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    Home » Commercial Real Estate » Commercial Real Estate News 08-03-21
    Commercial Real Estate

    Commercial Real Estate News 08-03-21

    BEX StaffBy BEX StaffAugust 3, 2021No Comments4 Mins Read
    15. MLily. Credit: JLL
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    Sales Transactions

    1. Sares Regis Group purchased Elevation Chandler, a boutique, 163-unit apartment complex in Chandler for $56.15M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, Olympus Property.

    2. WhiteHaven Capital purchased Strayhorse Arrowhead Ranch, a 136-unit apartment property at the NWC of the Loop 101/Agua Fria Freeway, Glendale, for $45M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, Shelter Asset Management.

    3. Rise48 Equity purchased Brookside Apartments, a 204-unit multifamily property in southwest Phoenix, for $41.6M.

    4. McDonnell Tudor, LLC purchased Galeria del Rio, a 101-unit, premiere townhome rental community at 5132 N. Prairie Clover Trail, Tucson, for $32.025M. Art and Clint Wadlund with Berkadia of Tucson represented the seller, Capital Square Asset Management of VA.

    5. Taurus Investment Holdings LLC recently acquired 544 Southern, a 136-unit, 114.8KSF Class B apartment community in Mesa for $31M. The acquisition boosts Taurus’ multifamily portfolio to more than 5,800 units acquired and developed nationwide, and more than 725 units in the Phoenix market.

    6. UR Investments bought 19.32 acres of land at the SWC of Invergordon and DoubleTree Ranch Roads, Paradise Valley, for $20M, from PV 20, an entity tracing to Mark J. Mulzet. The title agent was Chadwick Campbell of Thomas Title & Escrow.

    7. An undisclosed buyer purchased Pulliam Innovation Park a four-building flex park totaling 91.4KSF of industrial, life sciences, R&D and office space in Flagstaff, for $18.26M. JLL represented the seller, Phoenix-based Kentwood Ventures.

    8. Stratton Road Realty LLC purchased Dobson Town Place, a 44KSF single-story medical and professional office at 2705-2745 S. Alma School Road, Chandler, for $10.3M. James “J.T.” Taylor of ORION Investment Real Estate represented the seller, Off Five LLC. The buyer was represented by Ken Elmer of Commercial Properties, Inc.

    9. 222 Tucson LP purchased a 25.4KSF office building, leased on a long-term basis to Mister Car Wash, at 222 E. Fifth Street, Tucson, for $8.95M. CBRE’s Bryce Horner represented the seller, 222 Building LLC.

    10. Goettl Air Conditioning & Plumbing purchased a 55KSF property at 4611 E. Baseline Road, Phoenix, for $7.3M. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, a California-based private equity group. Greg Hopley with Colliers International represented the buyer.

    11. An investment fund created by HGTV star Tarek El Moussa and Hanson Capital Group closed on an acquisition of Element on 38th, a 45-unit apartment complex in central Phoenix, for $5.8M, from Tides Equities.

    12. Mangat Investment purchased a nearly 20-acre property at Miller Road and Durango Street in Buckeye for $3.9.M, from Equity Land Group.

    13. A first time, out-of-state private investor purchased The Haven, a 16-unit apartment property at 6501 N. 3rd Avenue, Phoenix, for $3.85M. Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, procured the buyer and had the exclusive listing to market the property on behalf of the seller, a private investor who purchased the property through Marcus & Millichap in 2016.

    14. An undisclosed buyer purchased Sun Devil Auto, a 5.8KSF net-leased property at 5104 E. Ray Road, Phoenix, for $2.75M. Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the undisclosed seller.

    Lease Transactions

    15. MLILY has committed to a 1.25MSF lease at Glendale 303 (G303). The lease fills a just-completed, 569.5KSF industrial building and initiates an expansion of G303 to fulfill the tenant’s larger, single-building lease requirement. The Class A industrial project is a development of Hines. Managing Director Bill Honsaker and Senior Vice President John Lydon from the Phoenix office of JLL represented Hines in the lease transaction. Payson MacWilliam and Yang Chen of Colliers International represented the tenant. The Southwest Division of Graycor Construction Company serves as the project’s general contractor.

    16. Southwest Human Development subleased 17.9KSF of office space from Base Commerce. They will occupy the entire third floor of the three-story building, located at 5055 E. Washington Street. CBRE’s Kevin Calihan and Amy Trott arranged the sublease on behalf of Base Commerce.

    17. A new lease has extended the lease for Mattamy Homes at The Corporate at Pima Center through 2029. Under the new lease, Mattamy will expand its Phoenix office footprint to 15.9KSF on the first floor of Class A building located at 9200 E. Pima Center Parkway in Scottsdale. JLL Managing Director John Pierson, Senior Vice President Trevor Pratt and Associate Lauren Lovell represented Mattamy in the lease expansion. JLL Managing Director John Bonnell, Executive Vice President Brett Abramson, Senior Vice President Chris Latvaaho and Associate Chris Beall represented the building owner, City Office REIT.

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