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Commercial Real Estate Transactions 11-24-20

10. Arrowhead Vistas. Credit: Rein & Grossoehme

Sales Transactions

1. An undisclosed buyer represented by Martin Cohan of Marcus and Millichap, Steve Gebing  and Cliff David of IPA, purchased Riata, a 300-unit Class A multifamily community in Chandler 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, Embrey Partners.

2. Inland Real Estate Group purchased Christopher Todd Communities at Stadium, a 313-unit single-family rental community at 9999 W. Missouri Avenue, Glendale, for $82.95M from Christopher Todd Communities. Trevor Koskovich, president of investment sales for NorthMarq, brokered the transaction.

3. KKR purchased a 249.9KSF Class A warehouse/distribution facility located at 8313 W. Latham Street, Tolleson, for $31.85M. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the undisclosed seller.

4. Harsch Investment Properties purchased Evans Airpark Center, a four-building, 120.4KSF, multi-tenant industrial park at 8212 & 8224 E. Evans Road and 14555 & 14557 North 82nd Street, Scottsdale, for $17.65M. Tracy Cartledge, Steve Lindley, Bob Buckley, and Michael Kitlica of Cushman & Wakefield’s Phoenix office represented the seller, Fadden Enterprises.

5. ReNUE Properties purchased Sombra Apartments, a 264-unit multifamily community at 2020 W. Glendale Avenue, Phoenix, using a $15.738M Freddie Mac Loan. NorthMarq’s Phoenix Debt and Equity team led by Brandon Harrington, managing director and Tyler Woodard, vice president, arranged the financing for ReNUE.

6. A high-net worth family out of California purchased a 42.3KSF Class A industrial/showroom building located at 2077 E. University Drive, Tempe, for $13.5M. Will Strong and Greer Oliver of Cushman & Wakefield’s National Industrial Advisory Group in Phoenix represented the undisclosed seller.

7. A joint venture between Barker Pacific Group and Artemis Real Estate Partners has acquired the 94.5KSF, Class A, Life Storage building in Phoenix for an undisclosed amount.

8. Alturas Shops at 38th LLC purchased The Shops at 38th Street, a 23KSF shopping center in Phoenix’s Arcadia Neighborhood for $6.1M. Nick Miner of Orion Investment Real Estate represented the seller, Richard Oliver.

9. A Santa Clara, California-based buyer purchased a 9.8KSF retail building located at the intersection of West Peoria and North 43rd avenues in Glendale for $3.8M. Ari Spiro and Sean Stutzman of Orion Investment Real Estate represented the seller, an affiliate of DeRito Partners, while Joel Owens of All World Realty represented the buyer. (THIS ARTICLE DATES FROM AUGUST 24, 2020, BUT I DON’T SEE THE TRANSACTION LISTED IN PAST ISSUES. KEEP? CUT?)

10. Cactus Arrowhead Vistas LLC purchased Arrowhead Vistas Shopping Center, a 16.5KSF shopping center at 17155 N. 51st Avenue, Glendale, for $2.3M. Mark Rein and Jim Edwards of Rein & Grossoehme represented the seller, Arrowhead Property LLC, and Larry Peters of Delex Realty represented the buyer.

Lease Transactions

11. Cider Corps, a popular East Valley craft cidery, decided to move all of its cider production into a new 14KSF facility on a 2.5-acre property at 685 S. Gilbert Road. The new Gilbert facility is expected to be up and running by mid-2021.

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