Sales Transactions
1. Embrey Partners sold The Quincy at Kierland at 15826 N. Scottsdale Road to Stockdale Capital Partners. The 266-unit luxury multifamily property sold for $110.3M. Institutional Property Advisor’s Steven Gebing and Cliff David represented the seller.
2. Service Properties Trust sold Hospitality Capital Partners a five-hotel portfolio for $72M as part of a larger NPA transaction. The properties consist of: Sonesta Select Phoenix Chandler, Sonesta Select Tempe Downtown, Sonesta ES Suites Tempe, Sonesta ES Suites Flagstaff and Sonesta ES Suites Scottsdale Paradise Valley.
3. SR Building LLC sold the 144-bed Santa Rosa Care Center for $30M. The property, located at 1650 N. Santa Rosa Ave. in Tucson, was purchased by The Ensign Group, Inc.’s affiliate, Santa Rosa Propco LLC. The seller was represented by Harvey and Deborah Nevins.
4. TMK Investments LLC sold Tamarak Apartments in north Tempe for $10.4M. Asym Capital purchased the 56-unit multifamily development. The property was 93% occupied at closing.
5. Hayden Corporate Center, a two-story, 55KSF multi-tenant office building at 8283 N. Hayden Road in Scottsdale, sold for $10M. Cushman & Wakefield represented the seller, Hayden Corporate Center LLC. Revelation RE acquired the property.
6. A single-tenant 7-Eleven at 1010 N. Country Club Dr. in Flagstaff sold for $8.4M at a 4.8% cap rate, the lowest cap rate for a 7-Eleven in the state this year. CBRE’s Ben Farthing and Owen Littrell represented two private capital investors based in Tucson. Viking Properties VII, LLC acquired the ground-lease asset, which has 12 years remaining on its absolute triple-net lease and features 12 fueling stations and a car wash.
7. Wildcat Canyon Village, a 76-unit, 128-bed student housing community at 1050 E. 8th St. in Tucson, sold for $8M. Cushman & Wakefield represented the seller, Federal Home Loan Mortgage Corporation. Campus Investco LLC acquired the property, which offers a potential expansion to 164 beds.
8. TWR Real Estate Partners acquired a 16.9KSF, single-tenant industrial facility with a two-acre yard for $6.2M at 1107-1121 W. Ranch Road in Tempe. LevRose Commercial Real Estate/TCN Worldwide represented the seller, Valley Wide Plastering Inc., and will serve as the leasing broker.
9. Catalina View Apartments, a 31-unit multifamily community totaling 30.9KSF at 5160 E. Bellevue St. in Tucson, sold for $2.8M. Catalina View Apts LLC acquired the one-acre property from Bellevue Properties LLC. Cushman & Wakefield | PICOR represented both parties.
Lease Transactions
10. Base Met Labs US Ltd leased nearly 11KSF of industrial space at 546 E. 25th St. in Tucson from BLW Holdings, LLC. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. C&W | PICOR’s Andrew Keim represented the tenant.