Sales Transactions
1. Scottsdale Promenade, a 581.6KSF retail center at Scottsdale Road and Frank Lloyd Wright Blvd. in Scottsdale, sold to a Delaware-based LLC earlier this month for $180M. The seller was Excel Owner Promenade LLC. The sale is reported to be the largest Valley retail property transaction so far in 2022.
2. Newmark announced the $111.75M sale of a two-property, 369-unit multifamily portfolio in the Southeast Valley. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, a joint venture between Avanti Residential and KKR Real Estate, in the sale to Jason McCool. The two-properties are Omnia on 8th (188 units) and Omnia McClintock (181 units).
3. Big V Property Group paid $50.5M to acquire the 34-store Lake Pleasant Pavilion shopping center on Happy Valley Road in Peoria. ShopCore Properties was the seller.
4. Newmark announced the $36.5M sale of Paradise Palms, a 130-unit, value-add multifamily community in the Biltmore/Uptown submarket of Phoenix. Newmark’s Chris Canter, Brett Polachek and Brad Goff represented the seller, Ogden Capital Partners LLC, in the sale to an undisclosed buyer.
5. ABI Multifamily announced the $28M sale of Midtown on Seneca Townhomes, a 176-unit multifamily apartment community in Tucson. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the undisclosed buyer and seller.
6. Park Place Partners – a partnership between Evergreen Devco, Inc. and Wentworth Property Company – have purchased two former Sears buildings – a 218.8 main building and a 14KSF auto pad – from Seritage SRC Finance, an affiliate of Seritage Growth Properties, for $12.25M. The 19.7-acre site is located at Tucson’s Park Place Mall.
7. ABI Multifamily announced the $9M sale of Village 28, a 25-unit multifamily apartment community at 4750 N. 28th Street, Phoenix. ABI’s John Klocek, Patrick Burch, Mitchell Drake, Carson Griesemer and Dallin Hammond represented the buyer and seller.
8. A four-tenant retail pad at El Corredor in Oro Valley sold for $6M. VOLK Company’s Debbie Heslop represented the seller Boulder Oro Valley of Tucson.
9. LevRose Commercial Real Estate’s Zak Kottler, Joe Cosgrove, Trent McCullough, Danielle Davis, Mark Cassell, Hunter Chasse and Matt Beeks represented the seller and buyer in a $5M deal for 7045 E. 3rd Avenue, in Scottsdale. The retail property totals 12KSF. The seller was Marge and Mavis, LLC; the buyer was 5th & Marshall, LLC.
10. Jason Reddington and Keri Davies of LevRose Commercial Real Estate represented the buyer, Triumph Van Buren Acquisition, LP, in the $4.4M purchase of 4130 E. Van Buren Street, in Phoenix. The office totals 31.5KSF. The seller was 4130 Gateway Center, LP.
11. Menlo Group Commercial Real Estate announced the sale of the 26.4KSF Virginia Circle Office Building, 320 E. Virginia Avenue, Phoenix for $4M. Menlo Group’s Stuart Milne and Nyal Sewell listed the property for sellers 320 Piedmont, LLC. Buyer RAS Developments, Inc. was represented by Alon Shnitzer of ABI Multifamily.
12. NAI Horizon’s Matt Harper facilitated the $3.95M sale of retail center Olive Crossing on 43rd Avenue in Glendale. NAI represented both seller 43rd Ave LLC and buyers Arizona MSK LLC and Gavin Holdings LLC.
13. Colonia Properties TIC II, LLC has paid $2.85M for the 51-room Hacienda Motel in Tucson. The motel rooms will be converted into apartment units. Allan Mendelsberg and Conrad Martinez of Cushman and Wakefield | PICOR represented the buyer and the seller, Oasis Living.
14. Aaron Norwood and Landon McKernan of LevRose Commercial Real Estate represented seller Paul Wesley Construction, ACC in the $2.25M disposition of 4946 E. Ingram Street, in Mesa. The industrial property totals 8.9KSF. The buyer was MGML Properties, LLC.
15. Zak Kottler, Joe Cosgrove, Trent McCullough, Danielle Davis, Hunter Chasse and Brandon Mondragon of LevRose Commercial Real Estate represented the seller and buyer in the $2.15M sale of 8990 E. Raintree Drive in Scottsdale. The office property totals 7.4KSF. The seller was Wolverines-Huskers Realty, LLC; the buyer was Wolf Patch Investments, LLC.
Lease Transactions
16. Cubework announced the opening of a new warehouse at the Goodyear Logistics Center at 575 S. 143rd Avenue, Goodyear. The facility encompasses more than 900KSF, with an initial 50KSF open now and more available in the near future. Media reports note the company, along with sister firm Unis LLC, has leased approximate 600KSF of the total space in the center, adding that Cooper Fratt, John Werstler, Pat Feeney and Dan Calihan of CBRE Group Inc. represented the landlord and Jessica Chen of Kander Pacific Inc. represented Unis.