Sales Transactions
1. Rise48 Equity purchased a 154-unit apartment complex at 132 E. Brown Road in Mesa. The apartment complex, which sold for $24.3M, will be rebranded from Emparrado Apartments to Rise Mountain Ridge. The new owners are planning to renovate each unit. EMP Investments 1 LLC sold the property.
2. Helix Properties purchased the East Gateway Office Complex at the NEC of Van Buren and 44th streets in Phoenix for $19M. The acquisition includes two office buildings totaling approximately 232KSF. Cushman & Wakefield brokered the sale; Landmark Title Assurance Agency managed the closing, and CBRE will continue leasing the property.
3. A 46.7KSF retail property called Lindsay Square was purchased for $13M. The retail asset is located at the NEC of Lindsay and Williams Field roads in Mesa. Kidder Mathews’ Jenette Bennett and Michelle Gardener represented the buyer. The parties were undisclosed.
4. Santa Cruz River LLC purchased the Santa Cruz River Apartments, a 55-unit multifamily community at 851 W. Ajo Way in Tucson, for $3.6M. CBRE represented the seller, A&J Properties Three LLC, and Cushman & Wakefield | PICOR represented the buyer.
5. An affiliate of Vasquez Hospitality purchased the Golden Corral Restaurant at 4380 E. 22nd St. in Tucson for $2M. Golden Southwest Financial Group sold the 11.4KSF restaurant. After the transaction, the property was transferred to Vytech, Inc. Both the buyer and seller were self-represented.
Lease Transactions
6. CSAA Insurance Group leased 41KSF of space in Terrawest at 25800 N. Norterra Pkwy. in Phoenix. Silver Creek Development owns the property. The landlord was represented by CBRE’s Ashley Brooks, James Bayless and Jasmina Bays. The tenant was represented by JLL’s Andrew Medley.