Sales Transactions
1. EJM Development Co. recently sold 11 industrial sites in Greater Phoenix to Starwood Capital Group for $407M. The 11 properties were part of a 14-property total sale. The Maricopa County properties were in Phoenix, Tempe and Tolleson and ranged in price from $10.4M to $68.6M.
2. After purchasing the property in 2019 for $63.5M and then investing $4.4M in renovations, Harbor Group International LLC recently sold the 329-unit Avia McCormick Ranch apartment community in Scottsdale to an undisclosed buyer for $96.3M. CBRE facilitated the transaction.
3. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of NorthMarq Phoenix recently managed the $65.5M sale of Arcadia 4127. The buyer in the off-market transaction was 3rd Avenue Investments. The NorthMarq Phoenix debt and equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodward and Bryan Liu handled financing.
4. Institutional Property Advisors, a division of Marcus & Millichap , announced the $64M sale of Delano, a 265-unit apartment complex in Mesa. IPA’s Cliff David and Steve Gebing represented the seller, S2 Capital and procured the buyer, Western Wealth Capital.
5. CBRE has negotiated the sale of Solano Vista, a 352-unit apartment community in Glendale, to a private Arizona-based buyer for $56.1M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, AZ Solano Vista, LLC.
6. Homebuilders Taylor Morrison Home Corp. and PulteGroup Inc. partnered in a land deal to buy 250 acres west of Loop 303 between Camelback and Bethany Home roads for $33M. Nate Nathan and Courtney Buck of Nathan & Associates Inc. negotiated the transaction.
7. The second building in the VB|143 industrial development in Goodyear sold for $30.5M to RSE Capital Partners, a subsidiary of Fundrise.
8. Newmark Knight Frank announced it has completed the sale of Renew 3030, a 126-unit multifamily community in Mesa, for $24.3M. Newmark’s Chris Canter, Brett Polachek and Brad Goff represented the seller, FPA Multifamily. The buyer was SB Real Estate Partners.
9. Four hotel / motels recently sold in the Tucson area for a total of $21M. The transactions were: Best Western Royal Sun Inn & Suites, 1015 N. Stone Avenue, $7.5M to a private California investor. The seller was also a private California Investor. Motel 6 Marana / Studio 6, 7277 N. Camino De Oeste, Marana, $6.3M to a Scottsdale investor. Quality Inn Airport Tucson 2803 E. Valencia Road, $3.996M to a Phoenix investor. The Days Inn & Suites, 1440 S. Craycroft Road, $2.88M to a Phoenix investor. Dinesh Dan Rama, Ryan Bodine and Jigar “Jay” Desai of NewGen Advisory handled this transaction.
10. Prime Capital Investments LLC has spent $18.08M to purchase the 88-unit Southbank Apartments in Tempe. Linda Fritz-Salazar and Angelessa Ritchie of Orion Investment Real Estate represented Prime Capital.
11. Cushman & Wakefield’s Phil Haenel, Will Strong, Andy Markham and Mike Haenel represented the seller BC5, LLC in the $18.2M sale of Sante Fe 44, a vacant 141KSF industrial building at 4524 N. 44th Avenue in Phoenix. The buyer was represented by Bill Douglass of the Upland Group, Inc.
12. Illuminate Community Church has purchased a 31KSF industrial building near Princess Drive and Loop 101 for $10.75M.
13. Berkadia has announced the sale of nearly 10 acres of land at the NWC Loop 101 & 7th Avenue in Phoenix. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix managed the $9M transaction on behalf of seller North Res Holdings LP. Buyer Aileron Apartments, LLC plans to build a 287-unit luxury multifamily development on the site.
14. Phoenix Commercial Advisors oversaw the sale of seven-tenant shopping center Tower Plaza, at the SWC of 40th Street and Thomas Road. The shops sold for more than the $7.2M asking price.
15. Arizona Land Consulting sold approximately 63 acres near Rooks Road and MC 85 in Buckeye for $5.8M. The buyer was Mangat Investment LLC.
16. Larsen Baker sold the Chuze Fitness on South 16th Avenue in Tucson for $3.6M. The buyer was Dragoon Properties, LLC.
17. University Partners has bought the 943-bed student housing development Apollo Tempe for an undisclosed amount. Acquisition financing was arranged by Tim Bradley and Shawn Sweeney of TSB Capital Partners.
Lease Transactions
18. Toymaker Funko Inc. has signed a full lease for the 863KSF 10 West Commerce Park in Buckeye. The park is owned by LGE Design Build.
19. Global Nephrology Solutions has entered into a 92-month lease for nearly 20KSF at the IDEA Tempe Phase I office building. Bryce Terveen, Gregg Pasternack, Nikki Dedic and Matt Flaherty with CBRE represented the tenant.