Sales Transactions
1. Newmark announced the $93.5M sale of 44 Monroe, a 184-unit luxury multifamily community in downtown Phoenix. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, HSL Asset Management, in the sale to an undisclosed buyer.
2. Decron Properties has purchased The Wyatt, a 216-unit multifamily development in Gilbert, for $91M. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller Thompson Thrift Residential.
3. Cushman & Wakefield announced the firm has advised Holualoa Companies and LaPour Partners in the $66.35M sale of Camelback Collective, a recently constructed 115.8KSF Class A office building in Phoenix. The buyer was Humphreys Capital.
4. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales has arranged the $63.07M sale of the 265-unit apartment community The Residences of Central Phoenix on West Glendale Avenue in Phoenix. The buyer was InTrust Property Partners. Northmarq represented the seller, Renue Properties.
5. Institutional Property Advisors, a division of Marcus & Millichap, announced the $38.5M sale of Metro Tucson, a 232-unit multifamily community in Tucson. IPA’s Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David represented the private seller. The buyer was Vertical Street Ventures.
6. Toll Brothers Inc. recently paid $19.3M for the 20.24-acre site on East Williams Field Road where it intends to build its new 400-unit Navona Apartments Homes. Seller Pacific Proving LLC was represented by Nate Nathan and Courtney Buck of Nathan & Associates Inc.
7. ABI Multifamily announced the $6.65M sale of Olive Gardens, a 30-unit multifamily apartment community in Phoenix. ABI’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented the buyer.
8. Southwest Retail, through its subsidiary Beeline Shops, Inc., has paid $6.1M for shops at 315 and 321 S. Arizona Ave. in Chandler. The existing retail spaces will be cleared and a new 6.4KSF building constructed. Prime Commercial Advisors is marketing the property.
9. Mandarina South, LLC purchased 112 acres of land at the NEC of I-10 & Tangerine Road in Marana, from Tangerine Investment Partners, LLC for $4.25M. Robert C. Glaser with Cushman & Wakefield | PICOR represented the seller. Brent Moser with Lee & Associates Arizona Commercial Real Estate Services represented the buyer.
10. Michel Myrick of NAI Horizon negotiated the sale of a 20.8KSF office building on South Extension in Mesa, representing buyer L & P Hope Properties, LLC, for $2.975M. The seller, NSHE Dana Point, LLC, was represented by Jaime Swirtz with CBRE.
11. ABI Multifamily announced the $2.6M sale of Villa Este, an 11-unit apartment community on 4410 N. 14th St., Phoenix. ABI’s Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the buyer and seller.
12. TRC Properties XII, LLC has purchased an 11.25KSF former Pier One building at 5919 E. Broadway in Tucson. The buyer was represented by Joey Castillo of VOLK Company. Seller Barrett Associates was represented by Jordan Simon and Karen Farrell of Venture West.
13. TruAmerica Multifamily has purchased the 218-unit Luxe Scottsdale apartment community as part of a multistate portfolio purchase. Financing was arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Garson Zarouk of Institutional Property Advisors, a division of Marcus & Millichap. Neither the seller nor financial details were disclosed.
Lease Transactions
14. Enviro-Log Company, LLC announced it will open a new recycling and manufacturing facility in a 76.2KSF building on Glen Harbor Blvd. in Glendale.
15. Anthropologie, Ambrogio15, Madison Reed Hair Color Bar, Evereve and Lovesac have all signed leases for retail space in Macerich’s Biltmore Fashion Park in Phoenix. Square footages and opening dates were not disclosed.