Commercial Real Estate Transactions 08-11-20

Sales Transactions

1. MHP #1, LLC purchased Desert Pueblo Mobile Home Community, 55+ community with 418 spaces at 1302 W. Ajo Way, Tucson, for $30M. Derek Harris of HARRIS Manufactured Housing & Commercial Brokerage represented both the buyer and seller, a family trust from Redwood, California.
2. Exeter Property Group purchased 92 Mountain View, a 116KSF campus, 89 percent leased to CVS Health for $19.2M. The JLL Capital Markets team representing the seller included Ben Geelan, Andrew Milne from the National Healthcare Capital Markets Team and Michael Leggett. The seller, Exeter was represented by John DiVall.
3. Scottsdale Development Partners purchased Shops at Dynamite Creek in Cave Creek for $10.5M.
4. Pulte Homes and Meritage Homes purchased the first phase (260 lots) of McClellan Ranch, a 611-lot master-planned community located at the NWC of 67th Avenue and Dobbins Road in Phoenix, for $9.4M. Bret Rinehart, Ryan Semro, and Ben Heglie with Land Advisors Organization represented the seller, Metropolitan Land Co.
5. A Phoenix-based investment firm purchased Turf Mobile Home And RV Park, an all-ages community located at 17217 N. 17th Avenue in Phoenix, for $6.9M. John Sheedy with Park Brokerage Inc. exclusively listed the property for the seller and procured buyer.
6. Scannell Properties purchased a 70-acre site located in east Buckeye, for $6.65M. Greg Vogel and Wes Campbell with Land Advisors Organization’s Metro Phoenix office, represented the seller in the transaction.
7. Lennar Arizona purchased Star Valley master-planned community for $6.4M. Will White and John Carroll of Land Advisors Organization handled the transaction. The seller in this transaction was GAC Star Valley, LLC.
8. A buyer from Southern California purchased University Animal Hospital at 1500 S. Hardy Drive, Tempe, for $6.2M. Associate Andrew Evans, Rahul Chhajed, and Director Michael Moreno with Matthews Real Estate Investment Services brokered the transaction.
9. 1335 W. Saint Mary’s, LLC purchased Colonia de Tucson, an 84-unit apartment complex at 1335 W. Saint Mary’s Road, Tucson for $4.6M. Allan Mendelsberg and Conrad Martinez with Cushman & Wakefield | PICOR, represented both parties in this transaction. The seller was 19Tuc Jak Properties, LP.
10. 7Four on Stone Apartments, LLC purchased 7Four on Stone, a 74-unit apartment complex at 3450 N. Stone Avenue in Tucson, for $4.3M. Allan Mendelsberg, and Conrad Martinez with Cushman & Wakefield | PICOR, represented both parties in this transaction. The seller was 7Four on Stone by Bakerson, LLC.
11. Richmond American Homes purchased 40 finished lots northeast of Oracle Road and Hawser Street in the first phase of Arcadia, for $3.6M. Will White and John Carroll of Land Advisors Organization in Tucson handled the transaction. The SFR lots were developed and sold by C&S Land Investment Advisors.
12. KB Home Phoenix, Inc. purchased 114 lots in the Heartland Ranch Subdivision, located near the southwest corner of Vah Ki Inn and Skousen roads, Coolidge, for $3.6M. Land Advisors Organization Scottsdale represented the seller
13. A limited liability company out of Anchorage purchased Dutch Bros Coffee located at 3700 E. Speedway Boulevard, Tucson, for $2.28. Patrick Luther with SRS Real Estate Partners handled the transaction.
14. Arileus Capital, LLC purchased Pierce Plaza, a retail center at 2303 N. 44th Street in Phoenix for $2.2M. Newmark Knight Frank Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Chase Dorsett represented both the seller, Joann J McMichael Revocable Trust, and the buyer.
15. JP Morgan Chase purchased its own bank branch at Continental Plaza at 201 W. Continental Road, Green Valley for $2M. CRW Holdings was the seller.

Lease Transactions

16. Art Center, Inc., d/b/a Southwest University of Visual Arts, leased 18KSF of office space from BP Annex, LLC, located at 20 E. Congress Street in downtown Tucson. Richard M. Kleiner and Molly Mary Gilbert with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Amy Dattilo-Cavallaro with CBRE, Tucson, represented the tenant.
17. Parkinson’s Wellness Recovery leased 16KSF of retail space in Wetmore Plaza, 4343 N. Oracle Road, Tucson, from Wetmore Plaza Shops. Rob Tomlinson with Cushman & Wakefield | PICOR, represented the tenant in this transaction. Andrew Seleznov and Melissa Lal with Larsen Baker, LLC, represented the landlord.
18. Bright Health Plan leased 28KSF in Tempe Market in a long-term lease totaling $3.214M at Rio 2100, 2120 Rio Salado Parkway, in Tempe. NAI Horizon Senior Vice President Troy Giammarco and Agent Joe Pequeno represented the tenant. Ryan Bartos of JLL represented the sub-landlord, Varsity Tutor of St. Louis.