Commercial Real Estate Transactions 09-11-2018

Originally Published: Arizona Builders Exchange

Sales Transactions

1. MG Properties Group has paid $74M for the 396-unit Country Brook Apartments in Chandler. The apartments were sold by a private individual represented by Cindy Cooke and Brad Cooke of Colliers International.

2. Microsoft Corp. has bought 272 acres of land in Goodyear for nearly $48M. Carefree Partners Investments sold the land. Marc Hertzberg and Anthony Lydon of JLL were consultants to Carefree Partners Investments in the sale. Plans for the site are unknown.

3. Newmark has secured nearly $20M in financing for six separate multifamily properties, five in Phoenix and one in Bullhead City. Adam Parker and Chad Metzger of Newmark’s Phoenix office secured financing through various regional banks and a debt fund. A four-property portfolio was valued at $9.88M. Maryland Manor Townhomes was $5.77M, and Phoenician Townhouse was $4.12M.

4. Sterling Organization announced the acquisition of Union Plaza, a grocery-anchored shopping center at Union Hills Drive and 19th Avenue in Phoenix. The property was purchased in an off-market transaction from a private investor on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP, for $15.2M.

5. A San Diego private investor paid $14.7M for Laguna Village, a 102KSF neighborhood shopping center in Chandler. Sean Thomas with SRS Real Estate Partners represented the buyer. The seller, a private investment group, was represented by Bernstein Murphy.

6. A 36.8KSF destination eye specialty MOB/ASC facility near I-17 and Loop 101 was acquired by Montecito Medical Real Estate. ORION Investment Real Estate facilitated the sale for $14.4M.

7. VanTrust Real Estate, LLC, Phoenix recently acquired 20-acres of land for $12.2M from the Rockefeller Group at Chandler Boulevard and the Loop 101 to build a mixed-use development with office, hotel and retail.

8. Amerco Real Estate (parent of U-Haul) purchased an 80KSF storage facility at 4950 W. Northern Ave. in Glendale for $10M. VLC Enterprises, LLC sold to Amerco. Norman Herd with Quantum Property Advisors represented the seller. He also represented VLC in the purchase of the site in April 2015.

9. 101 Envy Raintree, LLC has purchased the retail building at 8698 E. Raintree Dr. for $8M to complete its larger assemblage within Northsight. Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix represented the seller. The buyer was represented by Jim Riggs of Platinum Advisors and Keith Mishkin of Cambridge Properties.

10. Cushman & Wakefield announced G2 Capital purchased the warehouse/manufacturing building at 550 W. Southern Avenue in Tempe from Southern Paramount, LLC for $7.5M. Steve Lindley, Bob Buckley, and Tracy Cartledge with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.

11. ViaWest Group sold the 103.5 KSF Tiger Industrial, 4901-4929 W. Van Buren Street for $6.33M. The property was acquired by Dunbar Real Estate Investment Management. Will Strong of Cushman & Wakefield represented the seller. The buyer was self-represented.

12. The two-building, 51.5KSF Brittany Square, 67th Avenue and Peoria, recently closed for $5.85M. Nick Miner of ORION Investment Real Estate represented the seller, Arizona Brittany Square, LLC. The buyer, T Brittany Square, LLC, was in a 1031 Exchange and was purchasing this property along with another property out of state.

13. The approximately 4.5-acre former site of The Le Cordon Bleu College of Culinary Arts in Scottsdale sold for $5.5M to Spectrum Development. Larry Kush of ORION Investment Real Estate represented the buyer.

14. Levrose Commercial Real Estate/TCN Worldwide has completed the sale of Olive Park Retail Center at 5802-5838 W. Olive Avenue in Glendale. PV Olive Park, LLC purchased the 73.7KSF retail center from YEK #11, LLC for $5M. Trenton McCullough, Mark Cassell and Danielle Davis of Levrose Commercial Real Estate facilitated the sale.

15. CBRE has completed the $3.18M sale of a 7KSF Sweet Tomatoes at 6202 E. Broadway Boulevard in Tucson. Nancy McClure of CBRE in Tucson and Philip Voorhees, CBRE’s NRP-West, represented the seller, K-GAM 6202 Broadway, L.L.C. Marcus & Millichap in Newport Beach, CA represented buyer JKJ Fairview, LLC.

16. Commercial Properties, Inc./CORFAC International announced the sale of the seven-unit multifamily Ash Property Estates in Tempe. Kimberly A. Rollins and Dallan Randall of CPI’s Multi-Family Team represented the seller, Ash Property Resurrection, LLC.

17. Pearl Peak, LLC purchased a 6KSF medical office building at 7510 N. Oracle Rd., Suite 100 in Tucson from CCSAM Revocable Trust for $2.165M. Rick Kleiner with Cushman & Wakefield | PICOR, represented the buyer. Tom Nieman with Cushman & Wakefield | PICOR, represented the seller.

18. The Wells Apartment LLC purchased 11-unit The Wells for $2.15M from Trinity Apartments, LLLP. Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the seller and the buyer in the transaction.

Lease Transactions

19. Footprint LLC has leased 135KSF at 250 E. Germann Road in Gilbert and will use the space as a manufacturing plant to produce paper straws. About 35KSF is dedicated to the company’s new corporate headquarters as well as lab space.

20. Houwelings Nurseries Oxnard, Inc. leased 22.5KSF at 772 W. Frontage Road, Suite 3 in Nogales, from Nogales Warehouse, LLC. Denisse Angulo-Badilla with Cushman & Wakefield | PICOR, represented the landlord. Louie Morales with Century XXI Nogales represented the tenant.

21. Sun Valley Supply renewed their lease for 22.4KSF at 2450 N. Flowing Wells Rd. in Tucson, from Starr Family Trust. Paul Hooker with Cushman & Wakefield | PICOR represented the landlord.

22. Eye Care and Cure Corp, Inc. leased 16.5KSF at 3391 E. Hemisphere Loop in Tucson, from Hemisphere Loop, LLC. Rob Tomlinson and Brandon Rodgers with Cushman & Wakefield | PICOR, represented the landlord. Gordon Wagner and Dave Blanchette with NAI Horizon represented the tenant.

23. American Technologies, Inc. leased 15.3 at 2811 N. Flowing Wells Rd. in Tucson, from Keenan Investment Company. Paul Hooker, Stephen D Cohen and Russel W Hall with Cushman & Wakefield | PICOR represented the tenant. Gary Emerson with GRE Partners represented the landlord.