Sales Transactions
1. Bela Flor Communities, represented by CBRE, has sold Bella Encanta to a global institutional investor for $95.8M. Bella Encanta is a 212-unit, Built-to-Rent community, located at 9745 E. Hampton Ave. in Mesa. Units are duplex style and start at 1.2KSF.
2. A U.S. Bankruptcy Court judge has approved a $30M bid by Lucid Group Inc. to purchase Nikola Corporation’s manufacturing facility in Coolidge and assume Nikola’s Phoenix headquarters lease, along with other assets. Lucid operates a large electric vehicle manufacturing operation in Casa Grande, and the new acquisition will increase its property holdings by more than 884KSF.
3. Rogers Corporation has sold a freestanding 100KSF industrial building for $14.1M to Unbound Development of Phoenix. The sale was brokered by Cushman & Wakefield. The property is single tenant, but was unoccupied at the time of sale. The building was built in 1982 and expanded in 2005. Unbound Development plans to renovate the property and has engaged Cushman & Wakefield to market it for sale or lease.
4. Neighborhood Ventures has acquired Venture on 52nd St, a multifamily complex located at 5245 E. Thomas Road. Purchases from Neighborhood Ventures, including this property, are partially funded using crowdfunding, which raised $1.3M in investments. The 71-unit property was acquired for $11M and offers studio, one- and two-bedroom units.
5. The Civitan Foundation, Inc. recently purchased a 7.7KSF building for $2M from The Placek Family Trust of October 11, 1988. Rein & Grossoehme represented the seller, and Cushman & Wakefield represented the buyer. The building, located at 3850 E. Thunderbird Road, was vacant at closing.
6. JLL Capital Markets announced the sale of Sight Logistics Park, a two-building industrial development in Tempe. ViaWest Group sold the property. Building One is 155.9KSF and is located at 6840 S. Harl Ave., while Building Two sits at 6860 S. Harl Ave. and spans 201.8KSF. The property was 88% leased at the time of sale. JLL’s Ben Geelan, Greer Oliver and Connor Nebeker-Hay handled the sale, while Colliers’ Rob Martensen, Phil Breidenbach and Sam Jones handled the leasing efforts. The buyer and transaction details were not released.
Lease Transactions
7.Tucson Medical Center dba TMC Health Cancer Center leased a 27KSF medical office at 603 N. Wilmot Road, Tucson, from Magnum Realty, LLC. The space is comprised of the second floor, as well as Suites 141 and 151. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the tenant. CBRE’s Buzz Isaacson represented the landlord.