Sales Transactions
1. Nuveen Real Estate has purchased the 356-unit, 19-building Liv Crossroads apartment community in Gilbert from The Rockefeller Group for $116M. The property has been rebranded as Curve at Gilbert, according to its website. Cliff David and Steve Gebing of Institutional Property Advisors – a division of Marcus & Millichap – represented the seller and procured the buyer.
2. Rise48 Equity has purchased the 160-unit La Serena apartment complex in Tempe from a private investor and renamed the community Rise Suncrest. The transaction price was $50M. The seller was represented by Darrell Moffitt and Paul Bay of Marcus & Millichap and Steve Gebing of Institutional Property Advisors.
3. Five Doors Plus, LLC has paid $22.3M for the 92-unit Montecito apartment community in Phoenix. Financing services were provided by the Northmarq Debt & Equity Team of Griffin Martin, Tyler Woodard, Bryan Mummaw, Brandon Harrington and Brad Burns. Seller Montecito Apts., LLC was represented by Northmarq Phoenix’s Investment Sales team of Ryan Boyle, Jesse Hudson, Trevor Koskovich and Logan Baca.
4. ABI Multifamily announced the $21.5M sale of PURE Midtown, a 59-unit multifamily apartment community in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the seller.
5. Westridge Phoenix AZ, LLC has paid $6.825M for the 58.7KSF Westridge Shopping Center on West Indian School Road in Phoenix. Chris Hollenbeck and Shane Carter with Cushman & Wakefield in Phoenix represented seller DPM Westridge Shopping Center, LLC.
Lease Transactions
6. Electric vehicle battery technology developer Sion Power Corporation announced it will expand its existing manufacturing operations in Tucson by occupying a 111.4KSF building at 6950 S. Country Club Road. The expansion is expected to be completed by 2026. Sion will also continue to maintain its existing headquarters on East Elvira Road.
7. Walnut Industries, Inc. leased 43KSF of industrial space at 1625 S. Euclid Avenue in Tucson from 1625 South Euclid Avenue, LLC. Stephen D. Cohen and Robert C. Glaser with Cushman & Wakefield | PICOR, represented the landlord. Bill Honsaker and Hagen Hyatt, with JLL represented the tenant.