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    Home » Commercial Real Estate » Commercial Real Estate News 10-18-22
    Commercial Real Estate

    Commercial Real Estate News 10-18-22

    BEX StaffBy BEX StaffOctober 19, 2022No Comments3 Mins Read
    13. Northrop Grumman. Credit: Northrup Grumman/Phoenix Business Journal
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    Sales Transactions

    1. Baron Properties has bought the 222-unit Dana Park apartment community in Mesa for $64.6M. Seller OpenPath Investments was represented by Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, who also procured the buyer.

    2. Cushman & Wakefield announced the firm has brokered the $40.3M sale of the newly constructed Laveen Park Place, a 109.2KSF retail shopping center in the Laveen area of Phoenix. The buyer was Tradewinds Capital LP. Seller LB 59th LLC – an entity of Kitchell Corp. – was represented by Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix.

    3. Odyssey Properties Group has purchased the 155-unit Nola on 50th apartment community in the Arcadia area of Phoenix for $37.25M. Previous ownership had upgraded the interiors on 52% of the units. Odyssey will upgrade the remaining units and rebrand the property as Parq on 50th.

    4. Carlyle has bought the 72-unit single-family rental community Cyrene at South Mountain for $35.44M. Seller Curve Development was represented by Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle.

    5. Realty Income Properties 27, LLC – an affiliate of Realty Income Corporation REIT – has bought the 74.8KSF Pima Medical Institute Building on North Craycroft Road in Tucson for $22.98M under a sale-leaseback arrangement.

    6. Cushman & Wakefield announced the firm has brokered the $18.9M sale of a portion of Greenfield Gateway, a 349KSF retail shopping center in Mesa. The sale consisted of 67.7KSF, including an EoS Fitness-anchored building and two multi-tenant strip-retail buildings. The buyer was Greenfield Gateway, LLC. Michael Hackett, Ryan Schubert and Chris Hollenbeck with Cushman & Wakefield in Phoenix represented seller HH Greenfield Gateway, an entity formed by the Hinkson Company.

    7. Cushman & Wakefield announced the firm has brokered the sale of the 659KSF Tempe Commerce Center office property on South Kyrene Road. JLNI, LLC bought the property for $14.15M. Seller BH Properties was represented by Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley with Cushman & Wakefield’s Private Capital and Capital Markets teams in Phoenix.

    8. MCA Realty has purchased the 35KSF Hillside Sedona Shopping Center in Sedona for $12.45M in an off-market transaction. The buyer was represented by Tracy Cartledge, Bob Buckley, Shane Carter, and Chris Hollenbeck of Cushman and Wakefield.

    9. Thompson Golf Group has paid Daedalus Real Estate Advisors $8.95M for the 18-hole, 161.5-acre Longbow Golf Course in Mesa.

    10. The Ajo / Evans Business Center in Tucson sold recently for $5M to FJM Investments, represented by Robert Buckley with Cushman & Wakefield. The seller was 15100 Family, Limited Partnership, represented by Brad Dessy of Hanley Investment Group.

    11. NAI Horizon’s Matt Harper negotiated the sale of a 7.7KSF retail building representing the seller, GGR Holdings, Inc., for $2.26M. The property is located at 4024 E. Guadalupe Road, Gilbert. The buyer, Michael P. Glick, was represented by Carrick Sears with SVN.

    Lease Transactions

    12. RED Development announced it has leased all 180KSF at its office development The Grove in the Arcadia area of Phoenix. Tenants include JLL, Sendoso, Clayco, Clear Sky Capital and Common Bond Development Group, among others.

    13. Northrop Grumman will lease 50KSF of office space at 1700 S. Price Road in Chandler’s Price Road Corridor in an expansion of its office presence. The firm signed a sublease agreement for a 97-month term in August. The space was marketed by Mark Seale of Avison Young.

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