Commercial Real Estate Transactions 12-01-20

Sales Transactions
1. An undisclosed buyer purchased The Retreat at the Raven, a 192-unit garden-style multifamily property at 3606 E. Baseline Road, Phoenix, for $49.2M. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office represented the seller, a private Arizona investor. Berkadia also secured acquisition financing through Freddie Mac on behalf of the buyer.
2. A California-based private investment firm purchased Seventeen 805 Apartments, a 138-unit multifamily community at 17805 N. 40th Street, Phoenix, for $29.75M. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Eddie Chang represented the seller, a joint venture between Dalan Management and VM Management, and buyer.
3. Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has acquired Sierra Vista Apartments, a 258-unit multifamily project at 3535 N. First Avenue, Tucson, for an undisclosed amount. Real estate brokers Jesse Hudson, William Hahn and Trevor Kosovitch of Northmarq represented both the buyer and undisclosed seller.
4. An East Coast-based private buyer purchased TriWest Corporate Headquarters Campus, a four-building, 121.5KSF office property at 15810, 15820, 15830 & 16010 N. 28th Avenue, Phoenix, for an undisclosed amount. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Granite Phoenix Complex Holdings.
5. A joint venture between Sunrise Multifamily and Intrust Property Group purchased Haven at South Mountain, a 117-unit multifamily property at 1630 E. Baseline Road, Phoenix, and secured $13.725M in financing for the acquisition. The loan will be serviced by JLL Real Estate Capital, LLC.
6. Lennar acquired 164 lots within the Dobbins Village subdivision located at the SEC of 43rd Avenue and Dobbins Road, Phoenix, for $6.609M. Greg Vogel, Bret Rinehart, Ryan Semro, Ben Heglie, and Wesley Campbell who specialize in home builder developments and master-planned communities throughout Arizona for Land Advisors Organization’s Metropolitan Phoenix office, represented the seller.
7. A Los Angeles-based private investor purchased a 30.2KSF, 100 percent leased office property at 2051 W. Northern Avenue, Phoenix, for $5.35M. CBRE’s Geoff Turbow represented the 1031-exchange buyer in the off-market transaction. The seller, a private investor, was represented by an outside firm.
8. A private, California-based 1031-exchange buyer purchased an 18KSF, single-tenant property leased by the Arizona Culinary Institute at 10585 N. 114th Street, Scottsdale, for $4.7M. CBRE’s Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented the seller, Scottsdale Investment Management LLC. The buyer was self-represented by John Eppers.
9. A private investor purchased Oracle Canyon, a 36-unit apartment property at 331 W. Pastime Road, Tucson, for $4.05M. Marcus & Millichap’s Hamid Panahi and James Crawley procured the buyer and had the exclusive listing to market the property on behalf of the seller, a limited liability company.
10. 535 Wilmot Investors LP purchased America’s Best Storage, a 330-unit, 70.2KSF self-storage property at 7475 E. Old Vail Road, Tucson, for $3.2M, from America’s Best Self Storage LLC. NAI Horizon Senior Vice President Denise Nunez and Associate Victoria Filice represented the buyer.
11. An undisclosed radio manufacturer purchased a 30.9KSF, single-story industrial building at 2929 S. 48th Street, Tempe, for $3M. CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzo collaborated with local brokers Jim Bayless and Jamie Swirtz and Manny Fitzgerald, Wendy Jordan and Brad Wilner in representing the undisclosed seller and buyer. The new owner plans to convert the property into a flex industrial space for their office, warehouse, showroom and manufacturing operations.