Sales Transactions
1. Pine Tree and a state pension fund partner have paid $91M for Arrowhead Crossing, a 362KSF retail center near 77th Avenue and Bell Road in Peoria. Pine Tree will now manage the property.
2. Represented by Nick Miner of ORION Investment Real Estate, Arileus Capital purchased Superstition Marketplace—a 54.4KSF retail center near Superstition Springs Mall in Mesa—for $11.6M. The seller was Superstition Marketplace LLC.
3. 22 Kendrick, LLC has sold a two-building, 25KSF office complex at 850 and 858 W. Elliot Road in Tempe to Hana Koa, LLC for $6.2M. The seller was represented by Steve Berghoff of Menlo Group Commercial Real Estate. The buyer was represented by Erik Marsh of Kidder Mathews.
4. Serrano Family Limited Partnership has sold Serrano’s Mexican Restaurant, a 13.3KSF space at 141 S. Arizona Ave. in Chandler, for $4.58M. The seller was represented by Lane Neville, Cole Neville, Matt Westra, Whitney Heritage and Brandon Hall of NAI Horizon. Buyer JAM Management LLC was represented by Peter Sciacca of Launch Powered by Compass.
5. Scratch Holdings LLC has sold an 11.5KSF food grade industrial building at 2604 S. 24th St. in Phoenix for $3.35M. The seller was represented by Jeff Hays, Trent Rustan and Sam Rutledge of Commercial Properties Incorporated. Buyer Osky Realty LLC was represented by DAUM Commercial Real Estate.
6. Melvinateo, LLC has paid $2.5M for Crossroads Adult Care Home Escondido in Tucson. Realty Executives Arizona Territory represented both parties. Daniel Biel represented the buyer. The seller, Escondido 30, LLC, was represented by Omer Kreso and Grant Withers.
7. The Blake apartments in Phoenix on the site of the former Paradise Valley Mall have been sold for an undisclosed price. CBRE‘s Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen represented the sellers, a venture between StreetLights Residential and an affiliate of RED Development. A venture between RXR and Korman Communities acquired the 400-unit multifamily community.