Commercial Real Estate News 11-02-21

15. Copper Heights. Credit: ABI Multifamily

Sales Transactions

1. Harvard Investments, Toll Brothers, and Värde Partners announced the formation of a joint venture to acquire the remaining undeveloped land in the Estrella mixed-use master-planned community in Goodyear. News reports listed the selling price at $215.5M. Newland Communities was the seller.

2. ZMR Capital has purchased the 320-unit multifamily community The Julia in Mesa, for $90.1M. The seller was not disclosed.

3. Zazu Apartment Homes in central Phoenix has been sold to Tides Equities for $43.75M. The firm was self-represented. Seller Emma Capital was represented by Chris Roach of Colliers in Arizona.

4. Younan Properties, Inc. has sold Warner Crossing, a two-building office complex on S. Hardy Drive in Tempe, to Tempus Realty Partners for $23.5M. Mindy Korth of Colliers International in Arizona represented the seller, and the buyer was represented by Isaac Smith of Colliers in Arkansas.

5. Kitchell Development Company recently sold a newly completed vacant 113.1KSF industrial distribution building in Chandler to EverWest Advisors for $20M. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay with Cushman & Wakefield in Phoenix represented the seller. Leasing advisory services were provided by Andrew Brigham, Evan Koplan, and Serena Wedlich with CBRE.

6. CBRE announced the sale of the 80-unit apartment property Camino Village I & II in Phoenix for $16M to a partnership between Urbana Group and Fringe Capital Partners. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyers. The team also represented the seller, a private investor. The property is located at 2015 and 2039 W. Union Hills Drive.

7. Land asset management and investment company Walton has completed a bulk sale of the 319-acre Vista Ranch property located in Casa Grande. The sale is part of Walton’s fund structure titled U.S. Land Fund 3. A total of approximately $13M is anticipated to be distributed to investors in the fund within 60 days of the closing date.

8. CBRE has arranged the $10M sale of The Arcadian, a 45-unit apartment property in Phoenix, to a California investor. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both the buyer and the seller.

9. Phoenix Commercial Advisors recently brokers the $10M sale of Shops at Cooley Station on 2.72 acres in Gilbert. Chad Tiedeman at Phoenix Commercial Advisors represented the seller.

10. Cushman & Wakefield has brokered the $6.4M sale of Center Pointe Deer Valley, a 33KSF multi-tenant office property in Phoenix. The building was acquired by JLM Corp, as the upleg of its 1031 Exchange. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, Pinnacle Campus Office-Retail, LLC.

11. Taylor Street Advisors announced the $6.25M sale of The Atrium, a 39-unit apartment community in Tempe. The buyer was a local investor. The seller is based in California.

12. Cushman & Wakefield has brokered the sale of the Freeway Executive Center I, a 39.6KSF office property in Phoenix. The building was acquired by Zale Holdings, LLC for $6M. The seller was AJ Chandler Freeway Center, LLC. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller. The firm’s Larry Downey and Brett Thompson provided leasing advisory.

13. Cushman & Wakefield announced it has brokered the sale of a 27.8KSF industrial property at 7645 E. Evans Road in Scottsdale for $5M. The property was acquired by At The Car Wash, an investor. The seller was Provident Holdings, Ltd. Michael Kitlica with Cushman & Wakefield in Phoenix represented the seller.

14. Marcus & Millichap announced the sale of BevMo!, a 15KSF net-leased property in Glendale, for $4.765M. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office marketed the property for the seller and secured the buyer. Both parties are limited liability companies.

15. ABI Multifamily announced the $3.8M sale of Copper Heights Assisted Living in Mesa. ABI’s Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the buyer and seller.

16. NAI Horizon’s Investment Services Group represented the seller in the $3.44M disposition sale of commercial land to be developed for future U-Haul operations. The 6.86 acres are located at the SWC of Interstate 19 and Duval Mine Road in Sahuarita. Lane Neville, Logan Crum and Cole Neville with the NAI Phoenix office and Ben Craney with the NAI Tucson office, all represented the seller, the Park Corporation. The buyer was AMERCO Real Estate Company (U-Haul).

17. Marcus & Millichap announced the sale of Walgreens, a 15KSF net-leased property located in Glendale. The sale price was $3.3M. Mark Ruble and Chris Lind of Marcus & Millichap’s represented the buyer and the seller, both limited liability companies.

18. Taylor Street Advisors announced the $3M sale of Osborn 17, a 17-unit value add multifamily community located in midtown Phoenix.

19. Encanto 2020, LLC a subsidiary of Petrus Partners LTD, has purchased 38 acres of land in Buckeye for $2.4M. Kidder Mathews’ Brian Rosella represented the seller, Mike Geddes with Jackencanto, LLC.

Lease Transactions

20. Fitness 1440 Health Clubs recently signed a lease for 26.8KSF in Paradise Square at 40 Street and Thunderbird Road in Phoenix. Both Fitness 1440 and landlord Mantee Investments LLC were represented by Jared Lively of Rein & Grossoehme CRE.

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