Sales Transactions
1. Lincoln Property Company and Goldman Sachs announced the sale of the 1.27MSF “Building C” industrial building at Luke Field. Walmart purchased the building for nearly $152.2M. Lincoln’s announcement said the deal marks the largest Arizona industrial building sale of the year and is the first tenant commitment at Lincoln’s recently completed Luke Field—a 140-acre, 2.4MSF LEED Gold Certified logistics park in Glendale. Lincoln self-represented itself. Walmart was represented by Marc Hertzberg and John Lydon of JLL.
2. Stonepeak (as SP Cardinal Tempe Owner LLC) has paid $125M for Park Place, a 285-unit luxury student housing development on South Terrace Road near Arizona State University in Tempe. The seller was Park7 Group.
3. Commercial Properties, Inc./CORFAC International announced it brokered the $55M sale of Power Commerce Park, a 146KSF Class A industrial small bay complex in Gilbert. CPI’s David Bean and The Leroy Breinholt Team represented the seller, Dale Cavan of Cavan Commercial. The buyer was Richard Scheinfeld of Top Ten Properties.
4. Commercial Properties, Inc./CORFAC International announced it brokered the $43.75M sale of a 228.7KSF portfolio of Industrial properties in Phoenix. The properties are:
- Carleton Square at 1711-1741 W. Rose Garden Lane,
- Top 10 Business Center located at 4845 & 4855 W. McDowell Road and
- Valley Commerce Center at 4810 – 4828 S. 40th St.
CPI’s David Bean and The Leroy Breinholt Team represented the seller, Richard Scheinfeld. SpeedBay was the buyer, represented by KBC Advisors.
5. CBRE arranged $45.6M in financing for the acquisition and renovation of Coral Point Apartments at 2343 W. Main St. in Mesa. The 377-unit community spans 15.9 acres across 24 buildings. Financing was secured on behalf of InTrust Property Group, and Brightspire Capital provided the loan.
6. Paradise Village Gateway, a 217KSF open-air shopping center at Shea and Tatum Blvds., sold for $28.5M to GC Tatum and Shea LP. The seller was SCC Paradise Village Gateway AZ LLC. The center is nearly 18 acres. A portion of the proceeds paid $24.3M in mortgage debt.
7. Chandler Sunset Plaza, located at the NEC of Rural and Ray roads, was sold for $26M. The buyer and seller were not disclosed, though Phoenix Commercial Advisors represented the seller. The center totals 107.3KSF, sits on 13.3 acres and was 95% leased upon closing.
8. 13359 W. Willow Ave., a 43.7KSF freestanding manufacturing building in Surprise, sold for $10.3M. Rein & Grossoehme Commercial Real Estate represented the seller.
9. BTC Enterprises LP/LMSAME LP purchased the Northsight Retail Pad at 15227 N. 87th St. in Scottsdale for $7M. The sale reflects a 6.2% cap rate. The seller was HSB Northsight LLC. The pad is an outparcel to a Walmart Supercenter.
10. An 80-acre parcel at the SWC of Highway 23 and Warren Road in Maricopa sold for $5M. Rein & Grossoehme Commercial Real Estate represented the buyer.
11. Cushman & Wakefield arranged the sale of a 44.3KSF industrial outdoor storage facility on 3.4 acres at 724 E. Southern Pacific Dr. in Phoenix. The property sold for $4.6M and was acquired by an owner/user. The seller was Capitol Engineering.
12. 5818 W. Maryland Ave., a 34KSF building on two acres in Phoenix, sold for $4.5M. Rein & Grossoehme Commercial Real Estate represented the seller.
13. An 8.9-acre commercial parcel at the SWC of Jackrabbit Trail and Encanto Blvd. in Buckeye sold for $2.5M. The seller was Mountain States Exchange LLC, as Intermediary FBO La Familia Management LLLP, and the buyer was Rosemead Properties Inc. Kidder Mathews represented the seller.
14. 11 On Limberlost LLC purchased The 11 on Limberlost, an 11-unit apartment complex at 544 E. Limberlost Dr., in Tucson. The 12.1KSF complex was purchased from JCM Development LLC for $2M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
15. Cushman & Wakefield announced it advised on the sale and arranged the acquisition and construction completion financing for One Camelback, a 163-unit luxury residential development project at Central Avenue and Camelback Road in Phoenix’s Uptown district. A Cushman & Wakefield Equity, Debt & Structured Finance team of David Karson, Megan Schmitt and Mitch Rothstein arranged the financing on behalf of Kinella Capital. Steven Nicoluzakis and David Fogler of Cushman & Wakefield’s Multifamily Investment Sales group represented Kinella. Post Road Group provided the capital solution supporting the project.
16. Streamline Capital Group is under contract to acquire The Meridian, a Class B medical office property at 401 W. Baseline Road in Tempe. The firm plans to rebrand the building as Tempe Crossings and undertake exterior and common-area renovations. The updated asset is expected to come online in early 2026.