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    AZBEX
    Home » Commercial Real Estate » Commercial Real Estate News 02-14-23 
    Commercial Real Estate

    Commercial Real Estate News 02-14-23 

    BEX StaffBy BEX StaffFebruary 14, 2023No Comments3 Mins Read
    1. AC Hotel Phoenix Biltmore by Marriott. Credit: AZ Big Media
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    Sales Transactions 

    1. Nella Invest has paid $67.8M to buy the AC Hotel Phoenix Biltmore by Marriott from Holualoa Companies and LaPour Partners. The sellers were represented by JLL Hotels & Hospitality. Nella Invest was advised by Halo Hospitality and DCA Partners. 

    2. Red Mountain Group has purchased 20 former Big Lots stores from Big Lots for $47.5M in an off-market transaction totaling 463.4KSF. One of the 20 was located in the Roger at Oracle strip mall in Tucson. That 29.7KSF store sold for $2.39M. 

    3. The 21.4KSF La Paloma Urgent Care on Sunrise Drive in Tucson has sold for $9M. The seller was Patterson Ranch, and the seller was Vanbarton Group, LLC. 

    4. WNC Apartment Ventures has paid $8.8M for the 52-unit Sahuarita Mission apartment community in Green Valley. Built in 2000 as an affordable development, the new owners intend to make improvements and convert the community to market-rate housing. The deal was brokered by Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca with Northmarq Phoenix. The Northmarq Debt and Equity team secured a $5.93M loan for the buyer via its relationship with Freddie Mac.  

    5. Marbella Ranch East II LLC has purchased an 18-acre development site at the SEC of El Mirage Road and Northern Parkway in Glendale for $3.96M. Sellers Henderson Properties, LLC and Rim Village III, LLC were represented by Brian Rosella of Kidder Mathews. The buyer has entitled the property for a 400-unit multifamily development.  

    Lease Transactions 

    6. NAI Horizon’s Matt Harper represented the tenant, Discount Depot 3, LLC in a 61-month industrial lease for 20.4KSF at 405 N. 75th Ave., Phoenix. The landlord, CI PHX I-GW, LLC, was represented by Phil Haenel, Mike Haenel and Brandon Borsheim with Cushman & Wakefield. 

    7. Strongbuilt Plumbing & Air leased 15.5KSF of industrial space at Butterfield Technology Center, 4775 S. Butterfield Dr., Suite 149 A and B in Tucson, from Butterfield Technology Center, LLC and Foodtown Development Company, L.L.C. Robert C. Glaser with Cushman & Wakefield | PICOR and Isaac Figueroa with Larsen Baker, LLC, represented the landlord. David Wolf with Wolf Realty, Inc. represented the tenant.  

    8. NAI Horizon’s Laurel Lewis represented the tenant, Arrive Logistics, in a 40-month office lease for 15.1KSF at 4940 S. Wendler Dr., Tempe. Landlord Orsett/Baseline, LLC was represented by Spencer Nast with CBRE. 

    9. Action Behavior Centers, LLC leased 10.8KSF of office space at La Playa Caliente Offices, 1849 N. Kolb Road, in Tucson, from Richard G Parejo & Barbara J Parejo, Trustees of the Parejo Family Living Trust. Dave Hammack and Scott Boardman with Cushman & Wakefield represented the tenant. Mark Irvin with Mark Irvin Commercial Real Estate Services, LLC represented the landlord.  

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