Sales Transactions
1. Regent Properties acquired a three-property, 323-unit multifamily portfolio in downtown Phoenix for $90M. The portfolio includes the 104-unit Linear complex at 295 E. Roosevelt St., the 111-unit iLuminate complex at 290 E. Roosevelt St. and the 108-unit The McKinley complex at 280 W. McKinley St., all located in the Roosevelt Row neighborhood. Baron Properties was the seller. CBRE represented the seller and arranged acquisition financing. This purchase is Regent Properties’ first multifamily investment in the Phoenix market.
2. Texas Instruments acquired a 124.1KSF Class A office building at 5411 E. Williams Blvd. in Tucson for $11.6M. BP 5411 Investors, LLC, an affiliate of Bourn Partners, was the seller. The building was previously used by TI before being vacated in 2022. The acquisition furthers the company’s continued expansion at the Williams Centre Technology Campus.
3. Pima County purchased the former Wells Fargo Building on North Stone Avenue in downtown Tucson to relocate the Joel D. Valdez Main Library. News reports list the sales price at around $6.2M. The library currently operates from a City-owned building at 101 N. Stone Ave. The City of Tucson plans to evaluate redevelopment options for the existing site, which also includes a parking facility and Jácome Plaza.
4. Marcus & Millichap represented the seller, BRAD Management, in the $5.4M sale of University Lofts, a 41-unit apartment property at 819 N. 1st Ave. in Tucson. The buyer was an undisclosed LLC procured by Marcus & Millichap. The property is located just west of the University of Arizona’s Main Gate entrance along the Sun Link Streetcar route.
5. Helix Properties acquired Black Canyon Center, a 96.8KSF, three-story office building at 10835 N. 25th Ave. in Phoenix, for approximately $5M. The multi-tenant property was 22% leased at the time of sale. Cushman & Wakefield represented the seller.
6. Transwestern Real Estate Services announced it represented ElmTree Funds, LLC in the sale of 2155 E. GoDaddy Way in Tempe to Avnet, Inc. The 150KSF office building will serve as Avnet’s new global headquarters. Transwestern’s Jim Fijan, Jack Fijan and Scott Baumgarten represented ElmTree Funds. Avnet plans to move into its new headquarters during the middle of 2026.