Commercial Real Estate Transactions 01-12-21

Sales Transactions 
1. TruAmerica Multifamily acquired Pointe at South Mountain Apartments, a 38-building, 364-unit multifamily complex at 8809 S. Pointe Parkway, Phoenix, for $80M, from ConAm Group of Companies. CBRE Capital Markets arranged $54.997M in new Freddie Mac debt for the deal. 
2. Ashton Woods teamed up with Lennar Corp. and Taylor Morrison Home Corp. and purchased a 328-acre parcel in Peoria for $72.6M, in an auction against PulteGroup Inc., Maracay Homes and Toll Brothers Inc. Representing the winning bidders was the Nathan & Associates Inc. team of Nate Nathan, Dave Mullard, Daniel Baldwin, Ryan Duncan and Casey Christensen. 
3. Millburn & Company acquired Allegro at Foothills Gateway, an 18-building, 264-unit apartment complex at 4411 E. Chandler Boulevard, Ahwatukee, for $65.1M, from Sares-Regis Group. CBRE Capital Markets arranged $41.91M in new Freddie Mac debt for the deal. 
4. Western Wealth Capital purchased the Presidio North apartments, a 360-unit, garden-style multifamily complex at 17031 N. 11th Avenue, Phoenix, for $55.6M. The JLL Capital Markets team of Brian Ackerman, John Cunningham, Charles Steele and Mike Higgins represented the seller, a charitable foundation. Brad Miner and Josh Simon arranged $38.6M in acquisition financing. 
5. YAM Properties purchased the 14-building, 240.4KSF Pima Crossing center at 8612 E. Shea Boulevard, Scottsdale, for $51.5M, from Karlin Real Estate. 
6. SB Real Estate Partners purchased Casa Anita Apartments, an 18-building, 224-unit multifamily community at 1801 N. 83rd Avenue, Phoenix, for $35.3M, from a California-based family. SBREP will rebrand the property as Portola West Valley. 
7. Meridian, in partnership with a large institutional investor, purchased El Dorado Medical Plaza, a 187.7KSF, three-story combined Class-B medical office building, surgery center and hospital at 1400 N. Wilmot Road, Tucson, for an undisclosed amount. Marcus & Millichap’s Ben Tashakorian, Senior Managing Director of Investments, David Benjamin, Senior Associate, Trent Carvolth, Associate and Bradley Peters, Senior Financial Analyst, all based in the firm’s San Diego office, and Kelly O’Dea, based in the firm’s Phoenix office, represented the seller, Clarion Properties. Meridian was self-represented.  
8. Tides Equities LLC purchased Royal Village, a 156-unit apartment community at 6060 W. Royal Palm Road, Glendale, for $19.8M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, G&B Investments, LLC, and the buyer. 
9. Alturas Capital Partners purchased Allred Airport Center, a two-building 94.5KSF flex-tech/office complex at 2150 and 2250 E. Germann Road, Chandler, for $16.6M. Mark Krison, Glenn Smigiel, Bob Young, Rick Abraham and Luke Krison of CBRE in Phoenix represented the seller, Douglas Allred Company.  
10. Stos Partners purchased the 227.2KSF industrial facility that serves as headquarters and manufacturing facility for Legends Furniture Inc. at 10300 W. Buckeye Road, Tolleson, for $16.35M, from BSE, LLC. Bob Broyles of Colliers International in Arizona and Jeff Hays of Commercial Properties Inc. cooperatively listed and handled the transaction. 
11. A private investor purchased Paradise Place, a 57-unit multifamily complex at 16625-16645 N. 31st Street, Phoenix, for $6.555M. Paul Bay and Darrell Moffitt with Marcus & Millichap’s Phoenix office procured the buyer. The seller was undisclosed. 
12. A private investor purchased Modern Quarters, a 47-unit apartment property at 6702 N. 17th Avenue, Phoenix, for $6M. Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. He and Darrell Moffitt, senior vice president investments, procured the buyer. 
13. Innovation Villas purchased +/- 36 acres within the Buckeye masterplan community of Sundance for $5.675M. Howard Weinstein and Patty Lafferty of The Land Agency represented the sellers, Mission Land and Sundance Cove. The buyer intends to construct a “build for rent” housing community. 
