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    Home » Commercial Real Estate » Commercial Real Estate News 07-18-23
    Commercial Real Estate

    Commercial Real Estate News 07-18-23

    BEX StaffBy BEX StaffJuly 18, 2023No Comments3 Mins Read
    8. 2600 N. 44th St. Credit: Streamline Capital Group
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    Sales Transactions

    1. CBRE facilitated the sale of the 380-unit multifamily community Soltra at SanTan Village in Gilbert to The Premiere Residential for $140M. The newly built property is the company’s first Phoenix acquisition in 16 years. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Leon Multifamily.

    2. STORE Capital Group has paid $50.4M for 394 acres in Coolidge. The land includes the site of Nikola Corporation’s electric vehicle and hydrogen truck manufacturing facility, which the company will lease from the new property owner under a 99-year agreement.

    3. Reliant Group Management LLC has paid $50M for Phoenix Manor, a 450-unit, multifamily community in Phoenix. Seller Phoenix Manor LLC was represented by Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach with Colliers in Arizona. Reliant Group Management was self-represented.

    4. CBRE facilitated the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. CBRE’s Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the seller. WhiteHaven purchased the property for $37M. Anthony Valenzuela with CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. The community will be rebranded to Haven at Midtown, and Greystar will oversee management and leasing.

    5. AP Capital has sold the 98KSF Tempe retail center Cobblestone Village for $20M. The Basha’s-anchored property was purchased by Cobblestone Center LLC.

    6. has paid $14M for a 95KSF flex office building at 8160 S. Hardy Dr. in Tempe. The firm was represented by Marcus Muirhead with Lee & Associates. Seller Los Angeles County Employees Retirement Association was represented by Cushman & Wakefield’s Eric Wichterman, Chris Toci, Mike Coover and Steve Lindley.

    7. Lakeshore Ventures and Crown Enterprises have bought 23 acres in Queen Creek for $11M. Real estate tracking firm Vizzda has speculated the land may be used for a data center development.

    8. Streamline Capital Group purchased the former Camelhead Business Center at 2600 N. 44th St. in Phoenix for $5M. The property is being rebranded as The Grand on 44th. Keri Davies and Jason Reddington with LevRose Commercial Real Estate will handle leasing.

    9. ABI Multifamily announced the $4.8M sale of Avanti Apartments, a 30-unit multifamily apartment community in Phoenix. The buyer was represented by ABI’s Mitchell Drake, Dallin Hammond and Carson Griesemer. The buyer is based in Arizona and the seller is based in California.

    10. Renewed Medical Health has paid $3.15M for Sunrise Springs, a 15.7KSF office building on East Sunrise Drive in Tucson. Seller Sunrise Springs Building LLC was represented by Romano Real Estate’s John Yarborough and David Carroll. The buyer was represented by Christos Vlachopouliotis with Luxe Real Estate Group.

    11. HonorHealth announced it has signed an agreement to purchase the remaining interest in 26 urgent care centers in Arizona from FastMed. These urgent cares are currently operated under a joint venture relationship between FastMed and HonorHealth. This transaction is expected to close this summer. Terms were not disclosed.

    12. Cushman & Wakefield announced the firm has brokered the sale of a 109-key TownePlace Suites by Marriott hotel in Chandler. The buyer was Trimark X, LLC.  Bill Murney with Cushman & Wakefield’s Western US Hospitality team in Phoenix represented the seller, Peachtree Group. Terms were not disclosed.

    Lease Transactions

    13. Canyon Trails Towne Center in Goodyear announced it has achieved 100% occupancy for the first time in the retail center’s history. New leases recently signed at the 600KSF shopping center, which is anchored by Super Target, PetSmart and two other big-box stores, including a Michael’s (18.3KSF) and Five Below (10.4KSF).

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