Commercial Real Estate News 11-30-21

8. Akos. Credit: ORION Investment Real Estate Company

Sales Transactions

1. Stonemont Financial Group has purchased a 145.5KSF north Phoenix Amazon delivery station at 500 W. Pinnacle Peak Road from Seefried Properties and a Crow Holdings Capital-advised fund for $74.7M. The seller was represented by Cushman & Wakefield’s Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay.

2. Fund KKR Real Estate Partners Americas III by KKR & Co. is acquiring hotel properties across the U.S. The fund recently purchased Tucson hotels Courtyard by Marriott at 201 S. Williams Boulevard (153 rooms) and Residence Inn by Marriott Williams Center at 5400 E Williams Circle (120 rooms). The combined purchase price was $27.3M. The seller was Chatham Lodging Trust.

3. Kennedy Lewis Investment Management has purchased 17.83 acres of land platted for 67 single-family lots in San Tan Valley. Lennar Homes sold the land for $12.7M.

4. ORION Investment Real Estate announced the sale of Central Marketplace, a 62KSF shopping center on the NWC of Central Avenue and Van Buren Street in Goodyear. The ORION Investment Real Estate team comprised of Ari Spiro, Sean Stutzman, Michael Achtman and Jennifer Eggert negotiated the $9.8M sale between the California-based seller and buyer.

5. Cushman & Wakefield has brokered the sale of a 94KSF Class A office property at 2233 W. Dunlap Avenue in Phoenix. The building was acquired by RW Partners for $6.3M. Michael Kitlica of Cushman & Wakefield represented the buyer. The seller Transpacific Development Company was represented by Barry Gabel of CBRE.

6. Newmark announced it has arranged the sale of Centre at Higley-Williams Field, a 12.2KSF retail center at 2473 S. Higley Road. The asset sold for $5.3M. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented the seller, Bruce Galloway (Higley Evergreen) and the buyer, Brandon Sparks (BedTech).

7.  Marcus & Millichap announced the $3.4M sale of the 22-unit apartment complex Glenn Isle in Glendale. The seller was a private investor. Marcus & Millichap’s Paul Bay listed the property for the seller and secured the buyer, a limited liability company.

8. Akos MOB I LLC sold its newly developed 68KSF medical office on the Akos Medical Campus in Avondale to Montecito Medical Acquisition Company. No transaction amount was disclosed. J.T. Taylor from ORION Investment Real Estate was the sole broker involved in the transaction.

9. Meritage Homes and Richmond American Homes have purchased a combined 250 lots in Tucson’s Star Valley master-planned community. Meritage purchased 116 lots and Richmond American purchased 134. Will White and John Carroll of Land Advisors Organization managed the transactions. No purchase amounts were listed.

Lease Transactions

10. Paragon Space Development Corporation has leased 58KSF at Britannia Business Center in Tucson. The landlord is Britannia Business Center, LLC. Jesse Blum of Cushman & Wakefield | PICOR, represented both parties.

11. Fitness 1440 Health Clubs has leased 26.8KSF in Paradise Square at 40th Street and Thunderbird Road in Phoenix. Mantee Investments, LLC is the site owner. Rein & Grossoehme CRE’s Jared Lively represented both parties.

12. Central Garden & Pet, represented by James Bayless and John Cooper at CBRE, has leased 13.7KSF at creative office center LINK near 7th Street and Missouri Avenue in Phoenix. CBRE’s Sean Spellman, Corey Hawley and Jimmy Cornish represented the landlords, Mainstreet Capital Partners and WHI Real Estate Partners.

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