Commercial real estate news 08/17/21


15. AZ Ave and Chandler Blvd. Credit: AZRE

Sales operations

1. American Real Estate Advisors acquired Goodyear Logistics Center, a Class A industrial asset 901.7KSF at 575 S. 143rd Avenue at Goodyear for an undisclosed amount. The undisclosed seller was represented by CBRE national partners. The property is managed by Lincoln Real Estate Company and is currently leased by Cooper Fratt of CBRE.

2. Acacia Capital Corporation purchased Arrival in Ocotillo, a multi-family community of 272 units in Chandler for $ 95.65 million. CBREby Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch from Phoenix Multi-Family Institutional Properties represented the seller, Multifamily FPA.

3. Macquarie Asset Management purchased HOUSE, a Class A experiential office redevelopment bringing next-generation equipment to 7878 N. 16th Street, Phoenix, for $ 56.5 million. JLL‘s Benjamin Geelan and Brian Ackerman pictured Georges olivier on the sale of the building.

4. Let’s dance purchased a vacant two-story, 200 KSF office building at 8877 N. Gainey Center Drive, Scottsdale, for $ 39 million. Cushman and WakefieldDave Carder and Scott Boardman in Phoenix represented the buyer, and Fred Darche and Spencer Nast with Lee & Associates represented the seller. The building was once occupied by a Fortune 100 Insurance Company.

5. A buyer based in New York has purchased 92Forty Apartments Scottsdale, a 110-unit multi-family building located at 9240 East Redfield Road, Scottsdale, for $ 35 million, from APRA Capital, LLC. ABI MultifamilyPhoenix-based institutional apartment group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick – facilitated the deal.

6. Richmond Homes in America and Oakwood Homes bought nearly 80 acres at Cross Creek Ranch, located just east of NEC West Vah Ki Inn Road and North Skousen Road, Coolidge, for $ 27.5 million. Organization of land advisersThe home construction team of Ben Heglie, Bret Rinehart and Ryan Semro represented the buyer.

7. TerraCap Management LLC buy it Airport Technology Center, a $ 24.6 million, two-building, two-story Class A office development in Phoenix, Lone Star Fund. Chad Littell and Chris Toci from Cushman and Wakefield represented the seller.

8. Andr̩ Golnazarian purchased portfolio of 114 units composed of 48 units Wilshire Square apartment community located at 6721 N. 25th Drive, 44 Canyon greens community to 6310 N. Black Canyon Highway, and the 22 units Maryland palms community at 2507 W. Maryland Avenue, for a total of $ 15 million. Paul Bay and Darrell Moffitt with Marcus & Millichap procured the buyer and exclusively listed and sold the three properties on behalf of the sellers Рboth of whom were individuals.

9. An undisclosed buyer purchased +/- 307 acres located at the NEC of Rainbow Road and MC-85, Buckeye, for $ 9.725 million. Brad Kuiper, Howard Weinstein and Patty Lafferty of The Land Agency represented the seller, Rainbow & Monroe 480, LLC. The property has a dairy farm and irrigated agricultural land. The Lamb family operated a dairy on this site for many years.

10. An undisclosed buyer has purchased Porto Fino, a 66-unit apartment complex at 3547 E. Van Buren Street, Phoenix, for $ 8.35 million. Zack Mishkin, Senior Vice President of ORION Real Estate Investment, negotiated the transaction. The sellers were not disclosed.

11. Sunny chemical bought 17 acres of Mack Real Estate Group near Seventh Avenue and Alameda Road in the Mack Innovation Park, for $ 8.2 million. Sunlit Chemical is the first leading supplier to announce a real estate purchase to serve Taiwan Semiconductor Manufacturing Co. Ltd.’s massive north of Phoenix factory.

12. Prop Thirteen, LLC purchased ± 10.2 acres of land from SWC of Loop 202 and Cooper Road, Chandler, for $ 4.885 million. NAI HorizonChris Gerow, Shelby Tworek and Gabe Ortega represented the seller, DDC Hotels, Inc. The buyer was represented by Greg Laing with Phoenix Business Consultants.

13. Sierra Vista Mall Realty Holdings, LLC purchased Sierra Vista Mall, a KSF 437.9 one-story walled mall at 2200 El Mercado Loop, Sierra Vista, for $ 4.265 million, from Sierra Vista Shopping Center, LLC. Nancy McClure from CBRE in Tucson with Phil Voorhees, Jimmy Slusher, Trent Steeves of CBRE’s National Retail Partners – West representing the seller.

14. Cabana Sud, LLC purchased ± 8.63 acres of land at Southern Avenue and Crismon Road, Mesa, for $ 3.8 million. NAI Horizon‘s Laurel Lewis represented the buyer. Seller, Sunny Acres, LLC and Montgomery 320, LLC was represented by Rick Brandt’s real estate office.

15. Bruce D. Raskin purchased 3.83 acres of land from Arizona Avenue and Chandler Boulevard SWC, Chandler, for $ 3.775 million, from Next Generation Development.

16. A private investor in Paradise Valley purchased 1.2 acres of infill land located at 24th Street and Campbell Avenue SWC, Phoenix, for $ 2.15 million. The Phoenix based Vestis Group Natan Jacobs and Matt Morrell’s business brokerage team negotiated the sale of the property at retail on behalf of the seller, a private investor from Phoenix. Andy Kroot from Kroot & Associates represented the buyer.

17. Jason and Tonja howard purchased a 10.6 KSF industrial building at 9321 N. 94th Street, Scottsdale, for $ 2 million, from MASH SARL. Steve Grossoehme from Rein & Grossoehme Commercial Real Estate represented the seller and the buyer.

Rental operations

18. Highland Valley Partners, LLC, leased 104.7 KSF of industrial space from US REIF Tucson Commerce Center Arizona, LLC, located in the Tucson Mall, 3000 E. Elvira Road, Tucson. Jesse Blum, industrial specialist with Cushman and Wakefield | PICOR, represented the owner.

19. NAI Horizon‘s Isy Sonabend and Drew Eisen represented the tenant, JDS Industries in a 91 month industrial lease for 64KSF at 9191 W. Buckeye Road, Tolleson. The owner, CRP / MarWest was represented by Gary Anderson with Cushman and Wakefield.

20. Array technologies is moving from its current office in Chandler and will lease KSF 28.6 to HinesChandler Viridian office development. Andrew Medley from JLL represented Array Technologies. The rental team that represented Hines in the transaction were Jerry Roberts and Pat Boyle at Cushman and Wakefield.

21. KOAM leased 20KSF in the warehouse district of Phoenix to serve as the company’s first location on the west coast. Josh Wyss and Christian Coraggio with Cushman and Wakefield represented KOAM in the lease and Scott Wily and Todd Hamilton with City-wide commercial real estate represented the owner of the building located at 1323 E. Jackson Street.

22. NAI Horizon‘s Isy Sonabend and Drew Eisen represented the tenant, Elliot Electric Supply, Inc. in a 127 month industrial lease for 13,000 square feet at 1205 N. Elideo Felix Jr Way, Avondale. The owner, BHRP OZ JV II, LLC was represented by Mike Gilbert with Cushman and Wakefield.


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