Sales Transactions
1. Braemar Hotels and Resorts Inc. will purchase the 210-room Four Seasons Resort Scottsdale for $267.8M from Strategic Hotels & Resorts. $26.8M has been placed in escrow pending the purchase agreement’s closing or termination.
2. Nelson Partners Student Housing has sold the 340-unit/972-bed student housing property Sol y Luna Apartments in Tucson to Vesper Holdings for $203M. Vesper plans more than $7M in improvements on the property. Nelson was represented by Brad Cooke with Colliers. Tim Bradley of TSB Capital Advisors represented Vesper.
3. Cushman & Wakefield has advised the sale of a 156KSF light industrial portfolio in Phoenix and Chandler. The portfolio comprises three buildings and was 100% leased. Berkeley Partners acquired the portfolio for $25.5M. The seller was the joint venture of Bird Dog Industrial, HPI, and Long Wharf Capital. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Ken McQueen, Chris McClurg and Blake Peters with Lee & Associates provided market advisory.
4. ORION Investment Real Estate announced the off-market sale of Montana on Butler in Phoenix, previously known as Cedar Ridge Apartments, for $24M. ORION’s Linda Fritz-Salazar and Angelessa Ritchie represented both the buyer and the seller. Buyer Artisan Prime is a joint venture between Artisan Capital and Prime Capital Investments.
5. An affiliate of Norman Properties has bought a 60.4KSF shell facility in Tangerine Commerce Park at Tangerine Road and I-10. Seller VM Building Two Corporation (Cottonwood Properties) was represented by Mark Ruble of Marcus & Millichap. The property was developed for Roche Molecular Systems, Inc., which has a 10-year lease in place. The buyer was represented by Mike Garrido of Trident Ventures.
6. The Zone, a 26-unit/112-bed student apartment development in Tucson, has sold for $13.8M. Hamid Panahi, Clint Wadlund and Art Wadlund of Marcus & Millichap listed the property for seller Brad Management and procured buyer Texas Capital Partners.
7. Cushman & Wakefield has advised the sale of Tempe Industrial Center, a fully leased 72KSF industrial property in Tempe. The property sold for approximately $11.5M to Pennybacker Capital Management, LLC (Pennybacker). C&W’s Phil Haenel, Mike Haenel, Will Strong and Andy Markham represented both the buyer and seller.
8. A private investor has purchased the 15KSF Banner Alzheimer’s Institute in Tucson for $7.5M. David Montijo of CBRE represented the seller.
9. Nick Miner of ORION Investment Real Estate reports selling a 12.8KSF single-tenant retail building near the NWC of Arizona Loop 101 and Frank Lloyd Wright Blvd. in Scottsdale for $5.8M. The property was 100% occupied by Van’s Golf. Miner represented the seller, Van’s Golf Properties, LLC.
10. Michael Myrick with NAI Horizon negotiated the sale of 7.6 acres for $4.725M, representing both the sellers, Julie Hoffman Geisler & Joe Hoffman, and the buyer, Wentworth Storage Acquisitions, LLC. The property is located at SWC of Riggs and Power roads in Queen Creek.
11. NAI Horizon represented both parties in the $2.5M sale of 102.8 acres in Mohave County to the owner of a successful RV and custom storage operation in Lake Havasu City. John Filli represented the sellers, AZPRIME LLC and Mojave HM, LLC, and the buyers, Canyonbound Storage Management, LLC.
Lease Transactions
12. Latitude 303 Logistics – a recently completed 897.3KSF industrial park in Glendale – has secured its first tenants. Air conditioning manufacturer Lennox will occupy slightly more than 340KSF, and Asia-Pacific media company Marketech Apac has leased 154.6KSF. The landlord – a joint venture between McKinney Investments, Westport Capital Partners and AEW – was represented by Pat Feeney and Dan Calihan of CBRE Group Inc. Lennox was represented by Colliers International’s Paul Sieczkowski.
13. Nancy McClure of CBRE represented landlord Solar Holdings, LLC in a 15KSF retail ground lease in northwest Tucson for BioLife Plasma Services. The site is currently under construction and scheduled to open next year.
14. Mountain View Adventure Vehicles, LLC leased 13KSF of industrial space at RAMMB Building, 3210 N. Freeway Industrial Loop in Tucson, from RAMMB LLC. Robert C. Glaser with Cushman & Wakefield | PICOR represented the tenant. John Slattery with CBRE, Tucson, represented the landlord.
15. Jake Ertle and Nic Chavira of Rein & Grossoehme Commercial Real Estate represented owner CVP – Village Grove, LLC in a 10.1KSF lease to Ultimate Knockout Fitness, LLC at the Village Grove Shopping Center in Gilbert.