Sales Transactions
1. Principal Financial Group acquired Biltmore at Camelback, a 270-unit multifamily property in Phoenix, from Heitman for $97.3M. Heitman purchased the four-story community in 2014 for $74.75M. The property was built in 2013 and features units ranging from 628SF to 1.1KSF.
2. Southern Arizona Logistics Center Building #2, a 435KSF industrial facility in Marana, sold for $50.46M in an investment sale to lease. ET Marana V LLC, an affiliate of ElmTree Funds, purchased the concrete tilt-up warehouse at 10070 W. Clark Farm Blvd. from Southern Arizona Logistics Center LLC, an affiliate of Flint Development. The building sits on 36.4 acres, and the sale closed Jan. 28. The tenant was not disclosed. Tim Healy of CBRE handled marketing the property, John Werstler and Tanner Ferrandi of CBRE served as the listing brokers. Rob Glaser of Cushman & Wakefield | PICOR and Peter Wessling and Steve Shields of Transportation Property Company of California represented the buyer.
3. Newmark announced it has arranged the $32.25M sale of Thirty 03, a 26-story multi-tenant high-rise office building located at 3003 N. Central Ave. in Phoenix. The 458KSF property was sold to a private Canada-based buyer. Newmark’s Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller, Balfour Pacific of Vancouver, Canada.
4. VAI Resort developer Fisher Industries recently purchased 33 acres of land south of the currently-under construction hospitality project for $21.5M. Vision Capital Partners sold the vacant site.
5. Walmart purchased its existing store at Tucson Place Shopping Center, located at First Avenue and Wetmore Road, for $16.98M on Jan. 28. Larsen Baker LLC sold the building, which totals 86.4KSF, and the leased-fee interest in 11.7 acres. The store will be expanded to 160KSF as part of a future Superstore conversion. Larsen Baker retained ownership and management of the adjacent 140KSF shopping center. Alex Clark of Common Bond Development represented the buyer.
6. ARC TEMPE 2005 LLC, an entity affiliated with Alignment Realty Capital, acquired Hohokam Court, a 70.9KSF single-story office building in Tempe, for $11.7M. Lee & Associates represented the buyer, and JLL represented the seller. The fully leased property is located at 2005 W. 14th St. and was built in 1989. The sale closed in January.
7. The 60-unit 60 on Roger Apartmentswas purchased by Equilibrium 3 Prop Inc. for $8.7M. Sixty on Roger Delaware by LevelUP LLC c/o Five Doors Plus, LLC sold the property located at 1241 W. Roger Road in Tucson. The building is 43.5KSF.
8. The Andrew & Pilar Glassman 2025 CRT sold a Native Grill & Wingsdevelopment at 10255 E. Old Vail Road in Tucson for $3.1M. 10255 East Vail, LLC c/o Brian Emma purchased the 5.1KSF restaurant. The buyer was represented by Harder Real Estate and Development’s Walt Harder and Retail Advisors SW’s Jim Mitchell.
9. Menlo Group Commercial Real Estate announced the sale of an automotive repair building at 797 W. Guadalupe Road in Gilbert. The 5.4KSF property sold for $2.6M. Heath’s Real Estate Holdings, LLC purchased the property. The seller, Truck Pros, LLC, was represented by Menlo Group’s Tom Ellixson, alongside former Menlo Group advisor Alex Bluth.
Lease Transactions
10. IndiCap announced Nomaco, Inc. signed a lease for 77.1KSF at Eastmark Center of Industry I, an industrial park in Mesa. Nomaco will occupy approximately 44% of Building E. The 96-month lease has a total transaction value of approximately $5.4M. The lease was brokered by JLL’s Steve Larsen, Jason Moore and Pat Harlan on behalf of IndiCap. Menlo Commercial Real Estate’s Tanner Milne and Lisa Ingram represented Nomaco.
11. Hansenaz in Tx, Inc. dba Just Between Friends Tucson leased 26.5KSF of retail space at 2520 S. Harrison Road in Tucson from Harrison 135th St., LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the landlord.
12. Boot Barn Inc. leased 19.8KSF of retail space at Rooney Ranch at the NWC of Oracle Road & First Ave. in Oro Valley from Rooney Ranch D, LLC. Dave Hammack and Aaron LaPrise with Cushman & Wakefield | PICOR represented the landlord. Todd Folger with CBRE represented the tenant.