Sales Transactions
1. JLL Capital Markets arranged $718.2M in financing for Project Pegasus Industrial Portfolio, a 52-property shallow-bay industrial portfolio totaling 5.2MSF across Phoenix-area infill submarkets. On behalf of the borrower, affiliates of Equus Capital Partners Ltd., JLL secured a five-year, floating-rate financing package comprising a $527.1M single-asset, single-borrower execution led by Morgan Stanley, with Bank of America as right lead, and a $191.1M balance-sheet component through Bank of America. The JLL team was led by Kevin MacKenzie, Jason Carlos and Frank Choumas.
2. Sierra Ridge Capital purchased a 123KSF industrial building at 3137 E. Elwood St. in the Southbank Business Park in Phoenix for $31M. The property was fully leased and sold by an undisclosed seller. Newmark’s Gary Cornish, Nico Burgarello, Barry Gabel, CJ Osbrink and Chris Marchildon represented the buyer.
3. CBRE arranged the $30.5M sale of Chandler Center Commons, a 120.5KSF, 10-building office campus on 11.94 acres at 5500-5590 W. Chandler Blvd. in Chandler. Geoffrey Turbow at CBRE represented the seller, North Beacon Capital. Jamie Swirtz of CBRE assisted with the sale and serves as the property leasing agent. Chandler Commons Partners LLC acquired the property, which was 94.4% leased to 19 office and medical office tenants at the time of sale.
4. Hildenbrand Downtown Properties LLC sold two dental offices in Tucson for a combined $3.46M. The first property is located at 5577 N. Oracle Road, while the second is situated at 801 N. Wilmot Road, Building D. The buyers trace to BFC Management LLC. ParaSell’s Scott Reid represented both parties.
5. Cushman & Wakefield arranged the off-market sale of a 2.7KSF restaurant property at 4250 W. Thunderbird Road in Phoenix for $2.9M. Completed in 2025, the property is occupied by Farmer Boys, which will remain in operation following the sale. Chris Hollenbeck and Shane Carter of Cushman & Wakefield represented the seller, 43 Thunderbird LLC. Investment Property Exchange Services Inc. was the buyer.
Lease Transactions
6. Newmark and Foundation 8 announced Trinity Capital has signed a long-term lease at 333 Tower at 333 N. Central Ave. in downtown Phoenix. The company will occupy the property’s top 2.5 floors. Each floor plate is approximately 30KSF. Newmark’s Brett Abramson, Chris Latvaaho and Chris Beall represented Foundation 8. Cushman & Wakefield’s Chris Nord & Nikki Tate represented Trinity Capital.
7. Commercial Properties Inc./CORFAC International facilitated the lease of a 20.6KSF, 29-door cross-dock terminal on 3.03 acres at 601 W. Flores St. in Tucson. Formerly owned and operated by Yellow Corp./Roadway Express, the property was leased to Dedicated Delivery Professionals, a less-than-truckload carrier serving Arizona, California and Nevada. Jeff Hays and Sam Rutledge of Commercial Properties Inc. represented the tenant. The landlord, Cubework Inc., was self-represented.
8. Commercial Properties, Inc./CORFAC International facilitated the lease of a 17.04KSF Industrial Outdoor Storage property on 6.17 acres in Goodyear. The property is located at 597-599 S. Litchfield Road. The new tenant, Englund Equipment Company, was represented by Jeff Hays and Sam Rutledge.
9. Time Mission is expanding to Arizona with plans to open an approximately 10KSF venue at 15745 Hayden Road in Scottsdale in 2027. The location will be developed by LOL Entertainment. The location is part of Sonora Village, which is owned by YAM Properties. Construction will begin next year, with the venue set to open in late spring/summer 2027.