Sales Transactions
1. Westcore Properties purchased a 22-acre portion of Mack Real Estate Group’s Mack Innovation Park near Deer Valley Airport for $90.7M. The 22-acre site currently holds three multi-tenant industrial buildings ranging from 62.8KSF to 201.2KSF. Each building is fully leased.
2. JLL Capital Markets announced the $89.9M sale of Fairway Commerce Center, a 450.3KSF distribution facility in Avondale. The asset features a 10-year triple-net lease with the United States Postal Service. JLL represented the seller, Westfield Company Inc. and RGA ReCap Incorporated on behalf of RGA. Fairway Commerce Center is located at 12250 W. Corporate Dr.
3. BlackRock Realty Advisors recently purchased BB Living at Union Parkfor $80.2M. The 154-unit Build-to-Rent community is located at 25111 N. 21st Ave. in Phoenix.
4. Schnitzer Properties purchased the Warner Commerce Center on E. Warner Road in Phoenix for $78.3M. The undisclosed seller was represented by Cushman & Wakefield, while the buyer was self-represented. Lee and Associates’ Stein Koss and Tom Louer are handling leasing.
5. A 178-acre site in Buckeye was recently purchased by Burlington for $68.5M. The seller, Garrett Development Corporation, was represented by Nathan & Associates’ Nate Nathan, Dave Mullard and Ryan Duncan, as well as Land Advisors Organization’s Ryan Semro. The buyer was represented by Colliers’ Mark Zorn and JLL’s John Lydon.
6. An entity tied to First Industrial Realty Trust sold a 70-acre property in Glendale to Vantage Data Centers for $58.5M. The property is located near Loop 303 and Bethany Home Road in the Camelback 303 master-planned industrial area.
7. A 147.6KSF office building at 25700 N. Norterra Pkwy. in north Phoenix was recently purchased by Lam Research Corporation. JDM Partners sold the office for $45.8M. Lam Research was represented by Newmark’s Erin McClure. The seller was represented by Newmark’s Chris Marchildon, CJ Osbrink, Barry Gabel, Gary Cornish and Nico Burgarello.
8. Life Time Group Holdings Inc. recently sold its gym at 1616 W. Ruby Dr. in Tempe in a sale-leaseback transaction. North Haven Net REIT purchased the 108.9KSF facility for $26M and is under contract to lease the property to Life Time until 2050.
9. TW Shannon Park LLC purchased Shannon Park Apartments, a 90-unit apartment complex located at 3767 N. Country Club Road in Tucson. The 68.5KSF complex was purchased from Bayliss Associates Limited Partnership for $12.1M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented the buyer. Matt Bolinger with Realty Executives Arizona Territory represented the seller.
10. KDG Heritage South Anchor LLC purchased a 2.75-acre site at the NWC of Gilbert and Elliot roads in Gilbert for $4.6M. The land will be used for the South Anchor mixed-use development in the Heritage District. The land was sold by the Town of Gilbert.
11. The 19.1KSF industrial warehouse building at 2923 W. Weldon Ave. in Phoenix was recently sold to an undisclosed buyer for $4.4M. The seller was represented by Rein & Grossoehme Commercial Real Estate’s Max Schumacher, Patrick Sheehan and Jack Hansen. The buyer was also undisclosed.
12. Devington Court Apartments LLC and Gose Capital, LLC purchased Devington Court, a 40-unit apartment complex located at 5570 E. Hampton St. in Tucson. The 27.6KSF complex was purchased from Devington, LLC for $4.4M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
13. Discount grocer Aldi has paid $2.4M for three acres at the SEC of Power and Mesa roads in the Avalon Ranch mixed-use development in Mesa. Aldi plans to build a roughly 19KSF store on the site. The seller was Avalon Development.
14. The DoubleTree by Hilton Phoenix North hotel at 10220 N. Metro Pkwy E. in Phoenix was recently purchased by Metro Hotel LLC. Ledgestone Hospitality is managing operations and business growth. Brixton Capital sold the hotel. Transaction details were not disclosed.