Sales Transactions
1. Asante Development Partners recently purchased 836 acres in Surprise for $111.7M. The site includes 752 acres of single-family residential land, 56 acres of high-density residential and 28 acres of commercially zoned land in the Asante Planned Community. ADP is a venture between Lennar Homes, Pulte Homes and Taylor Morrison Homes. Seller HE Capital Asante LLC was represented by Mike Schwab, Greg Vogel, Bret Rinehart, Ryan Semro and Ben Heglie of Land Advisors Organization.
2. Stockbridge Capital Group, through its entity SNL Mesa LCC, will purchase two lots in the Longbow Business Park and Golf Club. The company has, to date, made a down payment of $1.5M on the expected $48M purchase price. Both the buyer and the seller, Lexin Longbow LLC, were represented by Cushman & Wakefield. Amazon operates a delivery station in one of the site’s warehouse spaces.
3. Seller Vault at Riggs Road LLC has sold the 702-unit Vault Storage and RV facility on Riggs Road in Chandler for $25.5M. The seller was represented by Denise Nunez and Victoria Filice of NAI Horizon’s Nunez Self-Storage Group. The buyer was not identified.
4. Cushman & Wakefield announced it has brokered the sale of Optum Center, an 81.9KSF office and medical building in Phoenix. Woodside Health Development acquired the asset for $20M from Talia Jevan Properties, Inc. Cushman & Wakefield’s Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley represented the seller.
5. Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), announced the $14M sale of the 90-unit Bellevue Tower apartment complex in Tucson. IPA’s Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David represented the seller and procured the buyer.
6. The Ray Rivas Revocable Trust, Ray Rivas 401(K) Savings Plan, and the P. Michael Smith and Sandara S. Smith Trust of Tucson have sold the 17.57-acre Alvernon Way Commerce Center site in Tucson to Scannell Properties for $2.79M. Two spec industrial buildings are planned for the site. The transaction was brokered by NAI Horizon’s Gordon Wagner and Chris Itule.
7. Cobblestone Phoenix Propco, LLC has purchased a roughly 2.5-acre lot at Hunt Highway and Ellsworth Road from MBD Empire, LLC, for $2.1M. The buyer plans to build a Cobblestone Auto Spa on the site. Rommie Mojahed and Lindsey Dulle with SVN | Desert Commercial Advisors represented both parties.
8. Thompson Thrift Commercial, a wholly owned company of Thompson Thrift, announced the sale of Sonoran Creek Marketplace, a 75KSF, Sprouts-anchored shopping center in Maricopa. The property was purchased by a private buyer from the Pacific Northwest for an undisclosed amount.
9. After purchasing the property for $47.6M in 2017 and investing $4.1 in upgrades, Thayer Manca Residential has sold the 272-unit The Ventura Apartments in Chandler to an undisclosed buyer for an undisclosed sum. TMR was represented by Sean Cunningham, Asher Gunter and Matt Pesch of CBRE.
Lease Transactions
10. Yield Engineering Systems has leased 123KSF at 3200 W. Germann Rd. in Chandler’s Price Corridor. The facility, which YES is terming a “Technology Center,” will support the company’s service to the semiconductor industry.
11. KP Aviation has opened its new 93KSF headquarters at 7934 E. Ray Rd. in Mesa. The company relocated from Reno, doubling the size of its facility and adding 15KSF of outdoor storage space.
12. Culdesac announced it has leased its final retail space to Archer’s Bikes in advance of its planned opening later this year. The vehicle-free $170M project on East Apache Blvd. in Tempe will be a multifamily community without resident vehicle parking spaces and will also provide several retail outlets.
13. Ralph’s Transfer, Inc., dba Ralph’s Moving and Storage, leased 60KSF of industrial space at 6760 S. Lisa Frank Ave. in Tucson, from Greenbean Investments LLC. Robert C. Glaser and Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. Mark Irvin with Mark Irvin Commercial Real Estate Services, LLC represented the tenant.
