Sales Transactions
1. Cross Ocean Partners and CRE The Beam on Farmer have paid $56.2M for The Beam on Farmer, a 180KSF office building with a six-story parking garage in downtown Tempe. The site was developed under a Government Property Lease Excise Tax agreement between developers Mortenson Co. and PGIM Real Estate and the City of Tempe. The seller was represented by Barry Gabel, Chris Marchildon and CJ Osbrink with Newmark Group, Inc.
2. The Garrett Companies has sold The Plaza Taos Apartments, a 164-unit community in Chandler, for $55.25M. The buyer traces to Olympus Property, which now also manages the property.
3. Tim Healy and Ryan Hall with CBRE represented seller Progressive Casualty Insurance Company in the $2.25M sale of 1305 S. Alvernon Way in Tucson. The former Progressive Insurance building was sold to Vet West Investment Group, represented by Jessica Bojorquez with EXP Realty.
Lease Transactions
4. Indoor slide facility Slick City Action Park has leased more than 36KSF at 7586 W. Thunderbird Road in Peoria, the site of a former Basha’s grocery store. Landlord ACP Management was represented by Avison Young.