Sales Transactions
1. Fairfield Residential acquired a three-property multifamily portfolio totaling 907 units from Sunroad Enterprises for $244.8M. The portfolio includes Lazo Apartments in Chandler, a 346-unit complex that sold for $100M; Zone Apartments in Glendale, a 308-unit complex that sold for $81.75M; and Zone Lux, a 253-unit community in Glendale that sold for $62.5M.
2. Pillar Communities and Private Portfolio Group acquired Huxley Scottsdale, a 192-unit luxury multifamily community in north Scottsdale, from High Street Residential. CBRE represented the seller. Media outlets reported the sales price as $76M.
3. The Dinerstein Companies acquired University Valley, a four-story student housing community in Tempe, for $38.5M from Tara Investment Group. The 153-unit, 229-bed complex is located at 1115 E. Lemon St. near Arizona State University. Investar Bank provided $28M in acquisition financing.
4. TMY BPS Tucson LLC acquired a long-term ground lease at 1500 E. Tucson Marketplace Blvd. for $10.1M for a future Bass Pro Shop. VOLK Company represented the seller, Tucson Retail LLC. The store, which is currently under construction, will be more than 100KSF once complete.
5. JLL Capital Markets announced the sale of Blue Cactus Logistics, a 258.1KSF industrial building at 13400 W. Cactus Road in Surprise. JLL represented the seller, BlueScope Properties Group. The property is fully leased to Tricolor Auto Group. JLL’s team was led by Greer Oliver, Ben Geelan, Connor Nebeker-Hay and Bryce Beecher. Leasing efforts were handled by JLL’s John Lydon, Tony Lydon and Kelly Royle. Transaction details were not disclosed.
Lease Transactions
6. Just Between Friends leased 26.5KSF of retail space at 2520 S. Harrison Road in Tucson from Harrison 135th St., LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the landlord.
7. Boot Barn Western and Work Wear leased 20.2KSF of retail space at Madera Marketplace Shopping Center in Sahuarita from TNG Green Valley LP. Dave Hammack and Aaron LaPrise with Cushman & Wakefield | PICOR represented the landlord. Todd Folger with CBRE represented the tenant.