Commercial Real Estate Transactions – 8-14-18

Credit: City of Mesa

Sales Transactions

1.  The Blackstone Group LP paid $311M for six apartment properties across metro Phoenix. Blackstone has bought more than $1B in Phoenix-area properties in 2018. The latest purchase of 1,751 apartment units from a fund managed by DRA Advisors and joint venture partner The Milestone Group Inc. was for these properties: Finisterra, Tempe, $63.23M; Lumiere Chandler, $45.3M; Residences at Stadium Village, Surprise, $67.8M; Sierra Canyon, Glendale, $41.9M; Sierra Foothills, Phoenix, $57.2M; Waterford at Peoria, Peoria, $35.2M.

2.  National real estate investor and operator Waterton announced it acquired Element Deer Valley, a 629-unit community at 19940 N. 23rd Avenue in Phoenix. Though not officially released, sources noted the price was $94.5M.

3. The Terraces at Glassford Hill apartments in Prescott Valley have been sold to Virtú Investments for $47.35M. The Cooke Team, led by Brad Cooke of Colliers International in Greater Phoenix, negotiated the sale transaction. The company purchased the property from Bear Holdings Group.

4.  Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Azura, a 387-unit apartment asset in North Phoenix. The property sold for $38.2M. Cliff David and Steve Gebing represented the seller, Jevan Capital, and procured the private buyer.

5. The Forum North 44, a 102.6KSF, Class A office building on 44th Street and Thomas Road, sold for $19.4M to buyer William Stock. Eric Wichterman, Chris Toci, Chad Littell, Mike Coover, Tim Whittemore and Chris Nord of Cushman & Wakefield Phoenix negotiated the sale on behalf of the seller. Aaron Dutcher of MHG Commercial represented the buyer.

6. CBRE arranged the sale of El Cortez, a 156-unit apartment complex at 3130 N. 7th Ave. in Phoenix. The property was sold by FPA5 El Cortez, LLC, to PB Acquisitions for $12.07M. Brian Smuckler, Jeff Seaman, Bryson Fricke and Bert Kempfert with CBRE’s Phoenix office represented both the buyer and the seller in the transaction.

7. In the first purchase of residentially zoned State Trust Land in Tucson in more than a decade, KB Homes successfully bid $10.625M for about 210 acres northeast of the NEC of Camino Seco and Irvington Road.

8. A 92.3KSF, four-story office building at 2910 N. 44th Street, Phoenix sold for $9.75M. Lee & Associates Arizona’s Bill Blake and Colton Trauter represented the buyer, Tessenderlo Kerley, Inc. The seller, State of Arizona, was assisted by Chris Corney and Pat Williams of JLL.

9.  The Arizona Board of Regents approved Northern Arizona University’s $4.9M acquisition of former bar property, Granny’s Closet, and three nearby rental houses in Flagstaff from Northern Arizona Real Estate Holdings, which works on behalf of the NAU Foundation.

10. Commercial Properties, Inc./CORFAC International announced the sale of an industrial manufacturing building at 2401 W 1st Street, Tempe. Leroy Breinholt and Eric Jones represented the seller, Robert Colman. Phil Haenel of Cushman Wakefield represented the buyer, Renewal by Andersen, who purchased the property for $3.5M.

11. Cushman & Wakefield’s Chris Hollenbeck completed the sales of two O’Reilly Auto Parts properties on behalf of JD 2 LLC, for a total of $3.4M. The store at 8964 W. Peoria Avenue sold for $1.9M. 1401 W. Apache Trail sold for $1.5M. 

12. Main Street Plaza in Mesa sold for $2.5M. Derek Buescher of ORION Investment Real Estate represented the seller, Main Street Plaza Property, LLC. The buyer, A&A Investment Group, LLC, was represented by Taylor Street Advisors.

13.  Trammell Crow Company and an institutional investor have partnered to acquire a 38.5-acre site south of the SEC of 59th Avenue and Lower Buckeye Road in Phoenix for the development of West 202 Logistics Center, a new 554KSF, Class A industrial building. No price was given.

14. A portion of the office building at 3033 N. Central Ave. and its adjacent parking garage has been sold to a Canadian investor as its first Midtown Phoenix acquisition. Mindy Korth, Charles Miscio and Kirk Kuller of Colliers International in Greater Phoenix represented the seller in the transaction. Jim Bayless, Kate Morris and Vince Femiano of CBRE represented the buyer. Phoenix Central Park Medical LP purchased the property from an entity represented by The Krausz Companies. No price was given.

Lease Transactions

15. Brian Gast of Velocity Retail Group represented Circle K in a 52KSF ground lease at the SEC of Elliot Road and 51st Street in Phoenix. The adjacent former Burger King will be razed to rebuild a new prototypical Circle K on the larger site.

16. Fortune 500 firm Cognizant opened its newest U.S. regional center at 1130 N. Alma School Road in Mesa, where they occupy two floors and 50KSF.

17. PM&M Electric Inc., which does business as Titan Solar Power, is moving from Gilbert to Mesa and into a 36KSF office near Arizona Avenue and Baseline that was formerly a flooring store.

18. Ashley HomeStore has signed a lease for a new 31.7KSF location at 3090 Gateway Boulevard in Prescott. Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty represented the tenant in the transaction. Ryan Desmond from Western Retail Advisors represented the landlord, STORE Capital.

19. Dave Cheatham, Darren Pitts and Bonnie Arlia of Velocity Retail Group recently finalized a lease of 12.5KSF on behalf of Old Navy. The new store will be located at the SWC of the US 60 Freeway and Signal Butte Road. Brian Gast of Velocity Retail Group represented the landlord, DTL-SGW, LLC and DTR1C-SGW, LLC.

20. Scottsdale Fashion Square owner Macerich announced it was bringing co-working space Industrious to the mall as part of a national partnership that could see the group land at various properties. Lease terms were not disclosed.

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