Sales Transactions
1. Ascent Equity Group has purchased the 177-unit Sunrise in Chandler multifamily community from Sunrise Multifamily for $46.5M. Sunrise bought the property for $54M in 2021. It is unknown if Ascent plans to rebrand the property. Documents show Inayatullah Ian Nasib is one of the indirect beneficial owners of both the buyer and seller entities.
2. ViaWest Group, in partnership with Keith Mishkin and Terrence Plas, purchased 83 acres of an opportunity zone site for $8.3M from Power OZ 261 LLC. The sale was facilitated by Transwestern’s Paul Borgesen, Dylan Sproul and Royden Hudnall. The property is in Buckeye along State Route 85, just south of Interstate 10 in a future industrial corridor. ViaWest Group will now proceed with rezoning and annexation with the City of Buckeye.
3. Cushman & Wakefield announced the firm has advised the sale of El Presidio at Pinnacle Peak, a multi-tenant 59.4KSF office building in Scottsdale at 8700 E. Vista Bonita Dr. The property was acquired by CRE College Plaza, LLC, for $7.65M. The seller, Flagg Group Scottsdale LLC, was represented by Cushman & Wakefield’s Eric Wichterman and Mike Coover.
4. Cushman & Wakefield announced the firm has arranged the sale of Pecos 17. The property is approximately 18.3 acres of undeveloped land in Mesa at Pecos and Sossaman roads. Cavan Commercial acquired the land for $6.5M. Specific plans for the site have not been announced, but the property is entitled for the development of 227KSF of industrial product. Seller Greenlaw Partners was represented by Cushman & Wakefield’s Will Strong, Michael Matchett, Molly Hunt and Callahan Conway.
5. QuadReal Property Group recently purchased the 399-unit Nexa apartment complex in Tempe. The Canadian company also purchased three other multifamily properties across the U.S. for its portfolio.
Lease Transactions
6. Colliers announced International Paper Company has leased 113.5KSF of industrial space at 6150 W. Buckeye Road. The company’s lease of Estrella Commerce Center II brings the three-building Pasternack Properties development to full occupancy. Colliers represented the landlord, Pasternack Properties, as well as International Paper Company.
7. CBRE’s Nancy McClure represented the landlord, E Broadway Tucson LLC, in a seasonal lease with Spirit Halloween Superstores LLC for 24KSF at 5555 East Broadway Blvd., Suite 100, Tucson.
8. Burlington has leased 21.6KSF in the Circle Plaza Shopping Center at 7160 E. Broadway in Tucson. SRS Real Estate Partners represented the tenant, while Larsen Baker, the landlord, was represented by its brokers Isaac Figueroa and Mike Polacheck.