Sales Transactions
1. An investment management company has acquired a portfolio of 18 self-storage properties in the Southwest for $266.2M. The portfolio was sold by a joint venture of Wentworth Property Company and an institutional equity investor. Six of the properties are in greater Phoenix. The buyer for this off-market transaction was procured by Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio. John Smeck and Alix Hanna with Colliers Arizona worked with Eastdil Secured’s NYC office (Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld) to arrange $160M in financing for the buyer.
2. Cushman & Wakefield announced the firm has brokered the sale of a 108-room La Quinta Inn & Suites hotel in Peoria at 16321 N. 83rd Ave. The property was sold to Sun Valley Hotels, LLC. Bill Murney with Cushman & Wakefield’s Hospitality team in Phoenix represented the seller. Secondary media reports list the transaction price at $13.5M.
3. American Furniture Warehouse has paid approximately $9.8M to purchase 23 acres at the NEC of Waddell Road and Loop 303 in Surprise. The company plans to build a 150KSF showroom and 50KSF warehouse on the location. The seller was Suburban Land Reserve Inc.
4. CBRE arranged the $4.5M sale of 1856 N. Higley Road, a 28.5KSF industrial building, to an out-of-state private buyer completing a 1031 exchange. Geoffrey Turbow, Gary Cornish, Bryan Johnson and Nick Williams of CBRE’s Private Capital Partners teamed with Phoenix industrial market experts Jackie Orcutt and Jonathan Teeter to represent the seller. The building is an approved food-grade facility and is fully triple net leased to Earthco Enterprises.
5. John Sheedy of Park Brokerage and Commercial Real Estate represented sellers Aroul and Vennila Ramadoss in the $4.23M sale of Covered Wagon RV Park at 6540 N. Black Canyon Hwy. in Phoenix to Craig S. Engstrand. The 3.27-acre facility has 50 stalls.
6. Abraham Slilaty, represented by Bill Alter of Rein & Grossoehme Commercial Real Estate, LLC, has sold a fully entitled 1.1-acre site at 6335 E. Tanque Verde Road in Tucson to Tucson Tanque Verde SS, LLC for $3.3M. The buyer intends to build a 793-unit self-storage facility. The project was purchased as a Development Opportunity.
7.John Sheedy of Park Brokerage and Commercial Real Estate represented seller Clear Sky Capital in the $2.85M sale of the 48-unit Las Casitas MHP on West Buckeye Road in Phoenix. The buyer was Kerru LLC.
8. CBRE arranged the $2.75M sale of 2120 S. McClintock Drive, a 9.5KSF office building in Tempe, to a private buyer. The property was owned and occupied by Crisis Prep and Recovery, Inc., which leased the property for 15 years upon closing. Geoffrey Turbow, Gary Cornish, Bryan Johnson and Nick Williams of CBRE’s Private Capital Partners represented the private seller in the transaction. The property sold to an out-of-state buyer completing a 1031 exchange.
Lease Transactions
9. Jacuzzi Group has leased 143.5KSF in Building A of MDH Partners’ Kentwood 303 industrial park in Glendale. The landlord was represented by JLL.
10. Raytheon Missiles & Defense is the first corporate tenant at the new UA Tech Park at the Bridges, leasing approximately 14KSF of office space in the multitenant building “The Refinery.” The Refinery was built by development partner The Boyer Company in coordination with Tech Parks Arizona and opened in 2022.