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Commercial Real Estate Transactions 10-06-20

18. Lowes Gilbert Gateway. Credit: Phoenix Business Journal

Sales Transactions 

1. A California-based buyer purchased Mountain Gate Apartments, a 132-unit multifamily community at 4602 E. Paradise Village Parkway North, Phoenix, for $22.25M, from a California-based seller. ABI Multifamily’s Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang represented the buyer. 

2. TA Realty LLC purchased Parc Germann, a new 224.4KSF, two-building urban industrial development in Chandler, for an undisclosed amount. JLL brokered the sale on behalf of the sellers, Jackson-Shaw and LaPour Partners. 

3. GDC SV LLC purchased Galeria de Coronado, a 15-home and 75-unit townhome community at 1016 Sentinel Peak Road, Sierra Vista, for $15.5M. Justin Lanne and Mike Chapman with NAI Horizon’s Tucson office, represented the buyer and sellers, GDC Townhomes, LLC. 

4. An Arizona-based buyer purchased Paseo 51 Apartments, a 116-unit multifamily community at 5215 W. Peoria Avenue, Phoenix, for $15.475M, from a California-based seller. ABI Multifamily’s Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang represented the buyer and seller. 

5. MAG Capital Partners purchased a 130.7KSF building used for office, warehouse and research space for Arizona Natural Resources, located at 2525 E. Beardsley Road, Phoenix, for $12.8M. The transaction was a sale-leaseback deal. 

6. An undisclosed buyer completing a 1031 exchange purchased Republic Services Recycling Center, a 59KSF industrial facility at 3780 E. Ajo Way, Tucson, for $11.4M. Bryce Horner and Tim Healy of CBRE in Tucson represented an undisclosed seller from California. Allen C. Buchanan and Joshua K. Harper of Lee & Associates represented the buyer. 

7. Top 10 Partners purchased a freestanding industrial building situated within the Riverview Business Park, 2625 S. 12th Street, Phoenix for $6.9M. Cushman & Wakefield’s Robert Buckley and Tracy Cartledge of the firm’s Phoenix office represented both the buyer and seller, Harrison Properties. 

8. An undisclosed developer purchased Cypress Commons, a 48-unit apartment property at 47 W. Rio Salado Parkway, Mesa, for $6.72M. Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a tenant in common. 

9. A limited liability company purchased 2 North 59th Avenue, a 124.6KSF industrial distribution warehouse in Phoenix, for $6.55M. Paul Berkner, an investment specialist in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

10. Deerwood Investments Utah, LLC purchased a 14.8KSF property at 10390 N. La Canada Drive, Tucson that serves as OneOncology’s newest cancer treatment facility for $5.7M. Andrew K. Fosberg and Dylan A. Brown of CBRE in Phoenix office represented the seller, MRR Holdings, LLC, an entity formed by West Coast Capital Partners. 

11. SRMM Investment purchased a former Walgreens subleased to Dollar Tree at 5480 E. 22nd Street, Tucson, for $4.1M. The seller was Shapiro Family Tucson, LLC. Jamie Medrss, Chris Lind and Mark Ruble with Marcus & Millichap Phoenix handled the transaction. 

12. An undisclosed buyer purchased the 12.8KSF Flagstaff OB/GYN & Sonora Quest Lab medical office building located at 1100 N. San Francisco Street, Flagstaff, for $3M. Alan Laulainen, investment specialist in Marcus & Millichap’s Phoenix office, along with Mark Ruble, Chris Lind and Jamie Medress, represented the seller, a limited liability company. 

13. RPM Investments purchased a 40KSF industrial building at 3401 W. Cocopah Street, Phoenix, for $2.864M., from Valley Citrus Packing CompanySteve Grossoehme of Rein & Grossoehme Commercial Real Estate LLC represented the seller and buyer. 

14. A California-based buyer purchased The Stills, a 12-unit multifamily community at 2336-2342 N. 46th Street, Phoenix, for $2.61M, from an Arizona-based seller. ABI Multifamily’s John Klocek and Patrick Burch represented the seller. 

15. An individual/personal trust purchased La Rosa, a 16-unit apartment property at 5105 S. La Rosa Drive, Tempe, for $2.542M. Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office, alongside Paul Bay, vice president investments, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a partnership. 

16. LGP Enterprises purchased a 12.26-acre development site, located at the NWC of Loop 202 and Baseline, for $2.22M. Kidder Mathews’ Brian Rosella represented the seller, Drexler Enterprises. 

17. Maracay has added 140 acres to its popular Waterston master-planned community, located at the NWC of Val Vista and Ocotillo roads in Gilbert. The land purchase, which was undisclosed represents the second phase of the community. 

Lease Transactions 

18. Lowe’s Companies Inc. leased 116.9KSF in the newly completed Gilbert Gateway Commerce Center4465 E. Nunneley Road, for a distribution and fulfillment centerEvan Koplan of CBRE Group Inc. represented the owners and Steve Larsen, Bill Honsaker and John Lydon of Jones Lang LaSalle Inc. represented the tenant. Lowe’s plans to move into the facility in early 2021. 

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