Sales Transactions
1. Park Brokerage & Commercial Real Estate LLC, in cooperation with ParaSell, Inc., closed the sale of Verde River RV Resort & Cottages, a 197-site RV property in Camp Verde, as part of a seven-property, $97M portfolio sale. The seven-resort portfolio spans five states and totals more than 1,500 sites. The off-market transaction was completed on behalf of an institutional buyer. Seller financing was negotiated as part of the deal structure.
2. The 70-unit Avalon Townhomeswas purchased by Avalon LVP LLC for $30.1M. Bela Flor Communities sold the Build-to-Rent community. The townhome development is located at 13025 W. Thomas Road in Avondale.
3. ViaWest Group and Walton Street Capital sold Farmer Industrial Center, a 94KSF two-building industrial property, to Speed Bay. The center is located at 9185 and 9245 South Farmer Ave. in Tempe and sold for $24.5M. The property is 94.1% leased to seven tenants. Ben Geelan, Greer Oliver, Bryce Beecher and Gigi Martin with JLL Capital Markets represented the seller.
4. LevRose Commercial Real Estate closed the $9.75M sale of Ventura Gateway, a 53KSF multi-tenant office building at 8687 E. Via de Ventura in Scottsdale. LevRose Partners’ Jason Reddington and Keri Davies represented both the buyer and seller. The property sits on 3.3 acres in McCormick Ranch.
5. The Special Fund of the Industrial Commission of Arizona purchased 50KSF of office space at 155 N. Rosemont Blvd. in Tucson from Legacy Property Management, LLC for $8.5M. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the seller. Christopher Corney with Jones Lang LaSalle Americas, Inc. represented the buyer.
6. A 30.4KSF office property at The Meridianat 401 W. Baseline Road in Tempe recently sold for $2.7M. NAI Horizon’s Don Morrow and Dylan Whitwer represented the undisclosed seller. Tempe Crossings, LLC was the buyer.
7. Transwestern Investment Group purchased a fully leased, 663KSF Class A industrial asset in Tolleson on behalf of a separately managed account. The sale price was not disclosed. The two-building property, delivered in 2022, is located at 9400 Latham St. near I-10 and Loop 101 in the Southwest Valley.
8. Silver Creek Development purchased Rio Yards, a 150KSF Class A office building. The property is at 1337 E. Rio Salado Pkwy. in Arizona State University’s Novus Innovation Campus in Tempe. It is being rebranded as Horizon Bay. Wentworth Development Co., represented by Brian Ackerman of Colliers, was the seller. The sale price was not disclosed.
9. Garmin acquired a 75KSF hangar and office complex at Mesa Gateway Airport for an undisclosed amount. The facility includes two adjacent hangars and office space.
Lease Transactions
10. VXI Global Solutions, LLC leased 11.3KSF of industrial space at 4651 S. Butterfield Dr., Suite 101 in Tucson from Butterfield Buildings Center, LLC. Jesse Blum, Paul Hooker and Alex Demeroutis with Cushman & Wakefield | PICOR represented the landlord. David Fields and David Montijo with CBRE represented the tenant.