Commercial Real Estate News 01-26-21

Sales Transactions 
1. TerraCap Management, LLC purchased Anchor Centre, a 333KSF, Class A office asset at 2201 and 2231 E. Camelback Road, Phoenix, for $103.5M. The JLL Capital Markets team consisting of Director Ben Geelan, Senior Managing Director Michael Leggett and Managing Director Brian Ackerman, represented the seller, KBS. JLL also procured the buyer. 
2. Rise48 Equity purchased Pointe Vista Apartments, a 160-unit multifamily apartment property in Phoenix, for $24.25M. ABI Multifamily‘s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented the buyer and the seller, a California-based company who was not disclosed. 
3. HK Real Estate Investment purchased Tri-City Pavilions, a 94.3KSF Safeway grocery-anchored shopping center at the NEC of North Main Street and Dobson Road, Mesa, for $15M. Glenn Smigiel, Bob Young and Rick Abraham of CBRE in Phoenix represented the seller, Lamar Companies. 
4. A private investor purchased a 26.2KSF Class A creative office building at 411 S. First Street, Phoenix, for $9.75M. CBRE’s Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Doug Mack, Corey Hawley, Sean Spellman, Jimmy Cornish and Gary Cornish represented the seller, Aspirant Partners, sister company of the Empire Group. The property is 100 percent leased to Scientific Technology Corporation. 
5. Tucson-based assisted living owner/operator purchased Carlton Village Senior Care Community, an 80-bed assisted living community at 321 W. Limberlost Drive, Tucson, for $5.6M. Alex Snyder and Hamid Panahi, Senior Housing investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing on behalf of the seller, a seniors housing developer, and procured the buyer. 
6. Sonoma Heights, LLC purchased the 10.6KSF Shoppes at Cortaro Ranch at 5660 W. Cortaro Farms Road, Tucson, for $5.2M. Chris Hollenbeck with Cushman & Wakefield in Phoenix represented the seller, Cortaro Commercial JV, LLC.  
7. LGI Homes purchased Terravista, a 156-lot residential development site located at Rooks Road and MC-85, Buckeye, for $5.156M. The seller, Marbuck, LLC, was represented by Kidder Mathews commercial real estate broker Brian Rosella. 
8. 85 N. Lake Havasu, LLC purchased an 8.3KSF retail property on 1.18 acres at 85 N. Lake Havasu Avenue, for $4.35M. Chris Hollenbeck with Cushman & Wakefield in Phoenix represented the seller, Havasu Mesquite, LLC. 
9. NexMetro Communities purchased 13 acres of land within the Mystic at Lake Pleasant Heights community located in Peoria, for $3.25M and plans to begin constructing phase one of the community, which will comprise 263 luxury multifamily units. Greg Vogel, Mike Schwab, Bret Rinehart, Ryan Semro, and Ben Heglie, who specialize in home builder developments and master-planned communities throughout Arizona for Land Advisors Organization’s Metropolitan Phoenix office, represented the seller. 
10. Ocotillo Ridge (Tucson) ASLI IX, LLC along with Mark Voigt and Dave Rogers of Voyager Investment Properties in Phoenix closed on 217 acres in the Santa Rita foothills area of southeast Tucson for $2.85M. The seller was H&A LLC. Will White and John Carroll of Land Advisors Organization-Tucson brokered the sale. The new group is underway with a new 600-lot subdivision plat called Ocotillo Ridge. 
Lease Transactions 
11. JFQ Lending signed a 125KSF lease at 7720 N. Dobson Road in Scottsdale for the company’s new headquarters. Zak Kottler and Joe Cosgrove of LevRose Commercial Real Estate represented JFQ Lending. Ruth Darby of Keyser represented the sublessor, International Cruises and Excursions. 
12. NAI Horizon’s Jennifer Loehnert, Don Morrow and Dylan Whitwer represented the tenant, Horizon Thrift, LLC in a 72-month retail lease for 12.6KSF at 1837 W. Guadalupe Road, Mesa. The landlord, CP6PW, LLC, was represented by James DeCremer with Avison Young.   
13. NAI Horizon’s Isy Sonabend and Drew Eisen represented the landlord, Metropolitan Warehouse Delivery Corp. in a 32.5-month industrial sublease for 10.6KSF at 2145 S. 11th Avenue, Phoenix. The tenant, Reliant Dry Ice, Ltd, was represented by Marc Pierce with Lee & Associates.