Sales Transactions
1. Adero Scottsdale Resort, a 177-room property in Fountain Hills, is set to sell for $66.5M to Cabo Resort Development Partners LLC, a limited liability company owned by GRMM Hotel Investment Fund. The luxury hotel property—formerly known as CopperWynd Resort—has been in receivership since December after owner Palisades Resorts LLC missed three mortgage payments.
2. JLL Capital Markets announced the sale of a $32M Phoenix medical portfolio consisting of three Banner Health Centers totaling more than 80KSF. JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. The three centers are located in Mesa, Gilbert and Queen Creek. The JLL Medical Properties Group Investment Advisory Sales team was led by Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen. JLL Medical Properties Group Debt Advisory team was led by John Chun, Daniel Digerness and Liam Sorensen.
3. Americana Outdoors has paid $16M for a 140KSF industrial property in Trammell Crow’s Signal Butte Crossing development near Germann and Signal Butte Roads in Mesa. The transaction was brokered by CBRE, and Trammell Crow was represented by CBRE’s Jackie Orcutt and Jonathan Teeter.
4. Edgewood Real Estate Investment Trust purchased a 25.4KSF building at 2626 E. Elwood St. in Phoenix for $6.4M. Alliance Plumbing Service and Repair, LLC sold the property and will retain occupancy as part of a sale-leaseback. Alliance Plumbing was represented by Brian Ackerman with Colliers in Arizona.
5. Tucson Rehab Real Estate Investors, LLC, an affiliate of Cross Hospitals, LLC, paid $2.4M for 4.1 acres of land to build a 48-room Reunion Rehabilitation Hospital in Tucson. The land is located in Tucson Marketplace at the Bridges, 870 E. Tucson Marketplace. Cross Hospitals is a partnership between Kennor Cross Hospital Investors, LLC and Nobis Hospitals Investments, LLC. BP Bridges Partners, LLC, an affiliate of Bourn Properties, was the seller.
Lease Transactions
6. UnitedHealth Group Inc. leased approximately 33.5KSF in The Watermark in Tempe. The leased space constitutes the entire 15th floor of the facility. Cushman & Wakefield’s Michael Strittmatter represented Watermark.
7. JLL Capital Markets announced the leasing of a 23.2KSF retail space in Yuma by Sprouts Farmers Market. Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented the project developer, The Spencer Companies. Regan Amato from JLL’s Phoenix office represented Sprouts.