Commercial Real Estate Transactions 03-26-2019

4. Cabana at the Pointe. Credit: ABI Multifamily

Sales Transactions

1. Cushman & Wakefield’s Executive Managing Directors, David Fogler and Steven Nicoluzakis represented Alliance Residential Company in the sale of Broadstone Roosevelt Row, 330 E. Roosevelt St., Phoenix. Roosevelt Row Apartments LLC – an entity formed by Weidner Investment Services, Inc. – purchased the property for $84.2M.

2. ABI Multifamily has announced the $27.45M sale of Serafina at South Mountain, a 183-unit garden-style apartment community at 11025 South 51st St., Phoenix. The ABI Multifamily brokerage team of Eddie Chang, Doug Lazovick, Alon Shnitzer, John Kobierowski and Rue Bax represented the buyer, Western Wealth Capital. The seller was a private investor partnership based in California.

3. Maracay, a wholly owned company of the TRI Pointe Group, has closed on the purchase of 241 pre-platted homesites on 82 acres in Chandler. Maracay utilized a land banker, Hearthstone to close the deal. The $24.6M purchase is in addition to the nearby 160 acres Maracay purchased in Gilbert in 2018, which is currently under development.

4. ABI Multifamily has announced the $22.2M sale of Cabana at the Pointe Apartments, a 180-unit garden-style apartment community at 1829 E Morten Ave., Phoenix. The buyer is a Colorado-based private investor. The seller is an investment partnership based in Arizona and was represented by the multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick.

5. Hunt Real Estate Capital announced it provided a Fannie Mae DUS® loan in the amount of $11.2M to finance the acquisition of Zen on 50th, a newly constructed, garden-style apartment community with 55 townhouse units in Phoenix. Upon acquisition, title to the property will vested in Palm Grove Acquisitions LLC and MAM Management – Grove LLC.

6. JLL has completed the $10.06M sale of 5416 E. Baseline Rd., a two-story, 63.8KSF Class A office building located within Inverness Commons Business Park, in the hub of Mesa. JLL Senior Vice President Brian Ackerman represented G2 Capital in the transaction. The buyer is Founders Properties LLC.

7. LevRose Commercial Real Estate recently closed the sale of Hayden Professional Park 65.7KSF office space at 3200 N Hayden Rd, Scottsdale, for $8.75M. LevRose Commercial Real Estate represented both the buyer, Petwin Properties, and seller, Blue Diamond Properties.

8. Menlo Group Commercial Real Estate has successfully negotiated the purchase of the 17KSF Deer Valley Dental Village. The Class A dental office complex, located at 7505 W. Deer Valley Rd, Peoria, was purchased for $5.625M by Andersen Capital Partners. Menlo Group Executive Vice President Rich Andrus, MBA, CCIM, represented the buyer. The seller, Northwest Dental Properties, LLC, was represented by Bill Molloy and Tracy Altemus, CCIM, of Ensemble Real Estate Solutions.

9. An investment group of seven LLCs managed by Grimm Commercial has acquired the Fiesta Plaza at the NWC of Oracle and River Rd in Tucson for $5.3M and is planning to bring RoadHouse Cinemas to the site.

10. FLM LLC, traded into the acquisition of a Starbucks outpad at 1765 West Valencia Rd, Tucson for $2.66M. Brenna Lacey and Kevin Volk of Volk Company represented the seller, Steamroller Pad LLC. The buyer was represented by Jim and Craig Kovaleski, formerly with Cushman & Wakefield, now with CBRE.

11. A custom fabrication and welding business founded in 1909 in a historic downtown Phoenix building has been sold to RM Garrison, a precision fabrication shop. NAI Horizon Associate Michael Gaida represented the seller, Valley Machine Works, Inc., of Phoenix. The business was purchased by Tyler and Tricia Williams of Goodyear. The purchase price was not disclosed.

Lease Transactions

12. Turo, a San Francisco-based car sharing company, is moving its Phoenix headquarters to Biltmore Center, 2390 E. Camelback Rd. The company plans to accommodate its rapid growth with a 30.1KSF expansion into the Camelback Corridor office building. Ryan Timpani, executive vice president with Colliers International in Greater Phoenix, represented Turo. ViaWest Group owns the Biltmore Center.

13. Central Christian Church has signed a 10-year lease and will move into a 17.2KSF in the Royal Palms Plaza shopping center at the SEC of Elliot Rd and McClintock Dr in Tempe. The landlord is Pollack Investments.

14. Myndshft announced that it plans to triple its team from 30 to over 100 employees this year. To accommodate this growth, Myndshft relocated from its 4KSF space to a new 11KSF office in the Red Mountain Business Park at 3256 N. Higley Road, Mesa.

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