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Commercial Real Estate Transactions 06-16-20

7. Rio2100. Credit: CBRE

Sales Transactions 

1. MHP #1, LLC, an affiliate of the Vanderhoot Family Trust purchased Desert Pueblo Mobile Home Community, a 55+ community with 418 spaces with 30 park owned homes, and approximately 70 spaces being used for RV parking on 56.5 acres at 1302 W. Ajo Way, Tucson, for $30M. Derek Harris of HARRIS Manufactured Housing & Commercial Brokerage represented both the buyer and seller, a family trust from Redwood, California. 

2. An undisclosed buyer purchased Desert Willow, a 280-unit multifamily property at 2025 W. Indian School Road, Phoenix, for $20.7M. Pete Te Kampe, first vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a small group of long-term clients in a limited liability company. 

3. Stepp Commercial completed a $12.8M acquisition of Ocotillo Apartments, a 173-unit apartment community in Phoenix. The buyer and seller of the property at 1780 W. Missouri Avenue were undisclosed. 

4. Lennar Corp. purchased 196 acres on the SEC of Jackrabbit and Camelback Road, about three miles west of Loop 303, for $6.11M. Plans call for building homes ranging from 1.4KSF to just under 2KSF priced starting in the mid-$200Ks.  

5. An Arizona-based private investor purchased Turney Place Apartmentsa 28-unit garden-style property at 2025 E Turney Ave., Phoenix, for $3.95M. ABI Multifamily’s Patrick Burch and John Klocek represented the buyer and seller, another Arizona-based private investor. 

6. Monarch Real Estate Holdings, LLC purchased a 1.7KSF single-tenant retail property leased to The Coffee Bean & Tea Leaf at 16420 N. Scottsdale Road, Scottsdale, for $2.14M. Joseph Compagno, Benjamin Farthing and Jared Davis of CBRE‘s Net Lease Property Group in Phoenix represented the seller, KAFE, LLC. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE’s Net Lease Property Group in Newport Beach, California represented the buyer. 

Lease Transactions 

7. CBRE and The Boyer Company announced they have secured two leases to Fortune 100 companies at Rio 2100, a 60-acre mixed-use development with 634KSF of Class A office space in TempeIn the larger of the two deals, an undisclosed company signed a 44KSF lease, taking the full fourth floor at Phase V of the projectAdditionally, Siemens committed to a 7.8KSF foot lease on the first floor of the building. Siemens plans to occupy the space by year-end. 

8. Air cargo firm, Worldwide Flight Services, is looking to expand its footprint at Phoenix Sky Harbor International Airport. WFS currently leases 13 cargo bays at Sky Harbor’s West Air Cargo Facility. Worldwide Flight wants to lease up 9 more cargo bays at the Phoenix airport. The expansion and a five-year lease for the bays is being considered by the Phoenix City Council. 

9. Distinctive Carpets Incorporated renewed and expanded their lease with JDLH Investments, LLC for a total of 16.6KSF of industrial space at 3751-3765 E. 43rd Place, Tucson. Stephen D. Cohen, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties. 

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