Sales Transactions
1. Institutional Property Advisors has announced the $33M sale of the 256-unit apartment community The Place at Spanish Trail in Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the undisclosed seller and found the buyer.
2. Ventana Medical Systems, Inc. has paid $25M for the 112.5KSF Icagen Pharmaceutical R&D Facility at 2090 E. Innovation Park Dr. in Oro Valley. Ventana is owned by Roche Tissue Diagnostics.
3. Capstone Advisors has acquired 420 S. Mill Ave and 501 S. Mill Ave. in Tempe for $22.2M. Century Drive Investments LLC was the seller.
4. The Meritex Company has purchased a 101.9KSF industrial building at 3930 E. Watkins St. in Phoenix for $20.3M. The fully leased building was sold by the Simone Charitable Foundation. Brian Ackerman of Colliers in Arizona represented the Foundation.
5. Intersection Development (as Main & Main RoRo Property Owner LLC) has paid $10.5M for 1.06 acres across several connected Roosevelt Row District parcels, including radio-station based property 840 N. Central Ave. The seller was Audacy, a radio-station ownership firm.
6. Cashen Realty Advisors brokered a $9.87M sale from Larkspur Lane Investments to Magnolia Property Company to develop Magnolia 7th and Camelback, a 249-unit multifamily community on 4.5 acres at the NEC of Camelback Road and 7th Avenue in Phoenix.
7. Newmark arranged the $9.33M sale of Talavi Corporate Center, a 153.3KSF, three-story office and medical office property on 11.4 acres at 5651 W. Talavi Blvd. in Glendale. Woodside was the buyer. Newmark’s Barry Gabel, Chris Marchildon and CJ Osbrink represented seller Regent Properties.
8. ABI Multifamily‘s Carson Griesemer, Dallin Hammond and Mitchell Drake represented the buyer in the $6.925M sale of Quays at Encanto, a 26-unit, two-story apartment complex in Phoenix. The buyer and seller were not disclosed.
9. Cushman & Wakefield advised the sale of a last-mile industrial portfolio totaling more than 491KSF. The portfolio includes Canal Crossing, a 155KSF single-tenant building, and Riverside @ 51st, a 336KSF multi-tenant building. Canal Crossing was acquired by LaSalle Investment Management and Riverside @ 51st was acquired by Link Logistics.
10. CapRock Partners announced the acquisition of 5858 W. Lower Buckeye Road, a new 249.8KSF Class A industrial warehouse building in Phoenix. The space is pre-leased to two tenants. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the purchase transaction and leasing. The two tenants were represented by Josh Wyss with Cushman & Wakefield and Pat Harlan, James Panczykowski and Kyle Westfall with JLL, respectively. Terms were not disclosed.
Lease Transactions
11. TruWest Credit Union has leased and moved into 26KSF in the Discovery Business Campus on East Elliot Road in Tempe. TruWest was represented by Steve Berghoff and Mark Haslip of Menlo Group. Mark Gustin, Ryan Timpani and Jimmy Cornish of JLL manage leasing for Discovery Business Campus. The campus’ owner is Wentworth Property Company.
12. Outdoor equipment retailer REI announced it will open a new store in a 24KSF space at 6040 W. Behrend Dr. in Arrowhead Promenade in Glendale.