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    Home » Commercial Real Estate » Commercial Real Estate 10-29-24
    Commercial Real Estate

    Commercial Real Estate 10-29-24

    BEX StaffBy BEX StaffOctober 29, 2024No Comments4 Mins Read
    11. Nucleus RadioPharma. Credit: Ryan Wilson Photography/Phoenix Business Journal
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    Sales Transactions

    1. EQT Exeter purchased a six-building industrial portfolio in Phoenix from Link Logistics. EQT paid $143.2M for the 860.2KSF Phoenix Gateway portfolio in the Airport submarket. Commercial Edge has reported the facilities were fully leased with eight tenants at the time of sale. Spaces range from 37KSF to 220KSF. Cushman & Wakefield’s Molly Hunt, Will Strong and Michael Matchett represented the seller.

    2. Marcus & Millichap announced the sale of a net-leased Safeway in Florence for $10.2M. The 6.4-acre site and 57.9KSF Safeway is at 3325 N. Hunt Hwy at the intersection with Merril Ranch Parkway. Marcus & Millichap’s Mark Ruble, Scott Ruble, Chris Lind and Zack House procured the buyer.

    3. El Rio Health, Meridian and Tenet Healthcare have reached an agreement for El Rio Health to acquire the former Tucson Heart Hospital at 4888 N. Stone, in Tucson. The 94.6KSF, 9.27-acre medical site was sold for $8.1M. Cushman & Wakefield | PICOR’s Richard M. Kleiner represented Meridian’s purchase and El Rio’s lease. Construction on improvements is slated to begin later this month. The buyer is labeled as MP-TH Stone Tucson Owner, LLC and the seller is CVHI Tucson Holdings, LLC. Transwestern Real Estate Service’s Kate Morris and Vince Femiano represented the seller.

    4. WAA Stone Canyon, LLC closed on approximately 70 acres of mixed-use residential/resort land for $5.5M. The Stone Canyon parcel is located along Tortolita Mountain Circle Road. The buyer, Brown Worden Properties,intends to hold the land for an investment. The property is a part of the 1,400-acre Stone Canyon MPC within the Rancho Vitoso community, just northwest of Tucson. Land Advisors Organization’s Will White and John Carroll handled the transaction and will manage the parcel’s marketing.

    5. D.R. Horton Inc. purchased a 41.6KSF office space in Chandler for $5.4M. The property is at 1890 S. Price Road and will serve as the company’s new headquarters. Tenant improvements are scheduled to be completed in April 2025, after which D.R. Horton will move into the new space. The 3.46-acre property is just north of the NWC of Price and Germann roads. The seller was EQT Exeter. No brokers were involved in the transaction.

    6. Imagine Aria, LLC sold the former Potato Barn at 865 N. 54th Street in Chandler. The property, in the Chandler Pavilions, was sold for $3.6M. Imagine Aria was represented by CRE 8 Advisor’s Rommie Mojahed, Eddie Gonzalez and Lindsey Dulle. The buyer, Taroko, was represented by Western Retail Advisors. The new space will become an indoor baseball and batting-cage facility.

    7. Ridge Rock Residences LLC purchased Twenty Lofts on Tenth, a 20-unit apartment complex located at 824 E. 10th Street, in Tucson. The 8.8KSF complex was purchased from Twenty Lofts on Tenth, LLC for $3.2M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.

    8. Marcus & Millichap announced the sale of a new Dutch Bros Coffee in Peoria. The property at 9145 N. 91st Ave. sold for $3.1M. The seller is a “preferred developer” for Dutch Bros. Marcus & Millichap’s Zack House, Chris Lind and Mark Ruble had the exclusive listing for the property.

    9. Nido4, LLC purchased Mission at Mohave, a 24-unit apartment complex at 319 E. Mohave Road, in Tucson. The 14.6KSF complex was purchased from JRJS West Sac Investors LLC for $2.4M. Cushman & Wakefield | PICOR’s Allan Mendelsberg and Joey Martinez represented both parties.

    10. Cushman & Wakefield announced it served as the exclusive advisor to Ares Management Real Estate in purchasing a 25-building industrial portfolio spanning 16 markets in 12 states. Two of the properties were purchased in Arizona. The first was Phoenix IC at 1010 S. 65th Ave., and the second was 525 W. Alameda in Tempe. The C&W Equity, Debt and Structured Finance team consisted of Rob Rubano, Gideon Gil, Brian Share, Joe Liekse, Ernesto Sanchez and Lars Weston. Financial terms were not disclosed.

    Lease Transactions

    11. Nucleus RadioPharma signed a lease for a 53KSF facility in Building A at Met 202. The five-building, 780.8KSF industrial park is located in Mesa at 3431 S. Crimson Road. The company expects to be in operation by mid-2026.

    12. Northrim Elevate Holdings, LLC dba Elevate Trampoline Park leased 26.8KSF of industrial space at 6221 S. Palo Verde Road, Suite 101 in Tucson, from 6221 & 6223 S. Palo Verde Tucson, LLC. Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord. Clint Hardison with IKE Commercial Real Estate represented the tenant.

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