Newmark Grubb Knight Frank (NGKF) negotiated the $12.5 million sale of the Bella View Apartments located at 2912 E. Indian School Rd , in Phoenix. The property, a 355 unit Class B apartment complex, was built in 1979 and sits on approximately 7.92 acres.
Karl Abert, Managing Director with NGKF’s Phoenix office represented the seller, Belleview Communities, LLC. The buyer, SPL Properties of Denver, Colo., was represented by Todd Braun at Lee & Associates. The acquisition expands SPL Properties footprint in the Phoenix marketplace. Multiple offers were generated prior to the bid deadline and
NGKF achieved an at-list price sale following an extensive national marketing campaign of the 6.3% cap rate opportunity.
“Following their acquisition of the previously foreclosed property, Belleview communities completed an extensive exterior and interior renovation, resulting in operational stabilization as well as substantial rental income growth,” says Abert. “The desirable location produced high occupancy rates and provided residents convenient neighborhood services.”
Newmark Grubb Knight Frank (NGKF) negotiated the $1.8 million sale of 4250 E. Broadway Rd., a 38KSF Industrial building, in Phoenix.
Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with NGKF’s Phoenix office represented the seller, Sorenson Group Management. The buyer, Forever Nutraceuticals, a worldwide distributor of vitamins was represented by Ken McQueen at Lee & Associates in the transaction.
“Forever Nutraceuticals expanded in the Phoenix market, this building is right across the street from their existing space on Wood St, says Stephens, it’s perfect for them due to the location and the fully air-conditioned facility which was a requirement for Forever Nutraceutical.”
Newmark Grubb Knight Frank is pleased to announce the sale of the 32,009 square-foot medical office building located at 4921 E. Bell Rd in Scottsdale, AZ
Managing Directors Sheila Bale and Geoffrey Waldrom and Associate Ryan O’Connor all with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, FLIC Properties, LLC. The buyer, a healthcare business owner was represented by Tanner Milne of Menlo Commercial Real Estate. The buyer plans to occupy the remaining 21,985 square feet vacancy in the building. A healthcare business owner is the perfect buyer to utilize the remaining contiguous space on the bottom floor and simultaneously collect income from very stable, long standing professionals”, says Bale
In addition to the sale of the building, Newmark Grubb Knight Frank also won the property management assignment for the property.
Newmark Grubb Knight Frank completed the sale of the 301 unit Pine Ridge Apartments located at 2627 N. 45th Ave. in Phoenix.
Karl Abert, Managing Director with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, Lili Rubin Investment Properties, LLC. The buyer, Community Enhancement Group of Denver, CO represented themselves. The property was financed with private equity and is the first acquisition by the Denver based REIT, Pine Ridge Apartments was purchased below replacement cost at just over $7 million. The buyer is planning to complete a full renovation of the property to stabilize the asset as part of their portfolio. Pine Ridge Apartments is the second community that NGKF has marketed and sold for Lili Rubin Investment Properties within the last 12 months.