Commercial Real Estate Transactions 03-05-2019

15. Wonderspaces. Credit: Phoenix New Times

Sales Transactions

1. Five apartment deals around the Valley that recently closed totaled 1,103 units and $196.6M. They are:

  • Avion on Legacy, 7340 E Legacy Blvd, Scottsdale – Simpson Housing sold the complex for $88.3M to
  • Alante at the Islands, 2222 N. McQueen Rd, Chandler – B. Bell Cos. sold the complex for $59.6M to CWS Capital Partners.
  • Bell Tower, 17216 N. 33rd, Phoenix – Simone AZ sold the complex for $26.3M to KA Capital.
  • Tuscano Village, 6816 W. Bethany Home Rd., Glendale – Ramana Korada and Greg Butcher sold the complex for $11.64M to Randy and Sarah Jo Lawrence.
  • South Mountain Square, 1630 E. Baseline Rd, Phoenix – Caliber Inc. sold the complex for $10.75M to Ben Leybovich and Sam Grooms.

2. MedCore Properties, along with SunTrust Bank and Trinity Private Equity Group, have closed on the approximately $98M purchase of a 409-unit assisted living and memory care portfolio in Arizona and Utah. The communities involved in the acquisition include three assisted living and memory care assets in Arizona: Caliche Senior Living in Casa Grande (105 units); Joshua Springs Senior Living in Bullhead City (104 units) and White Cliffs Senior Living in Kingman (103 units). MedCore has also acquired the 97-unit Summit Senior Living in Kearns, UT.

3. Bascom Arizona Ventures has acquired the Tempo at McClintock Station Apartments, a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The seller was P7 McClintock Station Owner, LLC. Stephen Peters of Melody West advised the buyer and seller.

4. The 536-room Pointe Hilton Squaw Peak Resort, 7677 N. 16th St., Phoenix, has sold for $51.35M. The new owner is Fortress Investment Group LLC, a subsidiary of SoftBank Group. The resort was sold by Park Hotels & Resorts Inc.

5. CBRE announced the sale of Fiesta Tech Center, a 243.4KSF manufacturing and office facility occupied by Keter Plastics at 1300 N. Fiesta Blvd, Gilbert. Nearon Enterprises acquired the asset from Fiesta Venture LP for $18.05M. CBRE’s Mike Parker, of the Phoenix office partnered with Matt Pourcho, Gary Stache, Doug Mack, and Anthony DeLorenzo from CBRE’s IPSOCAL Investment Properties team to represent the seller. The buyer was self-represented.

6. Layman Properties LLC purchased a 48.7KSF, 3-building multi-tenant office and industrial project at One W. Deer Valley Rd, Phoenix, for $5.35M. Lee & Associates Arizona Principal Andrew Ogan represented Layman Properties while Principal Matt Hobaica represented the seller, One Deer Valley VJ LLC.

7. TWT Real Estate Investments LLC sold a 134.4KSF dock-high distribution building at 2020 E University Dr, Phoenix, to Layman Properties – East University Drive LLC for $8,476,481 ($63.08 per SF). Lee & Associates Arizona Principal Andrew Ogan represented the buyer and the seller.

8. Hunt Real Estate Capital has provided a $7M bridge loan to finance the acquisition of Hawthorn Court at Ahwatukee, a 44-unit memory care facility in Ahwatukee. The borrower is a joint venture partnership between CALCAP Real Estate Advisors and Greg Roderick, president and CEO of Frontier Management. Jacob Gehl, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors represented the seller, owner-operator Senior Resource Group.

9. 7434 E Monte Cristo LLC by Malck LLC has purchased the industrial/flex building at 7434 E. Monte Cristo Ave. in the Scottsdale Airpark from Western Properties Inc. for a price of $4.68M. The buyer will occupy the entire 28.2KSF structure to house Precision Fleet Services auto showroom and administrative offices. Jim Keeley, founding partner and senior executive vice president of Colliers International in Arizona, represented the seller. Chad Ackerly of Commercial Properties represented the buyer.

10. Cushman & Wakefield sold Scottsdale Ridge, a 15.6KSF value-add retail center located at 21811 N. Scottsdale Road in Scottsdale. Roca Vista, LLC purchased the property from Scottsdale Ridge Property Retail, LLC for $2.487M. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.

11. ORION Investment Real Estate announced the $2.33M sale of the newly constructed 2,343 SF Gadzooks restaurant located in downtown Tempe. Andrew Harrison, Senior Vice President at ORION, represented the seller, Kobold 505 W University LLC. The buyer, Tempe Commercial LLC, was self-represented.

12. SVN | Desert Commercial Advisors announced the $2.25M sale of 20 acres of land at Ellsworth and Germann, Mesa. SVN Advisors Director of Retail Leasing & Sales Investments, Rommie Mojahed and Senior Advisor Beau Flahart represented the seller, Ellsworth 92, LLC.

13. Bill Alter of Rein & Grossoehme has announced the $2M sale of EZ 8 Self Storage at 702 W. Silverlake Rd, Tucson. The property was sold by one out-of-state investor to another out-of-state investor.

14. Darren Pitts of Velocity Retail Group represented Life Time in the purchase of a 3-acre land parcel at Happy Valley Road and 67th Avenue in Peoria, Arizona. The seller’s entity was Christ’s Church of the Valley, Inc. and Terrazza Land, LLC. The Life Time location will be approximately 120KSF and is expected to open in 2020.

Lease Transactions

15. Wonderspaces will open its first permanent location on April 5th. They will have about 16KSF of space on the first floor of Scottsdale Fashion Square.

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