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    Home » Commercial Real Estate » Commercial Real Estate News 02-01-22
    Commercial Real Estate

    Commercial Real Estate News 02-01-22

    BEX StaffBy BEX StaffFebruary 1, 2022No Comments4 Mins Read
    2. Urban 188. Credit: Colliers in Arizona
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    Sales Transactions

    1. Following redevelopment and renovation of the former student housing property Gateway Apartments in 2018, Holualoa Companies recently sold the 272-unit Sonoran Reserve apartment complex in Tucson for $61.6M.

    2. Epic Investment Services has purchased Urban 188 and Urban 96 on W. Camelback Road in Phoenix for a total of $52M. The seller was Urban 1601 Property, LLC. The properties, totaling 284 units, will be added to the Epic Multifamily Real Estate Fund I LP. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona negotiated the sale transaction. Fidelity National Title handled the title and escrow work for the sale.

    3. Industrial infill real estate firm The Meritex Company has purchased the two-building Tempe Commerce Center for $21.63M and another two-building industrial park in Phoenix near Broadway and 40th Street for $25.67M.

    4. SB Real Estate Partners has acquired Bloom 24, a 114-unit garden style multifamily community on E. Flower Street in Phoenix, for $34.2M. Following approximately $2M in renovations, the property will be rebranded as Portolo Biltmore.

    5. ORION Investment Real Estate announced the $21.1M off-market sale of Northsight Crossing, a 111KSF retail center anchored by EoS Fitness in north Scottsdale. Michael Achtman of ORION represented the seller.

    6. KL Property Investments has purchased the 64-unit Agave Court apartment community on N. 18th Street in Phoenix for $15.65M. The transaction was managed by the Northmarq Phoenix Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle.

    7. NAI Horizon’s Isy Sonabend and Mark Wilcke negotiated the sale of a 97KSF refrigerated warehouse on eight acres in Tolleson representing the seller, Smith Family Trust, for $8.75M. The buyer, Trader Joe’s, was represented by Rob Stephens with NGKF.

    8. Hunt Capital Partners and Family Housing Resources have closed $7.3M in Low-Income Housing Tax Credit equity financing to buy and rehabilitate the 96-unit Talavera Apartments community in Tucson.

    9. ABI Multifamily announced the $4.1M sale of The Phoenix on Willetta, a land deal located in Phoenix. ABI’s Patrick Burch, Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller. The buyer is based in Arizona and the seller is based in California.

    10. SVN Desert Commercial Advisors completed the sale of an approximately 0.81-acre lot in downtown Phoenix on 3rd Avenue between Filmore Street and Van Buren Street. The property was acquired from Cole Management Associates, LLC for $3.7M by 362 North Third, LLC, an entity formed by JRG Capital Partners. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer.

    11. 114 Laguna, LLC, purchased Commons at 114 Apartments, a 21.9KSF multifamily property in Tucson. The 39-unit apartment complex was purchased from B Ave Investments LLC & Gary B. Evans for $3.6M Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.

    12. ABI Multifamily announced the $3.4M sale of Canyon Vista Apartments, a 40-unit apartment community in Sierra Vista. The buyer was represented by ABI’s Desiree Palmer, Carson Griesemer, Dallin Hammond and Mitchell Drake.

    13. Chuck E. Cheese Corporation purchased a 15KSF building on 2.3 acres on E. Speedway Boulevard from a franchisee for $3.3M.

    14. A 6KSF Garcia’s Mexican Restaurant location on W. Bell Road in Glendale was purchased by Deerwood Partners Arizona LLC from MJL Properties LLC for $3.3M. Marcus & Millichap’s Chris Lind and Mark Ruble represented the seller.

    15. Nick Miner of ORION Investment Real Estate represented the seller Vans Tucson Golf Properties, LLC in the $2.75M sale of a 12KSF retail building on E. Grant Road in Tucson.

    16. The 8.8KSF AquaSafe swim school on E. Bahia Drive in Scottsdale recently executed a $2.14M sale/leaseback. The seller was Thomas Spivey with Spivey Real Estate LLC, represented by Rommie Mojahed and Lindsey Dulle with SVN. Buyer Marshall Fried with West End Hotel, LLC was represented by Bob Broyles of Colliers International.

    Lease Transactions

    17. NAI Horizon’s Matt Harper represented landlord Emad Investment LLC, in a 12-month land lease for 15KSF near 48th Lane and Thomas Road in Phoenix. Tenant PV Landscape Services LLC was self-represented.

    18. NAI Horizon’s Laurel Lewis represented the landlord, Terminix International, in a 50-month office lease for 32.8KSF at 6770 N. Sunrise Boulevard, Glendale. The tenant, TKC Operations, Inc., was represented by Mark Seale with Avison Young.

    19. Motion Industries, Inc. leased 23.5KSF of industrial space from Daybreak Industrial QOB, LLC, located in Daybreak Distribution Center in Tucson. Cushman & Wakefield | PICOR Industrial Specialists, Robert C. Glaser and Paul Hooker handled this transaction.

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