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    Home » Commercial Real Estate » Commercial Real Estate News 05-11-21
    Commercial Real Estate

    Commercial Real Estate News 05-11-21

    BEX StaffBy BEX StaffMay 11, 2021No Comments4 Mins Read
    12. CRE HelloFresh. Credit: AZRE
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    Sales Transactions

    1. Decron Properties purchased Broadstone Rio Salado, a 276-unit Class A multifamily property in Tempe for $96.15M, from Alliance Residential Co. The purchase is Decron’s first acquisition within the state.

    2. Ezralow Company, LLC purchased Cactus Forty-2, a 200-unit Class A apartment community at 4242 E. Cactus Road, Paradise Valley, for $56.05M. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Olympus Property.

    3. Tower 16 Capital Partners purchased a two-property multifamily portfolio, Summerhill Place Apartments, a 232-unit property at 6801 W. Ocotillo Road, Glendale, and The Villas at Montebella Apartments, a 100-unit property at 10860 N. 85th Avenue, Peoria, for a total of $55M. Tower 16 was represented by Jesse Hudson, Bill Hahn, Trevor Koskovich and Ryan Boyle with Northmarq’s Phoenix multifamily team. The properties were acquired from a private seller in an off-market transaction.

    4. JB Partners purchased Cabana on 12th, a 252-unit multifamily asset in Phoenix for $54.5M. Steve Gebing and Cliff David, Executive Managing Directors with Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller, Greenlight Communities.

    5. An Arizona-based buyer purchased 5th Ave Phx, a 45-unit multifamily apartment property in downtown Phoenix for $10.6M. ABI Multifamily‘s John Klocek and Patrick Burch represented the buyer and California-based seller.

    6. Undisclosed buyers purchased Papago Buttes III, a 52-unit apartment property at 402 N. 52nd Street, Phoenix, for $9.5M. Pete Te Kampe, Vice President Investments in Marcus & Millichap’s Phoenix office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyers were represented by Joseph Berkson, Senior Vice President Investments in Marcus & Millichap’s Newport Beach office.

    7. Schoolhouse Development bought 30 acres of land at the SEC of Sossaman and Pecos roads in Mesa for $5.32M, from Landmark Companies.

    8. A limited liability company purchased Community Partners, a 33KSF office property at 1515 E. Osborn Road, Phoenix, for $4.35M. The undisclosed seller was represented by Steve Gonzalez, Greg Gugliemino and Marcus Muirhead of Lee & Associates. The buyer was represented by Pete Te Kampe, Vice President Investments in Marcus & Millichap’s Phoenix office.

    9. Dr. Bryan Gawley purchased three acres of land at the SEC of Loop 101 and Bell Road in Scottsdale for $3.55M, from Neil Superfon.

    10. Thorinson, LLC and partners purchased a 30KSF, two-story, multitenant office building at 6303 E. Tanque Verde Road, Tucson, for $3.3M. Michael Gross with Tucson Realty & Trust represented the seller, 6303 Tanque Verde, LLC. The building was 94 percent occupied at the time of sale.

    11. R&P Properties purchased a 9.2KSF multitenant retail pad at 1570 E. Tucson Marketplace Boulevard, Tucson, for $3.075M. Brenna Lacey with Volk Company represented the seller, Fullerton Tucson Marketplace, and Joey Castillo of Volk Company represented the buyer. Tenants of the building include NextCare Urgent Care, Your CBD Store, AT&T Store and Great Clips.

    Lease Transactions

    12. HelloFresh announced plans to open a new distribution center in a recently built 440KSF facility at 1850 S. 71st Avenue, Phoenix. They will begin operations in Q4 2021. Adam Citron, Marc Hertzberg and Tony Lydon with Jones Lang LaSalle represented HelloFresh in the transaction. Don MacWilliam and Payson MacWilliam with Colliers International represented the building owner, Prologis.

    13. Bonelli Doors + Windows recently relocated its manufacturing headquarters to a new 50KSF facility at Landing 202 in the Gateway Area located at 7958 E. Ray Road, Mesa. Pete Wentis, senior vice president at CBRE, facilitated the real estate transaction for the facility.

    14. CIS Global plans to lease about 32KSF at 1601 W. Commerce Court, Tucson, to establish its first U.S. manufacturing plant. An interior build out for the building will be complete by August. Besides Sun Corridor, partners on the project include the Arizona Commerce Authority, the City of Tucson, Pima County, Tucson Electric Power and CBRE.

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