Phoenix/Tucson Commercial Real Estate News From CoStar Group


    Sabal, Oaktree JV Secures $64.9M Refi for Multi-State Portfolio
    Diversified financial services firm Sabal Financial Group LP and funds managed by global investment manager Oaktree Capital Management secured $64.9 million in non-recourse bridge funding for its portfolio of 11 real estate assets located across the United States. National real estate capital markets solutions firm Mission Capital Partners' debt and equity finance team of Chad Coluccio, Alex Draganiuk and Eugene Shevaldin negotiated the floating...

    CoStar's People of Note (Aug. 26)
    It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Chicago, Dallas / Ft. Worth, San Diego, Boston, Tampa / St. Petersburg, Orange County, Atlanta, Texas and more! CHICAGO Ulbrich to Succeed Dyer as CEO of Global CRE Firm JLL By Randyl Drummer Cohen Asset Mgmt Acquires Home Depot DC in Tolleson
    Cohen Asset Management, Inc. has purchased the Home Depot Distribution Center building at 9081 W. Washington St. in Tolleson, AZ from VEREIT, Inc. for $48 million, or roughly $103 per square foot. Built in 2010, the single-story industrial property totals 466,418 square feet on 46 acres in Maricopa County. Will Strong, Andy Markham, Michael Haenel and Phil Haenel of Cushman & Wakefield represented both the buyer and seller in the sale. Please...

    PEM Divests Foxfire Apts in Tempe
    Denver-based Capital Real Estate LLC acquired the Foxfire Apartment Homes at 1701 E. 8th St. in Tempe, AZ for $19.56 million, or roughly $104,000 per unit, from PEM Real Estate Group. The 188-unit, 127,368-square-foot, garden-style multifamily community was constructed in 1985 on a 7.4-acre parcel in the University Heights Multifamily submarket of Maricopa County. Rue Bax, Alon Shnitzer, John Kobierowski, Edward Chang and Doug Lazovick with...

    PB Bell Sells Almeria at Ocotillo Apts in Silicon Desert
    Passco Companies LLC has acquired the Almeria at Ocotillo apartments at 2470 and 2471 W. Edgewater Way in Chandler, AZ from P.B. Bell Asset Management, Inc. for roughly $81.99 million. The 389-unit, 400,000-square-foot, luxury multifamily community was developed in two phases in 2014 and 2015 by the seller on 22.7 acres in the upscale Ocotillo Master Planned Community, within the Price Corridor submarket of Maricopa County, just five miles from...

    Pathfinder Buys Windemere Apts in Mesa
    Acacia Capital Corporation sold the Windemere Apartments at 2020 E. Inverness St. in Mesa, AZ to Pathfinder Partners LLC for $25.6 million, or about $114,000 per unit. Completed in 1986, the 224-unit multifamily property totals 188,272 square feet on 11.7 acres in the Casa de Sol / Sherwood Park / Dana Ranch MF submarket of Maricopa County. David Fogler and Steve Nicoluzakis of Cushman & Wakefield represented the seller. The buyer was self...

    Silverstone Shopping Center Sold in Scottsdale
    A limited partnership comprised of Van Tuyl Companies and Eisenberg Company has sold the Silverstone Marketplace shopping center at 23015-23399 N. Scottsdale Rd. in Scottsdale, AZ to JLL Income Property Trust, Inc. for $47 million, or about $602 per square foot. The 78,094-square-foot retail center was built in 2015 by the Eisenberg Company on 12.3 acres at the southeast corner of E. Pinnacle Peak Rd. in the North Scottsdale Retail submarket. Jason...

    JLL Implements Leadership Succession Plan: Ulbrich to Succeed Retiring Dyer as Global CRE Firm's Chief Exec
    Jones Lang LaSalle's (JLL) Colin Dyer announced he will retire and step down next month after 12 years as the firm's chief executive officer. He will be succeeded by Christian Ulbrich, whom JLL had signalled would be Dyer's successor after elevating him to president of the global real estate services company in February as part of its overall leadership succession plan. Dyer will retire from JLL at the end of this year after leaving the chief...

    Hines Buys 820,000-SF Fulfillment Center in Goodyear
    Gramercy Property Trust, Inc. and Duke Realty Corporation sold the two industrial buildings at 16920 W. Commerce Ln. in Goodyear, AZ to Hines Global REIT II for $56.2 million, or approximately $69 per square foot. Built in 2008, the 820,384-square-foot Goodyear Crossing II distribution center was expanded in 2009 and is now fully leased and occupied by Amazon.com. It is located in the Goodyear Industrial submarket of Maricopa County. Bo Mills...

    The Kroenke Group Acquires Tucson Trader Joe?s
    The Kroenke Group, a Missouri-based real estate developer, acquired part of the Plaza Antigua shopping center on Campbell Ave. in Tucson, AZ from Oakdale Farms, Inc. for $7.98 million, or approximately $394 per square foot. The building delivered in 2004 at 4205-4209 N. Campbell Ave. in the Central East Retail submarket with frontage along Campbell Ave. The asset is 100 percent leased to center anchor Trader Joe?s. Nancy McClure and Phil Voorhees...

    Medical Office Enjoying Strong Lease-up, Heightened Investor Demand
    The growing shortage of medical office building properties has stimulated a wave of new development, with an estimated 12.2 million square feet of medical office space coming into service this year, 37% above 2015 deliveries. Hospitals and health care systems remain the driving force behind new projects as the health care industry moves toward more team-based and efficient office layouts that are encouraging development of ambulatory surgery centers...

    Investor Purchases Thunderbird Palms Medical Campus
    ArroyoBel TMPC Property LLC acquired five of the eight medical office buildings within the Thunderbird Palms Medical Campus in Glendale, AZ from Penny Hardaway, Inc. for $10.85 million, or about $244 per square foot. The five buildings total 47,254 square feet. The medical campus is located in the Deer Valley / Airport submarket. The campus was developed in 2001 and includes a newer hospital and seven medical office buildings. Braxton Glass...

    J.V. Scoops Up Amazon's 1 Million-SF Distribution Center in Phoenix for $74 Million
    Irvine, CA-based The Koll Co. and Bahrain-based Seera Investment Bank have partnered up to acquire Amazon's (NYSE: AMZN) 1,009,351-square-foot logistics and distribution center at 6835 W. Buckeye Rd. in Phoenix, AZ from Gramercy Property Trust and Duke Realty Corp. The venture paid $74.75 million, or approximately $74 per square foot, for the complex, which measured 604,678 square feet when it originally delivered in June 2007 before being expanded...

    Reliance Mgmt Divests 109,000-SF Arcadia Corporate Park
    WLA Investments, Inc. acquired the Arcadia Corporate Park at 4820-4926 E. McDowell Rd. in Phoenix, AZ from Reliance Management for $7.53 million, or approximately $69 per square foot. The eight-building industrial and flex park was constructed between 1981 and 1983 in the Central Phoenix Industrial submarket of Maricopa County. Bob Buckley, Tracy Cartledge and Ben Geelan of Cushman & Wakefield represented the seller. The California-based buyer...

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Jon Hammond, CCIM
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