Commercial Real Estate Transactions 08-04-20

Sales Transactions 

1. Knightvest Capital purchased Signature Place, a 300-unit multifamily community at 600 W. Grove Parkwayin south Tempe for $62.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Western Wealth Capital. 

2. A joint venture between AEW Capital Management and Condor Cold Storage, a division of the real estate investment firm Brookhollow purchased the Café Valley Headquarters, a 285KSF, Class-A food processing and cold storage facility located within the Estrella Commons Business Park, for $42M, from Cornerstone Arizona. The Lee & Associates investment team of Ross Sanzari, Greg Guglielmino, Marcus Muirhead, and Steve Gonzalez handled the transaction.  

3. Logan Capital Advisors purchased the Pacific Bay Club, a 192-unit multifamily community in Ahwatukee for $35.7M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Picerne Development. 

4. Equus Capital Partners, Ltd. completed the sale of Scottsdale Gateway I, a 107KSF, two-story, class-A office/medical building in Scottsdale, for $27M. Benjamin Geelan and Andrew Milne of Jones Lang LaSalle represented the seller. 

5. The Ensign Group, Inc. acquired Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a 72-bed and 90 independent living unit center, for an undisclosed amount. 

6. A private charitable foundation purchased a 101.9KSF flex building located in Southbank Business Park at 3930 E. Watkins Street, Phoenix, for $10.55M. The JLL Capital Markets team representing the buyer was led by Managing Director Brian Ackerman. 

7. A limited liability company procured by Ruble and Puttkamer purchased a 55.1KSF double-net-leased Hobby Lobby at 1047 S. Castle Dome Avenue, Yuma, for $6.775M. Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office alongside Rick Puttkammer, investment specialist in the firm’s San Diego office had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

8. Scannell Properties purchased an approximately 70-acre site at the corner of Miller and Durango Roads in Buckeye for $6.65M. Greg Vogel and Wes Campbell with Land Advisors Organization’s Metro Phoenix office represented the seller. Plans for the site is the construction of an 850KSF distribution center for the specialty discount retailer Five Below. 

9. CASA Academy purchased a 26.3KSF former Safeway-anchored center at Park Northern in Phoenix, for $3.787M. The redeveloper and seller was SimonCRE and the buyer was represented by Kyle Campbell at Colliers International in Arizona. 

10. ADC Holdings purchased a, 858 SF single-tenant Dutch Bros Coffee at 9730 N. Oracle Road, Oro Valley, for $2.12M. Heslop represented the seller, Boulder Oro Valley LLC. 

Lease Transactions 

11. Lee & Associates’ Steve Farrell leased 3637 E. Miami Avenue, a 44.2KSF single-tenant building located near 32nd Street and the I-10 freeway in Phoenix. Josh Wyss with Cushman & Wakefield represented the tenant, Phat Scooters. Bjerk Builders is providing the construction remodel and tenant improvements for this property. 

12. Bright Health Plan, an insurance plan provider affiliated with Bright Health Inc. will occupy 28KSF in the Rio 2100 office complex near Tempe Town Lake, and will open October 1st. NAI Horizon Senior Vice President Troy Giammarco and Agent Joe Pequeno represented Bright Health Plan in a long-term lease totaling $3.214M.