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Commercial Real Estate Transactions 11-10-20

19. Yandy. Credit: Phoenix Business Journal

Sales Transactions 

1. D.R. Horton Incpaid $245.5M for 2,783 acres at the SEC of Elliot and Meridian roads, as the winning bidder in Wednesday’s Arizona State Land Department auction. D.R. Horton outbid Shea Homes and two partnerships named Stone Hill Land Partners LLC and Superstition Vista 2783 LLC. 

2. Thayer Manca Residential purchased Entrada Modern Apartment Homes, a 424-unit garden-style multifamily property at 4545 N. Via Entrada, Tucson, for $65.5M. Senior Managing Director Art Wadlund and Director Clint Wadlund of Berkadia’s Tucson office represented the seller, Millburn and Company. 

3. JRK Property Holdings, Inc purchased 909 West, a 408-unit, garden-style multifamily community located in South Tempe for an undisclosed amount. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, MG Properties Group. 

4. A California-based private investor purchased Desert Gateway II, a two-building, 173.2KSF industrial project at 747 and 777 W. Pinnacle Peak Road, Phoenix, for $13.45M. 36th Street Partners and Cale Enterprises were the sellers and were self-represented. 

5. Montecito Medical Real Estate purchased the Southeast Valley Gastroenterology & Endoscopy Center, a 20.1KSF medical office building at 875 S. Dobson Road, Chandler, for $9.718M. Devpal Gupta, Executive Director of Cushman & Wakefield’s Phoenix office, collaborated with Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team to represent the seller, Southeast Valley Gastroenterology who, in turn, signed a long-term leaseback agreement. 

6. The Palms on Monte Vista, a 44-unit property in Phoenix, sold for $6.2M. Both the California-based buyer and Arizona-based seller were represented by ABI Multifamily’s Dallin Hammond, Mitchell Drake, Carson Griesemer, John Klocek and Patrick Burch. 

7. Metro Fire Equipment purchased two adjacent industrial and office properties totaling 26.7KSF at 1240 and 1200-1210 W. San Pedro Street, Gilbert, for $5.5M. Evan Koplan and Serena Wedlich of CBRE in Phoenix represented the buyer and the seller in the trade of 1240 W. San Pedro StreetCBRE’s Mark Krison and Luke Krison represented the seller in the sale of the second property 

8. Camelot Homes purchased The Asteria Highlands project, a 38.4-acre development site in north Scottsdale, for $5.4M. Bret Rinehart, Ryan Semro, and Ben Heglie, with Land Advisors Organization’s Metropolitan Phoenix office, represented the sellerHines. Camelot is planning to build homes that will complement their other successful projects in North Scottsdale. 

9. The Harlow Apartments, a 27-unit property in Tempe, sold for $4.98MABI Multifamily’s Alon Shnitzer represented the Washington-based buyer and Rue Bax, and Royce Munroe represented the Arizona-based seller. 

10. Pueblo Springs Holdings, LLC purchased Pueblo Springs Apartments, a 75-unit, 41.9KSF multifamily property at 3003 N. Alvernon WayTucson for $4.2M. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented the seller, Bakerson, LLC. Anna Sepic with Levrose Commercial Real Estate represented the buyer. 

11. The Bonnie Lynn Apartments, a 34-unit property in Phoenix, sold for $3.75MABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the California-based buyer and Arizona-based seller. 

12. Portledge Partners, LLC purchased The Grove, a seven-unit, 27-bed, 14.3KSF apartment complex at 2102 and 2110 N. First Avenue, Tucson, for $2.75M. Cushman & Wakefield | PICOR handled this transaction.  Allan Mendelsberg, Principal, and Conrad Martinez represented the seller, West Seattle 37 Investors, LLC. Paul Hooker, Principal, represented the buyer. 

13. A Wisconsin-based private investor purchased a 3KSF Mister Car Wash at 3050 N. Oracle Road, Tucson, for $2.7M. Austin Blodgett and Lee Csenar of Hanley Investment Group represented the seller, CWPS Corporation dba Mister Car Wash. Matt Riesterer of Luther Group represented the buyer. 

14. Bison, LLC purchased a 15.6KSF industrial building at 14982 N. 83rd Place, Scottsdale, for $2.5M, from The Gary B Mannisto Living Trust. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate LLC represented both parties. 

15. ACP Real Estate, LLC purchased 42KSF industrial building at 2825 W. Thomas Road, Phoenix, for $2.375M. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate LLC represented the seller, MRM Investments LP. 

16. Richmond American Homes of Arizona has acquired 89 platted and engineered lots at Rancho del Lago in Vail for $2.358M. No brokers were reported. The sale included the Riverwalk at Rancho del Lago subdivision. 

17. California-based private investors purchased The Campbell, an 11-unit garden-style multifamily property at 2617 E. Campbell Avenue, Phoenix, for $2.245M. ABI Multifamily’s Mitchell Drake, Dallin Hammond, and Carson Griesemer represented the buyer and seller, a group of Arizona-based private investors. 

Lease Transactions 

18. NAI Horizon’s Matt Harper, CCIM represented the landlord, TSP Metro Gateway, LLC in a 180-month retail ground lease for 64.8KSF at 3315-3443 W. Peoria Avenue, Phoenix. The tenant, And Go Concepts, LLC was represented by Peter McQuaid with Avison Young. 

19. Yandy Enterprises LLC has leased 52KSF with plans to expand to 78KSF for their Yandy.com headquarters at the Hopewell 67 industrial building near 67th Avenue and Van Buren Street.  

20. Pacific Trellis Fruit, LLC leased 30.4KSF of industrial warehouse space located at 13 Calle Cristina in Rio Rico, from ACKA #3 Limited Partnership. Jose Dabdoub, Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. 

21. NAI Horizon’s Isy Sonabend and Drew Eisen represented the tenant, Metropolitan Warehouse & Delivery in a 63-month industrial lease for 25.6KSF at 5701 W. Latham Street, Phoenix. The landlord, EastGroup, was represented by Mike Gilbert with Cushman & Wakefield.   

22. Mountain View Adventure Vehicles, LLC leased 15KSF of industrial space in the Tucson Airport Center, 2859 E. Elvira Road, from H&A Realty, LLC.  Robert C. Glaser, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant. Alexandra Demeroutis and Jesse Blum with CBRE, represented the landlord. 

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