Sales Transactions
1. AEW Capital Management purchased the 159-unit Build-to-Rent community The Bungalows at San Tan Village in Gilbert for $66.1M. The community was sold by Cavan Companies.
2. Continental Realty Corporation purchased Sundance Towne Center, a roughly 200KSF shopping center in Buckeye, for $54.3M. The property is located on approximately 32 acres at 466 S. Watson Road and is anchored by a Walmart Supercenter and Lowe’s. The center is more than 94% leased. CBRE represented the seller, Shin Yen Management.
3. Phoenix Enterprises LLC purchased two fully occupied office buildings in the Paradise Village Office Park for $6.2M. The 15.1KSF, two-story Paradise Village Office Park I is located at 11405-11411 N. Tatum Blvd., and the 46.8KSF Paradise Village Office Park II is located at 11801 N. Tatum Blvd. CBRE and JLL represented the seller.
4. Rein & Grossoehme brokered the $5M sale of Siete Square, a 35.9KSF shopping center at 4139 W. Bell Road in Phoenix. The buyer was Bell Square LLC. The property, which was 87% leased at the time of sale, was sold by Butterfield Trail LLC.
Lease Transactions
5. Pitney Bowes Inc. signed a seven-year lease for 76.2KSF at Converge Logistics Center in southeast Phoenix. The Class A industrial project, developed by ViaWest Group in 2023, is now 86% leased. The transaction was negotiated by Cushman & Wakefield, which represented the landlord.
6. Barnes & Noble announced it is opening a new store in Phoenix for the first time in two decades. The bookstore is leasing an 18.5KSF space at 2011 E. Camelback Road. The location was previously home to Forever 21.