Sales Transactions
1. Affiliates of Harbor Group International announced the $80.75M acquisition of the 384-unit Colter Park Apartments community in Phoenix. The off-market transaction was brokered by Steven Vegh of Westwood Realty Associates. HGI plans to spend $5M on renovations and upgrades.
2. Newmark has announced the $68.5M sale of the 272-unit Ponderosa Ranch apartment development in Tempe. The sale is the last of an 864-unit, four-property portfolio deal valued at nearly $276M. The other three properties were Omnia on 8th and Omnia McClintock in Tempe and Palm Trails in Chandler. Seller KKR was represented by Newmark’s Brad Goff, Brett Polachek and Chris Canter. The buyer was not disclosed.
3. JLL Capital Markets announced it has closed the $61.8M sale of Camelback Center, a Class A, multi-tenant office building totaling 236.6KSF in Phoenix. JLL marketed the property on behalf of the seller, Nuveen Real Estate, and procured the buyer, Bridge Investment Group. The JLL Capital Markets team representing the seller was led by Ben Geelan and Will Mast.
4. Dreamscape Companies has acquired the Residence Inn Phoenix Desert View at Mayo Clinic extended stay hotel for $50.5M. The seller was the Robert Finvarb Companies. Newmark’s Adam Etra, Mark Schoenholtz and Nick Pappas brokered the sale.
5. Marcus & Millichap has announced the $7.86M sale of VillageMD a 7.4KSF healthcare location on 1.51 acres on an outparcel of Arizona Mills Mall. M&M’s Christopher Biuso, Scott Gould and Rory Shelby, of the company’s Orlando office, brokered the sale on behalf of seller TSH AJ Real Estate, LLC. The undisclosed buyer was procured by Glen Kunofsky, Anthony D’Ambrosia, and Richard Nardi of M&M’s Manhattan office. Closing was assisted by Ryan Sarbinoff, M&M’s broker of record for Arizona.
6. Marcus & Millichap has announced the $6.33M sale of a 5.2KSF Super Star Car Wash in Glendale. M&M’s Zack House, Chris Lind and Mark Ruble listed the property for the undisclosed seller.
7. ABI Multifamily announced the $3.17M sale of Destination @ Oak Creek, a luxury cabin retreat located in Sedona. ABI’s Patrick Burch and John Klocek represented the seller.
8. Ironline Partners has sold a 53.75-acre development site near the southwest corner of Highway 87 and Tyler Parkway in Payson, for $2.775M. Kidder Mathews’ Brian Rosella represented the seller. The buyer was Iron Rings Holdings, LLC, a subsidiary of Virtua Partners.