Commercial Real Estate Transactions – 07-24-2018

Credit: Liam Frederick/Phoenix Business Journal

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of Willow Creek, a 402-unit value-add multifamily asset in Tempe. The property sold for $60.5M. IPA’s Cliff David and Steve Gebing represented the seller, Acacia Capital, and procured the buyer, JB Partners.

2. D.R. Horton successfully bid $31.35M in an Arizona State Land Department auction for 125.36 acres of State Trust Land in Peoria that is zoned for residential use. It was the only bid in the auction, with the minimum allowable bid. That figure is the appraised value of the subject parcel, at the SWC of Lake Pleasant Parkway and Deer Valley Road.

3. CBRE completed the sale of an LA Fitness-anchored 147.5KSF retail center on the SWC of Priest Drive and Elliot Road in Tempe. A partnership between real estate investment firms Unified CRE Partners, LLC and The Niki Group acquired the nearly 18.4-acre property from a joint venture between TriGate Capital and RSF Partners for $26.1M.

4. Byrd Hotel Group has finalized a $20M sale-leaseback transaction involving four hotel properties in Goodyear. It sold the properties to Kawa Capital Management. Grantham and James Meng of Colliers International in Greater Phoenix represented the seller in the transaction. Kawa was self-represented. The properties were: Red Lion Inn & Suites at 1313 N. Litchfield Rd. – 90 rooms; Hampton Inn & Suites at 2000 N. Litchfield Rd. – 110 rooms; Holiday Inn & Suites at 1188 N. Dysart Rd. – 100 rooms; Residence Inn at 2020 N. Litchfield Rd. – 78 rooms. The hotels contain a total of 442KSF of space on approximately 10.14 acres.

5. Romano Real Estate of Tucson announced the sale of the 1292.6KSF mixed-use Pavilions Shopping Center in Mesa for $15.3M. David Carroll and John Yarborough with Romano Real Estate Corporation represented the seller, Pavilions Shopping Center Limited Partnership, and David Jarand with Strategic Retail and West Valley Properties, Inc., dba West Valley Arizona represented the investor, CP6PV, LLC.

6. 6455 Box Springs Blvd., LLC purchased a 161KSF industrial building at 705 E. Ajo Way in Tucson, from Golden Eagle Distributors, Inc. for $13.3M. Stephen D. Cohen and Michael Hammond with Cushman & Wakefield | PICOR, represented the seller; Art Day with CBRE, represented the buyer.

7. The 160-unit Palms at Glendale apartments in Glendale sold this month for $13.2M. PGA Holdings LLC was the buyer. Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily represented the seller and procured the buyer in this transaction.

8. ABI Multifamily announced the $7.15 M sale of the 90-unit Casa Nueva Apartments in Phoenix. The buyer is a private multifamily investor based in Phoenix. The seller is a private investment company based in California. The multifamily brokerage team of Rue Bax, Eddie Chang, Alon Shnitzer, John Kobierowski, and Doug Lazovick represented both parties.

9. Cushman & Wakefield completed the sale of Williams Gateway Apartments in Gilbert. Nasim Sikder of Chandler purchased the property from 29SC Williams Landing, LP for $7.5M. Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.

10. Reliance Commercial Real Estate announced the closing of Crossroads of Tempe. The property, 315 West Elliott Road & 7707 South Kyrene Road, sold for $7.45M. Jake Danovic of Reliance represented Eleven Investments in the sale and lease up of the asset. The buyer was represented by Bobbie Mastracci of Phoenix West Commercial.

11. Cabana Washington LLC, Rob Lyles and Patricia Watts of Deco Communities, has purchased 6.18 acres at the NEC of the 202 and Washington in Phoenix for of $5M. The seller was 202 & Washington LLC. Ray Cashen of Cashen Realty Advisors was the broker. Deco Communities will be developing a 220-unit surface parked multifamily complex on the site with construction to commence by year’s end.

12. Cushman & Wakefield completed the sale of Bashford Courts Atrium Mall in Prescott. Hannay Realty Advisors purchased the property from Bashford Courts, LLC for $4.95M. Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the transaction. Greg Mayer of Cushman & Wakefield Phoenix represented the buyer.

13. Reeve Family Trust purchased Riata Court Apartments, a 16-unit complex at 2875 E. 6th St. in Tucson, from Riata Court Apartments, LLC for $2.8M. Allan Mendelsberg with Cushman & Wakefield | PICOR handled this transaction.

14. Villa Sorrento, LLC purchased Villa Sorrento Apartments, a 60-unit complex at 334 W. Valencia Rd. in Tucson, from Packjak Properties, LP for $2.1M. Allan Mendelsberg with Cushman & Wakefield | PICOR handled this transaction.

Lease Transactions

15. Transwestern announced it has negotiated a full-building lease at Desert Canyon 300 to a national tenant for its new information technology corporate office. Transwestern’s Bill Zurek, Jim Achen, Jr., and Brian Zurek provide leasing services for the 149KSF property on behalf of the landlord.

16. Altitude Trampoline Park will occupy more than 35KSF at Gilbert Towne Center, 701 N. Gilbert Rd. in Mesa. Nick Ault and Daniel Ortega of Colliers International worked in partnership with Joseph Williams of The Woodmont Company to represent Altitude Trampoline Park in its site identification and lease negotiations. David Jarand and Erin Schrauth of Strategic Retail Group represented the owners of Gilbert Towne Center.

17. Carroll’s, LLC, dba Big O Tires, leased 64.7KSF at 6161 S. Palo Verde Rd., Suite 100 in Tucson, with Colflin Cobalt I-II Owner, LLC. Rob Glaser and Brandon Rodgers with Cushman & Wakefield | PICOR represented the landlord; Tom Louer with Lee & Associates, represented the tenant.

18. Kuumba Made, Inc. leased 14.8KSF in Broadbent Industrial Center  in Tucson from Forbes Tucson, LLC. Rob Glaser with Cushman & Wakefield | PICOR represented the landlord; David Volk with CBRE, represented the tenant.

19. Park University is leasing 11KSF at Gilbert’s University Building, 82 W. Vaughn Ave., where it will offer adult education in accelerated, eight-week evening classes during its first year.

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