Commercial Real Estate Transactions 11-19-19

Originally Published: Arizona's Builder Exchange
  1. Knightvest Capital purchased Indigo Palms (now Oxford Apartments), a 432-unit, 404K+SF garden style multi-housing community in Phoenix, for $75M. Director Mike Higgins of JLL Capital Markets represented the buyer. JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg arranged $57.2M in acquisition financing.
  2. The Inland Real Estate Group of Companies, Inc. purchased Avilla Victoria, a 225-home Class A neighborhood on 18.6 acres, located at 20450 E. Ocotillo Rd., for $55.5M. NexMetro Communities was the seller.
  3. LivCor purchased Solis at Towne Center, a 240-unit Class A community, at 17600 N 79th Ave., Glendale, for $43M. P.B. Bell Cos. was the seller.
  4. Insight Enterprises announced it will centralize its two Tempe offices to a single 48 acres, 295KSF creative office space located at 2701 E. Ryan Road in Chandler, calling the new site One Insight Way.
  5. Western Wealth Capital has purchased a 200-unit complex in Glendale, dubbing it The Arches, for $23.1M. WWC plans to invest more than $2M in upgrades. Lili Rubin Investment Properties LLC was the seller.
  6. JFRCO, LLC purchased the Lakeview Village at Morrison Ranch, a 93.7KSF, Bashas’ grocery-anchored shopping center at the SEC of Higley Rd and Elliot Rd, Gilbert, for $18.2M. Ryan Schubert and Michael Hackett of Cushman & Wakefield negotiated the sale on behalf of the seller, Vestar, and John Redfield of SRS Real Estate Partners represented the buyer.
  7. MIRAJH LLP purchased Mountain Vista Plaza, a 64K+SF retail center in Surprise, for $14.1M. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Boarder Capital.
  8. GMK Assets Corporation purchased Pueblo Nuevo, a 95.8K+SF garden style, multi-tenant office complex, located in Phoenix, for $11.95M. Eric Wichterman and Mike Coover of Cushman & Wakefield Phoenix represented the seller, Pueblo Nuevo Holdings, LLC.
  9. The Siegel Group Nevada, Inc. bought the former Palm Court Inn, a 210-unit complex, located 4425 E. 22nd St., for $6.1M. The company plans to do cosmetic updates and unit renovations.
  10. KB Home purchased Encantada Estates, located in Buckeye, for $4.1M. Howard Weinstein and Patty Lafferty of The Land Agency represented the seller Everest Holding and KB Home was the buyer.
  11. Herbally Yours purchased a 23.5K+SF industrial property located in Fiesta Ranch Business Park, in Gilbert, for $2.8M. Pete Klees of Cushman & Wakefield’s Phoenix office represented the seller, Birchwood Circle Investors. Kent Hanson of Kidder Mathews represented the buyer.
  12. AM Family Properties LLC sold the 41-unit complex at 5570 E. Hampton St. for $2.6M to Devington LLC. Brian Bowers, of 520 Realty, represented the seller Danny Roth. Ed Mandelberg, of Keller Williams, represented the buyer.
  13. An out-of-state company purchased Camp Verde 24 Hour Storage, a 176 self-storage unit facility on 2.38 acres, for $2M. Denise Nunez of NAI Horizon represented the seller, 603 Industrial, LLC.

Lease Transactions

  1. Hines, the international real estate firm, announced that its award-winning Offices at Chandler Viridian has recently signed a new long-term lease for Oaktree Funding Corp. Oaktree Funding Corp. expects to occupy its new space in Q2 2020.
  2. Silicon Valley Bank is expanding its Tempe presence, moving into the remainder of the Hayden Ferry Lakeside I building during the first quarter of 2020. The bank currently takes up 130KSF and eventually will occupy about 190KSF.