Sales Transactions
1: LBA Realty and Clarion Partners have sold four of the five buildings in the Esplanade office complex at 24th Street and Camelback Road to a partnership between Monarch Alternative Capital and Tourmaline Capital Partners for $353M. The transaction includes approximately 1MSF of office, 60KSF of retail space and a parking garage. Monarch plans to improve the site with renovations to the lobby, roof deck and central plaza.
2: Following an extensive legal battle that tied up the property for years, WVSV Holdings has sold 12,081 acres of land near Loop 303 and Sun Valley Parkway to BA Pacific Sun Valley LLC, a group that includes Levine Investments Limited Partnership, Andrew Cohn and Gary Tharaldson. The buyer was represented by Andy Abraham of Burch & Cracchiolo.
3: A dual-branded hotel in Tempe is part of a $135M acquisition of six Hilton and one Marriott hotel by Peachtree Hotel Group. The local hotels , the 120-room Hilton Garden Inn Phoenix Tempe and the 108-room Home2 Suites by Hilton Phoenix Tempe are located in University Research Park.
4: Oxford Properties Group and EverWest Real Estate Investors have closed on the $26.34M Chandler Airpark. The deal completes the JV’s $46.34M acquisition of a three-building, 261.9KSF, Kitchell-built Class A industrial portfolio that was recently delivered in Chandler. Chandler Airpark comprises 148.8KSF in two buildings. Amr Ceran and Erik Good directed the transaction for EverWest. Will Strong of Cushman & Wakefield served as the sales broker.
5: AndMark Management Company has sold the 152-unit Paseo Del Sol apartment community in Tucson for $33.65M to Element Property Company LLC. Element was represented by Northmarq Phoenix’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard financed the acquisition with a $27.2M bridge loan.
6: A California-based investor has sold the 237KSF Costco Plaza at the SEC of Priest Drive and Elliot Road in Tempe to a California-based developer for $27.8M. The seller was represented by Don MacLellan of Faris Lee Investments.
7: ABI Multifamily announced the $22M sale of Phoenician Pines Condominium Homes, a 92-unit portion of a 240 total unit condominium community in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller.
8: Cushman & Wakefield announced the firm has brokered the sale of Chauncey Lane Medical Offices in north Scottsdale. The asset totals 22.2KSF. The property was acquired by a private individual based in Southern California for $7.85M. The seller was Talia Jevan Properties, Inc., represented by Cushman & Wakefield’s Eric Wichterman, Mike Coover and Alexandra Loye.
9: Rubicon Convent LLC purchased Convent Apartments, a 12-unit, 8.6KSF multifamily property in Tucson. The complex was purchased from 331 Convent LLC for $3.5M. Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
10: The two-story, 48.8KSF office building at 7202 East Rosewood Street.. in Tucson has sold for $3.2M to an affiliate of EJC Holdings LLC, CB110 and Paul Antonucci, Ltd.
11: Dybbol 1864, LLC purchased a 25.8KSF retail building at 3931 W. Costco Drive in Marana from Dorothy Dunlap Trust and D.D. Dunlap Trust for $2.9M. Dave Hammack with Cushman & Wakefield | PICOR represented the seller. Nicholas Egide with Meridian Commercial Property Management, Inc. represented the buyer.
Lease Transactions
12: Desert Ridge Marketplace continues its rejuvenation with the announcement of several new tenants planning to occupy the retail center in the coming months. Newly announced Desert Ridge businesses include Nordstrom Rack, Radi8 Hot Yoga, Keep It Cut men’s hair salon, Hand & Stone Massage and Facial Spa, Sid’s Garage burger restaurant, Fly Bye pizzeria, and Artichoke Basille’s Pizza.
13: Marshalls discount department store has leased a 23KSF space in Tempe Marketplace. The 100-store-plus retail center is operated by Vestar.
14: NAI Horizon’s Jeff Adams represented Big City Insulation, Inc. – a subsidiary of Installed Building Products – in the $1.2M lease for 22.9KSF at 221 East Willis Road in Chandler. Matt Gregory of Ohio Equities LLC Realtors of NAI Global was the original referral source. The landlord is Phoenix Willis Investors LLC of Lincoln Property Company.
15: CWPS Corp, dba Mister Car Wash, leased 10KSF of industrial space at Central City Business Park in Tucson from Pascoe Investment-Arizona, LLC. Stephen D. Cohen with Cushman & Wakefield | PICOR, represented the landlord. Buzz Isaacson with Buzz Isaacson Realty, LLC represented the tenant.