Commercial Real Estate Transactions – 8-7-18

Credit: ABI Multifamily

Sales Transactions

1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Velaire at Aspera, a 286-unit core multifamily asset in Glendale. The property sold for $64.35M. Steve Gebing and Cliff David represented the seller, P.B. Bell, and procured the buyer.

2. EverWest, in partnership with WHI Real Estate Partners L.P. and co-developer George Oliver Companies, has completed the sale of The Quad, a $23M, 167KSF redevelopment project that reformed a 1982-built executive suites campus into a creative office community in Scottsdale. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital Markets represented EverWest and WHI. Bryan Taute and Charlie von Arentschildt of CBRE were the project’s leasing brokers. Marketinsider reports buyer City Office REIT paid $51M, which would be a record price/SF.

3. BP Bridges Partners, an affiliate of Bourn Companies, closed on 112 acres of land at The Bridges in Tucson for $18M. The seller was U.S. Home Corporation. The company also began to move dirt the same week for a new 200KSF multi-level office building for GEICO on 20-acres at The Bridges planned master site.

4. ABI Multifamily announced the $8.8M sale of the Serrano Gardens Apartments in Mesa. The buyer is a private investment partnership based in California. The seller, Income Property Investors, is a private investment company based in San Diego. The multifamily brokerage team of Alon Shnitzer, Eddie Chang, Doug Lazovick, John Kobierowski and Rue Bax represented both the buyer and seller.

5. ABI Multifamily also announced the $6.25M sale of Sierra Verde Villas in Phoenix. The buyer is a private multifamily investor based in Phoenix. The seller is an experienced private investor based in Southern California. The multifamily brokerage team of Rue Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick represented both parties.

6. Rounding out a busy couple of weeks, ABI Multifamily announced the $4.17M sale of the Phoenician Condominiums in Phoenix. The buyer is an experienced private investment partnership based in Arizona. There were 14 separate sellers. The multifamily brokerage team of Ryan Smith, Eddie Chang, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick represented both the buyer and seller.

7.Store Capital Corporation, headquartered in Scottsdale, has purchased a 62KSF building on a 6.87-acre parcel at 1200 N. Alma School Road, Chandler, for $3.45M. VASA Development LLC entered into a sale leaseback transaction with the buyer. The seller Five Sons Furniture AZ LLC. Ray Cashen of Cashen Realty Advisors represented the seller in the Store Capital/VASA transaction.

8. Avison Young announced it has brokered the $2.8M sale of 32nd Street SurgiCenter, a fully occupied, 10.5KSF medical office building in Phoenix. Avison Young’s Julie Johnson and Alexandra Loye represented the seller, ST Real Estate, LLC. The buyer is a private trust.

9. SVN Desert Commercial Advisors’ Judy Jones represented Cal & Deborah Pucket in selling 4201 N. Marshall Way, home to the Calvin Charles Gallery for more than 10 years. The property sold for $2.45M. John Vatista was the buyer.

Lease Transactions

10. Stockdale Capital Partners has leased a 19.55KSF space in the Galleria in Scottsdale to online real estate locator Zillow. Bryan Taute and Charlie Von Arentschildt of CBRE represented Stockdale Capital Partners in the lease transaction while Mike Gordon of Cresa represented Zillow.

11. Commercial Properties, Inc./CORFAC International has announced strong leasing activity at brand new mixed-use The Shops on the Avenue at Park Place in Fountain Hills. CPI VP of Retail Sales and Leasing Trent Rustan said 11KSF of the 32KSF total space is currently under lease or out for signature.

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