Commercial Real Estate Transactions 01-07-20

Sales Transactions
1. Partners Group purchased The Biltmore Center, a three building office complex totaling over 643KSF of office space on the NWC of 24th St and Camelback Rd, Phoenix, for $212M. Director Ben Geelan, Senior Managing Director Michael Leggett, and Analyst Nick Ray of JLL Capital Markets represented the seller, a partnership between Prospect Ridge and ViaWest Group.
2. Lincoln Property Company sold Grand 1, a four-story, Class A office space, totaling over 219KSF, located at 1101 W. Washington St., for $90M. Kevin Shannon, Ken White and CJ Osbrink from Newmark represented LPC in the sale of Grand 1. LPC serves as the developer, leasing agent and property manager for all office space at The Grand.
3. The Inland Real Estate Group of Cos. Inc. purchased Avilla Victoria, a 224-unit single-family community, located at 20450 E. Ocotillo Road, Queen Creek, for $55.5M. NexMetro was the seller.
4. Keller Investment Properties purchased Avilla Town Square, a 152-unit, located at 150 E. Warner Road, Gilbert, for $42.6M. Berkadia Real Estate Advisors was the exclusive listing firm for this sale, NexMetro was the seller.
5. Starlight Homes purchased Magic Ranch, located south and east of Hunt Highway and Arizona Farms Road, for $20M. Howard Weinstein and Patty Lafferty of The Land Agency represented the seller Communities Southwest.
6. Tides of 17^th Partners, LLC purchased Bella Solano, a 160-unit apartment community at 5656 N. 17th Ave., Phoenix, for $18.73M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, Luna Bear Phoenix, LLC.
7. Rain Bird Corporation purchased the building at 6991 E Southpoint Road in Tucson, for $14.05M. Bob Davis and Tom Hunt, founders of Tango Commercial Real Estate represented the buyer. Robert C. Glaser, SIOR, CCIM, of Cushman & Wakefield | PICOR represented the seller, EastGroup Properties, LP of Ridgeland, MS..
8. PEG Cos. purchased the Luhrs Building, a 108KSF, 10-story tower in downtown Phoenix for $14M. A partnership between Lincoln Property Co. and Invesco were the sellers.
9. Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project at 4903 W. Thomas Rd, Phoenix, for $11.7M. Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller.
10. Langley Properties purchased 112 acres of land near Phoenix-Mesa Gateway Airport, off the Loop 202 freeway at Sossaman Road in the East Valley, for $9.65M. The seller was the Gene (Jim) Gabrych Family limited Partnership. The deal was brokered by Brian P. Lee and Will French of Cushman & Wakefield and LR Sanders of Kidder Mathews.
11. AW Newport DST purchased The Newport, a portfolio of 17 single-family detached fee-simple homes in an exclusive 38-home community located at 1106 E. Weber Dr., Tempe, for $7.45M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyers and sellers, Newport Landing, LLC.
12. An Arizona-based buyer purchased Bellevue Tower Apartment Homes, a 90-unit multifamily community at 3710-3730 East Bellevue St, Tucson, for $5.24M. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, along with Ryan Kippes of ABI’s Tucson office, represented both the buyer and seller.
13. Caliber-The Wealth Development Co. purchased Wells Fargo & Co. banking office in downtown Mesa, for $4M.
14. A&J Real Estate purchased the brand new 7.12KSF Big O Tires property, located at 1350 E. Riggs Road in Chandler, for $3.213M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield brokered the sale. SimonCRE SDL, LLC was the seller.
15. 1621 Denton, LLC purchased Sun Ray, a 28-unit apartment community at 1621 W. Denton Ln, Phoenix, for $3M. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property. 1621 Denton, LLC acquired the property from Kunal Malhotra, Marjan Sepassi and William Wojdak in a 1031 exchange.
16. RTS Orchards, LLC purchased Wilhelm Automotive, who just signed a brand new 20 year lease on the 5.24KSF property, located at 13973 W. Indian School Road in Litchfield Park, for $2.875M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield brokered the sale. LASC Investments, LLC was the seller.
17. Handler Orlando CO II, LLC purchased he recently renovated, 2.5KSF ARCO, located at 2891 W. Valencia Road in Tucson, for $2.97M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield brokered the sale. Tucsaron, LLC was the seller.
18. 1621 Denton, LLC acquired Heritage Park apartment community, located at 1545 W. Denton Lane in Phoenix, for $2M. CBRE Capital Markets arranged the bridge debt financing for the acquisition of the property, sellers were Kunal Malhotra, Marjan Sepassi and William Wojdak in a 1031 exchange.
19. Strategic Storage Trust IV has purchased a 716-unit self-storage facility, located at 13788 W. Greenway Road in Surprise. The property is the REIT’s 22nd wholly owned property acquisition and its first property in the Phoenix area.
20. Curry Supply Company purchased a 55KSF flex industrial/office building at 1145 W Gary Rd. in Gilbert. Rusty Kennedy, Pat Feeney, Dan Calihan and James Cohn of CBRE in Phoenix represented the seller, Silent-Aire.
21. Institutional Property Advisors (IPA) announced the sale of Alta Central, a 223-unit mid-rise multifamily building in Midtown Phoenix.
Lease Transactions
22. CED Greentech, a renewable energy product distributor, has leased 67KSF of space near Sky Harbor Airport as it proceeds to move its headquarters from Tempe to Phoenix.
Closures
23. The Hard Rock Cafe in downtown Phoenix near Talking Stick Resort Arena will close its doors in February 2020.