Commercial Real Estate Transactions 06-30-20

Sales Transactions

  1. Tides Equities teamed with FCP to buy the Tides at South Tempe, a 442-unit apartment complex at 4130 S. Mill Avenue, for $71.5M.
  2. Knightvest Capital purchased the Capital Place Apartments, five-story, 292-unit complex at 11 S. 12th Street, Phoenix, for an undisclosed amount. The JLL Capital Markets Investment Advisory team representing the seller, Epoch Residential, includes Mike Higgins, Charlie Steele and John Cunningham.
  3. Westcore acquired a 164.5KSF, Class A industrial warehouse on 16.5 acres of land at 2550 N. Nevada Street, Chandler for $38M. The warehouse is fully leased to a leading global e-commerce company. Jeff Chiate Will Strong and Mike Adey of Cushman & Wakefield represented the seller, Greenlaw in the transaction, with support from Steve Larsen of JLL, while Westcore represented itself.
  4. A California-based private investor purchased a large portion of the Wigwam Creek Shopping Center located at 13000 and 12958 W. Indian School Road in Litchfield Park, for $9.2M. SRS National Net Lease Group’s John Redfield and local leasing experts Ed Beeh and Alan Houston, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller, a Colorado-based family office. The buyer was represented by Ninos Lazar of Investar Real Estate Specialists.
  5. An individual/personal trust purchased the 14.3KSF absolute triple-net-leased Walgreens at 23477 W. Yuma Road, Buckeye, for $5.5M. Mark Ruble, Chris Lind and Jamie Medress, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was secured and represented by David Cutler, Joshua Johnson and Kirk Trammell, investment specialists in Marcus & Millichap’s Palo Alto office.
  6. An individual/personal trust purchased the newly constructed 5.2KSF McDonald’s at 2751 S. Signal Butte Road, Mesa, for $2.467M. Mark Ruble and Chris Lind, investment specialists in Marcus and Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was also procured by the two.

Lease Transactions

  1. RSI Contracting, LLC, dba Encantada Roof Works, leased 0.27 acres of commercial land located in the 22nd Street Auto Mall, 8130 E. 22nd Street in Tucson, from Arizona Development Group, Inc. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant. George Larsen with Larsen Baker, LLC, represented the landlord.
  2. American Five Star Services, Inc. leased a 10.4KSF yard at 1841 E. 18th Street in Tucson, from Long Far Investments, LLC. Paul Hooker, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord.