Commercial Real Estate Transactions – 07-10-2018

Credit: Phoenix Business Journal

Sales Transactions

1. Phoenix-based Grand Canyon Education Inc. sold its Grand Canyon University for $853.1M. The sale of GCU was to a third company, the nonprofit Gazelle University, created specifically by Grand Canyon Education to spin off GCU.

2. As part of a three property arrangement, NexMetro recently sold Avilla Grace: 2121 N. Grace Blvd., Chandler, for $45M. The buyer was an entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

3. Institutional Property Advisors sold the 224-unit Adobe Ridge multifamily property in Phoenix for $41M. Aukum Group bought the complex.

4. JLL’s Capital Markets experts announced the sale of the fully leased Tempe Distribution Center. The property, which totals 249KSF in two buildings, sold to TA Realty LLC. Mark Detmer, Bo Mills and Ryan Sitov led the JLL Capital Markets team on the sale. They worked with JLL’s Steve Sayre, who serves as the exclusive leasing broker for the property seller, San Francisco-based Stockbridge Capital Group. No figures were disclosed in the JLL announcement, but Phoenix Business Journal reported the deal value at $23.5M.

5. ABI Multifamily announced the $23M sale of the175-unit Sun Creek Apartments in Glendale. The buyer is a private investor based in California. The seller is RK Properties. The multifamily brokerage team of Alon Shnitzer, Eddie Chang, Rue Bax, John Kobierowski and Doug Lazovick represented both in this transaction.

6. Scottsdale-based YAM Properties sold the eight-building Arrowhead Professional Center office campus south of Union Hills Drive in Glendale for $16.5M. Steve Lindley, Bob Buckley, Tracy Cartledge, Sheila Bale, Tom Weinhold and Ryan O’Connor, all of Cushman and Wakefield, represented YAM Properties in the transaction. Cleveland-based Woodside Health bought the property.

7. A 6.27-acre property housing a 55KSF Safeway Inc. grocery store in Laveen was bought by a Southern California family trust for $9.8M. Christopher DePierro, managing director of Faris Lee Investments, represented Ann Carter, the trustee of the Pace Bypass Trust in the transaction. The seller, CF Albert Propco LLC, was represented by Marcus & Millichap.

8. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona arranged the sale of the two-building, 56.6KSF Cornwell Technology Center in Scottsdale, for $9.9M. The team facilitated the transaction on behalf of the seller, Andersen Equities, LLC. The buyer, KPN Industrial, LLC, was assisted by Ron Schooler and Ken Elmer of Commercial Properties Inc.

9. Jim Crews of Cushman & Wakefield completed the sale of the 72-unit  Williams Gateway Apartments, 5850 S. Power Road, Gilbert. Nasim Sikder of Chandler purchased the property from Chicago-based 29SC Williams Landing, LP, a Delaware Limited Partnership, for $7.5M.

10. A 50KSF tractor-trailer repair and maintenance building sold for $6.95M in south Phoenix. Isy Sonabend of NAI Horizon represented the seller, Wabash National Trailer Centers Inc., in the sale. TEC Equipment of Portland, Oregon, bought the property.

11. The City of Glendale has approved the sale of 11 acres to the Tohono O’odham Nation for $3.1M. The property, on the south side of Northern Avenue approximately one half mile west of 91st Avenue, gives the Nation total ownership of the land near its new casino now under construction. The parcel is surrounded on three sides by land owned by the Tohono O’odham Nation, with the parcel’s fourth side fronting Northern Avenue. The property would not be used for gaming purposes, but for future economic development.

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