Commercial Real Estate News 11-09-21

8. Toscana. Credit: ORION Investment Real Estate

Sales Transactions

1. Decron Properties Corp. has paid $125.5M for Avery on the Green, a 324-unit property in Chandler. The purchase is the company’s fourth in the Valley in the past six months.

2. Gurney’s Resorts, BB Hotels, Metrovest Equities and BLDG MGMT have announced the $85.34M purchase of the of Sanctuary Camelback Mountain Resort and Spa in Paradise Valley. The seller was Robert H. Castellini.

3. ABI Multifamily has announced the $41.6M sale of Westover Parc Apartments, a 160-unit multifamily apartment community at 6515 W. McDowell Road, Phoenix. ABI’s Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – represented the buyer and seller.

4. CBRE announced the sale of four multifamily properties in Phoenix to private local investors for a total of $16.2M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE facilitated the transactions. A private local family trust purchased Arcadia Citrus Court for $6.45M. Separate private investor groups acquired 36th Court, The Oasis, and 26 W Culver for a total of $9.73M.

5. Tri Pointe Homes recently paid $7.8M for a 26-acre parcel in Chandler that was home to Treeland Nursery. It also paid $7.6M for 52 lots in San Tan Valley at Oro Ridge and another $9.13M for 72 lots in San Tan Valley’s Bella Vista community. All the purchases are for single-family home developments.

6. Expedient has opened its first data center in the Phoenix area after paying $11M for the Blue Cross Blue Shield data center on West Townley Avenue. Blue Cross Blue Shield of Arizona will continue to serve as the facility’s primary occupant. Expedient will own and operate the building, with the land being owned by the company’s real estate partner.

7. Rise Invest has bought a 24-unit apartment community at 1014 S. Farmer Avenue in Tempe for $5.57M. The company intends to make upgrades to the site and units.

8. Zack Mishkin of ORION Investment Real Estate represented both the buyer and the seller in the recent $5.4M sale of Toscana Resort & Villas at 929 E. Bethany Home Road in Phoenix.

9. The Marcus & Millichap team of Chris Lund and Mark Ruble recently managed the sale of two Walgreens locations in Tucson. The net-leased locations are 15.1KSF and 14.4KSF. The larger store sold for $2.9M, while the smaller went for more than $2.4M.

10. Harsch Investment Properties, LLC purchased 14.19 acres of industrial land at 3761 E. Ajo Way in Tucson, from Ruby Holdings, LLC for $2.15M. Jesse Blum of Cushman & Wakefield | PICOR, represented the buyer. Gordon Wagner with NAI Horizon, Tucson, represented the seller.

11. Marcus & Millichap announced the $2M sale of South Seventh Street, a 25-unit apartment community in Phoenix. Darrell Moffitt and Paul Bay marketed the asset for a private investor and procured buyer Andre Golnazarian.

12. Ensemble Real Estate Investments has acquired the Las Posadas of Sedona resort in Oak Creek. Transaction details were not disclosed. The purchase marks Ensemble’s third property in Arizona and 13th nationally.

Lease Transactions

13. TireHub, LLC, leased 28.5KSF of industrial space from Daybreak Industrial QOB, LLC in the Daybreak Distribution Center in Tucson. Robert C. Glaser and Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord. Tim Healy with CBRE, Tucson, represented the tenant.

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