Sales Transactions
1. A joint venture between Partners Group and funds managed by Trinity Investments announced the acquisition of The Scottsdale Plaza Resort & Villas in Paradise Valley. The resort features 404 rooms and 50KSF of meeting space. The transaction also includes the potential for expansion with entitlements secured by the seller. Local news sources list the transaction price at $124.3M. The seller was a partnership between Highgate and Rockpoint Group.
2. A private investor has paid $51.3M for Cambria, a 174-unit apartment community on Guadalupe Road in Gilbert. Seller Bridge Investment Group was represented by Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia. Berkadia’s Vincent Punzi and Lowell Takahashi secured $31.5M in Freddie Mac acquisition financing.
3. Whitestone REIT has purchased the Scottsdale Commons shopping center on Scottsdale Road and Shea Blvd. for $22.15M. Whitestone and seller Trojan Development Associates III, LLC were represented by CBRE’s Joseph Compagno and Benjamin Farthing.
4. The Empire Group has paid $13M for a 3.29-acre parcel at 1500 N. Central Ave. in Phoenix where it plans to build a 335-unit, 25-story apartment tower. The seller was Donnelly Financial Solutions.
5. The new 83 Marketplace has been sold to a franchisee of Seven Brothers Burgers. Local news outlets reported the purchase price was $11.1M. The new owner plans to place a Seven Brothers at the hard corner of the property at 83rd Avenue and Happy Valley Road in Peoria. 83 Marketplace is represented by Western Retail Advisors brokers Brian Gausden and Jake McClaughry. They are also marketing an adjacent Phase 2 land parcel zoned and entitled to the development of 21.4KSF in two buildings.
6. Glez C Properties, LLC (Gonzalez Asphalt) has paid $9.5M for an 81KSF industrial building at 10857 N. 95th Ave. in Phoenix. NAI Horizon’s Jeffrey Garza Walker and Art Verdugo represented the buyer. Seller Chris Finn was represented by Gary Cornish with Newmark and Geoffrey Turbow with CBRE. Eric Nutt with Commonwealth Title also helped facilitate the deal.
7. Rio West Development & Construction has paid $3.8M for the 14-acre Heritage Park development site at the SEC of Tangerine and Lon Adams roads in Marana. The site will be developed into the Heritage Park Commercial Center. HOH Land Holdings LLC was the seller. The sale was brokered by Brian Harpel and Eli Castronova with Velocity Retail Group LLC.
8. Larsen Baker announced the $2.8M sale of retail center the Chroma building. Habib Holding, LLC is the buyer and purchased the property as an owner-user for the Liver Institute, which will occupy half of the building. The seller, Chroma Speedway Investors, LLC, an affiliate of Larsen Baker, was represented by Isaac Figueroa. Larsen Baker will retain management and leasing for the building.
Lease Transactions
9. Amazon.com Inc. has leased its third major Arizona industrial facility this year. The company has leased 1.2MSF at Prologis 303 Business Park in Goodyear. Anthony Lydon, Marc Hertzberg, Riley Gilbert, John Lydon and Kelly Royle of JLL represented the developer. Mike Freret of KBC Advisors represented Amazon.
10. Lineage leased 170KSF of industrial space from developer Cold Summit Development in Glendale. Anthony Lydon, Marc Hertzberg, John Lydon and Tim O’Rourke of JLL were the leasing brokers.