Commercial Real Estate 09-30-25

Sales Transactions

1. The Neiders Company purchased U@19th, a 236-unit real estate-owned midtown Phoenix apartment complex, for $36.1M. Northmarq represented the seller, BrightSpire Capital. The property was renovated in 2024.  The community offers one-, two- and three-bedroom floorplans averaging 875SF.

2. NextWave Investors has acquired Ascension at Manistee Ranch, a 71-unit build-to-rent community in Glendale, for $23.5M. Developed and sold by Kinella Capital, the townhomes average 1.4KSF and include two- and three-bedroom layouts with garages. Cushman & Wakefield advised the seller.

3. EQT Real Estate purchased Latitude 303 Logistics, a two-building industrial project totaling 906.6KSF in Glendale, for an undisclosed amount. Completed in 2022, the property is 55.2% leased to Lennox Industries and Marketech International Corp. USA, with 406KSF still available. The sellers were AEW, Westport Capital Partners and McKinney Investments, represented by Cushman & Wakefield.

4. A private buyer purchased Skyport Scottsdale, a 3.7-acre property in Scottsdale Airpark, for $17.5M. The site includes three office-flex buildings totaling 40.1KSF and two airplane hangars totaling 3KSF. The seller, Skyport Scottsdale LLC, was represented by CBRE.

5. The Town of Oro Valley purchased a 50.5KSF building at 13101 N. Oracle Road for $3.8M. The six-acre Class B office property was formerly a multi-tenant medical office. The building will be repurposed for the town’s new police headquarters, replacing the facility at 11000 N. La Cañada Dr. CBRE represented the seller, FTB OB Holdings LLC, and the town was self-represented. Sundt Construction consulted on the building evaluation and projected total costs, including renovations, at $18M.

Lease Transactions

6. EōS Fitness signed a long-term lease for a 40KSF gym at 6720 E Broadway Road, Mesa. Opening in 2027, the fitness center will anchor the revitalized shopping center in the former Bashas’ space. Echelon Realty Advisors represented the tenant, while landlord Hinkson Companies represented itself.