Sales Transactions
1. Service Property Trust has successfully sold 42 Sonesta-branded hotels, part of its plan to sell a total of 68. Among the 42 is the 120-room Tucson Sonesta Hotel on South Tucson Blvd., which sold for a reported $8M. The 42 hotels sold to date have totaled proceeds of $397.6M.
2. Rise48 Equity LLC has purchased the 288-unit apartment community The Nolan in Mesa for $92M. They were represented by Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix. Interior upgrades are planned as a value-add. Northmarq’s Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu assisted in financing the acquisition.
3. Institutional Property Advisors, a division of Marcus & Millichap, has announced the $51.3M sale of Madison Grove, a 171-unit apartment complex in Phoenix. Seller Rincon Partners was represented by IPA’s Cliff David and IPA Steve Gebing. The buyer was Brass Enterprises.
4. JLL Income Property Trust has purchased the 26.4KSF Flagstaff Medical Center (Cedar Medical Phase I) for $17.2M. The medical office building and ambulatory surgical center has a tenant in place on a 15-year lease.
5. Hughes Federal Credit Union has bought 79KSF of flex industrial space at 3301 – 3321 E. Global Loop, Tucson, for $13.9M. It will use the property for back office support. The buyer was represented by Brain Harpel of Velocity Retail Group. The sellers were Global Loop Tucson, LLC; Mercator Properties, LLC, and RSD MT Marathon, LLC c/o Dire Wolf Ventures, represented by Jesse Blum and Stephen D. Cohen of Cushman & Wakefield | PICOR.
6. A private buyer represented by Andrew Tate of Keller Williams Commercial Realty has bought the 64-unit Youngtown House Apartments for $10M. The property near Peoria and 111th Avenues will be upgraded and rebranded as South Edge Apartments. The unidentified private seller was represented by Richard Butler of Marcus & Millichap.
7. Newmark announced it has completed the $6.25M sale of Plaza 59, a 32KSF multi-tenant shopping center in Phoenix. Newmark’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented seller Plaza 59, LLC in the trade. The buyer was 33rd Ave & Indian School Rd Pros RE, LLC.
8. Villa Delano Partners, LLC purchased the 28.7KSF, 32-unit Villa Delano Apartments at 123 W. Delano St., Tucson, from 123 Delano LLC for $4.85M. Allan Mendelsberg and Conrad Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
9. Sealy & Company has purchased the 85.26KSF Sky Harbor Center on 16th Street in Phoenix. The seller, an affiliate of Cohen Asset Management, Inc., was represented by Will Strong, Greer Oliver, Kirk Kuller and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West. Financial terms were not disclosed.
10. PGT Innovations has acquired 68KSF of manufacturing space and 10.8KSF of office and team space at 2200 E. Riverview Dr. in Phoenix to expand its Western Window Systems operations. The purchased property is adjacent to the current 170KSF Western Window Systems manufacturing facility. Financial terms were not disclosed.
11. Denise Nunez and Victoria Filice of NAI Horizon’s Nunez Self-Storage Group represented seller Structured REA – Glendale Storage, LLC in the recent sale of an Extra Space Storage facility on West Glendale Avenue. The buyer and financial terms were not disclosed.
Lease Transactions
12. Summit Electric Supply has relocated from its previous 29KSF location to an 80KSF facility at 317 S. 48th St., Phoenix. Cushman & Wakefield represented the company in the lease transaction.
13. Nationwide Realty Investors has announced new tenants at Cavasson. Meritage Homes Corporation will relocate its headquarters to a new office building currently under construction. Stealth Partner Group, Sigma Company’s Bar-S Foods, and Quantum Group have also leased space. Lease terms and sizes were not disclosed.
