Sales Transactions
1. Southwest Value Partners purchased a seven-building portfolio from City Office REIT Inc. for $296M. The seven office buildings total 1.5MSF and are spread throughout Phoenix, Scottsdale, the Camelback Corridor, Tempe and Chandler.
2. SpeedBay has paid $43.75M for a three-building industrial portfolio known as Top Ten Properties in Phoenix. The total volume is more than 228.7KSF. SpeedBay was represented by the Leroy Breinholt Team at Commercial Properties, Inc. The subject properties are:
- 1711-1741 W. Rose Garden Lane – Carleton Square;
- 4845 & 4855 W. McDowell Road – Top 10 Business Center, and
- 4810 – 4828 S. 40th Street – Valley Commerce Center.
3. CBRE negotiated the $16M sale of a three-property multifamily portfolio in Tucson totaling 295 units. CBRE’s Jeff Casper represented the seller, Desert Ventures LLC. IPM Investments acquired the portfolio, comprised of:
- Royal El Con (150 units),
- Royal Palms (136 units) and
- Villa El Con Casitas (nine units) and a 2.8-acre vacant site zoned for multifamily.
4. ABI Multifamily announced the $6.6M sale of Seventh Street Villas Townhomes, an 18-unit rental townhome project in Phoenix. ABI’s John Klocek and Patrick Burch—in collaboration with ABI Multifamily’s Phoenix-based Institutional Arizona Team of Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovic and Tyler Bruggman—facilitated the transaction. ABI generally does not disclose the buyer or seller.
5. The City of Phoenix purchased a 20.2KSF industrial facility at 211 S. 28th St. for $4.8M. ORION Investment Real Estate represented the seller, Logotec. The 0.9-acre property, located near Phoenix Sky Harbor International Airport, was recently renovated and is currently occupied by a men’s clothing distributor.
6. ABI Multifamily announced the $3.2M sale of Mulberry Place, a 19-unit multifamily apartment community in Phoenix. The buyer was represented by ABI’s Tom Palestina, Bryce Neagle and Andrew Arambula. ABI’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller. ABI Multifamily generally does not disclose the buyer or seller.
7. Arizona Church of God purchased Riverside Baptist Church, a 9.7KSF facility on 3.5 acres at 1050 E. Baseline Road in Phoenix, for $3M. The property was acquired for Life Church at South Mountain. NAI Horizon represented the seller, Riverside Baptist Church, and HomeSmart represented the buyer.
8. Bellevue5330 LLC purchased Bellevue 24, a 24-unit apartment community at 5330 E. Bellevue St. in Tucson, for $2.5M. Marcus & Millichap represented both the buyer and the seller, Bellevue One LLC.
Lease Transactions
9. Troon signed a 68.7KSF lease at Inisio at Kierland. More specifically, the hospitality management company will be operating out of the entire top floor of the Inisio Kierland II building. Troon was represented by Keyser Commercial Real Estate’s Jonathan Keyser and Darius Green. Vero Capital, the landlord, was represented by Stream Realty Partners’ Stirling Pascal.
10. Busch Vacuum Solutions leased a 60KSF industrial building at 444 W. Geneva Dr. in Tempe. The tenant was represented by Avison Young.
11. First Solar Inc. leased 18.7KSF on the second floor of The Grove, an 180KSF office building at 44th Street and Camelback Road in Phoenix. The $400M mixed-use development is led by RED Development, with interiors by Testani Design Troupe and architecture by Nelsen Partners.