Sales Transactions
1. The 1.2MSF Building A of Cubes at Glendale (also known as Williams-Sonoma at The Cubes at Glendale, was purchased by JLL West Phoenix Distribution DST (LaSalle Investment Management) for $135M. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the developer and seller, CRG (Clayco Realty Group).
2. Rise48 Equity purchased two apartment communities in metro Phoenix. The company paid $29.2M for the 120-unit Aspire Glendale Apartments in Glendale and $31M for the 124-unit Brookfield Apartments in Phoenix. Rise48 has planned $6.6M in improvements and upgrades.
3. The 200-unit Mission Tierra Apartments in Tucson has sold for $38M. CBRE’s Jeff Casper, Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groer represented the seller, Blackstone Company. Buyer Element Property Company self-represented.
4. Commercial Properties, Inc./CORFAC International announced the $34.5M sale of Pecos 10 at Gateway, a 111.4KSF, 14-building industrial facility on Pecos Road near Ellsworth in Mesa. The Leroy Breinholt Team of David Bean and Cory Breinholt represented both the seller, Pecos 10 LLC (Cavan Commercial), and the buyer, 8607 E. Pecos Rd LLC (Davis Family Trust).
5. Institutional Property Advisors, a division of Marcus & Millichap, announced the $31.5M sale of the 135-unit Glenridge Apartments in Glendale. IPA’s Cliff David and Steve Gebing represented the seller, Living Well Homes and found the buyer, 51T Partners LLC.
6. Bridge Founders Group, LLC has bought the 85-unit Proximity on 16th Apartments in Phoenix for $30.1M. Northmarq’s Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle represented seller Avenue North, LLC.
7. Elevate at South Mountain, a 128-unit apartment community in Phoenix, sold for $22.3M in a transaction structured by Kidder Mathews. The firm’s Karl Abert and Bret Zinn represented both the seller, Urban Communities, and the buyer, Gudi Real Estate Investments.
8. CBRE has negotiated the sale of 4202 W. Washington Street, a 115.3KSF warehouse in Phoenix, to a private investor for $17.25M. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, James Greaves of G2 Capital. Geoffrey Turbow and Gary Cornish of CBRE represented a partnership of three private 1031 exchange buyers.
9. Atira Hotels has purchased the 102-room Lodge on the Desert boutique resort in Tucson for $16M. The seller, Lodge Partners, was represented by Bill Murney with Cushman & Wakefield.
10. Schnitzer Properties, LLC purchased 97 acres of land at 4300 E. Los Reales Rd. in Tucson from Raceway Partners, L.L.C. for $7.6M. Robert C. Glaser and Jesse Blum of Cushman & Wakefield | PICOR represented the buyer. Tauna Robley with Tucson Realty Solutions represented the seller.
11. Schnitzer Properties, LLC purchased a 109.2KSF industrial building at 5580 S. Nogales Hwy. in Tucson from WAA Nogales Hwy, L.L.C. for $7.3M. Robert C. Glaser and Paul Hooker with Cushman & Wakefield | PICOR represented the seller.
12. Irvington Road Properties, LLC purchased 55.5KSF of industrial space at 401 E. Irvington Road in Tucson from Davidson/Rohrbacker Investments, LLC for $6.1M. Destech will remain in the property on a long-term leaseback. Stephen D. Cohen with Cushman & Wakefield | PICOR represented the seller.
13. A Culver’s restaurant at 1955 W. Valencia Road in Tucson sold in a sale leaseback for $3.72M. Seller and franchisee Kyle Kolsrud will continue to occupy as a tenant. Kolsrud was represented by Chris Lind and Nicholas Christifulli with Marcus & Millichap in Phoenix. The California-based buyer was represented by Joshua Johnson of Marcus & Millichap in Palo Alto.
14. ABI Multifamily announced the $3M sale of Las Palmas Villas, a 24-unit multifamily apartment community in Wickenburg. ABI’s John Klocek and Patrick Burch represented both the buyer and seller.
15. Nick Miner of ORION Investment Real Estate reports representing the buyer of a two retail property portfolio in Mesa. One property was located at 1860 N. Country Club and the other was located at 731 E. McKellips. Total building size of both properties was 7.4KSF, and total sale was $2.1M.
Lease Transactions
16. Bekins A-1 Movers, Inc. leased 43.7KSF of industrial space at Tucson Airport Center 2 – Bldg. A in Tucson, from Schnitzer Properties, LLC. Cushman & Wakefield | PICOR handled this transaction. Jesse Blum represented the landlord, and Stephen D. Cohen represented the tenant.