Sales Transactions
1. Cushman & Wakefield announced it brokered the $66.5M sale of Elevation at the Village, a 214-unit multifamily community at the SanTan Village shopping center in Gilbert. The buyer was Cal-Am Properties, Inc. David Fogler, Steven Nicoluzakis and Race Carter with Cushman & Wakefield’s Multifamily Advisory Group represented seller Vedura Residential.
2. Newmark announced the joint venture equity placement of Altera Fund Advisors and Virtus Real Estate Capital, which acquired a $43.23M medical outpatient property portfolio in Tucson from Healthcare Trust of America. Acquisition financing was provided by Capital One, N.A. The four properties in the portfolio were:
- Gateway Medical Plaza, $23.43M;
- La Cholla Medical Center, $11.25M;
- Desert Life Medical Plaza, $5.2M and
- Academy Medical Center, $3.35M.
3. Net Lease Office Properties has sold a four-property portfolio spanning three states for $43.1M. The portfolio included one Arizona property, a 143.7KSF building at 3350 E. Hemisphere Loop in Tucson that sold for $24.58M. The location and 5.78 acres of excess land are leased to Raytheon Corp.
4. Phoenix Commercial Advisors arranged the $19.5M sale of Chandler Heights Village, a nearly 51KSF shopping center in Gilbert. Tenants include Papa John, Leslie, Edward Jones, Jersey Mikes Sub and Phoenix Children’s Academy. Neither buyer nor seller were disclosed.
5. JLL Capital Markets arranged the $13.5M sale and $10.1M acquisition financing for Thunderbird Medical Pavilion, a medical campus in Glendale totaling nearly 93KSF. JLL represented the seller, Banner Health and procured the buyer, UDLR Healthcare.
6. Capstone Advisors acquired a flex industrial building at 16402 N. 28th Ave. in the Deer Valley area of Phoenix for $5.79M.
7. Marcus & Millichap represented the seller in the $4.3M sale of a 15.3KSF Harbor Freight building at 4868 E. Carefree Hwy. in Cave Creek. The sale included an in-place lease agreement with 10 years remaining in its term.
Lease Transactions
8. JLL Capital Markets secured a pre-lease for Blue Cactus Logistics, a 258KSF industrial building in Surprise. BlueScope Properties Group is the developer/owner, and TriColor Auto Group is the new occupant.