Sales Transactions
1. QTS Realty Trust has purchased a nearly 400-acre property between Bethany Home and Camelback roads west of the Loop 303 freeway for $255M. The sellers were Merit Partners, Inc. and First Industrial Realty Trust, Inc. Plans for the site are unknown, but speculation points to potential industrial development, possibly a data center.
2. A subsidiary of BentallGreenOak has purchased Lakin Park Building IA along Cotton Lane near MC 85 in Goodyear for $109.2M. The seller was an entity linked to Walton Street Capital. Cushman & Wakefield’s Will Strong and Greer Oliver brokered the transaction, supported by the project’s C&W leasing team of Mike Haenel, Andy Markham and Phil Haenel.
3. The McShane Companies’ real estate development arm – Conor Commercial Real Estate – has sold Phase II of the Lotus Project in Chandler to LaSalle Investment Management for $62M. The development features three buildings totaling more than 292KSF. Conor was represented by Will Strong of Cushman & Wakefield.
4. JLL Capital Markets announced it has closed the $25.7M sale of a retail portfolio comprising two shopping centers totaling 38.3KSF in Phoenix and Scottsdale. Corner on 7th is a 1.24-acre strip center at 7th Avenue and McDowell Road. The Marketplace at Lincoln and Scottsdale is a 22KSF neighborhood center. JLL represented the seller, MDC Realty Advisors, a subsidiary of Epic Investment Services. An institutional buyer acquired both sites.
5. A&C Properties has bought the 181KSF grocery-anchored retail center Randolph Plaza in Tucson for $20.5M. The seller Arizona Retail Investment Group was represented by Ryan Schubert of Cushman & Wakefield in the off-market transaction.
6. Cushman & Wakefield announced the firm has brokered the sale of a two-building industrial portfolio totaling 65.6KSF (32.6KSF and 33KSF) in southwest Phoenix. The Koll Company acquired the portfolio for approximately $13.72M in an off-market deal from JFN Mechanical. JFN will continue to occupy one building through a leaseback. Phil Haenel and Will Strong with Cushman & Wakefield represented both parties in the portfolio sale and leaseback.
7. The 82.3KSF grocery-anchored retail center The Fiesta Mercado in Tucson has sold for $12.27M. Sellers J3 Capital Fund I, LLC and partners were represented by Sean Lieb with LevRose Commercial Real Estate. The buyer was a family trust, with Myung and Connie Chol Trustees.
8. DSW Commercial et al has bought the 62.4KSF retail center at the SWC of Wilmot and Broadway in Tucson for $9.25M. Buyer SWC Wilmot and Broadway Manager, LLC affiliate DSW IREIF SWC Wilmot Owner, LLC was represented by James Hardman of DSW Commercial Real Estate. Seller K-Gam Broadway Wilmot, LLC – an affiliate of Kivel Realty Investments – self-represented.
9. SVN Desert Commercial Advisors’ Eddie Gonzalez represented BatchService in the purchase of 4625 S. Wendler Drive in Tempe for $8.8M. The property is a two-story office building with 44KSF of usable space.
10. Cushman & Wakefield announced it has brokered the sale of an approximately 0.46-acre transit-oriented multifamily redevelopment site in downtown Phoenix. CRG – a subsidiary of Clayco – acquired the site for $8.25M and plans to construct a luxury high-rise apartment community on the two-parcel site at the NWC of 1st and Pierce streets. David Fogler and Steven Nicoluzakis with Cushman & Wakefield represented the seller, Glasir Capital Partners.
11. Danny Lee of SVN Desert commercial Advisors helped facilitate the sale of the 40-unit Villa Mira Monte Apartments in Phoenix for $8M. The transaction was part of a 1031 exchange, and the buyer intends to make light renovations.
12. Danielle Davis, Trent McCullough and Branden Mondragon of LevRose Commercial Real Estate represented the seller and buyer in the $4.5M sale of a 17KSF office at 6961 E. 1st Street, in Scottsdale. The seller was Fassco Investments, LLC; the buyer was Chestnut Realty Group, LLC.
13. Dana Hearon of Sperry Commercial-Insignia CRE represented seller American Building Company GP and buyer Fox 1 Financial in the $4.05M sale of the 24-unit Pine Creek Villas apartment community in Oak Creek.
14. Anna Sepic and Gunnar Sinnett of LevRose Commercial Real Estate represented buyer Cielo Vista Medical, LLC, in the $2.9M purchase of 6.65 acres at the SEC of Lake Pleasant Parkway and Jomax Road in Peoria. The seller was JKW Partners, LLC.
15. Jason Reddington and Keri Davies of LevRose Commercial Real Estate represented the seller, CGS Commercio Properties, LLC, in the $2.68M disposition of a 9.5KSF office building at 8712 E. Via de Commercio in Scottsdale. The buyer was JPRG Holdings, LLC.
16. NAI Horizon’s Mark Wilcke and Larson Wilcke negotiated the sale of a 6.8KSF office building, representing the buyer M & H Investments, LLC, for $2.475M. The property is located at 2530 E. Southern Avenue, Mesa. The seller, 2530 Southern, LLC, was represented by Wally Hale and Drew Sampson with Avison Young.
17. NAI Horizon’s Sharon Reeves negotiated the sale of a 11.7KSF office building, representing buyer Integro Bank for $2.3M. The property is located at 16215 N. 28th Avenue, Phoenix. The seller, Copper State Credit Union, was represented by Paul Holland and John Barnes with Colliers International.
18. Capri Barney with the Prescott office of Land Advisors Organization represented the seller Verde Valley Professional Center Partners LLC in the $2.3M disposition of 25 acres in Camp Verde. Buyer Purple Acorn LLC – represented by Terry Brock at Russ Lyon Sotheby’s International – plans to construct a truss and wall systems manufacturing plant on the site.
19. Carrick Sears and Royden Hudnall of SVN Desert Commercial Advisors facilitated the sale of an 11-unit apartment community at 925 E. Amelia Avenue in Phoenix for $2M.
20. Handwrytten Software Co. has purchased Kyrene Corporate Center, a 32KSF office property at 9280 S. Kyrene Road in Tempe. Handwrytten was represented by Michael Marsh of Colliers in Arizona. The seller was represented by Michael Milic, also with Colliers in Arizona. No financial details were disclosed.
Lease Transactions
21. Virgin Galactic has leased two buildings (35.9KSF and 115.2KSF) in the Gateway Executive Park in Mesa. The company will use the location as its final assembling manufacturing facility for its spacecraft, with an expected output of six “Delta-class” spaceships/year.
22. Macerich Co. has announced Japanese entertainment company Round1 Bowling & Amusement has leased 83.1KSF at Arrowhead Towne Center for its first Arizona location.