Commercial Real Estate Transactions 04-09-2019

11. Fiesta Tech Business Centre. Credit: Cushman & Wakefield

Sales Transactions

1. AllianceBernstein shelled out $211M for a 12-property, 2,182-unit portfolio of apartments. The seller was Western Wealth Capital. The portfolio consists of:

  • Edgewater – 102 S. 4th Ave, Avondale: $21.75M
  • Sandal Ridge – 645 N. Country Club Dr. Mesa: $19.9M
  • Terrace Park – 8130 W. Indian School Rd, Phoenix: $20.1M
  • Brookside – 6131 W. Thomas Rd, Phoenix: $17.8M
  • Marble Creek – 5601 W. McDowell Rd, Phoenix: $21.65M
  • Villa Serena – 4221 W. Dunlap Ave., Phoenix: $12.1M
  • Urban Trails – 1620 W. Southern Ave., Mesa: $16.4M
  • Penny Lane – 544 E. Southern Ave., Mesa: $14.25M
  • Montego – 949 S. Longmore, Mesa: $18.2M
  • Lantana Gardens – 4529 W. Ocotillo Rd, Glendale: $11.55M
  • Tierra Santa – 4620 W. McDowell Rd, Phoenix: $20.95M
  • Sunpointe – 7077 W. McDowell Rd, Phoenix: $16.35M

2. D.R. Horton bought approximately 120 acres of land in northeast Phoenix for $80M. The builder plans to develop a community called Arabella, with 750 homes and condominiums. The seller was the Jean Marley Trust. Nate Nathan, Dave Mullard, Courtney Buck, and Casey Christensen of Scottsdale-based Nathan & Associates brokered the deal.

3. Weidner Apartment Homes bought the 319-unit Flats at SanTan apartment complex in Gilbert for $71.43M. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap represented the seller, Embrey Partners, and procured the buyer.

4. City Office REIT has acquired Camelback Square, a 175.3KSF office building at 6991 E. Camelback Rd, Scottsdale for $53.2M. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Velocis.

5. Balfour Pacific Capital Inc., acquired the 25-story, 457.9KSF Phoenix Corporate Tower, 3003 N. Central Ave, Phoenix, for $42.34M. The investment sales team of Chris Toci and Chad Littell of Cushman & Wakefield supported by the agency leasing team of Dave Carder and Scott Boardman, represented the seller.

6. CAM Industrial Fund Acquisition, LLC bought the Class A, 230.4KSF Freeway Logistics Industrial Complex located at 3345, 3555 and 3575 S. 28th St., Phoenix, from Kitchell Development for $28.6M. CBRE’s John Werstler and Cooper Fratt represented both the buyer and the seller.

7. CBRE, on behalf of Signature Properties, has arranged a $25.5M loan for the acquisition of The Premiere at Dana Park, a 198-unit apartment community at 1439 S. Val Vista Dr., Mesa. San Diego-based Scott Peterson, Morgon Fraser, Bill Chiles and Brian Cruz of CBRE Capital Markets Debt & Structured Finance arranged the ten-year fixed rate loan through Fannie Mae.

8. DAUM Commercial Real Estate Services has assisted in the completion of three land transactions encompassing a total volume of $20M and 47 acres at the SEC of Happy Valley Rd and 19th Ave, Phoenix. DAUM Executive Vice President and Phoenix office Co-Branch Manager Kirk Jenkins directed the acquisition of a 28.8-acre developable land parcel on behalf of Jeff Garrett and R.T. Starr of Garrett Development Corporation. Jim Keeley of Colliers International represented the seller, JVK-VL LLC. Cobblestone Carwash, represented by Chris Stamets and Brian Gausden of Western Realty Advisors, was the buyer in the next transaction, with the acquisition of 1.38 acres. ELUX Deer Valley LP, represented by DAUM, was the buyer in the last transaction, with the acquisition of 17.15 acres. DAUM Represented the seller Garrett Development Corporation, in the last two transactions.

9. VEREIT Real Estate L.P. has purchased the recently developed Floor & Decor building at 10595 Brightman Blvd. for $17.4M from F + D Jax LLC.

10. Global Medical REIT of Bethesda, Maryland bought a 39.3KSF portfolio consisting of three medical office buildings in Chandler and Gilbert for $16.1M. Cushman & Wakefield represented the anchor tenant and seller in the transaction.

11. Cushman & Wakefield announced that Birtcher Anderson Realty sold Fiesta Tech Business Centre, a 91.5KSF office campus at 2150-2220 S. Country Club Dr., Mesa. A private investor in North Hollywood, Calif. purchased the property for $11.375M. Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Jim Zemezonak of Boulder Realty Advisors represented the buyer.

12. Marquee Lodging Advisors announces the sale of the Baymont Inn & Suites of Flagstaff. Marquee Lodging Advisors facilitated the purchase on behalf of the buyer for $9.4M.

13. Palm West Home Community, LLC acquired the Class A, 19.2KSF Silverstone Plaza, located at 754 S. Val Vista Dr., Gilbert, for $7.25M. CBRE’s Jesse Goldsmith, Steve Julius, and Chase Dorsett represented the seller, Mariah Properties IV, LLC.

14. In a joint venture with Iron Point Partners, LLC, Barker Pacific Group (BPG) has acquired City Square, a three-building, 737KSF Class A office complex in Phoenix for an undisclosed price. City Square is comprised of three office towers, two street-level retail buildings, and a shared plaza. The project leasing team is comprised of Brett Abramson, Chris Beall, and John Bonnell of JLL.

Lease Transactions

15. Bridgepoint Education Inc., an education technology services company, is moving its San Diego headquarters to Chandler and at the same time changing its name to Zovio Inc. Beginning this summer, Zovio will begin its 18- to 24-month transition to move its headquarters to a 130KSF building it will lease at 1181 E. Northrop Blvd.

16. NAI Horizon’s retail team negotiated a long-term lease totaling $2M on behalf of the tenant as Zipps Sports Grill joins the lineup of new businesses at iconic Park Central. The NAI Horizon Retail Properties team of Senior Vice Presidents Chris Gerow, Shelby Tworek, Gabe Ortega and Associate Patrick Anthon represented Zipps Park Central LLC. Brent Mallonee of Cushman & Wakefield represented the landlord, HPPC, LLC.

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