Commercial Real Estate News 12-21-21

21. Morgan Stanley. Credit: Phoenix Business Journal

Sales Transactions

1. CBRE Global Investors (CBRE Investment Management) has closed on a 50-acre, three-building industrial site known as Fairway 10 in Avondale for $126M. The buildings total 718KSF and were built this year at the SWC of I-10 and Avondale Boulevard.

2. Davlyn Investments recently closed escrow on the $114.38M purchase of Trevi, a 290-unit apartment community in Chandler near the Loop 101 and Loop 202 freeways. The seller was represented by JLL’s Charles Steele, John Cunningham and Mike Higgins. JLL’s Charles Halladay and Rick Salinas sourced the debt, which was provided by New York Life.

3. Decron Properties has purchased the 256-unit Arrowhead Ranch by Baron apartment complex at 20250 N. 57th Avenue in Glendale for $101.5M. The community will be rebranded as The Lakes at Arrowhead Ranch. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller Baron Properties and procured the buyer.

4. Cushman & Wakefield announced the firm has brokered the sale of Arcadia Fiesta, a 154.4KSF retail shopping center at the SWC of 32nd Street and Indian School Road in Phoenix. The buyer was an entity formed by Allard Developments Inc., which acquired the asset for $41.65M. The seller was an entity formed by a joint venture between DeRito Partners and Van Tuyl Companies. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller.

5. Cushman & Wakefield announced it has advised Starwood Property Trust in the disposition sale of Kierland Corporate Center I, a Class A office building totaling 110KSF in north Scottsdale. The property was acquired by Yonezawa-Miller Company, LLC for $37.75M. Cushman & Wakefield’s Private Capital Group brokers Eric Wichterman and Mike Coover, and Capital Markets Group brokers Steve Lindley and Alexandra Loye represented the seller. Brad Anderson and Mike Strittmatter, also with Cushman & Wakefield, provided leasing advisory.

6. Mattamy Homes has paid $11M for 72 acres in Surprise that will become part of its $115M Bonita Ranch master-planned community.

7. Merit Partners Inc. recently closed on 101 acres in Buckeye along SR 85 for $10.2M. Merit could develop approximately 2MSF in three buildings on the site. Brokers in the transaction include John Werstler and Bill Bayless of CBRE Group Inc. MP Buckeye Logistics Park QOZB LLC purchased the site from FR Cal Ogelsby LLC.

8. A 95KSF freezer/cooler/dry warehouse at 10401 W. Van Buren Street in Tolleson was purchased by Trader Joe’s for $8.75M. NAI Horizon’s Isy Sonabend and Mark Wilcke represented the seller, the Smith Family Trust of Temecula, California.

9. Arizona Land Consulting announced the closing of a 67-acre property near the Buckeye KOREPlex facility. The $8.3M deal was the next step in creating what is known as the Sustainable Valley, an area to be used to attract KORE Power suppliers and other green energy companies. Arizona Land Consulting CEO and founder, Anita Verma-Lallian, consulted a 1031 exchange investor on a 22-acre, $2.5M purchase in July. In October, she assisted two separate investor groups in additional land purchases: 67-acres for $6M and 45 acres for $4M. Arizona Land Consulting closed on the fourth property last week, bought with another group of investors, culminating in a $20M dollar deal and more than 200 acres now known as the Sustainable Valley.

10. A Super Star Car Wash on S. Power Road in Gilbert sold for $6.75M. The seller was an LLC connected to Super Star Car Wash. The buyer was Ma & Ma Car Wash LLC. Marcus & Millichap’s Zack House, Waylan Heers, Mark Ruble and Christ Lind represented both parties.

11. ORION Investment Real Estate represented the seller in the recent $6.39M sale of the Basha’s Frontier Center at 275 N. Tegner Street in Wickenburg.

12. Kent Circle Partners has sold 18.95 acres at the NWC of Peoria Avenue and Reems Road, in Surprise for $5.78M. Buyer Toor Enterprises, Inc. will build a shopping center on the property. Brad Cleaves of BC Commercial Real Estate, Inc., represented the seller.

13. ABI Multifamily announced the $2.8M sale of The Dayton, an 8-unit multifamily apartment community located at 2245 N. Dayton Street in Phoenix. ABI Multifamily’s John Klocek and Patrick Burch represented the seller.

14. A 13.8KSF industrial building at 23275 N. 19th Avenue, Phoenix, recently sold for $2.685M. The property sold to Rancho Industrial Park, Inc. The seller was Pantheon Global Realty, LLC. Chris Keeley of Phoenix Commercial Brokers represented the seller. Jake Ertle and Nic Chavira of Rein and Grossoehme Commercial Real Estate represented the buyer.

15. The Land Agency announced the successful closing of +/- 62 acres at the NWC of Beloat and MC-85 in Buckeye. Howard Weinstein, Brad Kuiper, and Patty Lafferty of The Land Agency represented the sellers. The purchase price was approximately $2.475M.

16. Harvard Investments announced the sale of its final two neighborhoods at The Lakes at Rancho El Dorado in Maricopa to Richmond American Homes. Richmond acquired 237 homesites. Terms of the sale were not disclosed.

17. The Mesa campus of Arizona College has been sold to Learning Realty Partners. Mindy Korth, Todd Noel and Kyle Campbell with Colliers in Arizona handled the sale. The private real estate investment fund Learning Realty Partners of Carson City, NV purchased the property from DES 1, LLC. The sales price was not disclosed.

18. Sterling Real Estate Partners recently acquired the 92-unit Mark at 87 apartments in Mesa. The property will undergo a series of upgrades. Chris Canter and Brett Polachek from Newmark Knight Frank handled the transaction. Financing was arranged by Lucas Donahue from Grandbridge. Price information was not disclosed.

19. Cushman & Wakefield has advised Marwest Enterprises, LLC in the disposition sale of Logic Park 91, a 730KSF industrial project in Phoenix. The asset was acquired by Dream U.S. Industrial Fund LP. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Price details were not disclosed.

Lease Transactions

20. Stryker Corp. has leased 104KSF in Chandler for a new medical technology manufacturing facility. The company invested $22M into the project and expects to begin production in mid-2022.

21. Morgan Stanley will lease 50KSF in The Commons at Rivulon office development in Gilbert, adding to the 20KSF it already leases nearby at 111E. Rivulon Boulevard.

22. Tufts University School of Medicine will lease approximately 20KSF at Block 23 in downtown Phoenix for its Doctor of Physical Therapy program.

23. Blind Echo, LLC leased 12.6KSF of retail space, at 5335 E. 29th Street in Tucson, from Parker Enterprises Ltd. Cushman & Wakefield | PICOR’s Dave Hammack and Stephen D. Cohen represented the landlord.

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