Sales Transactions
1. CBRE represented the seller in a sale transaction of Arcadia Cove, a 432-unit multifamily community in Phoenix, for $130.5M to Blue Lake Capital. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Priderock Capital Partners.
2. Institutional Property Advisors, a division of Marcus & Millichap has announced the sale of Aiya, a 360-unit multifamily property in Gilbert, for $112M or $311K per unit. The seller, The Wollf Company, was represented by Steve Gebing and Cliff David, both IPA executive managing directors. The buyer is Olympus Property. The property was completed in 2022.
3. Extra Space Storage Facility, a 680-unit storage facility located at 2537 N. Country Club Road in Tucson, has sold for $19M. VRE Storage Tucson sold to RPC Country Club Storage, LLC with both firms self-representing.
4. The Commerce Insurance Company has sold an office building located at 1555 N. Fiesta Blvd. in Gilbert for $10.58M. Senior Vice President Don Morrow and Vice President Dylan Whitwer, of NAI Horizon, represented the seller in the transaction. The buyer, Graduation Solutions, will be expanding and occupying the 29KSF second floor. The buyer was represented by Julie Hance with Rick Brandt Real Estate.
5. Park Brokerage and Commercial LLC has announced the sale of Leisure Valley RV Resort, a 125-RV site, in Casa Grande for $6.96M. Neither seller nor buyer were disclosed.
6. McQueen Commercial LLC has purchased 12 acres of land for $5.6M. The land used to be Sanyhills Ranch and has been rezoned to light industrial, enabling future development.
7. CBRE negotiated the $4.62M sale of the Sun West Medical Complex, located at 13920 W. Camino Del Sol in Sun City West, to a private buyer. Geoffrey Turbow, Gary Cornish and Nick Williams of CBRE’s Investment Properties represented the seller, Miami-based Creative Realty Group, in the transaction. The 17,484SF building was completed in 2001.
8. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller in the sale transaction of a Maverik gas station, a 4,425SF retail property, for $2.7M in Bullhead City. Neither buyer nor seller were disclosed.
9. One Camelback could be headed for auction after a judge approved appointing Mike Wilson of Wilson Property Services as receiver of the entity that owns the property. The redevelopment of the former bank building to luxury apartments has languished through several years of fits and starts and now sits at approximately 80% complete. The lender plans to sell the building at auction after its owner defaulted on the loan this summer. The project has been plagued by liens and company bankruptcies.
Lease Transactions
10. Exhibitus has leased 42,510SF at Summit Business Park, located at 13250 W. Cactus Road in Surprise. NAI Horizon Managing Director Laurel Lewis, SIOR, and Vice President Dylan Whitwer represented the tenant, while Rob Martensen, SIOR and CCIM, and Sam Jones of Colliers, represented the landlord, Cactus Mac 1, LLC.
11. NAI Horizon’s Thomas Bean, CCIM, represented the tenant, ePool Supply, LLC in a 127-month retail/office lease for 15,552SF at 2710 W. Bell Road, Phoenix, AZ. The landlord, GTT Bell Canyon, LLC, was represented by Cliff Johnston with Kidder Mathews.
12. Mountainside Fitness will open a new gym next summer at Scottsdale Towne Center, located off Frank Lloyd Wright Blvd. and Loop 101, after leasing 52KSF of space. The new gym is in the space that formerly housed an Albertsons.
13. Alice Cooper’s Solid Rock will open a music-based teen center in Goodyear. This is the third center in the Valley to help teens and young adults aged 12-20 grow through music, dance and art.