Sales Transactions
1. Cushman & Wakefield announced the real estate services firm has arranged the sale of Commerce @ 303, a premier 663.4KSF industrial property and adjacent entitled, shovel-ready 32.6-acre development site located at 5215 N. Alsup Road in Glendale. Private equity investor EQT acquired the property from New York Life Real Estate Investors and SteelWave. The transaction was brokered by C&W’s Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren. The asset sold for $104.6M.
2. IndiCap, in partnership with Invesco Ltd., announced the sale of a 566.1KSF industrial building in the Virgin Industrial Park in Glendale to an undisclosed buyer. The transaction closed for $90.6M. The asset is held by VIP Industrial Holdings, LLC and is located at 15784 W. Hatcher Road in Waddell. The sellers were represented by JLL’s Marc Hertzberg, Riley Gilbert and Kelly Royle. Cushman & Wakefield’s Sean Kropke, Michael Haenel and Justin Smith represented the buyer.
3. Mountain Ranch Marketplace, a 49.7KSF Safeway-shadow-anchored neighborhood shopping center in Goodyear, sold for $23M. The buyer was Bershon Realty Company, LP, and the seller was Kitchell Development Company. Hanley Investment Real Estate Advisors represented the buyer, and CBRE represented the seller. The property is located at the NWC of Estrella Pkwy. and Elliot Road.
4. The 109-unit Vertical East Apartmentsin Tucson near the Tucson Medical Center recently sold for $22M. Marcus & Millichap’s Institutional Property Advisors handled the transaction. Vertical Street Ventures, the seller, was represented by IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David. The group also procured the buyer, Investor Capital Group.
5. BNSF has paid $9.03M for a total of 55.95 acres in the Wittmann area in the northwest Phoenix metro. The acquisition was conducted across 14 individual transactions.
6. Specialty One closed the $8M sale of Palm Drive Mobile Home Park & RV Park, an 85-site manufactured housing and RV community in Wickenburg, at full asking price. The transaction followed a previously failed contract.
7. Papago View Apartments, a 50-unit multifamily property at 3710 E. McDowell Road in Phoenix, sold for $6.6M. Jackson Everhart of ORION Investment Real Estate represented both the buyer and seller.
8. Cushman & Wakefield | PICOR’s Allan Mendelsberg and Joey Martinez represented both parties in the $4.35M sale of Devington Court, a 40-unit garden-style apartment community in Tucson. The property at 5570 E. Hampton St. totals 27.6KSF, was built in 1972 and sits on approximately 1.4 acres. Devington Court Apartments LLC and Gose Capital, LLC acquired the asset from Devington, LLC.
9. A Caliber Collision Center automotive investment property at 721–723 E. 12th St. in Tucson sold for $2.73M in an all-cash transaction. The buyer was 140 S Euclid Partners LLC, and the seller was Logan Apartments LLC. David Volk and Joey Castillo of VOLK Company represented the investor.
10. Cushman & Wakefield arranged the $2.4M sale of a single-tenant retail building leased to Popeyes Louisiana Chicken in Bullhead City. The 2.4KSF property at 2350 Miracle Mile, Suite 150, was acquired by Ilia Zarutsky and Tatiana Zarutsky from PFFC OF BULLHEAD LLC. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller.
11. JLL Capital Markets announced the sale and financing of a two-property senior housing portfolio comprising The Watermark at Morrison Ranch in Gilbert and Acoya Mesa in Mesa. JLL marketed the portfolio on behalf of the seller, PGIM. PGIM owned Acoya Mesa with the original developer, Ryan Companies US, Inc. Transaction details were not disclosed.
Lease Transactions
12. Ross Dress for Less, Inc. leased 32.3KSF of retail space at Oracle Plaza, 6310 N. Oracle Road at Orange Grove Road in Tucson from Oracle Plaza, LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the landlord. Jayme Fabe with NAI Horizon represented the tenant.
13. Pima County JTED leased 10.7KSF of industrial space at Butterfield Corporate Plaza, 3700 E. Columbia St., Suite 100, in Tucson from H&A Realty, LLC. Alex Demeroutis and Jesse Blum with Cushman & Wakefield | PICOR, represented the landlord. The firm’s Molly Mary Gilbertrepresented the tenant.