Sales Transactions
1. Sales TransactionsReNUE Properties has sold its portfolio of affordable housing communities to Starwood Real Estate Income Trust for $345M. It is reportedly the largest affordable housing sale in Arizona history. The properties consisted of:
- Desert Eagle, Glendale, 196 units;
- Village at Sun Valley, Mesa, 276 units;
- Tierra Antigua, Mesa, 174 units;
- Lake Pleasant, Peoria, 152 units;
- San Fernando, Mesa, 264 units;
- Bella Vista, Phoenix, 200 units, and
- ReNUE Downtown, Phoenix, 200 units
Closing for Bella Vista and Legacy Bungalow are expected by April 30th following regulatory approvals. CBRE Affordable Housing team, led by Jeff Kunitz, facilitated the transaction.
2. Velocity Retail Group, in partnership with CBRE and Ross Brown Partners, listed and recently brokered the sale of the 35.5-acre former Big Surf Wave Park and Inland Oceans Ice Arena to Overton Moore Properties for more than $49M. The seller was Inland Oceans, Inc., an entity owned by Marvin and Jerry Rosenbaum. The sales team consisted of John Werstler, Cooper Fratt, and Mitchell Stravitz of CBRE, Bob Crum of Ross Brown Partners and the original Velocity Retail Group team of Darren Pitts and Brad Ranly. The new owner plans a “prime development” in the heavily industrial area, but no details have yet been disclosed.
3. Tower 16 Capital Partners has acquired the 322-unit Nottinghill Apartments community in Tucson for $35.5M. The company has planned more than $8M in unit and amenities upgrades. Newmark Knight Frank’s Brett Polachek and Chris Canter represented the buyer.
4. ABI Multifamily announced the $33.5M sale of Park Central Luxury Townhomes, a 56-unit townhome rental community on West Glendale Avenue in Phoenix. ABI’s Alon Shnitzer represented the buyer, and Snitzer, along with ABI’s Rue Bax, Eddie Chang and Doug Lazovick, represented the buyer and seller.
5. Scottsdale Development Partners has sold The Shops at Dynamite Creek retail center for $21.95M. The buyer was Shops at Dynamite Creek LLC.
6. Advanced Industrial Park, formerly known as Pecos Pacific, a 20.77-acre industrial development in Mesa, has been purchased by ViaWest Group and Nicola Wealth Real Estate for $9.7M. The park will feature three industrial buildings totaling 335KSF. CBRE’s Jackie Orcutt brokered the transaction. The new owners have selected Clayco as the general contractor.
7. CBRE arranged the sale of a 10.7KSF office property at 20865 N. 90th Pl. in Scottsdale to a private buyer for $5.7M. The property sold at a state record of $531/SF. Geoffrey Turbow, Matt Pourcho, Gary Cornish, Anthony DeLorenzo and Bryan Johnson of CBRE represented the private North Scottsdale-based seller.
8. Marcus & Millichap announced the sale of a 9.1KSF Pep Boys in Mesa for $3.08M. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller. The undisclosed buyer was represented by Marcus & Millichap’s Alex M. Frankel, along with Ruble and Lind.
9. CBRE announced the sale of the 222.6KSF square-foot Alside Distribution Center in Yuma to FD Stonewater. CBRE’s Barry Gabel, Chris Marchildon and Dan Calihan represented seller Merit Properties. Financial terms of the sale were not disclosed.
Lease Transactions
10. Sendoso announced its new 58KSF office at The Grove and the relocation of its corporate headquarters from San Francisco to Arizona effective November 2022.
