Sales Transactions
1. KB Investment and Development Company has purchased the 328-unit Skywater at Town Lake multifamily community in Tempe for $160M. Mesa West Capital provided a first mortgage loan of $108M. Financing was arranged by Rocco Mandala of CBRE in Phoenix.
2. Rise48 Equity LLC has paid Bean Investment Real Estate $125M for a 376-unit property in Phoenix it will rebrand as Rise Encore.
3. Havenpark Communities, LLC has purchased the 493-site Country Club Village mobile home park in Mesa for $44M. The Northmarq Manufactured Housing group of Jared Bosch, Don Vedeen, Chris Michl, Jeff Bensen and Samuel Neumark represented seller Country Club MHP, LLC.
4. Several entities associated with Vinod Gupta have purchased Artesian Marketplace, a 68.3KSF Chandler shopping center at Gilbert and Ocotillo roads, for $32.5M.
5. The JLL Capital Markets team of William Haass, Eric Tupler and Brad Miner announced it arranged a $28.4M financing package for the 150-unit Villatree Apartments in Tempe on behalf of Epic Investment Services.
6. LPC Desert West, the Southwest division of Lincoln Property Company, has announced the sale of Twenty Seven Camelback, a Class A office building at 2777 E. Camelback Road. The company will continue to manage and lease the building for the new owners, Rosebud Properties. Barry Gabel and Chris Marchildon from CBRE represented LPC in the sale.
7. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller Bascom Arizona Ventures in the $21.25M sale of Dolce Villagio Lofts, a 37-unit apartment community in Tempe.
8. EXDO Group and Revesco Properties have bought the 77.4KSF Park Lee Center shopping center on West Camelback Road for $11M. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented the seller, Beitel Group.
9. Red Point Development has purchased the 8.7KSF adaptive reuse site The Orchard for $5M from Venue Projects.
10. ES – Gibralter Fort Lowell Self Storage (Gibralter Holdings LLC, dba Extra Storage) has bought 4.63 acres of land entitled for a self-storage facility on East Fort Lowell in Tucson for $4.75M. Plans call for 1,000 storage units and 150 RV spaces.
11. Cushman & Wakefield has advised the sale of Westech Business Center I & II, a seven-building 225.3KSF light industrial complex in Phoenix. Schnitzer Properties, formerly Harsch Investment Properties, acquired the complex. The seller was LBA Logistics. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. No transaction amount was provided.
12. American Landmark Apartments purchased the 480-unit multifamily development Tempe Metro Apartments in Tempe in its initial foray into the Arizona market. The seller was Continental Realty Advisors. No transaction amount was disclosed.