Sales Transactions
1. Harrison Street Real Estate has sold a 27-property healthcare real estate portfolio of 1.2MSF in 10 states, including Arizona, to Northwest Healthcare Properties for $600M. The Arizona component consisted of six properties in the Tucson area totaling $58.49M. the properties and prices were:
- Micro-hospital, 7475 S. Wilmot Rd., $20.22M;
- Micro-hospital, 5620 W. Cortaro Farms Rd., $20.44M;
- Medical Office Building, 4892 N. Stone Ave. $7.13M;
- MOB, 551 W. Magee Rd., $3.45M;
- MOB, 1055 La Canada Dr., $3.88M
- MOB, 1704 W. Anklam Rd., $3.37M
Harrison street was represented by JLL.
2. CrackerJax Land Company, LLC has acquired the approximately 27-acre site located at 16001 N. Scottsdale Rd. in Scottsdale, currently known as CrackerJax, from Herberger Enterprises, Inc. for $55.5M. CrackerJax Land Company’s principal is George Kurtz, a long-time tech entrepreneur, who intends “to create a transformational, sustainable mixed-use campus.” Kurtz’s real estate development company is working with Stockdale Development to oversee site development.
3. As part of a four-property portfolio transaction, AndMark has sold Mission Creek Apartments and San Marin Apartments for $28.5M and $26.35M, respectively. AndMark was represented by Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq. Mission Creek’s buyer was Next Round Asset Management, while the buyer for San Marin was Break of Day Capital.
4. ABI Multifamily announced the $27.26M sale of Sandpainter Apartments, a 116-unit multifamily apartment community located at 2225 W. Indian School Rd., Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer and seller.
5. Meridian announced it has closed escrow on the sale of Grunow Memorial Medical Center, 926 E. McDowell Rd., Phoenix. After renovating and repositioning the 53KSF medical office building, it has sold the building to a private Canadian investor for $17.9M. Meridian was represented by Mindy Berman of JLL.
6. Marcus & Millichap announced the $6.25M sale of Cactus Road, a 24-unit apartment property in Phoenix. M&M’s Paul Bay represented the seller and procured the buyer.
7. Marcus & Millichap announced the $3.26M sale of a 2.4KSF Chipotle Drive-Thru in Flagstaff. M&M’s Chris Lind and Mark Ruble represented the seller.
8. Red Lobster Seafood Restaurant at 5315 S. Calle Santa Cruz in the Tucson Spectrum has sold for $2.42M. The buyer is Four Corners Property Trust. Seller Tucson TRS, LLC, an affiliate of North American Development Group, Inc., was represented by Patrick Nutt and Patrick Luther of SRS Real Estate Partners.
9. ABI Multifamily announced the $2M sale of Mohave Place, a 24-unit apartment community in Tucson. ABI’s Ryan Kippes represented the California-based buyer and Arizona-based seller.
10. Greenway Plaza, a 43.2KSF retail center at 1825-1855 W. Greenway Rd., has been sold to a Los Angeles investor. The seller was RPM Greenway Plaza. Mindy Korth and John Jackson with Colliers in Arizona worked in collaboration with El Warner and Caitlin Zirpolo of Colliers National Retail Services Team in Irvine, Calif. on the transaction. No financial details were provided.
11. Institutional Property Advisors a division of Marcus & Millichap, announced the sale of Mountainside, a 288-unit multifamily asset within Mountain Park Ranch in Phoenix. The seller, KB Investment and Development Company, was represented by IPA’s Cliff David and Steve Gebing, who also procured buyer TA Realty. No financial details were provided.
Lease Transactions
12. Wakeman Integrity, LLC represented the landlord in securing a long-term lease of 12.2KSF for ABC Children’s Eye Specialists at Akos Medical Campus, 10825 W. McDowell Rd. in Avondale. The 12-year lease totals $4.73M.
