Sales Transactions
1. A partnership between Tides Equities LLC and CIM Group has purchased the 1,012-unit Del Mar Terrance on West Indian School Road in Phoenix for $255M. The seller was Heers Management Company. Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle of Northmarq represented the buyer.
2. Colliers in Arizona, in conjunction with Colliers agents throughout the U.S., announced the $100M+ sale of a nationwide 16-property portfolio sold by a private investment fund. The grouping of assets included charter schools and three non-charter properties. The locations total more than 765KSF of building space and nearly 100 acres of land. Representing the seller, Mindy Korth and Todd Noel of Colliers in Arizona assembled the deal in collaboration with Colliers agents around the country. The one Arizona property included in the sale was Desert Star Academy Middle School in Fort Mohave.
3. Newmark announced it has completed the $53M sale and $36.02M financing of 1408 Casitas at Palm Valley, a 168-unit, value-add multifamily community in Avondale. The property traded from 29th Street Capital to SAM Residential Group. Newmark’s Brett Polachek, Chris Canter and Brad Goff represented the seller. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure the financing.
4. ABI Multifamily announced the $37.5M sale of The Vicinity Apartments, a 125-unit multifamily community in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick facilitated the transaction. The buyer and seller are based in Arizona.
5. Pete Katz of Katz Real Estate has acquired the two-building 126.8KSF Brookstone Office Complex in Phoenix from a private investment group. Marcus & Millichap’s Nicholas Totah represented the buyer.
6. Thirty acres that will be the site of the planned Fairway Commerce Center, a 450KSF industrial development in Avondale, was recently procured by Fairway Drive Industrial Partners LLLP (Westfield Company Inc.) for $17.5M. The seller was JSL Arizona LLC (LaPour Partners).
7. PSA Investors One LP has paid $16.3M to Don Valk for a 1,003-unit self-storage site on El Mirage Road in Surprise.
8. Gammaville, LLC has sold the two-building, 100KSF Lake Biltmore Corporate Center to SSM Properties III, LLC for $11.5M. Gammaville was represented by Menlo Group’s Stuart Milne. SSM Properties was represented by Philip Wurth of Colliers International.
9. SVN Desert Commercial Advisors announced the $4M sale/leaseback of Hayden Park, Building F, an office property at 10607 N. Hayden Road in Scottsdale. SVN’s Justin Horwitz, Richard Lewis and Paul Borgesen negotiated the transaction.
10. Covestre Capital Propco-28 LLC has bought a 13KSF CVS Pharmacy in Litchfield Park from The Corotto Company Inc. for $3.6M.
11. A 5.1KSF Brakes Plus store in Goodyear has sold for $3.56M in a transaction between a limited liability company and a private investor. Marcus & Millichap’s Mark Ruble and Chris Lund listed the property for the seller and procured the buyer.
12. A 15.6KSF net-leased NFP Insurance Solutions store in Tucson has sold for $3.2M. Mark Ruble and Chris Lind of Marcus & Millichap listed the property for the seller, a limited liability company.
13. Brian Tranetzki and Anton Laakso of Taylor Street Advisors arranged the sale of Wilson Studios, a 16-unit apartment community on Wilson Street in Tempe, for $3.1M. The buyer plans to renovate the property.
14. Super Star Car Wash has purchased the first site in its planned expansion into Tucson. An affiliate of Super Star’s SS Enterprise Holdings LLC purchased the SWC of Oracle and Orange Grove from QuikTrip for $2.2M. The buyer was represented by Jeremy Price of VOLK Company.
15. Vast Commercial Real Estate Solutions brokered the sale of a 10.5KSF office building in the Mesquite Corporate Center in Tucson. Vast’s Jon O’Shea represented the seller 220Properties, LLC. Buyer IXL Learning, Inc. was represented by Dave Volk of VOLK Company.
Lease Transactions
16. Vacuum equipment supplier Edwards has leased 200KSF in the Chandler Connection industrial park on Germann Road in Chandler. Edwards intends to commence operations when construction is completed this fall.
17. Sports bar and pickleball chain Chicken and Pickle has signed a 20-year, 68KSF lease on a site in Glendale’s Westgate Entertainment District. The company was represented by Chuck Wells of Kidder Mathews.