Sales Transactions
1. Three Arizona office properties totaling nearly 465KSF were part of a recent $1.13B, 53-property, multistate portfolio sale by Griffin Realty Trust to Workplace Property Trust. The Arizona assets were:
- The Cigna Campus, Phoenix, 232.6KSF;
- Northgate Corporate Center, Phoenix, 131.9KSF, and
- 3535 E. Valencia Road, Tucson, 100KSF.
2. The William Corrigan Family was recently a party in two RV resort and manufactured home transactions. Corrigan purchased the 1,230-space Sun Vista Resort in Yuma for $80M from Sun Vista GP. It also sold the 180-space Pueblo Manor in Apache Junction to Silver King Companies for $35M. The buyers and sellers in both transactions were represented by Derek Harris of HARRIS15 Manufactured Housing & Commercial Brokerage.
3. MG Properties has purchased the 2150 Arizona Ave South Apartments in Chandler from Acacia Capital Corp. for $107M. Berkadia’s Mark Forrester and Dan Cheyne represented the seller. Berkadia’s Chuck Christiansen and Lowell Takahashi originated the Fannie Mae loan to finance the acquisition.
4. Time Equities, Inc. has bought the 268.5KSF Paradise Village Office Park at 11811 N. Tatum Blvd. from Sterling Equities and Lincoln Property Company for $43M. TEI plans to undertake a renovation and upgrade program at the facility. The sellers were represented by CBRE’s Barry Gabel and Chris Marchildon.
5. ABI Multifamily announced the $37M sale of Commons on Stella Apartment Homes, a 199-unit multifamily apartment community in Tucson. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick, Desiree Palmer and Ryan Kippes represented the buyer and seller.
6. Pacific Orchid Holdings has purchased the 121-room DoubleTree Gilbert hotel from Power Hotel Group for $25.75M. Mike Montoya, Jon Grantham and James Meng with Colliers in Arizona handled the sale.
7. The 144-bed Santa Rosa Care Center at 1650 N. Santa Rosa Avenue in Tucson sold for $17.2M. The seller was Tucson Santa Rosa Investment, LLC. The buyer was SR Building, LLC.
8. An office condo in the Rillito Business Park in Tucson sold for $2.44M. The seller was Lucky Family, LP, represented by Robert Stubiak and Andrew Ostader with Keller Williams Professional Partners.
9. Larsen Baker affiliate First Avenue Associates, LLC has sold a 3.75KSF restaurant and drive thru at 735 E. Wetmore Road to STRR Investments, LLC for $2.3M. The buyer plans to convert the building to a KFC.
10. American Landmark Apartments has bought the 286-unit Cabana 99th apartment community on West Missouri Avenue in Glendale. The property will be rebranded as The Lotus.
Lease Transactions
11. A-Team Logistics Group Inc. leased 51.8KSF of industrial space at 6701 S. Midvale Park Road in Tucson, from 6701 S. Midvale Park, LLC. Industrial Specialists with Cushman & Wakefield | PICOR handled this transaction. Jesse Blum represented the landlord. Andrew Keim and Alex Demeroutis represented the tenant.
12. And Go Concepts, LLC, dba Salad and Go, leased 20KSF of retail space at the NEC Fort Lowell & Campbell in Tucson from Dahlstrom Campbell Ft. Lowell, LLC. Dave Hammack with Cushman & Wakefield | PICOR represented the tenant. Terry Dahlstrom with Volk Company represented the landlord.
13. Flying Lizard Motorsports has announced it is relocating its headquarters to a new 15KSF trackside facility at APEX Motor Club in Maricopa. The motorsports company will take occupancy next fall, according to an announcement.