Sales Transactions
1. KB Investment Development has paid $193.5M for JLB Partners’ 356-unit Roadrunner on McDowell apartment complex. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented both parties. The sale set an Arizona record for per-unit price, according to Gebing, fetching more than $543K/unit.
2. Institutional Property Advisors, a division of Marcus & Millichap, has announced the sale of the 312-unit Arboretum at South Mountain apartment development in Phoenix for $118.25M. Cliff David and Steve Gebing represented seller Khosro Khaloghli and lined up the buyer, Sares Regis Multifamily Value-Add Fund IV.
3. CBRE U.S. Healthcare and Life Sciences Capital Markets announced the closing of the Centum Health Arizona and Colorado Medical Office Portfolio for $56M. The portfolio consists of four campuses with a total of nine buildings adding up to 180KSF of medical office space in the Phoenix/Scottsdale and Denver markets. The seller was advised by CBRE’s Chris Bodnar, Lee Asher, Ryan Lindsley, Jordan Selbiger, Sabrina Solomiany, Zack Holderman, Andrew Fosberg and Dylan Brown.
4. ABI Multifamily announced the $48M sale of Ascent 1829 Apartments, a 180-unit multifamily community in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
5. Cushman & Wakefield has advised seller Priderock Capital Management in the disposition sale of Monument Ridge Apartments in Flagstaff. The 201-unit multifamily community was acquired by San Francisco-based FPA Multifamily, LLC for $45.5M. Jim Crews and Jeems Lochridge with Cushman & Wakefield’s Southwest Multifamily Advisory Group in Phoenix represented the seller.
6. Trulieve Cannabis Corp. has acquired a 64KSF cultivation facility in Phoenix for $13.75M. The company now has five cultivation facilities and 17 dispensaries in Arizona.
7. Cushman & Wakefield has advised the sale of II Palazzo at Arrowhead Ranch, a nearly 45KSF, five-building, mixed-use, medical office and retail property in Glendale. Woodside Health acquired the property for $12.5M. Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover with Cushman & Wakefield negotiated the sale.
8. Marcus & Millichap announced the $9M sale of a Raising Cane’s location in Phoenix. The sale was the highest priced single-tenant Raising Cane’s transaction in the country. Neil Naran of M&M’s The Naran Group represented the seller. Ron Duong and Craig Elster of M&M’s The Duong Investment Group procured the buyer.
9. Cushman & Wakefield announced the firm has brokered the sale/leaseback of Victorium, a 30KSF integrated sports and sports medicine facility in Scottsdale. The property was acquired for $8.9M by North Scottsdale Sports Complex Holdings, LLC. The seller was Victorium, which agreed to lease back its space. Cushman & Wakefield’s Chris Hollenbeck, Tracy Cartledge, Bob Buckley and Shane Carter represented the seller and handled the leaseback.
10. Kachina Star LLC has paid $4.3M for an auto repair facility in Goodyear. The seller was Higginbotham Concepts LLC.
11. Tucson 28 LLC purchased 17.6KSF of multifamily space at 3050 N. 2nd Avenue in Tucson. La Paloma Apartments, a 28-unit property, was purchased from Gould Family Properties VIII, LLC, for $2.5M. Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
12. Aspen Gediloz has paid $2.2M for three office condominiums in shell condition in the Top of Swan Condominiums development in Tucson. Both Aspen Gediloz and seller Swan Skyline Plaza, LLC were represented by Bruce Suppes of CBRE.
13. CBRE’s Jennifer Bergamo, Rick Rush and Cater Gradwell arranged the sale of the Hampton Inn Phoenix Airport North, a hotel near Phoenix Sky Harbor International Airport. The CBRE team represented both the buyer and seller. No financial details were provided.
Lease Transactions
14. EverWest Real Estate Investors has fully leased 800 E. Germann Road, a 113KSF, just-completed Class A industrial building in Chandler. The tenant, a sustainable technology company, will occupy the property later this year.
15. NAI Horizon’s Chris Gerow, Shelby Tworek, Gabe Ortega and Mark Wilcke represented the tenant, Le NID USA, in a 61 ½-month industrial lease for 38KSF at 4615 W. McDowell Road, Phoenix. The landlord, Irwindale Properties, LLC, was represented by Don MacWilliam with Colliers International.
16. LM Brokerage and Logistics, Inc., leased 28.7KSF of industrial space in Nogales from CAB Produce, LLC. Jose Dabdoub and Cintya Denisse Angulo Garcia, with Cushman & Wakefield | PICOR, represented the landlord.