Sales Transactions
1. Institutional Property Advisors, a division of Marcus & Millichap has announced the sale of $260M of The Moderne, a 369-unit multifamily community in Scottsdale. IPA’s Steve Gebing and Cliff David represented seller JLB Partners and procured the buyer. The sales price/unit is $704,607, an Arizona record.
2. La Privada at Scottsdale Ranch, a 350-unit property in Scottsdale, has sold for $166M. The buyer was Kennedy Wilson. The seller was DiNapoli Capital Partners.
3. ABI Multifamily announced the $75M sale of Sanctuary on Broadway Apartments, a 240-unit multifamily apartment community in Tempe. ABI’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick, and ABI’s Royce Munroe, represented the Arizona-based seller. The buyer is based in Washington.
4. ABI Multifamily announced the $45M sale of The Parker Apartments, a 152-unit multifamily apartment community in Glendale. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick facilitated the transaction.
5. CBRE announced the sale of the 268.5KSF Paradise Village Office Park in Phoenix to Time Equities Inc. CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling Equities and Lincoln Property Company. CBRE’s Sean Spellman and Corey Hawley, the leasing agents for the site, also assisted in the sale. Media reports list the sales price as $43M.
6. Intersection has acquired a 92,750 SF multi-tenant flex industrial property in Gilbert for $13.25M. The transaction was completed off market. The Leroy Breinholt Team of Leroy Breinholt, David Bean, Cory Sposi, Cory Breinholt and Kelli Jelinek of the Phoenix office of Commercial Properties, Inc., brokered the deal on behalf of the seller, Golden Key Industrial Park, LLC.
7. The 18-unit Farmer Avenue Lofts in Tempe has sold to REIT Blueprint Capital $13.1M. CBRE’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented the buyer.
8. The 99.9KSF Eastside Research Commerce Center in Tucson has sold for $9.36M to an affiliate of Rhino Realty of Nevada, LLC. Seller Java Property Investments, LLC was represented by Ron Zimmerman of Cushman & Wakefield | PICOR.
9. Cushman & Wakefield announced the firm has brokered the $7.25M sale of Fiesta Square, a 35KSF multi-tenant creative-style office complex in Mesa. Scriba Waldron Capital was the buyer. Cushman & Wakefield’s Eric Wichterman and Mike Coover represented both the buyer and seller.
10. EVT Gold Spot LLC has sold the 12.3KSF The Gold Spot in Phoenix’s Roosevelt District – considered one of the city’s first shopping centers – to The Historic Gold Spot LLC for $5.5M
11. Apollo Gardens has purchased 61.95 acres of industrial land at 6701 S. Wilmot Rd in Tucson for $4.5M. The buyer was represented by. Pat Welchert of Alpha Commercial Real Estate Services. Sellers Antonio and Diane Marie Cimetta sold the Port of Tucson-adjacent property and were represented by Frank Arrotta and Michael Gross with Tucson Realty. The potential exists for the creation of a rail spur on the site.
12. Marcus & Millichap has announced the sale of $3.4M sale of 1141 East Gurley St, a 30-unit multifamily property in Prescott. M&M’s Richard Butler represented both parties.
13. SVN | Desert Commercial Advisors has announced the sale of 5.45 acres at the SWC of Citrus and Bethany Home roads for $2.2M. The transaction was brokered by Reed Grey, Michael Tarantino and Jake Rossein of SVN. The buyers plan to develop a storage facility on the site.
14. Western Wealth Capital announced it has purchased the 212-unit Sonesta on University Apartment Homes in Tempe. No dollar amount was provided.
