New to Market Archives

Midtown apartments, Club 7, sell for $19M

Club 7
by in AZRE Magazine | Brokerage | Multi-Family

Club 7 Apartments, a 219-unit, urban infill multifamily community at 3030 N. 7th St., Phoenix, sold for $19,000,000 or $86,758 per door. Lee & Associates brokers Todd Braun, principal, and Bryson Fricke, associate sold the property on behalf of Oregon-based 3030 North Equity LLC. The sought after property was in high demand with multiple offers.… Read More →

Wine distributor buys Phoenix facility for $20.5M

Wine distributor
by in AZRE Magazine | Brokerage | Industrial

On behalf of Young’s Market Company of Arizona, a family-owned distributor of wines, spirits and select beverages, Cushman & Wakefield recently negotiated the purchase of 402 S. 54th Place in Phoenix for $20.5 million. The seller was Los Angeles-based Barley Equites V LLC. Andy Markham, SIOR, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented Young’s Market Company of Arizona. The team represented Young’s in previous site selections, including the… Read More →

Seattle investors buy Ahwatukee apartments for $85.25M

Ahwatukee apartments Andante
by in AZRE Magazine | Brokerage | Multi-Family

A 576-unit, Class A multifamily complex, Andante, was sold to a Seattle-based real estate investment firm for $85.25 million, according to CBRE, the brokerage firm that worked on the deal. Andante is located at 15801 S. 48th St., in Phoenix’s Ahwatukee submarket. The apartments are located west of Interstate 10 with visibility along Chandler Boulevard. Tyler… Read More →

Homebuilder pays $3.5M for 18 acres in sought-after submarket

Cushman & Wakefield announced that CRG Financial Partners, LLC sold 18.1 acres at the southeast corner of Loop 303 and El Mirage Road in Maricopa County for $3.5 million to Scottsdale-based AV Homes of Arizona, LLC. Brian Rosella of Cushman & Wakefield represented the seller. AV Homes of Arizona, the developer and builder of active… Read More →

AMA Tribute Awards honors multifamily communities and leaders

Aspera

Each year, the Arizona Multihousing Association brings apartment industry leaders together for one night at its annual Tribute Gala to celebrate the successes of the teams, individuals, volunteers and communities that are best in class. Last night, a sold-out crowd of 1,400 industry leaders gathered for the annual Tribute Awards gala to learn who would… Read More →

HTA closes $150M Dignity Health portfolio in Phoenix, Calif.

by in AZRE Magazine | Medical

Healthcare Trust of America, Inc. (NYSE: HTA), the largest owner and operator of medical office buildings in the United States, announced today that it closed on the previously announced medical office building portfolio in Arizona and Southern California. The total consideration for the portfolio was approximately $150 million, or $253 per square foot. The portfolio… Read More →

Check out progress of Arizona Center’s $25 million renovations

Arizona Center
by in AZRE Magazine | Construction | Retail

The $25 million Arizona Center renovations have made some progress and we’ve got photos of the recently completed areas. Developers completed work on the lobby and tenant amenities floor of the One Arizona Center building at the Arizona Center. Click on the slideshow to view the photos in fullscreen   Provided photos The renovations at… Read More →

DeMichele Group buys Chandler Airpark asset for relocation

by in AZRE Magazine | Industrial

Newmark Grubb Knight Frank (NGKF) announced the purchase of 2110 S. Douglas Drive, Building B, in Chandler, AZ. The 17,149-square-foot Class A industrial asset located in the Chandler Airpark will be the new home for DeMichele Group, a privately owned provider of software and equipment for the fenestration industry. NGKF’s Executive Managing Director Jerry Jacobs… Read More →

Vestar secures $8.67M financing for recently acquired retail center

by in AZRE Magazine | Retail

Vestar, one of the leading privately held real estate companies in the western United States, announced today that it has secured a 15-year permanent loan with the Lincoln National Life Insurance Company in the principal amount of $8,673,000 for the recently acquired Twin Creeks Marketplace. The 43,134-square foot grocery-anchored neighborhood center is located at 1265… Read More →

Watt Communities sees domino effect of success

Watt Communities of Arizona today announced that it has reached 100 percent sold out at Dorsey Lane, the residential townhome community near downtown Tempe that marked the company’s entrance into Arizona’s upscale urban infill housing market. Today, Watt’s presence has expanded into a $73 million project pipeline, with six properties either under construction or now… Read More →

Scottsdale-based real estate trust looks to buy $2.75 billion medical office portfolio

by in AZRE Magazine | Medical

Scottsdale-based Healthcare Trust of America Inc. (NYSE:HTA) is looking to purchase a $2.75 billion, 6.1 million-square-foot medical office portfolio from Indiana-based Duke Realty Corporation. On Monday, Healthcare Trust announced that it entered into a definitive agreement to acquire every medical office building asset and the medical development platform of Duke Realty. If the deal goes… Read More →

New pair of self-storage facilities receive $13M in construction financing

Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that it has arranged $13 million construction financing with a regional bank to develop two self-storage properties in the Greater Phoenix. Both properties are multi-level and 100 percent air-conditioned. Kevin Sellers, director of capital markets in the Cohen… Read More →

Report: Phoenix multifamily market marks stellar first quarter

Multifamily

The Phoenix metropolitan statistical area (MSA) multifamily market had another stellar first quarter fueled by both robust jobs and population growth. In fact, Maricopa overtook Texas’ Harris County as top spot for population growth adding 81,000 people, an average of 222 new residents per day, between July 1, 2105 to July 1, 2016. Total nonfarm employment… Read More →

Gilbert Orbital ATK offices sell for $5.5M

Orbital ATK offices in Gilbert
by in AZRE Magazine | Industrial

A California-based investment firm purchased the Orbital ATK offices in Gilbert near Baseline Road and Country Club Drive for $5.5 million. The 73,283-square-foot industrial facility at1405 N. Fiesta Blvd. in Gilbert was sold to Abington Emerson Investments by an undisclosed seller. The single-story industrial facility sits on a 5.2-acre site and was built in 1998. “Fiesta… Read More →