Sales Transactions
1. A joint venture between Nippon Steel subsidiary Nippon Steel Kowa Real Estate and Continental Realty Group recently paid $58.25M for the 150-unit apartment development Arrive Fountain Hills. The property will undergo interior upgrades and be rebranded as Luna at Fountain Hills.
2. A year after acquiring a 227KSF industrial property at 10300 W. Buckeye in Tolleson for $16.35M, Stos Partners has sold the property for $27.5M.
3. Cushman & Wakefield has brokered the sale of West 101 Business Center, a 118.9KSF, three-building suburban office park in west Phoenix. The property was acquired by Higley Project LLC for $24.7M. The seller was Humphreys Capital, represented by Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield.
4. Colliers in Arizona has completed the $18.25M off-market purchase of Gateway Scottsdale, an apartment community at 5245 E. Thomas Road. Chris Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers in Arizona handled the transaction. EZ Real Estate purchased the property from Bear Holdings Group LLC.
5. CBRE has completed the $18.2M sale of The Brookstone, a two-building (63.1KSF and 63.4KSF) office and medical campus in Midtown Phoenix to a San Diego-based investor. CBRE’s Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo and Bryan Johnson represented the seller.
6. AZCOMS, an affiliate of COMSovereign, has purchased COMSovereign’s 140KSF building on Julian Drive in Tucson for $15.8M in a sale-leaseback.
7. CBRE announced the sale of Northern Edge, a 51-unit apartment property in Phoenix, to a private investor for $12.9M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer.
8. ORION Investment Real Estate represented the seller in the $11.7M disposition of Crismon Gateway Village North & South, a 23.4KSF retail center and associated land parcel in Mesa’s Eastmark area.
9. Centre Point Plaza, a 46.7KSF retail center on Irvington Road in Tucson, has sold for $7.1M. Jon O’Shea of Vast Commercial Real Estate Solutions represented seller EJC Properties. Regal Properties’ Maha Odeh Arnold represented the buyer, Center Point Plaza, LLC.
10. ABI Multifamily announced the $3.05M sale of McKemy Manor, a 12-unit multifamily apartment community in Tempe. The buyer and seller were represented by ABI’s Mitchell Drake, Dallin Hammond, and Carson Griesemer.
11. Driftwood Capital has purchased the 326-room, 16-acre Scottsdale Resort at McCormick Ranch. Terms of the acquisition were not disclosed.
Lease Transactions
12. NAI Horizon’s Isy Sonabend and Drew Eisen represented landlord ViaWest Group in a long-term lease valued at $7.97M at Airport48 Industrial, a Class A industrial building expected to deliver later this year. Construction equipment distributor SouthernCarlson will occupy 65KSF of the turnkey building, which will total 146.5KSF upon completion.