Commercial Real Estate Transactions 07-21-20

Sales Transactions 

1. Pennybacker Capital purchased The Osborn Apartments, a 31-building, 302-unit multifamily complex near 32nd Street and Osborn Road, Phoenix, for $42M. Todd Braum, with Lee & Associates’ Arizona Apartment Group represented both the buyer and seller, Bean Investment Real Estate. 

2. AP MP, LLC, an affiliate of MBRE Health Care purchased a two-story, 40.9KSF fully occupied medical building at 535 N. Wilmot Road, Tucson, for $11.55M. Justin Lanne and Andrew Sternberg with NAI Horizon’s Tucson office represented the seller, 535 Wilmot Investors, an affiliate of The Schomac Group. The building is wholly occupied and leased to Banner Health, Inc. 

3. Safe Harbor Exchange, Inc. purchased a freestanding 40.7KSF industrial/flex building at 17602 N. Black Canyon Highway, Phoenix, for $8.4M. Paul Boyle and Rick Danis of Cushman and Wakefield’s Phoenix office represented the seller, VJ Black Canyon LLC, an entity controlled by VJ Properties, Inc.  

4. Wasko Modern, LLC purchased Wasko Apartments, a 38-unit apartment complex at 2302 E. Fort Lowell Road, Tucson. The investment property consisting of 30.3KSF of multifamily space, was purchased from Wasko Modern Apartments LLC for $5.275M. Allan Mendelsberg, Principal and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties. 

5. A private investor purchased two brand new freestanding industrial buildings totaling nearly 36.5KSF at 137th Avenue and Autodrive in Goodyear, for $4.96M. Trevor McKendry and Chris Rogers with DAUM Commercial Real Estate Services represented the buyer. The assets are part of the Palm Valley Crossing development, which was delivered earlier this year by Hopewell Development. 

6. A limited liability company represented by Matt Hagar with Intero Commercial purchased AAA, a 8.5KSF, triple-net-leased property at 15578 W. McDowell Road, Goodyear for $4M. Mark Ruble, Chris Lind and Jamie Medress, 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. 

7. Fast River, LLC & Square West, LLC purchased Miramonte at Third Apartments, a 61-unit apartment complex at 811-835 N. Alvernon Way, Tucson. The investment property consisting of 38.5KSF of multifamily space, was purchased from ZFI, LLC & KMS Properties, LLC for $3.95M. Allan Mendelsberg, Principal and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties. 

8. An undisclosed buyer purchased Big 5 Sporting Goods, a net-leased property at 41800 W. Maricopa-Casa Grande Highway, Maricopa for $2.163M. Mark Ruble, Chris Lind and Jamie Medress, 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. 

Lease Transactions 

9. Dexcom Inc. has leased 486KSF at the 605KSF Landing 202 development on Ray and Hawes Road, Mesa. The expansion plans will allow Dexcom to grow its East valley workforce to more than 1,000 employees. 

10. Launch Pad is opening its first Arizona location at 114 W. Main Street, Mesa, the first direct investment into a business using the “opportunity zone” program for investment firm Caliber Cos. Caliber owns the building where Launch Pad will lease 28KSF of space that will be designed to have 67 individual offices, meeting room space and a coffee bar. 

11. Medical office experts in JLL‘s Phoenix office have completed 21.3KSF in new leases at the Class A Lincoln Medical Plaza at the SWC of Scottsdale Road and Lincoln Drive, within the Lincoln Plaza Retail Center in Paradise Valley. Clear Dermatology leased two, 6.1KSF first-floor medical offices, while Paradise Valley Multi-Specialty Surgery Center leased the full 15.6KSF second floor. JLL Vice Presidents Mari Lederman and Katie McIntyre represented the building owner, Jamel Greenway LLC, as well as Clear Dermatology in the lease negotiations.