Sales Transactions
1. Cushman & Wakefield announced it advised the sale of an approximately 322.1KSF industrial asset located at 7980-7990 W. Buckeye Road in Tolleson. The fully leased facility was acquired for approximately $48.8M by SENTRE. The seller was Brennan Investment Group. C&W’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the seller.
2. ABI Multifamily announced the $21.1M sale of Cabo del Sol Apartments. The 136-unit multifamily community is located on S. Midvale Park Road just north of W. Drexel Road. Both the buyer and the seller were represented by ABI’s Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, Tyler Bruggman, Desiree Palmer and Ryan Kippes. Element Property Company sold the community to Break of Day Capital.
3. Neighborhood Ventures is under contract to acquire the 123-unit multifamily property known as Venture on Colter. Venture is located in Central Phoenix near Grand Canyon University and Interstate-17. The property was purchased directly from the lender for $13M.
4. Pegasus Senior Living purchased Broadway Mesa Village at 7231 E. Broadway Road near Power Road for $11M. The approximately 82.8KSF facility was sold by Welltower OP LLC. The 96-unit senior living and memory care facility will be renamed Pegasus Landing of Mesa.
5. Cushman & Wakefield has arranged the sale of a freestanding industrial building totaling 33.3KSF in Phoenix’s Sky Harbor Airport submarket. Located at 4750 S. 32nd St., the single-tenant asset is currently 100% leased to BMWC Constructors. The property was acquired by a private family group of investors in Southern California for approximately $7.8M. The seller was an affiliate of ATLAS Capital Partners, LLC. Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine of the firm’s Private Capital Group represented the seller.
6. Meadow East & West LLC purchased a 47-unit multifamily portfolio from RN AZ Holdings LLC. The portfolio includes Meadow West at 1545-1591 N. Santa Rita Ave. and Meadow View at 601 E. Lee St. The properties sold for more than $4.9M. Cushman & Wakefield | PICOR’s Allan Mendelsberg and C. Joey Martinez represented both parties.
7. The Derby Townhomes LLC purchased Mesquite Grove Apartments, a 29-unit apartment complex located at 1620 E. Adelaide Dr. & 1651 E. Glenn St. in Tucson. The 21KSF complex was purchased from Glenwood Village Apartments LP for $2.6M. Cushman & Wakefield | PICOR’s Allan Mendelsberg and Joey Martinez represented both parties.
8. Tucson Industrial Authority purchased the former Lee Ho Market at 600 S. Meyer Ave. in Barrio Viejo. The approximately 11.4KSF building sold for $2.5M. TIA will be using the building to house its Avanza Program, which will supply loans to small business owners. The building was sold by Haley & Aldrich. NAI Horizon’s Gordon Wagner, Justin Lanne and Mike Chapman handled the transaction.
Lease Transactions
9. Rein & Grossoehme Commercial Real Estate announced the leasing of 4932 W. Pasadena Ave., an approximately 51KSF industrial building in Glendale. The owner, Industrial Outdoor Ventures, was represented by RGCRE’sMax Schumacher, Patrick Sheehan and Jack Hansen. The tenant was not disclosed.
10. Exclusive leasing broker Western Retail Advisors secured Broadway Mesa’s first new anchor tenant commitment with Urban Air. The tenant will lease approximately 44.2KSF within the center’s main big box building. Western Retail Advisors brokers Justin DiBiase and Rachel Bliss represented Urban Air in its lease negotiations at Broadway Mesa. Western Retail Advisors brokers Bryan Babits and Katie Weeks represented the owner, Mekong Real Estate Investment Group. Broadway Mesa is a 183.5KSF retail center located at 1920 W. Broadway Road in Mesa.
11. D-BAT Baseball & Softball Academy leased 18.4KSF of retail space at 5975 E. Broadway Blvd., Tucson, from AC Tucson Retail, LLC. Cushman & Wakefield | PICOR’s Aaron LaPrise represented the landlord. Roy Drachman with Roy Drachman Realty Co. represented the tenant. The location will open early 2025.