ Land Consulting, was represented by Scott Truitt with Western Land Company.

10. ABI Multifamily announced the $39M sale of the 14-unit boutique apartment community Villa Hermosa in Phoenix. ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the California-based buyer and Arizona-based seller.

11. Steven J. Shenitzer and Hollece F. Shenitzer, trustees of the Shenitzer Family Trust, and WV, LLC, purchased an 18.75KSF industrial building located at 4575 S. Coach Drive in Tucson. The industrial warehouse property, situated on 1.54 acres in the Butterfield Business Center, was purchased from Real Estate Wise, LLC, for $2M. Robert C. Glaser and Paul Hooker with Cushman & Wakefield | PICOR, represented the buyer. John Hamner and Julian Willetts with RE/MAX Excalibur represented the seller.

12. Mirage Oasis, a retail center in El Mirage, has been sold to Regal Properties of San Diego, represented by Maha Odeh-Arnold. The seller was IIP Oasis. Phoenix-area investor ROI Mentor LLC also purchased two pad parcels on the site. Mindy Korth and JK Jackson of Colliers in Arizona handled both transactions.

Lease Transactions

13. UPS has leased 600KSF of the 800KSF The Hub at Goodyear to create the company’s second facility in the city. Landlord Mack Real Estate Group was represented by CBRE Group Inc.

14. Pickleball Kingdom recently agreed to lease a former Gold’s Gym at the Chandler Sunset Plaza at Rural and Ray roads. Dan Smith of Arizona Elite Commercial represented Pickleball Kingdom. Nick Dedona of Phoenix Commercial Advisors represented the landlord.

15. Dylan Whitwer and Laurel Lewis represented the tenant, GeoTek Operations Limited in a 72-month office lease for 17.4KSF at 4050 E. Cotton Center Boulevard, Phoenix. The landlord, Koll Cotton Center, LLC was represented by Jackie Orcutt and Jonathan Teeter with CBRE.

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