Sales Transactions
1. The Ezralow Company has purchased two multifamily communities from The Premiere Residential for more than $238M. The 360-unit Azul at Spectrum sold for $138.2M, and the 264-unit Borrego at Spectrum sold for $99.9M. The seller was represented by CBRE’s Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen.
2. Harbor Group International has purchased the 384-unit Colter Park apartment community in Phoenix from an affiliate of 3rd Avenue Investments for $80.75M. The transaction was brokered by Northmarq Phoenix’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle.
3. A joint venture between Cypress West Partners and an institutional real estate advisor has acquired the two-story Simon Medical Plaza in the Laveen area of Phoenix for $14.85M. JLL Capital Markets’ Aldon Cole and Aiden Hayes sourced acquisition financing of $7.58M. Local market support was provided by Carl Beardsley.
4. The former site of Tucson International Raceway has sold for $7.6M. Buyer Schnitzer Properties plans a future development on the 97-acre property. Rob Glaser and Jesse Blum of Cushman & Wakefield | PICOR represented the buyer. Tauna Robley with Tucson Realty Solutions represented seller Raceway Partners, LLC.
5. NAI Horizon’s John Filli negotiated the sale of 211.512 acres, representing the seller, Magnum Estates, LLC, for $6.77M. The property is located at Montgomery Road and Selma Highway, Casa Grande. The buyer, Harvik Properties, LLC, was represented by Krista Boss with Realty One Group 13.
6. Teakwood Real Estate Partners has bought the 292-unit US Storage Centers self-storage facility in Mesa for $4.6M. The seller was AAA Mesa LLC. Third-party property management company Westport Properties will manage the facility.
7. LRTucson, LLC purchased 1100 N. Wilmot Road, the 11.4KSF two-story office building nicknamed the “Upside Down Pyramid” due to its iconic architecture. The seller is Vantage West Credit Union. Sale price was $2.25M. Richard M. Kleiner, with Cushman & Wakefield | PICOR represented the seller. Scott Soelter with NAI Horizon represented the buyer.
Lease Transactions
8. With the recent signing of two new tenants, Goodyear Industrial Park reports it is now fully leased. R Restoration LLC has leased 68KSF. Paramount Global Surfaces (aka Happy Floors) leased 144KSF. The 415KSF facility now has four tenants occupying all 415KSF across three buildings.