Commercial Real Estate Transactions 08-18-20

Sales Transactions

1. Apple Hospitality REIT, Inc. purchased the newly constructed, 105-room Hyatt House and 154-room Hyatt Place at 601 E. 6th Street, Tempe, for a gross purchase price of approximately $64.6M. The hotels are part of the initial phase of the Novus Innovation Corridor.
2. Tides on 19th Partners, LLC purchased Nineteen Apartments, a 236-unit, garden-style apartment community at 4802 N. 19th Avenue, Phoenix, for $27M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Camelback at the Stop, LLC, and the buyer.
3. Taurus Investment Holdings, LLC purchased Avenel on 16th Apartments, a 200-unit apartment community near 16th Street and Indian School Road, Phoenix, for $25.95M. NorthMarq’s Phoenix investment sales team, Trevor Koskovich, Jesse Hudson and Bill Hahn, brokered the sale and represented both buyer and seller, Rincon Partners.
4. An undisclosed buyer purchased Tides on Thomas, a 187-unit, garden-style multifamily property at 4815 E. Thomas Road, Phoenix, for $24.5M. Berkadia’s Ric Holway, Dan Cheyne and Mark Forrester represented the seller, Tides Equities.
5. Tides Equities purchased Villa de Paz, a 120-unit, garden-style multifamily property at 4405 N. 103rd Avenue, Phoenix, for $16.2M. Berkadia’s Ric Holway, Dan Cheyne and Mark Forrester represented the seller, Prado Revocable Living Trust.
6. 535 Wilmot Investors, LLC purchased the 59.2KSF, 652-unit American Self Storage & Mail Center located at 12220 E. Riggs Road, Chandler, for $8.35M. NAI Horizon Senior Vice President Denise Nunez and Associate Victoria Filice represented the seller, Lawhead Family LLC, and secured the buyer.
7. A private investor represented by Mark Trueblood of Trumark Real Estate Management Services purchased Bell 17 Industrial, a three building, 70.5KSF industrial project at 16602 N. 23rd Avenue, 16601 N. 25th Avenue, and 2401 W. Phelps, Phoenix, for $8.28M. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan, and Bryan Johnson of CBRE Capital Markets represented the seller, ViaWest Group.
8. Alturas Shops at 38th, LLC purchased The Shops at 38th Street, a fully-occupied Arcadia shopping center, for $6.1M. Nick Miner, CCIM of ORION Investment Real Estate represented the seller, Richard Oliver.
9. A limited liability company procured by Craig Elster and Ron Duong of Marcus & Millichap’s Newport Beach office purchased an absolute triple-net-leased Raising Cane’s restaurant at 2604 E. Speedway Boulevard, Tucson, for $5M. Zack House, 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.
10. A Scottsdale-based private investor purchased Westmount Place, a 57.9KSF, midrise multi-tenant office building at 3010 N. 2nd Street, Phoenix, for $4.4M. Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Group in Phoenix handled the transaction on behalf of the seller via live auction in partnership with Ten-X, Nabila Nanji and Jim Palmer.
11. An all-cash buyer, purchased a single-tenant, 3.4KSF property leased to Wendy’s at 15416 N. Pima Road, Scottsdale, for $3.353M, in a 1031 exchange. SRS National Net Lease Group’s Managing Principals Patrick Luther and Matthew Mousavi in cooperation with Chris Stamets and Brian Gausden of Western Retail Advisors, LLC, represented the seller, a Texas-based private investor.
12. COMAR Investments, LLC an affiliate of Braintree Properties LLC, purchased 5.875 acres at the NWC of Oracle and Calle Concordia for $3.138M. The seller was Oro Valley Self-Storage, LLC. Braintree Properties plans to develop the site for self-storage.
13. An investor from Nogales purchased +/- 46KSF of cold storage warehousing at 123 Old Nogales Highway for $2.8M. Christopher Itule with NAI Horizon represented the buyer and Karen Miller of Agave Primer Properties represented the seller.
14. A private investor procured by Michael Escobedo and Dustin Wilmer of Marcus & Millichap’s Phoenix office, purchased the 54-site Ponderosa Glen Mobile Home Park at 90 Cornerstone Way, Payson, for $2M. Escobedo and Wilmer also had exclusive listing to market the property on behalf of the seller, also a private investor.

Lease Transactions

15. MLILY, the retail brand of Healthcare Arizona LLC, a venture of Healthcare Co., Ltd., has leased 643.8KSF of industrial space at First Park @PV|303, located at 3350 N. Cotton Lane, Goodyear, to be used as a manufacturing facility for its creation of memory foam products. Payson MacWilliam, Don MacWilliam, and Chris Reese with Colliers International in Phoenix partnered with Yang Chen in the Colliers International San Francisco office in representing MLILY. The property is owned by First Industrial Realty Trust, Inc.
16. – Phat Scooters, a leader in Neighborhood Electric Vehicle manufacturing, signed a long-term lease for a 44.2KSF industrial/flex building at 3637 E. Miami Avenue, Phoenix, to open a new headquarters. Cushman & Wakefield’s Joshua Wyss and Christian Coraggio represented the tenant.

Closures

17. Stein Mart is shuttering all 279 of its stores across 30 states, including the eight stores across the Valley and two in Tucson.