Commercial Real Estate News 11-23-21

12. Tucson Logistics. Credit: Cushman & Wakefield | PICOR,

Sales Transactions

1. Greystar Real Estate Partners LLC has sold five apartment complexes in the Phoenix area to Ivanhoe Cambridge for $541.4M as part of Greystar’s recently announced $3.6B portfolio sale. The properties, cities, units, and sale values are:

  • Green Leaf Promontory Pointe, Phoenix, 424, $146M;
  • Vista Montana Apartments, Gilbert, 341, $115.2M;
  • Chandler Court Apartments, Chandler, 316, $113.6M;
  • Flagstone Apartments, Tempe, 376, 104.9M, and
  • River Ranch Apartments, Chandler, 188, $61.7M.

2. Rise48 Equity recently announced to the sale of two properties and the acquisition of one. The company sold one 76-unit complex (name not disclosed) for $15.6M. The second complex, 137-unit Villa Serena, sold for $32M. The company also acquired the 244-unit Marble Creek Apartments, which it will rebrand as Rise Skyview, for $62.3M and plans to spend another $4M on upgrades and renovation.

3. Preylock Glendale LLC, an affiliate of Preylock Holdings, recently purchased a 40-acre site in Glendale that includes a planned 600KSF industrial facility at Sarival and Bethany Home roads for $71.5M as part of a $2B Amazon portfolio acquisition. The seller was Van Trust Real Estate.

4. SRS Real Estate PartnersInvestment Properties Group announced it has completed the sale of the 453.4KSF Arcadia Crossing retail center in Phoenix. The seller was a local family office. The buyer, a family office based in Denver, was represented by Pinnacle Real Estate Partners.

5. Silver Creek Development has purchased the fully leased, 144.8KSF Norterra West II office building in north Phoenix from USAA Real Estate and Metro Commercial Properties Inc. for $48.5M. The seller was represented by Chris Toci and Chad Littell of Cushman & Wakefield. Charles Essig of Silver Creek represented the buyer.

6. Cushman & Wakefield has brokered the sale of Palm Valley Office Park III, a 60.4KSF Class A office property in Goodyear. The building was acquired by Goodyear 1626 LLC for $14.5M. The seller, Pacifica Palm Valley Center, LLC, was represented by Eric Wichterman and Mike Coover of Cushman & Wakefield. Mike Kitlica of Cushman & Wakefield represented the buyer.

7. A 52KSF Northwest Medical Campus medical building in Tucson sold for $11.4M on ground lease to an affiliate of Altera Fund Advisors. Seller Cotlow Development II, LLC was self-represented. The investor was represented by David Montijo with CBRE Tucson.

8. Mister Car Wash, Inc. has sold three Tucson locations to HURD CWP, LLC, an affiliate of Hurd Real Estate Services, in a sale-leaseback for $9.4M.

9. The 36KSF Siete Square Shopping Center in northwest Phoenix was recently sold for $4.38M by Siete Phoenix Partners, LP to Butterfield Trail, LLC, a company formed by The Carioca Companies. Mark Rein of Rein & Grossoehme represented the seller and Jim Edwards of Rein & Grossoehme represented the buyer.

10. ABI Multifamily announced the $3.64M sale of the 1st Avenue Apartments, a 20-unit multifamily apartment community in Mesa. The buyer and seller were represented by ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer.

11. Fox Restaurant Concepts has purchased a former restaurant space in Tucson for $2.75M to develop a new Flower Child and a new Doughbird restaurant. Seller DSW IREIF Tucson Retail was represented by Greg Furrier and Dave Hammack with Cushman & Wakefield | Picor.

12. Tucson Logistics Land, LLC purchased 9.07 acres of land from Butterfield Tucson Limited Partnership, and 2.296 acres of land from Stewart Family Limited Partnership. Both parcels are located at Butterfield Business Center, Lot D, in Tucson. The purchaser plans to build a 194.8KSF industrial building for lease on the site. Robert C. Glaser with Cushman & Wakefield | PICOR represented the seller. Stephen D. Cohen of Cushman & Wakefield | PICOR, represented the buyer and will represent the project leasing as well.

13. Westcore has purchased a portfolio of seven industrial properties, including four in Phoenix. Prices were not disclosed. The Phoenix properties consist of nine buildings totaling 460KSF. Will Strong and Greer Oliver of Cushman & Wakefield represented the seller. Westcore was self-represented.

Lease Transactions

14. Two firms have signed pre-lease agreements at ViaWest Group’s 415KSF Goodyear Crossing Industrial Park. BC Recycling Asset Recovery Solutions will occupy approximately 140KSF, while Georg Fischer will take 55KSF.

15. Paragon Space Development Corporation leased 58.1KSF of industrial space at Britannia Business Center in Tucson from Britannia Business Center, LLC. Jesse Blum of Cushman & Wakefield | PICOR represented both parties.

16. Real estate technology company HomeLight will occupy 25KSF at SkySong Center, expanding its footprint by 10KSF and making its SkySong 2 location its largest US office.

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