Commercial Real Estate Transactions – 07-03-2018

Credit: Cushman & Wakefield

Sales Transactions

1. Marriott International, along with TLG Investment Partners and Concord Wilshire Capital are buying the 1,000-room Phoenix Sheraton Grand Hotel for $255M, with renovation plans already in place. The Phoenix-owned hotel has been on the block for several years. Marriott is the majority capital partner in the deal, though press releases from both groups did not say how much the global tourism company will own.

2. Phoenix-based NexMetro Communities LLC sold two of its Avilla Homes communities for $53M. The first was the 125-unit Avilla Palm Valley, 4200 N. Falcon Dr. in Goodyear, that sold for $25.1M to a high-net-worth California couple. The second is the 116-unit Avilla Heights, 255 E Chandler Heights Rd in Chandler, that sold for $27.84M to San Diego-based, Cerete Group LLC.

3. Cushman & Wakefield completed the sale of the 220-unit Aura Apartments, located at 1920 E. Indian School Road in Phoenix, for $50.5M. Banner Audere, LLC, an entity formed by Banner Real Estate Group of Northbrook, Ill., purchased the property from Dallas-based TRG Indian School, L.P., an entity of Trinsic Residential Group. Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

4. Media giant Gannett Co., parent of The Arizona Republic and, is selling its 10-story office building and parking garage in the heart of downtown Phoenix for an undisclosed price. ViaWest Group is the buyer. The sale is expected to close in late September, and Gannett will begin a lease arrangement at the property.

5. Cushman & Wakefield announced that Dunbar Real Estate Investment Management of El Segundo, CA. purchased the 135KSF Mill Avenue Business Park, located at 40 E. Baseline Road, 5030 S. Mill Avenue and 5005-5025 S. Ash Avenue in Tempe., from Birtcher Anderson Realty of San Juan Capistrano, CA. for $14.25M. Bob Buckley, Steve Lindley and Tracy Cartledge of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller.

6. Amazon recently paid $11.6M ($145,926 per acre / $3.35 PSF) for its 79.5-acre site at 6701 S Kolb Road in Tucson within the 767-acre Century Park Research Center.

7. JLL has completed the $11.2M sale of Ocotillo Plaza, a 122KSF redeveloped retail building at 2880 S. Alma School Rd, Chandler. JLL Senior Vice Presidents Peter Bauman and Tivon Moffitt, Senior Managing Director Dennis Desmond and Senior Vice President Tyson Switzenberg represented the building seller, Thompson Thrift Retail Group. Nina Patel represented the buyer, Southern California-based Slater Avenue II LP.

8. The Phoenix office of JLL has completed the sale of the 29KSF Banner Health build-to-suit building, located at 4375 E Irma Ln in Phoenix, for an undisclosed amount. The sale was completed by JLL for Minneapolis-based Ryan Companies to Inland Real Estate Acquisitions LLC, on behalf of Inland-related parties.

9. Marcus & Millichap announced the sale of Denaro Medical Center, a 33KSF net-leased in Peoria, for $9.7M. Jamie Medress, Mark Ruble, and Alan B. Laulainen, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

10. The Gilbert building housing Dierks Bentley’s Whiskey Row sold recently for $8.1M. The building, at Gilbert Avenue and Vaughn Road, w

as bought by Treg Bradley from Gilbert/Vaughn Partners LLC. The bar, run by Riot Hospitality Group, will continue to operate in the building under a long-term lease.

11. A private investor in Scottsdale has purchased the 60-room Comfort Suites Old Town Scottsdale at 3275 N. Drinkwater Blvd. for $7.25M. The Scottsdale investor purchased the property from Colony North Star REIT.  James Meng and Jon Grantham of Colliers International in Greater Phoenix negotiated the purchase on behalf of the buyer. Colony North Star represented itself in the transaction.

12. NAI Horizon Senior Vice President Isy Sonabend represented Wabash National Trailer Centers, Inc. of Lafayette, Indiana, in the $6.95M sale of a 50KSF tractor trailer repair and maintenance building at 2830 S. 51st Ave., Phoenix, to TEC Equipment of Portland, Oregon.

13. CBRE announced the sale of a redeveloped industrial facility located at 2250 W. Peoria Ave. in Phoenix for $5.05M. Cooper Fratt and Ashley Brooks with CBRE Phoenix represented the seller, James Greaves of G2 Capital. Chris Keely with Phoenix Commercial Brokers represented the buyer, Candlewood Industrial Park.

14. Desert Cove Industrial, a 41KSF industrial building located at 2261 W Desert Cove Ave in Phoenix, was sold to Valor Desert Cove LLC for $2M. Steve Grossoehme of Rein & Grossoehme represented the buyer and Richard Mackay of Rein & Grossoehme represented the seller, Janus LLC.

15. United Development Company of Southlake, TX and Christifulli Companies of Phoenix recently sold an IHOP at 1963 W Valencia, for $2.77M, and Risas Dental and Braces at 1979 W Valencia, for $900K, at their Shops of Valencia project in Tucson. Jamie Medress with Marcus & Millichap in Phoenix was the selling broker for IHOP. Larry Cesare of Broadway Realty & Trust, and Nicholas Christifulli of Christifulli Companies were the selling brokers for the Risas Dental and Braces site.

16. Phoenix Commercial Advisors facilitated the sale of a single-tenant Starbucks that closed June 19. The property, located at 1683 N. Higley Road, Gilbert, sold for $2.8M ($1,280 per square foot). John Schweikert and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, The Highland at Gilbert, LLC, in the transaction.

17. Calling it land banking to ensure future use, Peoria City Council voted June 19 to spend $2.7M for two parcels of land totaling 7.51 acres adjacent to the P83 entertainment district. Both parcels lie between 83rd Avenue and Loop 101.

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