Sales Transactions
1. MG Properties has purchased the 289-unit 2150 Arizona Ave South apartment complex in Chandler for $107M. Seller PHX Arizona 2012 LLC (Acacia Capital Corp) was represented by Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix.
2. B&R Capital Partners and American Landmark have paid $93.5M to purchase Cabana 99th, a 286-unit attainable apartment community in Glendale. Seller Greenlight Communities was represented by Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, who also procured the buyer.
3. West Valley Properties, Inc. has purchased the 149.3KSF Class-A office property The Reserve at San Tan in Gilbert for $53.1M. The seller was Orsett Properties. The transaction was brokered by CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark. Newmark’s Mike Garlick also played an instrumental role in the sale and has been retained to lead leasing efforts at the property.
4. Logistics Property Company, represented by Paul Sieckowski with Colliers, has paid $20.1M for 38 acres it plans to develop on Pecos and Sossaman roads in Mesa as the Pecos Gateway Industrial Complex. The seller was represented by SVN’s Rommie Mojahed and Lindsey Dulle.
5. ABI Multifamily announced the $20M sale of Casa Sole Vita Townhomes, a 42-unit multifamily community in Mesa. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer.
6. Empire Group of Companies has announced closing on the sale of 18.61 acres at the SWC of Northern and 99th Avenues to The Garrett Companies for approximately $7.8M. Garrett plans to develop the 324-unit Aviva Villas & Flats on the site. The transaction was brokered by Will French and Don Arones of Cushman & Wakefield.
7. Country Club Medical Center at 1950 S. Country Club Dr. in Mesa recently sold for $7.76M in an off-market transaction. The seller was represented by Marina Hammersmith, Tyrel Williams and J.T. Taylor of ORION Investment Real Estate.
8. Marcus & Millichap has announced the $3.2M sale of Elegance at Arcadia, a five-unit apartment property in Phoenix. M&M’s Paul Bay represented the seller and procured the buyer.
9. Two sales totaling slightly more than $4M recently closed at The Landing, a 65-acre mixed-use site in Tucson. In the first sale, an 8.5-acre site that will be home to the 210-unit Tucson Landing Apartments was bought by HCW for $2.7M. The seller, an affiliate of Bourn Properties, was represented by Jerry Hawkins and Kimbra Cole of Hawkins Cole Hospitality & Investment Real Estate. In the second transaction, National Retail Properties, LP (NNN GP Corporation) bought .91 acres for $1.325M to build a La-Z-Boy store. The developer was represented by Darren Pitts of Velocity Retail Group.
10. Catholic Community Services of Southern Arizona, Inc. purchased 19.6KSF of office space at 1650 E. Fort Lowell Road in Tucson from Serenity Holdings VII, L.L.C. for $2.79M. Paul Hooker and Thomas J. Nieman with Cushman & Wakefield | PICOR represented the seller. David Volkwith Volk Company represented the buyer.
11. An 11.4KSF medical office building at 850 N. Kolb Road in Tucson has sold for $2M. The seller was Luis Cueva Jr., DDS. The buyer was Arizona Center for Vasectomy and Urology, owned by Dr. Peter Burrows. Academy Medical Center, LLC (EJC Properties) was the investor. Both buyer and seller were represented by Jon O’Shea of Vast Commercial Real Estate Solutions.
12. Thompson Thrift announced it has formally acquired the 35-acre Gilbert site for its planned $225M mixed-use development The Gilmore, which will feature 300 luxury apartments and 200KSF of retail when completed. The company expects to break ground in the first half of next year.
Lease Transactions
13. Ecommerce window treatment company SelectBlinds announced it is nearly doubling its office and warehouse. The company will leave its current 25KSF location in Tempe for a recently leased 50KSF location in the San Tan Tech Center in Chandler.
14. Arizona Food Bank Network leased 35.9KSF of industrial space at Pacific Trellis Fruit, 13 Calle Cristina, Nogales, from ACKA #3 Limited Partnership. Jose Dabdoub with Cushman & Wakefield | PICOR represented the landlord.
15. Digital marketing company Townsquare Interactive is expanding to its second location, opening a 5.4KSF office space at One Renaissance Square in downtown Phoenix this month. The company plans to move into an 11.9KSF permanent space at Two Renaissance Square in late February 2023.