Sales Transactions
1. American Campus Communities Inc. has formed a joint venture with Harrison Street for ACC’s eight-property Arizona State University student housing portfolio. Harrison Street acquired a 45% stake in the JV. The closing will be in two stages. Stage 1 closed in December, totaling three properties at $271.7M. The remaining five properties, valued at $279.6M, are expected to close in late 2022 or early 2023.
2. The Boulevard, a 294-unit apartment complex in Phoenix, has been purchased by Davlyn Investments for $112.5M. The seller, who was not disclosed, was represented by Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap. The property will be rebranded as Boulders at Lookout Mountain. Financing was provided by New York Life and arranged by Eric Flyckt of Northmarq.
3. SB Real Estate Partners has completed the sale of the 141-unit Portola at Grovers Park in north Phoenix and the 224-unit Portola West Valley in west Phoenix to Rise48 Equity for $96.4M. Rise48 Equity plans to spend more than $8M to renovate both properties and rebrand Portola at Grovers Park as Rise on Cave Creek, and Portola West Valley as Rise at Estrella Park. Cliff David and Steve Gebing of Institutional Property Advisors represented SBREP for the Portola at Grovers Park transaction. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented SBREP for the Portola West Valley transaction.
4. Asbury Automotive Group has purchased a four-building, 50.2KSF auto retail location in Surprise through LHM SCD LLC. Miller Family Real Estate LLC was the seller.
5. Hanley Investment Real Estate Advisors announced it has completed the $7.1M sale of a Portillo’s drive-thru restaurant in Glendale. Hanley’s Ed Hanley, Bill Asher, Jeff Lefko and Lee Csenar represented the undisclosed seller in the off-market 1031 exchange. The buyer was represented by Chuck Wilson and Kenny Patricia of Colliers International in Irvine, Calif.
6. ABI Multifamily announced the $3.79M sale of Vara, a 21-unit multifamily apartment community in Phoenix. ABI’s John Klocek and Patrick Burch represented the buyer.
7. Aerie Northwest, an affiliate of Aerie Development, has bought 12.7 acres on Oracle Jaynes Station Road in Tucson for a new multifamily development. The firm took over escrow from M3 Engineering and Technology and Rhodock Holdings.
8. Udi Katz has bought a Starbucks building at 32nd Street and Shea Boulevard in Phoenix for $2.9M in an all cash transaction. Katz entered into a purchase contract before construction of the building. Starbucks has a triple-net 10-year lease with a total of four five-year options.
9. The Ina Capital Development Joint Venture announced the $2.4M sale of two retail parcels totaling 2.23 acres and a 3.7KSF building at Ina Road and I-10 in Tucson. The sites were previously occupied by Enterprise Rental Car and Waffle House. The buyer, DP Land Holdings IX, LLC, dba Lifted Trucks, is a custom truck dealer. Sarge Glenn of J&J Commercial Properties represented the buyer. The seller was represented by John C. Buette of Boss Capital Development.
10. Asbury Automotive Group has bought 172.7KSF of auto retail space in 15 buildings on 25 acres in Peoria. Asbury’s entity LHM PNX LLC bought the property from the Larry H. Miller Group of Companies for an undisclosed amount.
Lease Transactions
11. Lowe’s has leased 1.2MSF at The Cubes at Mesa Gateway Airport for a new warehouse location. CRG will build the space for Lowes. The Cubes was represented by JLL in the lease negotiations.
12. Happy Floors has leased 144KSF in the Goodyear Crossing Industrial Park and will use the location for a West Coast hub.
13. Brookline College, LLC, leased 31KSF of office space from Paramount Tucson, LLC, at 300 S. Craycroft Road, in Tucson. Thomas J. Nieman with Cushman & Wakefield | PICOR, represented the landlord. Richard M. Kleiner, Cushman & Wakefield | PICOR; Stephen Chaitin with CBRE, San Francisco; and Tiffany Winne with Savills Inc, represented the tenant.