Sales Transactions
1. The California State Teachers’ Retirement System has purchased a 1.2MSF warehouse facility at 8560 E. Elliot Road in Mesa for $187M. The property is under lease to Amazon through April 2032. The sellers were Carlyle Group and Marwest Enterprises.
2. Newmark announced it has arranged the sale and financing of Villas at Mountain Vista Ranch, a 256-unit, value-add multifamily community in Surprise. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, Avanti Residential, in the $85M sale to an undisclosed buyer.
3. JLL Capital Markets’ Ben Geelan and Will Mast procured buyer Federal Realty Investment Trust and represented seller CapRidge Partners in the $52.6M sale of Scottsdale Forum, a 214KSF Class A office building on 7.13 acres on North Scottsdale Road, Scottsdale.
4. The Northmarq Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle represented seller Sonoma Valley LLC in the $44.5M sale of the 176-unit Sonoma Valley Apartments in Apache Junction. The buyer was FSO Real Estate Services, LLC (FSO Capital Partners).
5. NEC E&G LLC and Ellsworth 92, LLC sold approximately 67 acres of industrial land on Pecos and Ellsworth roads in Mesa to SCD Ellsworth, LLC. Rommie Mojahed of SVN represented the sellers. The buyers plan to build a project known as the Park Ellsworth Industrial complex on the site.
6. Cushman & Wakefield announced the firm brokered the sale of a multi-tenant office building in Phoenix. Located at 4545 E. Shea Blvd., the two-story, 46.6KSF property is 90% leased. 4545 Investment Alliance, LLC bought the property from Jumping Cholla II, LLC for $8.2M. Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital and Capital Markets teams represented the seller.
7. The Greens LLC purchased Laurence Court Apartments, a 20KSF investment property at 3730 N. Oracle Road. The 45-unit apartment property was purchased from Laurence Court LLC for $3.8M. Allan Mendelsberg and Conrad Joey Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties.
8. Park Brokerage Inc. announced the sale of Las Casitas Mobile Home Park near downtown Phoenix for $2.85M. Park Brokerage’s John Sheedy represented the seller.
9. Greenwood & McKenzie of Tustin and Power Marketplace LLC has paid Schwan’s Company $2.8M for five acres of industrial land near Power and Germann roads in Queen Creek.
10. CBRE Capital Markets’ Andrew Fosberg and Dylan Brown announced the $2.2M sale of Willow Creek Professional Center, a 100% leased medical center on 1.18 acres on North Willow Creek Road in Prescott.
11. A publicly traded real estate investment trust has purchased a four-property portfolio of Valley retail sites. Neither the parties nor the purchase amounts were disclosed. The properties consist of Chandler Center (Chandler), Broadway Center (Tempe), Northsight Plaza (Scottsdale) and Shops at Power and Baseline (Mesa) and total 31KSF of building area. Mindy Korth and JK Jackson of Colliers in Arizona brokered the sale.
Lease Transactions
12. NAI Horizon’s Isy Sonabend and Drew Eisen represented the landlord, ViaWest Group, in a long-term lease of 39.4KSF for Expeditors International of Washington, Inc. at Airport48 Industrial. Andrew Mager with Fischer & Company and Tom Louer with Lee & Associates Arizona represented the tenant.
13. Portal Warehousing, a coworking industrial agency, will lease 35KSF of warehouse space at 2636 S. Wilson Street in Tempe from DCT Industrial Trust Inc.
14. Moon Valley Nurseries has announced it will move its headquarters to a new 25.2KSF space at Pima Northgate. Pima Northgate was represented by Cushman & Wakefield’s Tim Whittemore and Pat Schrimsher. The new office space is being designed by Evolution Design and built out by Edge Construction. The company hopes to take occupancy in September.
15. Old School Thrift leased 10.4KSF of retail space at Harrison Plaza in Tucson from SWK Trust. Aaron LaPrise with Cushman & Wakefield | PICOR handled the transaction.