Sales Transactions
1. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller Greenlight Communities in the recent $79.25M sale of Cabana Happy Valley Apartments, a 292-unit multifamily development at 24825 N. 19th Ave. in Phoenix. The pair also procured buyer Ideal Capital Group.
2. Lincoln Property Company’s Southwest division, LPC Desert West, has sold the 295.4KSF 3131 and 3133 Camelback to an entity of Presson Corporation for $72.1M. The project boasts the highest average occupancy rate of any office building in the history of metro Phoenix. Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark represented LPC in the building sale. LPC will retain leasing and management duties for the buildings.
3. Dan Casey of the Daum Commercial Phoenix office represented seller Sunstone Rover LLC in the $5.5M sale of a 23.4KSF industrial property on West San Pedro Street in Gilbert. The property will now become the headquarters of Swain Electric. The buyer was represented by Ike Commercial Real Estate’s Blake Hardison.
4. Hammes Partners has purchased Ironwood Medical Pavilion, a 60KSF medical office building in Queen Creek, from Plaza Companies and Ryan Companies for $23.3M. Bill Cook and Margaret Lloyd of Plaza Companies will continue to provide leasing efforts and Scott Rubin of Plaza Companies will oversee property management services.
5. The 140-unit Juniper Canyon Apartments in Tucson sold for $19.8M. Institutional Property Advisors were the brokers for the sale. Neither the buyer nor seller were disclosed.
6. ORION Investment Real Estate sold a fully leased 20.8KSF retail strip center in Chandler for $4.65M. Nick Miner of ORION represented seller Max Taylor & Company, LLC, while Simon Asef of DMC Real Estate Inc. represented the buyer, The Yerahmiel Rocky Rotshtein Property Trust.
Lease Transactions
7. Thunderbird Village, an 85KSF retail center in Peoria, has leased a 34.4KSF space to Slick City Action Park. James DeCremer and Matt Milinovich of Avison Young negotiated on behalf of the landlord, ACP Management. The new park will open in early 2024 and will provide indoor slides (no water), air courts, four levels of soft play, a trapeze, swing and zip line designed for all ages.
8. Amphenol Industrial Operations acquired 58KSF of space in the Metro East Valley Commerce Center in Mesa. The space will be used for manufacturing solar junction boxes, connectors and other advanced interconnect assemblies for the solar energy industry and is expected to open in the Q4 of this year. Metro East Valley Commerce Center was developed by Metro Commercial Properties, built by Graycor Construction and designed by McCall & Associates Architects. Lee & Associates‘ Chris McClurg and Ken McQueen are the park’s listing brokers.