Sales Transactions
1. Providence Real Estate Group has purchased Scottsdale Financial Center I from Goldman Sachs for $44M. Cushman & Wakefield‘s Tim Whittemore and Patrick Schrimsher are the listing brokers for the property, located at 4110 N. Scottsdale Road.
2. Cushman & Wakefield announced the firm has brokered the sale of Avalon, a fully renovated, 117-unit multifamily community at 3851 N. 28th St. in Phoenix for $29.5M. The buyer was CS Large Cities Housing Fund, LP. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group represented the seller, Avalon LLC.
3. Whitestone REIT has paid $25.3M for the 70KSF Arcadia Towne Center shopping plaza in Phoenix. The Safeway grocery anchoring the site was not part of the transaction, and the seller was not disclosed.
4. SimonCRE has paid $12.18M to the Church of Jesus Christ of Latter-Day Saints to buy 34.66 acres for development in Prasada North at the NEC of Loop 303 and Waddell Road in Surprise.
5. Topp Corp. has paid $8.4M for the 53-unit Phoenix apartment community The Marlowe and is planning a value-add program that includes renovating the remaining 20% of unit interiors. Seller Living Well Homes was represented by Paul Bay and Darrell Moffitt of Marcus & Millichap, who also worked with Cliff David and Steve Gebing of IPA. The team also procured Topp Corp. as the buyer.
6. Matthews Real Estate Investment Services’ Erik Manarino and John Stroud have facilitated a 1031 exchange for the seller of a single-tenant industrial building at 590 E. Pecos Road in Chandler. Buyer Sunbelt Rentals paid $5.2M.
7. Target Corp. has paid approximately $4.3M for 10 acres north of Waddell Road where it plans to build its 150KSF anchor store in Prasada North.
8. Stevens-Leinweber Construction will relocate to 10KSF of a 28.6KSF two-story office building in Phoenix’s Camelback Corridor area. An entity formed by SLC President Jamie Godwin has purchased 5045 N. 12th St. for $3.85M, and more than $2M in shell updates and tenant improvements are planned.
9. Arizona Autism Charter Schools is in escrow for a $3M purchase of a 22KSF former school at 1300 S. Belvedere Road and nine adjacent acres in Tucson as part of a planned expansion into the local market.
10. Prosperous AZ MFT, LLC has paid $2.77M for a 40-bed assisted living facility on 2.58 acres in Green Valley. Seller MM & J Healthcare Properties LLC was represented by Mark Biery with Berkshire Hathaway. The new owner plans to convert the former Beehive Homes of Green Valley into a behavioral health facility.
11. 3653 East 2nd Owner, LLC purchased AZ Commons, a 17.7KSF investment property at 3653 E. 2nd St. in Tucson. The 30-unit apartment property was purchased from AZ Commons LLC for $2.75M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
12. Sun Bell Plaza, LLC has purchased a fully leased 9.9KSF retail strip center at 9421 W. Bell Road in Sun City for $2.675M. Seller Max Taylor & Company, LLC, was represented by ORION Investment Real Estate’s Nick Miner. The buyer was represented by Mike Milic of Colliers.
Lease Transactions
13. NAI Horizon’s Isy Sonabend and Drew Eisen represented tenant MasTec Network Solutions in a 62-month industrial lease for 57.5KSF at 4455 E. Nunneley Road, Gilbert. The landlord, ARES Management, was represented by Evan Koplan with CBRE.
14. Nxu, Inc. (formerly Atlis Motor Vehicles) has leased 21KSF at 63 S. Rockford Dr., Tempe, which will serve as the electric vehicle company’s new official headquarters.
15. Relationship Renovation, PLLC leased 13.90KSF of office space at 2504 E. Elm St., Suite 120 in Tucson, from Elm & Tucson, LLC. Richard M. Kleiner and Alexis Corona with Cushman & Wakefield | PICOR represented the tenant. Chris Itule with DSW Commercial Real Estate, LLC, represented the landlord.
16. Safelite Auto Glass leased 12KSF of industrial space at 6401 S. Country Club Rd., Suite 147-157 in Tucson, from APB, LLC. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord. Tom Louer with Lee & Associates Arizona Commercial Real Estate Services represented the tenant.
17. Hexagon Mining, Inc. leased 11.5KSF of industrial space at Bay Colony Technology Center, 2705 E. Medina Road, Suite 101-111 in Tucson from 2705 E. Medina Properties, LLC. Jesse Blum, Stephen D. Cohen and Alex Demeroutis with Cushman & Wakefield | PICOR represented the landlord.
18. NAI Horizon’s Thomas Bean represented the tenant, Form Third, LLC, in a 36-month industrial lease for 10KSF at 2200 W. Fillmore St., Phoenix, AZ. The landlord, JSJ Ventura Development 2200, LLC, was represented by Scott Wiley with Citywide Commercial.
19. NAI Horizon’s Joe Pequeno and Troy Giammarco represented tenant Import Power House in a 61-month industrial lease for 10KSF at 1422 N. 27th Lane, Phoenix. The landlord, Pegasus West Valley, LLC, was represented by Adam Shteir with Citywide Commercial.