Sales Transactions
1. Walker & Dunlop Inc. forged an $86M refinancing deal for Class A properties in Phoenix, Tempe and Scottsdale. The Arizona portfolio with the new financing totals 709KSF.
2. GLL Real Estate Partners has completed the purchase of Lincoln Towne Center, a 230KSF office property at 4150-4250 N. Drinkwater Boulevard in Scottsdale’s Old Town district for $69.1M. The seller was Transwestern Investment Group and the property was marketed by Eastdil.
3. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Pinnacle Terrace, a 300-unit multifamily asset in Chandler, for $56M. Steve Gebing and Cliff David represented the seller, TA Realty, and procured the buyer, an institutional investment manager.
4. JLL’s Capital Markets experts announced the company completed the sale of the Western U.S. Industrial Multi-Tenant Portfolio. JLL represented the seller, BPP Pacific. Artis REIT purchased the nine-building portfolio for $40M. The portfolio totals 379KSF and includes three industrial parks: Rocky Mountain Business Center located in Aurora, Colorado, and Roosevelt Commons and Superstition Springs in Mesa and Tempe, respectively. Mark Detmer, Bo Mills and Ryan Sitov led the JLL team on the sale with local market support from Pat Harlan and Steve Sayre in Phoenix, and Mitch Zatz and Carm Hicks in Denver.
5. ORION Investment Real Estate finished a strong 2017 with nearly $50M in closings in December. In just three days, the firm had more than $29M in closings with the multifamily sales of Carole Arms, Stapley Place and Santana Ridge Luxury Condominiums, and the sale of the Republic West Office Building.
6. Cushman & Wakefield, on behalf of Phoenix-based Common Bond Development Group, completed the sale of The Plant; a Sprouts Farmers Market-anchored neighborhood shopping center. Located on the SEC of Gilbert and Ocotillo Roads in Chandler, the property was purchased by Sarofim Realty Advisors for $25.75M. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller.
7. CBRE announced the sale of a 175KSF, two-building, Class A office park located at the NWC of Loop 101 and 19th Avenue in Phoenix. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Granite Deer Valley Holdings, LLC. A joint venture between Everest Holdings and Blue Vista Capital Management purchased the property for $23.6M.
8. Cushman & Wakefield completed the sale of The Vintage, a 107-unit apartment community at 1303 West Juniper Avenue in Gilbert. Pathfinder Gilbert Holdings II, LLC purchased the property from Clear Sky Vintage L.P., an entity formed by Clear Sky Capital, for $18.55M. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
9. Cushman & Wakefield announced that Westport Capital Partners sold the 123.5KSF Pinnacle Park Business Center, 1125 W. Pinnacle Peak Road in Phoenix, to Libitizky Property Companies for $14.8M. Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield negotiated the transaction on behalf of the seller.
10. Colliers International negotiated the sale of the 117-unit Avalon apartments, 3851 N. 28th Street in Phoenix, for $13.7M. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers International in Phoenix represented the seller and procured the buyer – Pathfinder Partners Acquisitions, LLC, an entity formed by Pathfinder Partners. Phoenix Avalon LLC, an entity formed by 3rd Ave Investments, was the seller.
11. Newmark has arranged permanent financing in the amount of $13.3M secured by the La Ronde Centre in Sun City. Adam Parker from Newmark’s Phoenix office, arranged the financing on behalf of the borrower. The La Ronde Centre includes approximately 110KSF of medical office and retail space.
12. Wan Hai Lines Ltd. – a global shipping company – has bought the Perimeter Center building in Scottsdale for $10.35M to serve as the Taiwan-based shipping company’s U.S. headquarters. Irgens was the seller. Cushman & Wakefield brokers Scott Baumgarten, Jerry Noble and Greg Mayer brokered the deal.
13. On behalf of Clarion Partners, Cushman & Wakefield completed the sale of West 10 Business Center, a 146.7KSF industrial building at 4703 W. Brill Street in Phoenix. Bixby Land Company purchased the property for $9.53M. Cushman & Wakefield’s Will Strong negotiated the transaction on behalf of the seller, CLPF-West 10 Business Center, L.P. (an entity owned by Clarion Partners).
14. Land Advisors Organization’s Scottsdale team of Ryan Semro, Ben Heglie and Bret Rinehart represented the seller, Melcor Developments Arizona, Inc. in the sale of Riverwalk’s 94 P&E lots in Peoria to Maracay 91, LLC for $7.6M.
15. Colliers International arranged the sale of the Skyline Villas apartments in Las Vegas for $7.4M. Thomas Olivetti of Colliers International Las Vegas and The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International Phoenix represented the seller and procured the buyer.
16. The Shops at Dove Valley Ranch, a shopping center off Carefree Highway in Cave Creek, sold for $6.12M, Phoenix Commercial Advisors announced. TerraCotta Realty Fund LLC sold the property, which is on 1.88 acres, to Los Rios Farms Inc. John Schweikert and Chad Tiedeman at Phoenix Commercial Advisors represented TerraCotta in the sale.
17. NAI Horizon’s John Filli represented the seller, a debtor in a Chapter 11 proceeding, in a pair of Southeast Valley industrial deals totaling $4.9M. Filli represented 4K Properties LTD and Arizona Steel Finishing LLC, both Arizona limited partnerships, in the $3.17M sale of three industrial/manufacturing buildings totaling +/- 65.8KSF on 9.82 acres at 5136 S. Desert View Dr., and 5051 S. Warner Dr., in Apache Junction.
18. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE Multifamily Investment Properties in Phoenix represented the buyer and seller in the $2.9M sale of Villa Del Prado, a 44-unit apartment community located at 448 S. Mesa Drive in Mesa. John V. Kapogianis, Konstantinos V. Kapogianis and Dimitra K. Kapogianis, California investors who obtained new financing, purchased the value-add property from Villa Del Prado Associates, LLC.
19. Avison Young announced it has brokered the $2.83M sale of a fully occupied, single-tenant, 21.8 retail building in Prescott Valley. Bret Isbell represented the seller, an entity of the tenant, Mattress & Furniture Gallery. The buyer, Bell 40, LLC was represented in-house.
20. NAI Horizon recently announced two major deals. John Filli negotiated the sale of a 65.8KSF industrial property on 9.82 acres, representing both the buyer, Rolling Plains Construction, Inc., and the seller, 4K Properties LTD, for $3.17M. The property is located at 5051 S. Warner Dr. and 5136 S. Desert View Dr., in Apache Junction. In the other transaction, Denise Nunez negotiated the sale of a 53.7KSF self-storage property, representing the seller, Budget Storage Development, LLC, for $2.05M. The property is located at 2511 E. 17th Ave., Hutchinson, Kansas. The seller, WC Capital, LLC, was represented by Jerome Castillo with Titan Realty.
21. Danny Lee of SVN | Desert Commercial Advisors closed out December with Casa Monte Vista Apartments in Phoenix for $2.8M. Lee represented the seller, Casa Monte, LLLP and the buyer, 3J Group, LLC, in the transaction.
22. Danny Lee of SVN | Desert Commercial Advisors oversaw the recent sale for Grovers East Apartments for $2.65M in an off-market transaction. Lee represented the seller, Augusta Springdale, LLC and the first-time buyer in the transaction, Euphoria Capital, LLC.
23. Private equity firm Virtua Partners announced it has acquired two properties totaling 146 acres located in the West Valley. Bennett Meadows is a 28-acre infill residential property on the NWC of Sarival Avenue and W. Harrison Street in Goodyear. Virtua is currently processing the preliminary plat for a 90-lot single-family residential development. Virtua purchased the project for $2.16M. The Villa De Paz Golf Club is an 18-hole facility in West Phoenix. The 118-acre property was purchased for $1.3M.
24. Cushman & Wakefield completed the sale of a 10.42-acre, 188-unit multifamily development site, located north of the NWC of 145th Avenue and McDowell Road in Goodyear. NextGen Apartments – Goodyear 145, LLC purchased the property from NLW Arizona, LLC for $2.2M. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.
Lease Transactions
25. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon of NAI Horizon represented the tenant, JEG-FIT Via Linda & Mountain View Rd, LLC in a 138-month retail lease for 29KSF at 10105 E. Via Linda Rd., Scottsdale.
26. CBRE announced the execution of a 28.8KSF lease at 2375 E. Camelback Rd. in Phoenix. RSM US will occupy the space at 24th at Camelback I beginning in 2018. Bryan Taute and Tim Watters with CBRE’s Phoenix office represented the landlord, Hines. Rick Schuham and Tom Johnston with Savills Studley represented the tenant.
27. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon of NAI Horizon represented the tenant, JEG-FIT Gilbert & Warner Rd, LLC in a 120-month retail lease for 28KSF at the SEC of Gilbert & Warner Rd., Gilbert. Jason Herkser with Capital Asset Management represented the landlord, MGD Holdings, LLC.
28. Tyler Smith and Troy Giammarco of NAI Horizon represented the landlord, Bay Pacific Corporate Center, LLC in an 84-month office lease for 26KSF at 10220 N. 25th Ave., Phoenix. Jason Malcom and Rod Beach with CRESA represented the tenant, Sage Academy, Inc.
29. AOR Management Company of Arizona, LLC leased 25.3KSF of office space at 2625 N. Craycroft Rd. in Tucson from TMC Holdings, Inc. Rick Kleiner with Cushman & Wakefield | PICOR, represented the landlord. David Volk and Bruce Suppes with CBRE represented the tenant.
30. Jennifer Hill of SVN | Desert Commercial Advisors recently closed a more than $1.5M lease for Urban Jungle Fun Park. The 14.4KSF new Chandler location is at 2061 N. Arizona Avenue.
31. Tempe Marketplace has signed leases with three new tenants – Fit4Mom Studio, Zero Degrees and Auntie Anne’s Pretzels.
32. Desert Viking Development is the developer behind The Blocks of Roosevelt Row, an adaptive reuse project of three bungalow-style homes, the Flowers building and construction of a new three-story commercial building on the corner of Fifth and Roosevelt streets in Downtown Phoenix’s Roosevelt Row Arts District. Currently open for business, a barbershop blending art and artistry, while upcoming openings in early 2018 will usher in brick and mortar locations for a favorite Valley-based food truck company and a collaborative pop-up retail shop.
33. Overstreet in downtown Chandler announced two new locations of popular local concepts to its mix of restaurants and retailers. Camp Social and Over Easy will both be opening at the entertainment destination in early 2018.