Commercial Real Estate News 11-16-21

15. Majestic 202. Credit: Majestic Realty

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Halifax, a 300-unit multifamily asset in Phoenix for $76M. IPA’s Cliff David and Steve Gebing represented the seller, Jevan Capital and procured the buyer, Western Wealth Capital.

2. Institutional Property Advisors, a division of Marcus & Millichap, announced the $63.25M sale of Lakeside Casitas, a 310-unit multifamily property in Tucson. IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller, Monarch Investment and Management Group, and procured the buyer, Bridge Investment Group.

3. NexMetro Communities has sold the 89-home Avilla Paseo Build-to-Rent development at 3425 W. Deer Valley Road in Phoenix to Logan Capital Advisors for $37.2M. A web search for the property now identifies it as The Logan at Deer Valley.

4. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Cabana on Hayden, an 89-unit multifamily asset in Scottsdale, for $30.1M. IPA’s Steve Gebing and Cliff David represented the seller Greenlight Communities and procured the buyer. The buyer, Signature Properties, was represented by CBRE’s Dixie Hall. The property will be rebranded as The 89 on Hayden. CBRE’s Scott Peterson and Morgon Fraser also facilitated a $15.7M, seven-year floating rate loan from Freddie Mac as part of the transaction.

5. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Metro Broadway, a 135-unit multifamily asset in Tucson. The property sold for $20.3M. Hamid Panahi, Steve Gebing and Cliff David represented the seller, Zona Multifamily, and procured the buyer, Greenwater Investments.

6. JLL Capital Markets announced it has closed the $12.3M sale of Central Self-Storage, a 573-unit self-storage facility in Chandler. JLL marketed the property on behalf of the seller, Pegasus Group. Invesco Real Estate acquired the asset in partnership with Baranof Holdings. The JLL Capital Markets team representing the seller was Steve Mellon, Brian Somoza and Carl Beardsley.

7. LUCESCU REALTY Private Client Services announced the sale of Green Valley Village in Green Valley for $9.35M. Alex Minoofar with LUCESCU REALTY in Newport Beach, CA and Greg Wendelken with LUCESCU REALTY in Phoenix exclusively represented the seller Holualoa Companies and also directly procured the buyer.

8. 1800 E. Ray Expansive LLC paid $8.86M for Cooper Crossing, a two-story office property in Chandler. WYAZ Investments LLC was the seller, represented by Michael Waxman and Foster Bundy of LevRose Commercial Real Estate.

9. Globe Corp. has sold nearly 120 acres of agricultural land in Buckeye at SR 85 and Southern Avenue for $7.2M. The buyer was Cardinal Capital Co. LLC.

10. LevRose Commercial Real Estate announced the $2.95M sale of the former Modern Round restaurant site at 8320 W. Mariners Way in Peoria. The buyer was Oneten REI Willco LLC. The seller was Monaghan Farms Inc.

11. Danielle Davis, Trent McCullough, Mark Cassell, Matt Beeks and Garrett Pedicini of LevRose Commercial Real Estate represented the seller Hudye Group, LP in the $2.5M disposition of 4439 N. Saddlebag Trail, a 2.8KSF office building in Old Town Scottsdale.

12. LevRose Commercial Real Estate’s Matt Leonard represented the buyer, One Scottsdale Surgery Center, LLC, in the $2.136M purchase of Lot 3 and Lot 4 at One Scottsdale. The lots total 63KSF and will house a future medical office building. The seller was One Scottsdale Core, LLC.

13. KKR has acquired two industrial buildings totaling 154KSF at the Papago Business Park in the West Valley. The seller was Mountain West Industrial Properties, an affiliate of Baron Properties. CBRE assisted in the sale. No financial terms were disclosed.

14. Cushman & Wakefield has brokered the sale of a brand new suburban office building in north Phoenix totaling 144.8KSF and known as Norterra West Two. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller, USAA Real Estate and joint venture development partner Metro Commercial Properties, Inc. The buyer was SCD Norterra II, LLC, an entity controlled by Silver Creek Development. The buyer was represented by Charles Essig. No financial terms were disclosed.

Lease Transactions

15. Majestic Realty announced it has a signed lease agreement with a single-tenant for all 158.7KSF of its latest, two-building speculative development, Majestic 202, at Loop 202 and Greenfield Road.

16. CBRE announced Bay Logistics leased 76KSF at Central Logistics Cold Storage Center in Phoenix. CBRE’s Cooper Fratt and John Werstler represented the landlord, ViaWest Group. Michael Waxman, Aaron Norwood and Foster Bundy with LevRose Commercial Real Estate represented the tenant.

17. Life Time announced it will open a 40KSF fitness center and “athletic resort” next to the luxury wing of Scottsdale Fashion Square in 2023.

18. Copper Star Medical Supply has agreed to a 10-year lease for 12KSF at 2415 W. Erie Drive in Tempe. Landlord ICC Tempe was represented by Mark Wilcke and Dylan Whitwer of NAI Horizon. Copper Star was represented by Patrick Sheahan of Berry & Doyle.

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