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Commercial Real Estate Transactions 09-22-20

10. Sprouts. Credit: Connect Phoenix

Sales Transactions 

1. Fundamental Income announced its acquisition of vehicle inspection and emissions testing centers for ~$56M from Opus Group ABOpus, which is leasing the properties back from Fundamental, will continue uninterrupted operations at the sites as part of the company’s testing network. The sale leaseback transaction allows Opus a total lease term of up to 35 years. 

2. Fundamental Income acquired a 75-acre vehicle inspection center at 600 S. 94th Avenue, Tolleson for $50M from Carvana. The e-commerce platform for buying and selling used cars will lease-back the property under a 25-year deal. SRS Real Estate Partners’ National Net Lease Group’s Travis Fidel represented both parties. 

3. KKR announced the acquisition of an industrial distribution property in Phoenix for approximately $43M. The property is a state-of-the-art fulfillment center completed in 2019 and was 100 percent leased at acquisition to the wholly owned subsidiary of a leading, Investment Grade public company. 

4. A limited liability company represented by Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office, purchased Torrey Pines Villas, a 70-unit apartment property at 5712 N. 67th Avenue, Glendale, for $8.3M. The seller, also represented by Bay, was a limited liability company. 

5. Saffield Family LLC purchased the Signature Office Suites, a Class A, two-story, 27.8KSF building at 8585 E. Hartford Drive, Scottsdale, for $6.85M. Greg Hopley, Jim Keeley and Dillon Hopley of Colliers International in Arizona represented the sellerSignature Suites SPT LLC (San Pasqual Fiduciary Trust Company)Steven Barger with CRE Property Advisors represented the buyer. 

6. Diamond Equity Partners has purchased Acacia Lofts, 28-unit Class A condo-quality community at 1456 E. 9th StreetCasa Grande, for $4.91M and plans to complete the build out of the community. The seller was Praxis Capital, IncThe sale was negotiated by Chris Roach, Brad Cooke, John Finnegan and Matt Roach of Colliers International in Arizona. 

7. Thompson Thrift purchased 20.04 acres of land located at the SWC of John Wayne Parkway and Edison Road in Maricopa for approximately $4.26M from ViaWest Group. The land will be developed into the Sonoran Creek Marketplace. The seller was represented by both Brad Douglass from Cushman & Wakefield and Ryan Leavitt of Ventana Commercial. Greg Laing of Phoenix Commercial Advisors represented the buyer. 

8. The 220KSF Arizona Daily Star building, located at 4850 S. Park Avenue, Tucson, was sold at auction for more than $3M. The sale and the buyers won’t be recorded for about a month. Details and plans for the office/industrial property are not yet known. CBRE was brought on last year to market the property. 

9. DR Horton, Inc. purchased Phase 1 of The Village at Barnett, a new subdivision at the NEC of Barnett and Sanders Roads, Marana, for $2.415M. The seller was RB Land Barnett Partners, LLCWill White and John Carroll of Land Advisors Organization in Tucson handled the transaction. 

10. An undisclosed investor, represented by Art Flores with CBRE in Newport Beach, purchased the 2.3KSF Chipotle at The Crossing at Sahuarita Shopping Center, 18725 S. Nogales Highway, for $2.233M. Chad Tiedeman and Steven Underwood with Phoenix Commercial Advisors represented the seller, FAE Holdings. 

11. Retail developer Aaron Klusman purchased A 3.1-acre development site located at NWC US-60 and Crismon Road, Mesa, for $2.216M. The development plans are for three pads making up the retail portion a 40-acre mixed-use project. Kidder Mathews commercial real estate brokers, Trask Switzenberg and Darrell DeShaw, represented the buyer. The seller was QUYP Development. 

12. An undisclosed buyer purchased the Red Rock Mobile Home Park and OK RV Park, a 142-site park located in Holbrook, for $2.05M. John Sheedy, Senior Vice President of Park Brokerage Increpresented the seller and procured the buyer. 

13. Horizon Reality Advisors purchased 255 North, a 186-unit multifamily community in Tucson, for approximately $40M. Jeff Casper, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Multifamily Institutional Properties represented the sellers, a partnership between The Bascom Group and funds managed by Oaktree Capital Management, L.P. 

14. Harvard Investments announced that it closed five neighborhoods in Phase 1 of Verde Trails. Verde Trails is Harvard Investments new, 350-acre master-planned community at the SWC of 107th Avenue and Broadway Road in Avondale. The 537 homesites were purchased by Ashton WoodsMeritage Homes and Pulte Homes for an undisclosed amount. 

Lease Transactions 

15. CBRE has arranged a 10-year, 85KSF lease to GPMI Company, a disinfectant wipe manufacturer, at Gilbert Spectrum Building 1, 190 S. McQueen Road, Gilbert. Mike Parker of CBRE in Phoenix represented GPMI Company in the lease negotiations. Ken McQueen & Chris McClurg of Lee & Associates represented the landlord, SunCap Property Group. 

16. Thompson Thrift Retail Group signed a lease with Sprouts Farmers Market to anchor Sonoran Creek Marketplace, a 75KSF project the company is developing in Maricopa, a fast-growing community about 35 miles south of Phoenix. The Phoenix-based specialty grocery chain is expected to open the store in September 2021. 

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