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    Home » Commercial Real Estate » Commercial Real Estate News 06-11-24
    Commercial Real Estate

    Commercial Real Estate News 06-11-24

    BEX StaffBy BEX StaffJune 11, 2024No Comments3 Mins Read
    5. BoA. Credit: Cushman & Wakefield
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    Sales Transactions

    1. Microsoft has bought 282.8 acres of land adjacent to its current data center campus development in El Mirage for $258M. The purchased land was part of a 961-acre master-planned industrial park known as LogistiCenter at Copperwing.

    2. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE arranged the $161.4M sale of Carter, a 365-unit multifamily community in Scottsdale. CBRE represented the seller, EQT Exeter. Kairoi Residential and German American Realty were the buyers.

    3. Brookfield Properties bought two properties for $135.2M. Terra Vida Apartments, a 384-unit apartment complex in Mesa, was purchased for $75.5M. Meadow Glen Apartments, a 290-unit apartment complex in Glendale, was purchased for $59.7M. Starwood Property Trust Inc. was the seller.

    4. Compass Datacenters has paid $79.3M for 121 acres in the LogistiCenter at Copperwing industrial park in El Mirage. The seller was Dermody Properties.

    5. Cushman & Wakefield announced the $44.3M sale of Sky Harbor Center, a nearly 535KSF office campus in Phoenix. Cushman & Wakefield’s Steve Lindley and Alexandra Loye, along with Will Strong, Molly Hunt, Erick Wichterman and Mike Coover, represented the seller. The property is leased by Bank of America. Neither buyer nor seller were disclosed.

    6. JLL Capital Markets represented buyer Sagard Real Estate in the $30M purchase of a three-property portfolio totaling 330KSF. One property is in Texas; one is in California, and the third is in south Phoenix. The Phoenix property, located at 824 E. University Dr., is a 77.6KSF warehouse property near Interstate 17 and 7th Street. The JLL team managing the acquisition included Eric Tupler, Kristian Lichtenfels, Chris Collins, Will Mogk and Jarrod Howard.

    7. First National Realty Partners paid $15.6M for Horizon Village, a 113.3KSF shopping center in Phoenix. Food City anchors the center. John Redfield and Christopher Tramontano of SRS National Net Lease represented the buyer. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, Westwood Financial.

    8. Paul Warren of Commercial Resource Investors has paid $8M for Palo Verde Square, a nearly 30KSF retail center in Scottsdale. Steve Julius, Chase Dorsett and Jesse Goldsmith of Newmark represented the buyer. The seller was not disclosed.

    9. Menlo Group Commercial Real Estate announced the $7.5M acquisition of Arrowhead Professional Medical Plaza, a 40KSF medical office complex in Glendale. Steve Berghoff and Stuart Milne of Menlo Group represented the buyers, Boa Sorte Limited Partnership and Arrowhead 59 LLC. The seller was represented by Kidder Mathews.

    10. Gould Family Properties VIII LLC purchased 25.7KSF at 4825 N. Sabino Canyon Road in Tucson from HVI, LLC for $2.76M. Paul Hooker with Cushman & Wakefield | PICOR represented the seller.

    11. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield represented both the buyer and seller in the sale of 21st Street Center, a 162KSF center in Phoenix. Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy of Cushman & Wakefield provided leasing advisory. Founders Properties was the buyer. No information was disclosed regarding the seller or the purchase price.

    12. Max Schumacher, Patrick Sheehan, and Jack Hansen of Rein & Grossoehme represented the undisclosed buyer and seller of 5340 W. Luke Ave. The 3.14-acre heavy industrial site includes a 11.4KSF office building and a 6KSF warehouse. No information was provided for the sale price.

    Lease Transactions

    13. CarbonCapture Inc. has leased 78KSF of Building B at Met202, a nearly 781KSF industrial park in Mesa.

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