Sales Transactions
1. Sagard Real Estate purchased a 209-unit apartment community in Tempe. Nasim Sikder sold the property, Trovita Rio, for $77.3M. The 93% occupied property at 701 W. Rio Salado Pkwy. was built on 3.2 acres. Plans call for renovations of common areas, amenities and units on an individual basis. Cushman & Wakefield’s Steve Nikoluzakis and David Fogler negotiated the off-market transaction.
2. Arizona Land Consulting announced it has purchased 600 acres near the NWC of Interstate 10 and Florence Road in Pinal County for $40M. The company plans to develop the Casa Grande land into a mixed-use facility, with uses including Build-to-Rent, light industrial, data center and commercial/retail offerings.
3. Sale-leaseback agreements totaling $5.96M were made for two Super Star Car Washes. Essential Property Realty Trust purchased the properties at 13550 E. Colossal Cave Road. in Vail and 5770 W. Cortaro Farms Road. in Marana. Berkeley Capital Advisors handled the transactions.
4. Cushman & Wakefield advised US Capital Development and their undisclosed joint venture partner in the sale of Chandler Airpark 202. The Chandler site is a 402.5KSF industrial project situated over 26 acres with frontage along Loop 202. The property comprises four buildings at 1640-1700 Northrop Blvd. Total occupancy is 57.3%. The property was acquired by an undisclosed global private equity firm. Will Strong, Michael Matchett and Molly Hunt from C&W represented the seller. C&W’s Andy Markham, Mike Haenel and Phil Haenel negotiated the existing leases prior to the sale and will continue leading leasing efforts.
Lease Transactions
5. CliftonLarsonAllen announced it is leasing approximately 55KSF at the Hayden Ferry Lakeside office campus in Tempe. It is expected that CLA will move into Hayden Ferry Lakeside I in December 2025 to operate a connection center. CBRE Group Inc.’s Bryan Taute and Will Mask are the listing brokers for Hayden Ferry Lakeside. Upon moving to Tempe, CLA will leave their Midtown Phoenix office. Cousins Properties Inc. owns Hayden Ferry Lakeside.
6. Western Retail Advisors has completed a 50KSF lease on behalf of Slick City Action Parks. The Slick City will sit at 9189 Talking Stick Way, within The Pavilions at Talking Stick. The Talking Stick location is currently under construction and is anticipated to open November 2024. Noah Anastassatos and Jared Cauffield of Western Retail Advisors, along with Alex Apter of Location CRE, represented Slick City in the lease. Chuck Carlise and Carl Jones represented De Rito Partners, the owners of The Pavilions at Talking Stick.