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Commercial Real Estate Transactions 07-09-2019

6. Peoria Crossings. Credit: CBRE

Sales Transactions

1. The Praedium Group, a New York City-based real estate investment firm, has recently acquired two brand-new, multifamily properties in the southeast Valley. Harper, located in Tempe was purchased by Dallas-based JLB Partners for $93.8M in June, and Town Commons, located in Gilbert, sold in June for around $73.5M.

2. Tides Equities LLC has two properties totaling 620 units in escrow, for $80.7M. Those acquisitions — the 436-unit Deer Valley Apartments and the 224-unit Sterling on 28th — bring total purchases to 1,900 units spanning six properties so far this year.

3. Esplanade III Owner LLC, recently purchased Camelback Esplanade III, a 218KSF, 10-story office building at 24th St and Camelback Rd, for $60.25M. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, CH Realty VII/ O Phoenix Esplanade LLC. Jim Fijan and Jack Fijan of Transwestern represented the buyer and sourced the institutional partner along with Jim Achen and Bill Zurek, who will oversee leasing and management.

4. Saint Holdings LLC finalized buying 5,650 acres in Coolidge that was owned by the City of Mesa. The 5,650 acres was the final piece in a larger sale totaling 11,400 acres the firm bought from the city in one of the largest land acquisitions by a private landowner in Arizona. The closing price on the final piece was $49.7M. The land spans about 10 miles, bounded by Barlett Rd to the north and Shed Rd to the south.

5. FPACP4 Ridgeview, LLC, an entity formed by FPA Multifamily, LLC, purchased Ridge View, a 150-unit luxury apartment community at 13225 N. Fountain Hills Blvd in Fountain Hills for $30.3M. Cushman & Wakefield completed the sale on behalf of 29th Street Capital and Clear Sky Capital.

6. Frye Family Partnership III, represented by Pat Kent, James Ackley and Parker Walter of SRS Real Estate Partners, recently purchased The Shops at Peoria Crossings, a 10.5KSF multi-tenant retail building at the NWC of Northern Ave and 91st Ave in Peoria, for $5.1M. Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SimonCRE Harley II, LLC, an entity formed by SimonCRE. The building is 100 percent leased to America’s Best Contacts & Eyeglasses, Nekter Juice Bar, UbreakiFix, DIP Nail Bar and Churroholic.

7. ViaWest Group announced the purchase of an industrial portfolio comprised of both vacant, developable land and two existing buildings in the Phoenix Sky Harbor submarket. John Werstler and Cooper Fratt of CBRE in Phoenix represented the buyer and the seller, Bayless Investment & Trading Company, and will be leasing the project going forward. Ultimately, the combined projects will have over 650KSF of industrial space.

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