Sales Transactions
1. Newmark announced the $255M sale of a four-property seniors housing portfolio – LivGenerations – in Phoenix. Newmark represented the seller, Liv Communities, in the transaction. The portfolio totals 546 units comprising independent living, assisted living and memory care. The seller built all four communities – LivGenerations Agritopia, LivGenerations Ahwatukee, LivGenerations Pinnacle Peak and LivGenerations Mayo Boulevard – between 2014 and 2022.
2. Cardone Capital has purchased the 256.3KSF Promenade Corporate Center in north Scottsdale for $56.5M. The company plans to locate its second headquarters on the site and invest $15M in new capital improvements. The seller was an entity connected to Goldman Sachs and Lincoln Property Company.
3. Vero Capital has bought the 240KSF Kierland 2 office building in north Scottsdale for $48M. The seller was LBA Realty. The property will eventually be renamed, and the new owner plans $29M in capital improvements.
4. Sunrise Multifamily Group, LLC has bought the 200-unit apartment development The Enclave on Bethany in Glendale for $25M. Seller 6816 W Bethany Home RD PCPRE (Prosperity Capital Partners, LLC and Enritch Investment Group, Inc.) was represented by Northmarq Phoenix’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle.
5. Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle brokered the $19.4M sale of Orchards on 12th, a 38-home, new construction single-family rental community at 1220 E. Baseline Road in Phoenix. Northmarq represented the seller, TruVista Holdings, LLC. The buyer was CPI/BYN Orchards SFR Owner, LLC (The Carlyle Group and Banyan Residential).
6. Cascade Range Investments LLC, represented by Mark Rein of Rein & Grossoehme Commercial Real Estate, has purchased a 58KSF industrial property at 444 W. Geneva, Tempe for $9.35M. The seller was Yerf-Dog Geneva 444 LLC, represented by Steve Grossoehme, also of Rein & Grossoehme.
7. Cascade Range Investments LLC, represented by Mark Rein of Rein & Grossoehme Commercial Real Estate, has purchased a 21.1KSF industrial property at 1775 E. University Drive, Tempe for $3.5M. The seller was McClintock University Investment Partners LLC, represented by Steve Grossoehme, also of Rein & Grossoehme.
8. Raley’s Companies has sold two components of the Cortaro Plaza shopping center in Tucson in two transactions totaling $16.2M. Raley’s was represented by Adam Rainey with Gallelli Real Estate. In the first transaction, the Basha’s supermarket on the property was sold to FSLRO 8360 N Thornydale Tucson, LLC (Lincoln Property Company) for $7.95M. The buyer self-represented. In the second transaction, 52KSF of inline shops and retail pads on 5.99 acres were sold for $8.25M to Commercial Resources Investors II c/o Paul Warren, represented by Dave Murphy, David Bernstein and David Vallecorsa of Bernstein Murphy Companies.
9. The 2.5KSF Popeyes Louisiana Kitchen on North Stone Avenue in Tucson recently sold for $3.86M in a sale-leaseback. The buyer was Vista Property Holdings 2, LLC, and the seller was Amin Dhanani. CBRE’s Joseph Compagno and Benjamin Farthing brokered the transaction.
10. East Speedway Plaza, LLC (Larsen Baker) has sold a 3KSF retail building at 5251 E Speedway Blvd., Tucson for $3.16M. The buyer was an affiliate of Summit Hut who purchased as an owner/user.
11. SonderCare Behavioral Health has purchased a 21.8KSF office building at 6390 E. Broadway Blvd. in Tucson for $2.2M, where it will be the sole occupant. SonderCare was represented by Rob Lamb with Long Realty. Seller L St. Louis, LLC was represented by Jon O’Shea of Vast Commercial Real Estate Solutions.
12. ABI Multifamily announced the $2.2M sale of Clarendon IV Townhomes, a four-unit community in Phoenix. ABI’s Royce Munroe represented the seller.
Lease Transactions
13. Nutrition supplement manufacturer Gummi World has leased 50KSF in the Chandler Corporate Industrial Center on Juniper Drive in Chandler. Dillon Hopley of Colliers in Arizona brokered the deal between Gummi World and landlord DPMG Juniper LLC.
14. KTR has agreed to lease approximately 30KSF as an anchor tenant in the mezzanine level at the 37-acre water park Cannon Beach in Mesa when the facility opens next year.