Sales Transactions
1. Tide Equities sold the 472-unit Midtown on Main Street Apartments in Mesa for $137M. The buyer was Kohlberg Kravis Roberts & Co.
2. MODERNE Communities closed on $106M for the build-out of two new Build-to-Rent projects. The company will break ground on MODERNE at Rocking K Ranch in Vail this month in December and will begin construction on MODERNE at Roosevelt in Tolleson in early 2022.
3. Stealth W Jefferson LLC, SBSS W Jefferson LLC and CI448 W Jefferson LLC have purchased a 466KSF industrial facility on 45 acres at 91st Avenue and Van Buren in Tolleson for almost $80M. Cohen Asset Manager was the seller.
4. The Ezralow Company recently secured financing of $86.22M to purchase the 360-unit Elite North Scottsdale multifamily development in Scottsdale. The financing was secured by Allan Freedman and Nick Provost of Berkadia Los Angeles.
5. Institutional Property Advisors, a division of Marcus & Millichap, has announced the sales of the 160-unit Hampton Park, 254-unit San Mateo and 152-unit Solano Springs apartment complexes in Tucson for a combined total of $75.15M. IPA’s Hamid Panahi, Steve Gebing and Cliff David represented the seller Monarch Investment and Management Group, and procured the buyer Bridge Investment Group.
6. Newmark announced it has completed the sale of Tierra Santa Apartment Homes, a 274-unit, value-add multifamily community in Phoenix, for $59.6M. Newmark’s Brett Polachek, Brad Goff and Chris Canter have a long-term relationship with the seller, a joint venture between Western Wealth Capital and Prospect Ridge. The buyer was Tides Equities LLC.
7. CBRE announced the sale of Tides on 19th, a 236-unit apartment property in Phoenix, to Rouge Equity, LLC, a Washington-based investor, for $59.1M. Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke of CBRE facilitated the transaction.
8. Institutional Property Advisors, a division of Marcus & Millichap, announced the $58M sale of Willow Creek, a 160-unit apartment complex in Prescott. IPA’s Steve Gebing, Cliff David and Hamid Panahi represented the seller and procured buyer Next Wave Investors.
9. Institutional Property Advisors, a division of Marcus & Millichap, has announced the sale of the 184-unit Cantala apartment complex in Glendale for $51.6M. IPA’s Steve Gebing and Cliff David represented the seller Investors Capital Group and procured the buyer Western Wealth Capital.
10. Tower Capital arranged acquisition financing of $40M for the 300-unit San Giovanni apartment complex in Phoenix. The parties were not disclosed.
11. Harvard Investments Inc. has sold two in Maricopa to Richmond American Homes, which paid $26.56M. The parcels include 214 sites at The Lakes at Rancho El Dorado.
12. After several years of leasing the space, Nikola Corp. has purchased its headquarters on East Broadway Road in Phoenix for $25M.
13. Albany Road-East Elvira LLC purchased 110KSF of industrial space at 2650 E. Elvira Road in Tucson, from Holualoa Elvira, LLC for $16.2M. Jesse Blum and Alex Demeroutis with Cushman & Wakefield | PICOR, and Chris Marchildon and Barry Gabel with CBRE, represented the seller.
14. Cobblestone Real Estate has purchased the 300-space Quail Run RV Resort in Arizona City from William Corrigan for $15M. The deal was brokered by Derek Harris of HARRI5 Manufactured Housing and Commercial Brokerage.
15. Ready Capital closed $11.1M to acquire, renovate and stabilize a 96-unit apartment complex in Tucson’s West University submarket.
16. Marcus & Millichap announced the sale of Concept at 43rd Ave, a 52-unit apartment property in Glendale. Darrell Moffitt and Paul Bay represented the seller and procured the buyer, both private investors.
17. Ocean Breeze-Dawn LLC recently sold 27KSF shopping center Via Linda Crossroads in Scottsdale for $7.8M. The buyer was Cascade Range Investments LLC. Both parties were represented by Mark Rein of Rein & Grossoehme.
18. Shopoff Realty Investments and Contour have purchased 54 acres of land in Buckeye to develop for warehouse and logistics uses. The land sold for $6.525M.
19. A 94KSF office property at 2233 W. Dunlap Avenue recently sold for $6.3M. The buyer was RW Partners, represented by Michael Kitlica of Cushman & Wakefield. The seller Southern California- Transpacific Development Company was represented by Barry Gabel of CBRE.
20. Alignment Realty Capital announced two new closings in its fast-growing industrial fund. The properties total 45KSF and a total investment of roughly $5.3M. The first property is a 25KSF industrial space in Tucson. Chad Neppl and Todd Hamilton of CitywideCRE represented Alignment. Carrick Sears of SVN represented the seller. Alignment also acquired a 22.5KSF industrial property at 225 W. Deer Valley Road in Phoenix. Eric Bell of Kidder Matthews represented the seller. National Bank of Arizona provided Alignment with acquisition financing for both properties.
21. ABI Multifamily announced the $3.6M sale of the eight-unit Matera Villas Condominiums in Scottsdale. ABI’s Royce Munroe represented the buyer and ABI’s Nicholas Zermeno represented the seller.
22. Newmark announced it has completed the sale of Stratford Plaza, a 20.6KSF retail center in Phoenix, for $3M. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented the buyer and the seller. The seller was Tom Author of Jacor Investments. The buyer, Brian Cornwell of 10K Development, is a local real estate investor and developer and is planning to redevelop the site as an infill project.
23. Zambinc, LLC, purchased a single-tenant NNN investment property, a newly constructed Dollar General, at 6450 S. Sandario Road in Tucson. The property was purchased from DCM Development Company, LLC, for $2M. Dave Hammack with Cushman & Wakefield | PICOR, represented DCM Development. Sheila Myers-Moore with S A Moore Realty Services, LLC, represented Zambinc.
24. CBRE announced the sale of Superstition Vista, a 464-unit apartment community, and The Meadows, a 306-unit multifamily property, in Mesa, to Tides Equities. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, IMT Residential.
Lease Transactions
25. Williams-Sonoma Inc. has leased approximately 1.2MSF in The Cubes industrial development in Glendale. It is believed to be a full lease for the first building in the complex.
26. The Arizona Commerce Authority announced United Aviate Academy will lease a 340KSF training facility at Phoenix Goodyear Airport. United Aviate Academy is a wholly owned subsidiary of United Airlines.
27. Best Buy Inc. Co. is leasing more than 800KSF in the PV303 industrial park in Goodyear.
28. United Refrigeration, Inc., leased 16.5KSF of industrial space from GS Eternal, LLC-Series C, at 2125 E. Beverly Drive in Tucson. Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord. Tim Healy, with CBRE, Tucson, represented the tenant.
29. CJ 5 Enterprises, LLC, leased 10.6KSF of industrial space from 6363 S Country Club, LLC, located at 6363 S. Country Club Road, in Tucson. Paul Hooker with Cushman & Wakefield | PICOR, represented the landlord.