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Commercial Real Estate Transactions 09-29-20

14. 3724 Bldg. Credit: LevRose Commercial Real Estate

Sales Transactions 

1. The Praedium Group purchased Liv North Valley, a 385-unit luxury multifamily asset adjacent to the intersection of Interstate 17 and Loop 303/Bob Stump Memorial Highway, for $90M. Steve Gebing and Cliff David with Institutional Property Advisorsa division of Marcus & Millichaprepresented the seller and procured the buyer. 

2. CPI Superstition Sunrise Owner LLC purchased Superstition Sunrise RV Resort, a luxury, 55-plus RV resort with 1,119 spaces at 702 S. Meridian Road, Apache Junction, for $88M. HARRI5 represented the buyer. The seller was Superstition Sunrise. 

3. Tides Equities purchased Solara at Mill Avenue, a 515-unit multifamily community at 3730 S. Mill Avenue, Tempe, for $77M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Danny Baker represented the sellersa partnership between Acre Valley Real Estate Capital and BH Equities. 

4. A group of Utah investors purchased Legacy Apartments at Dove Mountain, a 168-unit luxury multifamily complex at 12100 N. Mountain Centre Road, Marana, for $34M. Art and Cling Wadlund with Berkadia Real Estate Partners of Tucson handled the transaction for the seller, Legacy Apartments at Dove Mountain, LLC. 

5. Affiliates of KKR purchased West80, a 380KSF industrial property at 8001 W. Buckeye Road, Buckeye, for an undisclosed amount. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, Westcore. KKR represented itself. 

6. Westmount Realty Capital purchased Urban Trails at the District, a two-story, 156-unit garden-style apartment community at 1620 W. Southern Avenue, Mesa, for an undisclosed amount.  

7. PE, LLC purchased The Fordham office complex, two multi-tenant office buildings totaling 90.7KSF at 1430 & 1440 E Missouri Avenue, Phoenix, for $16.75M. Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller, 1440 Missouri Partners, LP, controlled by Phoenix-based Jevan Capital. 

8. Landsea Homes purchased 130 acres of land with 476 lots of a master-planned community at the NEC of 171st Avenue and Jomax Road, Surprise, for $16.66M. The seller was Harvard Investments and the land deal was brokered by Land Advisors. 

9. CORE Real Estate Capital and Rincon Capital Partners have jointly acquired Woodridge Apartments, a 204-unit, Class C+/B- multifamily community at 8225 E. Speedway Boulevard, Tucson, for $15.4M. They will rebrand the property and expect to invest up to $3.6M to remediate deferred maintenance, renovate common areas, upgrade interiors and improve landscaping. 

10. An undisclosed buyer purchased Sora on Rose, a 92-unit multifamily asset at the intersection of 16th Street and Bethany Home Road, Phoenix, for $14.5M. Paul Bay, Marcus & Millichap’s Vice President of Investments, represented the undisclosed seller. Darrell Moffit, Senior Vice President of Investments, procured the buyer. 

11. Meritage Homes of Arizona has purchased Camino Crossing, a 24.220acre planned residential development site at the NEC of Williams Drive and El Mirage Road, El Mirage, for $5.4M. The seller was Kimco El Mirage, LLC. Commercial real estate broker Brian Rosella, now with Kidder Mathews, represented Meritage Homes. 

12. An undisclosed buyer purchased Bella Rosa, a 28-unit apartment property at 6521 E. University Drive, Mesa, for $4.3M. Paul Bay, Marcus & Millichap’s Vice President of Investments, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, and procured the buyer. 

13. An undisclosed buyer purchased the 143-site Ponderosa Mobile Home and RV Resort in Payson for $4.25M. John Sheedy, Senior Vice President of Park Brokerage Inc. exclusively represented the seller and procured the experienced buyer. 

14. Michael Waxman and Foster Bundy with LevRose Commercial Real Estate announced the $3.95M sale of a 19.3KSF, two-story landscaped building at 3724 N. 3rd Street, Phoenix. 

15. Moreno-Third Street, LLC purchased the 35.2KSF, two-tenant, net-leased retail center at 500 W. Catalina Drive, Yuma, for $3.4M. Newmark Knight Frank Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Chase Dorsett represented both the seller, Hawkins-Smith & Jason, LLC, and the buyer. 

16. A private California-Based 1031-exchange buyer purchased Prescott Airpark NNN Flex Industrial, a 30KSF industrial property in Prescott, for $3.1M. Cory Gross, first vice president of investments in Marcus & Millichap’s Denver office and director of the firm’s Retail Division, had the exclusive listing to market the property on behalf of the seller, Value Investment Group. The buyer was also secured and represented Gross in conjunction with Marcus & Millichap’s Arizona Broker of Record, Ryan Sarbinoff. 

17. X Co. purchased an approximately 0.64-acre lot at 625-629 N. 2nd Avenue, Phoenix, for $2.85M. Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors negotiated the transaction on behalf of the seller, 629 Phoenix, LLC. 

Lease Transactions 

18. Green Worldwide signed a lease to occupy the entirety of Park Aldea’s Building C, which spans 87.3KSF and is located at 10200 W. Montebello Avenue. The company plans to move to the new facility at the end of 2020. Mitchell Stravitz, Cooper Fratt, and Tanner Ferrandi with CBRE Phoenix serve as the exclusive leasing agents for the project. Ted Liles from Cresa represented Green Worldwide. 

19. Banner Health is leasing around 13.1KSF and Glendale Obstetrics and Gynecology is leasing 2.7KSF at Thunderbird Paseo Medical I and II5601 and 5605 W. EugieGlendale. The Phoenix Kidder Mathews healthcare team of Michael Dupuy and Rachael Thompson represented the landlord, Ventas, Inc. and the managing agent, PMB Real Estate ServicesVicki Robinson and Pat Williams with JLL represented Banner and Perry Gabuzzi with The Plaza Companies represented Glendale Obstetrics and Gynecology. 

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