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Commercial Real Estate Transactions 11-26-19

10. Michigan Investor. Credit: Colliers International

Sales Transactions

1. Wilshire Capital Partners purchased 3900 Camelback Center, a Class A, LEED Gold Certified office building located in the Camelback Corridor, for $54.5M. Newmark Knight Frank Co-Head, Kevin Shannon cooperated with Executive Managing Director CJ Osbrink to represent the developer, builder, owner and property manager, Ryan Companies, in the disposition of the 177.52KSF asset to the buyer. Along with Shannon, Executive Managing Directors Paul Jones, Ken White and Brunson Howard and Senior Managing Director Rick Stumm also cooperated with Osbrink to represent the seller.

2. 3434 E McDowell, LLC purchased La Casa at McDowell, a 128-unit apartment community located at 3434 E. McDowell Road, Phoenix for $15.15M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, La Casa at McDowell, LLC.

3. WhiteHaven Capital purchased Sun Crest Apartments, a 94-unit garden style complex at 111 N. Mesa Dr., for $10.6M. ABI Multifamily Partner Eddie Chang and Senior Managing Partner Alon Shnitzer, along with Senior Managing Partners John Kobierowski and Rue Bax, and Partner Doug Lazovick represented both the buyer and the California-based seller.

4. Revered No More, LLC purchased Valencia Townhomes, a 36-unit community located as 550 W. Maryland Ave., Phoenix, for $9.6M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, 55 Valencia, LLC.

5. The U.S. Bureau of Land Management has approved the noncompetitive sale of two public land parcels totaling just over 3.38K acres to the Gila River Indian Community for just over $9.6M. One parcel, 3,180.35 acres, adjoins the community’s reservation on its northwestern border. The other parcel, 200.34 acres, is on the southern border of the reservation in Pinal County.

6. 17th at Glendale, LLC purchased The Villas, a 70-unit garden-style apartment community located at 5712 N. 67th Ave., Glendale, for $7.18M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, Villas Glendale, LLC.

7. Procaccianti Companies purchased Stay Tucson Inn & Suites, a 172- room hotel, located at 5251 S Julia Dr., Tucson, for $3.7M. PacVentures and RAR Hospitality were the sellers.

8. Old Vine Limited Partnership purchased Papago Plaza, a 19K+SF retail property in Scottsdale, for $3.5M. NAI Horizon Senior Vice President Lane Neville and Associate Logan Crum, along with Tom Swan of Amcal Southwest, represented the buyer. Iver Bowden of De Rito Partners represented the seller, DROF I-5, LLC of Scottsdale.

9. Airpark Office 75, LLC purchased a multi-tenant office/flex building in Scottsdale, for $3.35M. Jason Reddington and Keri Davies of LevRose Commercial Real Estate represented the buyer.

10. A Michigan-based fund manager purchased a three-project portfolio situated in Chandler. The portfolio includes: Chandler Corporate Center IV, Chandler Crossroads, and land at Chandler Crossroads. Korth, together with Phil Breidenbach, Paul Sieczkowski and Rob Martensen of Colliers International handled the sales transaction on behalf of the seller and directly sourced the buyer. Breidenbach, Sieczkowski and Martensen also served as exclusive leasing agents for the properties.

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