Commercial Real Estate Transactions 10-02-2018

Credit: Allwork

Sales Transactions

1. A distribution center fully leased by Inc. located at 6835 W. Buckeye Rd in Phoenix, has sold for $98.3M. The sale was a partnership between the Koll Company and Seera Investment Bank, a private equity firm in the Middle East. The buyer was CrossHarbor Capital Partners LLC.

2. Cushman & Wakefield completed the sale of The District at Mountain Vista, a 384-unit Class A, garden-style luxury rental community at 1304 S. 105th Place in Mesa. South 105th AZ Partners, LLC, an entity formed by Cortland Partners, purchased the property from Kaplan Mountain Vista Apartments, LP, an entity formed by Westplan Investors and Kaplan Development, LLC, for $62M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.

3. Bixby Land Company recently acquired two Class A industrial properties totaling $60.5M in Phoenix and West Sacramento, Calif. The Class-A distribution center located at 2300 South 51st Avenue in Phoenixis a 335KSF industrial building identified as Riverside at 51st. Will Strong of Cushman & Wakefield represented both the buyer and the seller, Pacifica Real Estate Group.

4. ABI Multifamily has announced the $51.5M sale of the Avante Apartment Homes, located in Phoenix. The multifamily brokerage team of Rue Bax, Alon Shnitzer, Eddie Chang, John Kobierowski and Doug Lazovick represented both the buyer, a private investment partnership based in California, and seller, Inland Empire Builders.

5. Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to Knightvest Acquisitions, LLC for $49M. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix represented the seller, P.B. Bell Companies. The buyer was self-represented.

6. The Nines Apartments, a 244-unit complex at Baseline and Rural roads in Tempe, recently sold for $38.5M. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller, 3rd Ave Investments, and the buyer, Tides Equities, LLC.

7. Maracay, a wholly owned company of the TRI Pointe Group has closed on 115 acres at the NWC of Chandler Heights and Val Vista roads in Gilbert for $31.6M, the second of three parcels for a new 236-acre master-planned community that will span Gilbert and Chandler. The site comprises a total of 332 pre-platted homesites acquired from four separate sellers. Ryan Willis of Willis Property Co. in Mesa brokered the four transactions. Half of the overall site was purchased from the Hamstra Family Living Trust in Chandler.

8. JLL’s Capital Markets experts have completed the $25.3M sale of Camelback Arboleda, a 179KSF, four-story office building in Phoenix’s Camelback Corridor. Fenway Capital Advisors bought the property. JLL’s Brian Ackerman and Dennis Desmond represented the sellers, Merced Capital and Restart Investments.

9. CBRE has completed the sale of two Class A office buildings within Glendale Corporate Center for $18.7M. Melcor Developments acquired buildings A and B, which total 130.4KSF, from Regent Properties. Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented Regent Properties. The buyer was represented by Tom Swan with Amcal Southwest.

10. CBRE has completed the sale of Riviera Village, a 162-unit multifamily community at 1532 S. Price Road in Tempe. PBIV – 1532 South Price Road, LP, acquired the property from Riviera Partners, LLC for $17.96M in an off-market transaction. Brian Smuckler, Jeff Seaman and Bryson Fricke with CBRE’s Phoenix office represented both buyer and seller.

11. Pederson Group Inc. successfully bid $7.2M for about 23 acres of State Trust Land in Phoenix at the NWC of 35th Avenue and Happy Valley Road. The successful bid amount at the Arizona State Land Department auction was $2.58M more than the subject parcel’s appraised value of $4.62M.

12. The Shops At 32nd & Thomas, a 4.9KSF retail shop building located at 3175 East Thomas Rd in Phoenix, was recently sold to RG3MHR, LLC, for $3.575M. The seller was Phoenix – 32nd & Thomas Investments, LLC. Jim Edwards of Rein & Grossoehme Commercial Real Estate represented the buyer. Billy Sleeth of Newmark Knight Frank represented the seller.

13. The Prescott Valley Retail Center, a 9KSF shopping center at 7584 E SR69 in Prescott Valley, was recently sold to RG3MHR, LLC, for $3.52M. The seller was WPP PRESCOTT, LLC. Jim Edwards of Rein & Grossoehme Commercial Real Estate represented the buyer. Steve Julius of CBRE represented the seller.

14. The Robert C Marrs Trust has purchased a 61KSF industrial building at 2851 W. Indian School Road in Phoenix. The building, on 2.15 acres, sold for $2.95M. Michael Waxman of Levrose Commercial Real Estate/TCN Worldwide facilitated the sale.

15. Coworking company Novel Coworking is expanding into Midtown Phoenix with the purchase of 2828 N. Central Avenue. The company acquired the building on September 17 and plans to renovate it to provide modern and affordable workspace. Pre-leasing is already underway for private offices, office suites, and coworking memberships. No sales price was provided.

Lease Transactions

16. Becton, Dickinson and Co. plans to break ground later this week for a 120KSF building on the IDEA Tempe biotechnology campus just west of Tempe Center for the Arts. The building wills serve as the New Jersey-based global medical company’s southwest headquarters. This will be the first anchor tenant on the 18-acre IDEA Tempe campus.

17. Serendipity Labs, a provider of coworking opportunities and workspace solutions, has leased 31.4KSF at the Camelback Collective mixed-use development at 2801 E. Camelback Road, Phoenix. Jerry Roberts and Pat Boyle of Cushman and Wakefield are in charge of leasing for the project. Serendipity Labs was represented by JLL’s John Pierson, Trevor Pratt and Jenna Borcherding, in collaboration with Michael Berman.

18. Arizona Care Network has moved into a 23KSF space at Arcadia Gateway Center in east Phoenix — a site nearly triple the size of its former space in midtown Phoenix. The move comes as the Phoenix-based accountable care organization, or ACO, is on track to hire 30 more people by the end of the year.

19. Leading Israeli automated drone startup Airobotics recently launched its North American headquarters in Scottsdale, where they will run all North America, South America and Central America operations.

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