14. Wentworth Property Company purchased 1.12 acres of land which included The Pressroom, a 12.8KSF venue center at 441 & 401 W. Madison Street, Phoenix, for $5.488M. Brian Tranetzki, principle of Taylor Street Advisors, along with Taylor Street’s lead Investment Advisor in Phoenix, Anton Laakso, represented the seller, Wisotsky Properties LLC. Jim Fijan of Transwestern represented the buyer, who plans to build a parking garage on the site. 
15. LBM Investments purchased Midstar Plaza, a mixed-use center consisting of 50KSF of retail and 2nd floor office space at 4500-4594 E. Broadway Boulevard, Tucson, for $5.15M. CBRE’s Philip D. Voorhees, Jimmy Slusher and Sean Heitzler in Newport Beach, Calif. along with Nancy McClure in Tucson represented the local private sellers. The buyer was represented by Maha Odeh-Arnold of Zeal Property Group. 
16. Andre Golnazarian purchased Casa Monte Vista, a 45-unit apartment complex at 120 W. Dobbins Road, Phoenix, for $4.65M. ORION Investment Real Estate’s Jackson Everhart represented the seller, 3J Group LLC, and Zack Mishkin represented the buyer. 
17. A private investor purchased Willowood Square, a 28-unit multifamily complex at 16801 N. 31st Street, Phoenix, for $3.59M. Paul Bay and Darrell Moffitt with Marcus & Millichap’s Phoenix office procured the buyer. The seller was undisclosed. 
18. Dash Investments, LLC purchased Sierra Court Apartments, a 33.6KSF, 30-unit multifamily complex at 270 W. Tacoma Street, Sierra Vista, for $2.625M, from Sierra Court Group, LLC. Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties. 
19. Sage Creek Companies purchased +/- 34 acres at Yuma & Apache for $2.38M. Patty Lafferty and Howard Weinstein of The Land Agency represented the seller, Leaf Verde RV Resort, LLC. 
20. North Forbes, LLC purchased a 40.1KSF, multi-tenant building at the Broadbent Business Center, 2106 N. Forbes Boulevard, Tucson, for $2.338M, from 2106 N. Forbes, LLC. Stephen D. Cohen, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented both parties. 
21. An out-of-state private investor purchased Hayden’s Ferry II, a 12-unit townhome community at 720 S. Roosevelt Street, Tempe, for $2.316M. Brian Tranetzki and Anton Laakso of Taylor Street Advisors negotiated on the behalf of the buyer. 
22. Aaron Klusman with Klusman Family Holdings, LLC purchased the 9.5KSF Duke Photography building at 2810 N. 7th Avenue, Phoenix, for $2M, from Duke Real Estate Holdings, LLC. Rommie Mojahed and Lindsey Dulle with SVN Desert Commercial Advisors represented both parties. 
Lease Transactions  
23. PennyMac is establishing its first ever Phoenix location by leasing a 74.6KSF building at 3201 E. Elwood Street, Phoenix. JLL Managing Directors Mark Gustin and Dave Seeger represented the building owner, Arnold Realty LLC. 
24. Goodwill Industries of Southern Arizona leased 25KSF of industrial space at 2000 E. Silverlake Road, Tucson, from Cherrylake Partners, LLC. Stephen D. Cohen, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. 
25. Arete Associates, Inc. leased 21KSF of industrial space in Research Plaza, 1671 S. Research Loop, Suite 100, Tucson, from Tin Cup Properties, LLC. Ron Zimmerman, Principal, and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord. Robert Davis with Tango Commercial Real Estate represented the tenant. 
26. Cushman & Wakefield announced that, as exclusive advisor to a joint venture between Harrison Street Real Estate and Stellar Senior Living, the real estate services firm’s Senior Housing Capital Markets team has arranged acquisition financing for Heritage Sun City, a 211-unit independent and assisted living community located in Sun City. The Cushman & Wakefield team included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Senior Director Jim Dooley, and Associate Bailey Nygard. The transaction details were not disclosed. 
Closures 
27. Macy’s is closing its department store at the Paradise Valley Mall as part of a national restructuring that will shutter 45 stores across the U.S. in 2021.