Sales Transactions
1. The Buckeye City Council has approved the purchase agreement of a one-acre parcel of land in the Harquahala Valley. The purchase of this land, and the associated water rights that come with it, allows the City to expand its water portfolio with the addition of a new water source. The property includes an annual allocation of 5,926 acre-feet of water for 100 years. Council authorized $80M for the purchase in 2022.
2. Avanti Residential has sold the 193-unit Dwell Apartment Homes near Scottsdale and McDowell roads for $41.6M to 29th Street Capital. Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti, while the buyer represented itself. According to the announcement, 78% of the units are planned for interior upgrades.
3. Cushman & Wakefield announced the firm has brokered the net investment sale of a last mile distribution building at 775 W. Silverlake Road in Tucson. The 49.5KSF logistics building is fully leased to a Fortune 10 global e-commerce company and sold for $22.3M. The buyer was a California family trust. Andrew Bogardus and Douglas Longyear of Cushman & Wakefield in San Francisco in collaboration with Stephen Cohen of Cushman & Wakefield | Picor in Tucson represented the seller.
4. A vacant hospital building at 40 E. Indianola Ave., Phoenix, has sold for $14M. Indianola Acquisition LLC sold the 73.2KSF building on 1.88 acres to two entities affiliated with Cindy Brown.
5. A 4.5KSF net leased Sherwin-Williams store in Chino Valley has sold for $3.15M. Marcus & Millichap’s Mark Ruble and Chris Lind listed the property for the seller and procured the buyer. Both parties are limited liability companies.
6. Saia Motor Freight has paid $2.6M for a 19.9-acre property at 7157 S. Swan Road in Tucson. The company plans to build a truck terminal on the site. The seller, a Florida-based family trust, was represented by Mike Hennessy of Burris Hennessy & Co.
Lease Transactions
7. Cubework.com, Inc. has signed a lease for a full building totaling 916.2KSF at Cotton 303 Logistics Center, 6801 N. Cotton Lane, Glendale. This lease brings the company’s Greater Phoenix presence to nearly 2MSF. Don MacWilliam and Payson MacWilliam of Colliers represented the landlord of Cotton 303 Logistics Center, Heitman Capital Management, LLC, in the lease negotiations. Cubework was represented by Kander Pacific, Inc.
8. ASM Global will lease Desert Diamond Arena in Glendale from the City of Glendale under a recently approved agreement. The lease term is 20 years with the option for two 10-year extensions. Payments will be made in four installments and total $33.29M—the arena’s appraised value. ASM Global has the option to buy the arena for an additional $10M after the lease payments are made.