Sales Transactions
1. Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65M. Recognized for its chic and colorful exterior with a coveted American Society of Interior Designers Adaptive Use Award, the project will receive a fresh capital infusion of approximately $12K per unit, largely in interior apartment upgrades.
2. Eastyn Park, a 279-unit apartment complex in Tucson, has sold for $42.5M. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors – a division of Marcus & Millichap – represented seller Sheiner Group/Living Well Homes and procured buyer Greenwater Investments. Acquisition financing was arranged by Brian Eisendrath and Cameron Chalfant with IPA Capital Markets.
3. Cushman & Wakefield announced the $14.55M sale of a 42KSF single-tenant office building in Phoenix. Located at 6225 N. 24th Street, the building is 100% leased to McCarthy Building Companies, Inc. The building sold to the joint venture of Crowne Point Equity LLC, Corsair Management LP and A-1 Legacy Properties LLC. Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital team in Phoenix, in collaboration with Mark Seale with Avison Young, represented the seller, McCarthy/MRL Properties Arizona, LLC.
4. Equilibrium Cordova Village LLC (Equilibrium Funding Managers of Tucson) has paid $8.5M for the 72-unit Tierra Alegre Apartments in Tucson. The seller was Ryder Family Real Estate LLC. Both parties were represented by Allan Mendelsberg, Principal, and Joey Martinez, Multifamily Specialists of Cushman & Wakefield | PICOR.
Lease Transactions
5. Information and security compliance firm MegaplanIT Holdings LLC announced the expansion and relocation of its corporate headquarters to an 11.5KSF space in Cavasson. MegaplanIT was represented by creaa.
6. Caliber has announced two new leases in downtown Mesa. Southwest Institute of Montessori Studies Inc. has leased 12KSF at 305 E. Main Street for its teacher training services. Sonoran Rows has leased 15KSF at 18 W. Main Street for a restaurant, malt manufacturing space and tasting room.