Sales Transactions
1. Cushman & Wakefield announced it advised the sale of Desert Cove Industrial Center, a newly constructed 168KSF industrial property at 11301 N. Litchfield Road in Surprise. The building was delivered in June 2024 by Evergreen Development. An affiliate of Cohen Asset Management, Inc. acquired the property for $36.3M. Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of C&W represented the seller. C&W’s Brian Share and Garrett Stasand advised on acquisition financing. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE provided market leasing advisory.
2. Denali Apartments LLC purchased the Seventh apartment community at 5145 N. 7th St. in Phoenix for $34.8M. The 286-unit property includes 154.3KSF of rentable space and an average unit size of 539SF. Cushman & Wakefield represented the seller, an unnamed large institutional LP.
3. Kellwood Company LLC purchased the 19-story Monroe Building at 111 W. Monroe St. in downtown Phoenix for $17.1M from an affiliate of Granite Point Mortgage Trust. The 256.7KSF tower is currently 20% occupied and will become the company’s new headquarters. Renovations are set to begin this summer, with all staff relocating from City of Industry, Calif., by 2030. Newmark represented the seller, and Realty One Group represented Kellwood Company.
4. Westside Commonsat 1335 W. St. Mary’s Road in Tucson recently sold for $10.8M. Marcus & Millichap arranged the transaction. The parties involved in the sale of the 84-unit apartment complex were not disclosed.
5. Two Tucson-based entities affiliated with VOLK Company, Volk Vista One, LLC and 2320 N Silverbell, LLC, sold 2320 N. Silverbell Roadin Tucson. The two-tenant retail building is 5.2KSF and sold for nearly $2.6M. BSGordon Holdings Two, LLC purchased the property. VOLK’s Jeremy Price represented the seller.
6. ViaWest Group sold the fully leased 2727 W. Grovers Ave. industrial facility in north Phoenix for an undisclosed purchase price. The property is currently occupied by Metronet. The 22.7KSF property, built in 1985 and renovated in 2024, includes 20% upgraded office space and 80% functional warehouse space. Newmark represented the seller in the transaction.
7. Kennedy Wilson acquired the Finisterra apartment community in Tempe for an undisclosed purchase price. The 356-unit property is located at 1250 W. Grove Pkwy. CBRE represented the seller and arranged financing.