Sale Transactions
1. Macerich Co. announced the sale of its 50% stake in Biltmore Fashion Park to RED Development. In an earnings call, Macerich said the sale let the company realize a $110M reduction in its overall debt.
2. Creation sold Midway Commerce Center, a nearly 302KSF master-planned industrial center in Chandler, for $57M. Longpoint Realty Partners was the buyer. Will Strong and Molly Hunt of Cushman & Wakefield brokered the sale. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates supported the leasing efforts. LGE Design Build was the general contractor.
3. Healthcare Property Advisors, an entity tracing to ElmTree Funds, paid $30.25M for Dignity Health Arizona General Hospital, a 39KSF medical property in Laveen. The property includes an emergency room with 10 beds, 16 inpatient beds, two operating rooms and a laboratory.
4. Comfort Suites, an 82-room hotel at 6935 S. Tucson Blvd. in Tucson, has been sold for $5M. SVP Holdings of Tucson (6935 S Tucson, LLC) was the buyer. The seller was JOT Properties.
5. Tower 16 Capital Partners, in partnership with Raith Capital Partners, has acquired Ascend on Glendale, a 216-unit multifamily property located near the Westgate Entertainment District in Glendale. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. A Cushman & Wakefield team headed by Brian Share and Craig Branton helped secure the buyer’s debt financing. The price was not disclosed, but the new owners plan to invest nearly $1M in new upgrades and rebrand the property as Obsidian on Glendale.
6. Citywide Commercial Real Estate announced the $27.5M sale of 1345 S. 52nd St., a 112.3KSF industrial property in Tempe. Setna iO/Setnix was the buyer, represented by Todd Hamiton of Citywide and Denise Stein Chaimovitz with Entre Commercial Realty LLC. Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Logistics.
7. Newmark announced the sale of 3137 E. Elwood St., a 123KSF industrial/flex building in Phoenix. Barry Gabel, Chris Marchildon, CJ Osbrink and Gary Cornish of Newmark represented the seller. Neither buyer nor seller were disclosed, nor was the sales price.
Lease Transactions
8. Sun Mechanical Contracting, Inc. leased 10.2KSF of industrial space at 1053 & 1057 E. Mill St. in Tucson from Copper State Land, LLC. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. Mark Irvin, with Mark Irvin Commercial Real Estate Services, LLC represented the tenant.
9. Better Box Arizona, LLC leased 10KSF of industrial space at Campbell Landing, 2701 E. Wieding Road in Tucson, from Campbell Landing, LLC. Alex Demeroutis with Cushman & Wakefield | PICOR represented the tenant. Dean Cotlow of Cotlow Company represented the landlord.