Commercial Real Estate Transactions 02-11-20

Sales Transactions

1. Southwest Value Partners, A real estate investment firm founded by Phoenix Suns owner Robert Sarver, has purchased the 235-key Hilton Scottsdale Resort & Villas for $62M, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100M from Rockpoint Group LLC.

2. BKM Capital Partners acquired several properties in Arizona totaling $157.5M. The properties in the newly acquired Phoenix portfolio include:

• Magnolia – a 35.4KSF building at 2655 Magnolia Street, Phoenix.
• Hohokam 10E – an 82-unit multi-tenant industrial property located along S. 48th Street, 12th Street, and S. Park Lane, Tempe.
• Broadwood – a four-building, 34-unit multi-tenant industrial property at 2450-2452 W. Broadway Road, Mesa.
• Broadway 101 Commerce Park – a 55-unit multi-tenant industrial property at W. Broadway Road, Mesa.

3. Freeport-McMoRan purchased 17K acres of desert land for $13.5M from the Arizona State Land Department, in order to use the property to store waste form the Bagdad Copper Mine.

4. Mark Anthony Brewing has acquired 96 acres of land near Reems Road, between Peoria and Olive Avenues, for its Glendale facility for $12.8M. The land was purchased from Leyton Woolf, and the building will be part of the Woolf Logistics facility.

5. Ingemanson Enterprises purchased a single-tenant NNN investment leased to Goodwill and located in the Elliott Plaza Shopping Center at 7850 S. Priest Drive, Tempe, for $6.22M. Kidder Mathews commercial real estate brokers, Kevin Sheehan, Tyler Boyd, and Mike Ciosek, represented the Ingemanson in the transaction.

6. Gladstone Commercial Corporation acquired the property at 3382 East Global Loop, Tucson for $6.142M.

7. Foundation Partners Group purchased two Adair Funeral Homes and one Desert Sunset Funeral Homes in Tucson, for an aggregate amount of $4.72M.

8. Marcus & Millichap has announced the $3.015M sale of Circle K, a 2.9KSF net-leased property at 4808 East Bell Road, Scottsdale. Jonathan Eckerd, Peter Lenstrohm, Mark Ruble, Chris Lind and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, and procured the buyer, a limited liability company.

9. PHX Buildings, LLC purchased the 25.8KSF Mega 104.3 office building at 1710 E. Indian School Road, Phoenix, for $2.2M. Judy Jones and Eddie Gonzalez with SVN Desert Commercial Advisors represented the seller, Occidental Investments, LLC.

10. Barro’s Pizza, recently purchased the 5.2KSF former Ruby Tuesday building at 2571 S. Market Street, Gilbert, for $2.15M. Barro’s was represented by James DeCremer with the Phoenix office of Avison Young.

11. Donna Marie Ostermiller Property Trust purchased the brand new Dollar General at 12059 W. Clark Farms Boulevard in Marana, for $2.057M. Dave Hammack, Principal, and Retail Specialist with Cushman & Wakefield | PICOR, represented the seller, DCM Development Company, LLC. Mahlon Tobias with Tobias Commercial represented the buyer.

Closures

12. Macy’s Inc. has confirmed it will shutter its customer contact center in Tempe and merge that work into other call centers in Mason, Ohio, and Clearwater, Florida, as the national retailer looks to curb expenses. It will also close approximately 125 of its least productive stores across the country.