Commercial Real Estate News 01-30-18

Miscellaneous

1. The Fidelity National Title Agency | Camelback Lakes team announced it closed on Pima County Industrial Development Authority Education Facility Revenue Series 2017 Bonds for American Leadership Academy, Inc., in the aggregate amount of $192.2M. The Fidelity National Title Camelback Lakes office team comprises Diane Carpenter, Kristina Gooding, and Leo Sanchez.

Sales Transactions

2. Institutional Property Advisors, a division of Marcus & Millichap announced the sale of Red Mountain Villas, a 768-unit apartment complex in Phoenix. The property is the sixth-largest multifamily asset in Arizona, and the $110M sales price is the second-largest for a single multifamily property in Arizona history. Steve Gebing and Cliff David represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital.

3. Pathfinder Partners has added two Phoenix properties valued at more than $32M to its multifamily portfolio, including the Vintage Apartments in Gilbert, acquired for $18.6M and Avalon Apartments in Northeast Phoenix, purchased for $13.7M. The Vintage transaction was brokered by David Fogler and Steven Nicoluzakis of Cushman & Wakefield. The Avalon transaction was brokered by Trevor Koskovich, Bill Hahn and Jeffrey Sherman of HSK Multifamily Colliers International.

4. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of River Oaks Apartments, a 300-unit apartment complex in Tucson, for $20.5M. Hamid Panahi, Steve Gebing and Cliff David represented the seller, HSL Properties, and procured the buyer, Stoneweg.

5. Cushman & Wakefield announced that Talavi Spectrum, located at 5701 W. Talavi Blvd. in Glendale, was sold to Dunbar Real Estate Holdings for $9.575M. The seller was advised by Zurich Alternative Asset Management. Tracy Cartledge, Bob Buckley, Steve Lindley and Michael Kitlica of Cushman & Wakefield negotiated the transaction on behalf of both the buyer and seller.

6. CBRE has completed the $4.1M sale of The Fountains, a 43-unit, garden-style apartment community at 137 E. Coronado Rd. in Phoenix. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Coronado 137, LLC, a local investor who obtained new financing. They also represented the seller, JMRS Fountain, LLC.

7. An affiliate of Bourn Companies of Tucson, BP Grant Pad Investors, sold the retail shops at 6572 E Grant Rd. in Tucson in as an investment asset for $3.9M. The buyer was a private investor that was represented by Pamela Scott with GPS. Jamie Medress with Marcus & Millichap represented the seller.

8. The Village at Superstition Springs sold for $3.4M. The seller was 6610 E. Baseline Road Investors, L.L.C. The buyer was Landry Family Trust. Judi Butterworth and Lacey Eyman of ORION Investment Real Estate facilitated the sale.

9. Park Brokerage Inc. announced the sale of Arizona Cowboy Mobile Home and RV Park for $2.93M. John Sheedy with Park Brokerage brokered the sale on behalf of the seller.

10. Brand Properties, LLC bought 12.48 acres at Sorrento Square in Tucson for $2.1M for a new Leman Academy of Excellence Charter School.

Lease Transactions

11. Nick Lee at NAI Robert Lynn and Isy Sonabend of NAI Horizon negotiated a $2.93M long-term lease for an industrial building on behalf of the Elliott Electric Supply at 121 S. 39th Ave. in Phoenix. Elliott Electric will occupy 62.9KSF of the 180KSF building.

12. OrthoArizona’s Arizona Orthopedic Associates and its Arizona Hand & Wrist divisions have moved into 20KSF of space at 3033 N. 44th St. in Arcadia.

Closures

13. Toys “R” Us announced it will close 182 stores, including six in Arizona. The closures are Mesa – U.S. 60 and Signal Butte Rd.; Paradise Valley – 12801 North Tatum Blvd.; Scottsdale – 7000 E. Mayo Blvd. and 9139 Indian Bend Rd.; Tucson – 4619 N. Oracle Rd.; Yuma – 801 W. 32nd Street.