Sales Transactions
1. Trinity Investments has sold the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa to Ryman Hospitality Properties for $865M. Trinity acquired the asset in 2019 for $602M and completed a $100M renovation in 2023. The 316-acre resort, Phoenix’s largest, will continue operating under the JW Marriott flag.
2. Ares Management has acquired the 392-unit Zaterra luxury apartment community in Chandler for $137.5M in an all-cash deal, marking one of the Valley’s largest multifamily transactions this year. The seller was P.B. Bell Companies. The 22-acre complex was built in 2021. Institutional Property Advisors, an affiliate of Marcus & Millichap, brokered the sale.
3. Cushman & Wakefield advised the $36.1M sale of a 222.4KSF Class A industrial building at 130 S. 83rd Ave. in Tolleson. Cushman & Wakefield also represented the seller. Longpoint Partners acquired the single-tenant facility, which is fully leased to DHL Supply Chain. The building continues to support operations for Bose Corporation, DHL’s client and the prior long-term tenant.
Lease Transactions
4. CBRE has executed three industrial leases totaling 143KSF in the East Valley. Abbot Labels signed for 50.3KSF in Elliot 94, a warehouse at 9342 E. Elliot Road in Mesa. Phoenix Defense Ventures leased 59.7KSF, an entire building at 1352 N. Fiesta Blvd. in Gilbert. Owl Vans leased 33KSF at Power Gateway 202 in Gilbert.