Commercial Real Estate News 12-14-21

21. Stryker. Credit: AZ Big Media

Sales Transactions

1. Monarch Alternative Capital, in partnership with Tourmaline Capital Partners, reportedly has plans to buy four of the Esplanade buildings in Phoenix’s Camelback Corridor from Clarion Partners and LBA Reality. The price is estimated at approximately $385M.

2. JLL has closed the sale of Block 23, a mixed-use, live-work-play asset in downtown Phoenix. JLL represented the seller, an affiliate of RED Development, and procured the buyer, City Office REIT, Inc. The sale sets a new per square foot record in the city for multi-tenant office trades. The JLL Capital Markets team representing the seller was led by Ben Geelan and Kevin MacKenzie. JLL’s Ryan Timpani and Nick Bialkowski represented the seller on the leasing of Block 23.

3. Art and Clint Wadlund with Berkadia Real Estate Advisors Tucson recently represented a Malibu-based private investor in the sale of two apartment properties in Tucson. The 188-unit Cortland Sabino Canyon Apartments sold for $41M. Sun River Apartment Homes, 294 units, sold for $58M. The buyer was Cortland Growth and Income Group.

4. Cushman and Wakefield brokered the sale of the 266KSF Gilbert Gateway Towne Center North in Gilbert to 266KSF Gilbert Gateway Towne Center Holdings LLC for $50.2M. The seller was Power & Ray LLC.

5. Mattamy Homes purchased 122 acres in Goodyear for $20.45M. It intends to develop its own master-planned community featuring larger than standard lot sizes.

6. Cushman & Wakefield has brokered the sale of West 101 Corporate Center, an 81KSF Class A office property in Phoenix. The building was acquired by Overstreet Project LLC for $17.5M. The seller was Next Gen 101, LLC, an entity of Helix Properties, represented by Eric Wichterman and Mike Coover of Cushman & Wakefield.

7. The 55-unit apartment community Oakdale on N. 27th Street in Phoenix was acquired by Urbana at 27th LLC for $11M from seller Athena Alpha LLC. The sale was brokered by Darrell Moffitt and Paul Bay of Marcus & Millichap.

8. Zak Kottler, Joe Cosgrove, Hunter Chasse, and Aaron Cook of LevRose Commercial Real Estate represented the seller, Chalpin Family Enterprises, in the $8.8M disposition of a Scottsdale Airpark portfolio comprised of a 40.5KSF flex/hangar building plus an adjacent 1.89 acres of vacant land.

9. Parc Pinnacle, a 65-acre industrial park in north Phoenix, was sold in an $8.65M transaction. LaPour Partners was the seller. The site, which includes an Amazon fulfillment center and 325KSF of multi-tenant space, set a Phoenix market industrial sales record at $19.75/SF.

10. Trader Joe’s Co. has purchased a 95.2KSF warehouse facility on W. Van Buren Street in Tolleson for $8.75M. The 11-acre site was sold by Smith Family Trust.

11. Forestar (USA) Real Estate Group Inc. closed on a 136-acre infill site on south Sorrell Lane and Calle Torim in Pima County for $6.27M. The seller was Sorrell 139, LLC. The transaction was brokered by Will White and John Carroll of Land Advisors Organization in Tucson.

12. Zak Kottler, Joe Cosgrove, Hunter Chasse, and Aaron Cook of LevRose Commercial Real Estate represented both the buyer and seller in the $5M sale of 9089 E. Bahia Drive in Scottsdale. The office property totals 15.7SF and was occupied by two tenants with brand new leases at close of escrow.

13. Quetico Logistics LLC has paid $4.6M for a 722KSF industrial facility on 143rd Avenue in Goodyear. The 40-acre location was sold by Fullmer Construction.

14. The Land Agency announced the successful $4.2M closing of an approximately 162-platted lot community in Hurley Ranch Phase II. This closing represents the final phase of single-family home sites within Hurley Ranch, at 91st Avenue and Broadway Road in Phoenix. Howard Weinstein and Patty Lafferty of The Land Agency represented the sellers.

15. Keri Davies, Jason Reddington and Jon Rosenberg of LevRose Commercial Real Estate represented the seller, Triumph Glendale Crossing Acquisition, LP, in the $4.1M disposition of a freestanding retail strip center at 5929 W. Peoria Avenue in Glendale. The buyer was RIMIC Properties, LLC.

16. Berkadia announced the sale of 10.58 acres at I-17 & Pinnacle Peak Road in Phoenix for $3.4M. The seller SWC PPR LLC was represented by Berkadia’s Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis. The buyer is Skyport Scottsdale LLC. Et Al.

17. Mark Cassell, Marty Maier and Matt Beek of LevRose Commercial Real Estate represented the seller in the $3.4M disposition of the 19KSF Chandler Airport Business Center, at 2270 S. Airport Boulevard, in Chandler.  LevRose represented the seller, Airport Business Center of Chandler, Inc., and the buyer, KFH CABC, LLC.

18. Aaron Norwood of LevRose Commercial Real Estate represented the buyer, DFP Properties, LLC, in the $3.4M purchase of a 5.9KSF auto dealership property at 881 N. Arizona Avenue, in Gilbert. The seller was Beverly Land Company, LLC.

19. Andrew Fosberg and Dylan Brown of CBRE brokered the $3M sale of an infill strip center at 2404 and 2412 N. Scottsdale Road in Tempe.

Lease Transactions

20. The Arizona Commerce Authority announced that United Aviate Academy, a subsidiary of United Airlines, will lease a 340KSF training facility at Phoenix Goodyear Airport.

21. Stryker has leased a 104KSF manufacturing space in Chandler and will begin production there around mid-2022.

22. Alta Climbing has leased 20KSF for a new fitness facility in Las Tiendas Village on S. Alma School Road in Chandler.

23. Lilac Ob-Gyn has leased 10.9KSF of medical office space in a facility near Chandler Regional Medical Center. The tenant was represented by ORION Investment Real Estate. NAI Horizon represented the landlord.

24. Mountain Mike’s Pizza will open its first Arizona location in a leased space at Mesa Riverview Shopping Center on N. Dobson Road in Mesa. The Palo Alto chain plans to open several shops in the coming year.

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