Sales Transactions
1. Sanctuary at South Mountain, a 166-unit horizontal Build-to-Rent apartment home community at 6250 S. 40th Pl., was sold to Tower 16 Capital Partners for $48M. CRP/Brown 40th and Southern Owner, LLC, the seller, was represented by Berkadia Phoenix in the sale. CBRE secured debt financing for the buyer. Cushman & Wakefield will serve as a third-party property manager for the south Phoenix property, which will be rebranded as Obsidian at South Mountain. The community contains one-, two- and three-bedroom apartment homes averaging 1.1KSF each.
2. Plaza Escondida at 7850-7972 N. Oracle Road in Oro Valley was recently purchased by InvenTrust Property Corp. for $23M. The 91.1KSF shopping center was sold by Roseville Tucson.
3. ParkView Townhomes, a newly built, 27-unit townhome community in Surprise at 16601 N. Parkview Pl., recently sold to Canopy Real Estate Partners. TBBG Investments partnered with Canopy for the sale, which traces back to Next Generation Capital LLC. The company expects leasing to take eight to nine months before the property’s financial status is stabilized.
4. PSR Investments LLC purchased The Shops at Pecos Ranch at 1990 W. Germann Road in Chandler for $6.6M. KFH Dobson LLC sold the nearly 1.7-acre property. Marcus & Millichap’s Chris Lind, Mark Ruble and Zack House represented the seller, while Sean Lencher procured the buyer.
5. Elliott Bay Medical Properties Holdings III, LLC, purchased a 15KSF medical investment property at 4881 E. Grant Road in Tucson from a private investment group for $5.5M. The asset is currently occupied and leased by the Pain Institute of Southern Arizona. Bryce Horner with Cushman & Wakefield | PICOR represented the seller.
6. 1570 E. Tucson Marketplace Blvd., a fully-leased retail strip center in Tucson, sold to Conteslin LLC and Shops H LLC. for $4.2M. The property, which is part of the Bridges Master Plan, is 9.2KSF, sits on 1.5 acres and houses five tenants. VOLK Company represented the seller, R&P Properties LLC. VOLK Company has also managed leasing at the property since 2021 and will continue to do so.
7. Costco Wholesale Corporation purchased Costco Plaza, a 14.5KSF retail strip center at 3821 W. Costco Dr. in Tucson, from Bay Shore Oil Company Inc. for $4.2M. Dave Hammack with Cushman & Wakefield | PICOR represented the seller. Greg Laing with Phoenix Commercial Advisors represented the buyer.
8. Utah-based Dynamic City Capital purchased its first luxury spa resort in Arizona, The Wilde Resort and Spa in Sedona. The resort consists of 137 rooms and a spa. Transaction details were not disclosed.
Lease Transactions
9. HH Laveen LLC has leased out 1214 E. Florence Blvd. in Casa Grande to Hobby Lobby. CBRE and D.E. Johnson & Associates, Inc. represented Hobby Lobby in the lease negotiations. The 54KSF property was a former K-Mart and sits on the NWC of Florence Blvd. and Colorado Street.
10. Tucson Medical Center dba TMC Health Cancer Center leased 29.1KSF of medical office space at 2625 N. Craycraft Road, Suite 100, 200A and 221 in Tucson from TMC Holdings, Inc. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented both parties.
11. Interceramic, Inc. leased 29KSF of industrial space at 6223 S. Palo Verde Road in Tucson from 6221 & 6223 S. Palo Verde Tucson, LLC. Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord. John Slattery with CBRE represented the tenant.
12. Tucson Medical Center dba TMC Health Cancer Center leased the 10.8KSF medical office at 1315 S. La Canada Dr. in Green Valley from TMC Holdings, Inc. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented both parties.