Sales Transactions
1. SB Real Estate Partners has purchased Obsidian on Ocotillo Apartments located near the I-60 freeway and SR101 in Glendale for $56.4M. Tower 16 Capital Partners sold the property and were represented by Jesse Hudson, Trevor Koskovich, and Bill Hahn of Northmarq Phoenix. The new owners plan to improve the property further during their ownership.
2. Graham Street Realty, an affiliate of Hamilton Zanze, has made its first purchase in the Arizona market by acquiring Cimmaron Industrial Park in the Scottsdale Airport Industrial submarket. The deal closed on Aug. 26, 2022, for a purchase price of $27.5M. The property is currently fully leased.
3. The Best Western Prescottonian hotel at 1317 E. Gurley Street in Prescott has been sold to an Atlanta investor for $11.6M. The property, which includes 2.64 acres of undeveloped land, sold for the highest price per room ever recorded in Prescott/Prescott Valley. Olson Capital Investments of Atlanta purchased the property from Thomas Foster of Prescott as part of a 1031 Exchange. The buyer and seller were represented by Mike Montoya and Jon Grantham, both of Colliers Arizona.
4. Central Arizona Supply of Phoenix acquired Benjamin Plumbing Supply and along with that purchase acquired the 53.5KSF, four-story building at 440 N. 7th Avenue in Tucson for $5.6M. The company will continue to operate under the existing name.
5. Sunnyslope Apartments LLC purchased Sunnyslope Apartments, a 25.3KSF investment property at 150 E. Hardy Road in Oro Valley. The 41-unit apartment property was purchased from John Kevin Donahue for $5.5M. Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
6. An affiliate of Diamond Ventures, Old Vail Commerce LLC, bought the 43.11 westerly acres of excess land at Las Plazas at Old Vail, on the NWC of Houghton and Old Vail Road in Tucson for $4.4M. Both the buyer and seller were self-represented, the seller being a broker with NAI Horizon Tucson.
7. Matt Harper of NAI Horizon negotiated the sale of a 30KSF retail building – Olive Crossing – representing both the seller, 43rd Ave, LLC, and the buyer, Arizona MSK, LLC and Garvin Holdings, LLC, for $3.95M. The property is located at 9250 N. 43rd Avenue, Glendale.
8. Oro Valley ALC LLC, an affiliate of CarePartners Senior Living, has purchased an 8.03-acre development site in Innovation Park for $3.85M. The seller was VWI/Vistoso Development, Inc., an affiliate of Venture West. CarePartners will build a mixed-use senior living property with independent living, assisting living and memory care components on the site.
9. The Whataburger ground lease at 921 E. Tucson Marketplace at the Bridges sold for $2.8M. The seller was represented by Alan Tanner with Bourn Advisory Services, while the buyer, K&R Holdings I, II and III, was represented by Regan Amato and Ryan Tanner with JLL in Phoenix.
10. Menlo Group Commercial Real Estate announced the sale of three Arizona industrial properties. The fully leased properties sold for $2.7M. The properties are located at 5624 and 5632 N. 54th Ave. in Glendale and 14391 S. Avenue 2 3/4 E. in Yuma. The three sites total approximately 6.5 acres. All three properties are leased by SWP Contracting and Paving.
Lease Transactions
11. An unnamed technology company has leased 66KSF of office space at the Chandler Freeway Crossing, located at the intersection of the Loop 101 and Loop 202 in Chandler. JLL’s Mark Gustin, Ryan Timpani and Jimmy Cornish serve as Chandler Freeway Crossing’s exclusive leasing brokers on behalf of property owner Mark IV Capital.
12. Waymo has inked a lease for at least 65KSF of industrial space at Central Logistics Center in Phoenix. CBRE’s Evan Koplan negotiated on behalf of Waymo. John Werstler, Cooper Fratt and Tanner Ferrandi with CBRE are the leasing agents for the property’s owner, ViaWest.
13. Isy Sonabend and Drew Eisen of NAI Horizon represented the landlord, VWP 48th Street Owner, LLC, in an 86-month industrial lease for 39.4KSF at 3232 S. 48th St., Phoenix. The tenant, Expeditors International of Washington, Inc., was represented by Andrew Mager with Fischer and Company.
14. Super Star Car Wash has leased 24KSF at 960 W. Behrend Dr. in the Deer Valley submarket and expects to triple their headcount of employees in the next five years. Ashley Brooks and Jasmina Bays of CBRE represented Regent Properties in the lease negotiations. Mark Sunkel of the Hogan Group represented the tenant.