New high-rise coming to Fillmore District
The Fillmore District in Downtown Phoenix continues to experience revitalization and significant new development. Aspirant Development has purchased 1.2 acres fronting on the north side of Fillmore Street between 2nd Avenue and 3rd Avenue. The property was purchased from The Fillmore Group, LLC, a Los Angeles/Hong Kong based Seller. The purchase price was 3.5 million and the property is planned for 220 units in a 12-14 story apartment tower. Ray Cashen of Cashen Realty Advisors was the Broker on the transaction. Aspirant Development is also developing a 312 unit, 19-story apartment tower known as The Stewart located at the NWC of Central Avenue & McKinley. That property under construction is slated to open in 2019. The Fillmore District has been the recent focus of many developers, including Wood Partners who has built a 230 unit, 4-story apartment complex and Trammell Crow who will break ground this year for a 609 unit, 7-story apartment complex along Fillmore Street. Additionally, Fore Development is in Escrow to purchase 2.7 acres at the SWC of 2nd Avenue & Fillmore Street and 2.0 acres located at the NWC of Monroe and 2nd Avenue is also in Escrow, both slated for high-density residential development. Block 23 is under construction with builder, Red Development. That project is a residential and retail tower which includes the first Fry’s grocery store in Downtown Phoenix. The adjacent Block 24 is in Escrow with Hines Development who will be building a 30-story residential/hospitality tower over an existing four-level parking structure at the Collier’s Center Project. Cashen has been involved in numerous Central Phoenix infill deals and is assembling another 2 acre parcel along Fillmore that he says will be the site of a future 15-story residential tower.
Marcus & Millichap sells 440-unit properties
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Casa de la Sierra and Sierra Bella, two apartment properties totaling 440-units, located in Sierra Vista, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The assets sold for $8,900,000.
“The portfolio represented an exceptional opportunity to acquire two assets offering value-add opportunity through exterior and interior renovation at a low cost basis” said Hamid Panahi.
Panahi, James K. Crawley, Cliff David and Steve Gebing, investment specialists in Marcus & Millichap’s Phoenix and Tucson offices, had the exclusive listing to market the properties on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jonathan Bench, an investment specialist in Marcus & Millichap’s Seattle office.
Casa de la Sierra and Sierra Bella are located at 500 S Coronado Dr. and 1525 E Busby Dr., respectively, in Sierra Vista, AZ. (Add info on property’s unit mix or tenant mix, occupancy rate, amenities, recent renovations and year of construction.)
Marcus & Millichap sells Raising Cane’s in Queen Creek
Marcus & Millichap announced the sale of Raising Cane’s, a 3,041 square foot net-leased property located in Queen Creek, AZ, according to Ryan Sarbinoff, regional manager of the firms Phoenix office. The asset sold for $4,100,000.
Jamie Medress, Mark Ruble and Chris Lind, investment specialists in Marcus &Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by David Cutler, Kirk Trammell and Joshua Johnson , investment specialists in Marcus & Millichap’s Palo Alto office. Raising Cane’s is located at 21571 S Ellsworth Loop Rd in Queen Creek, AZ.
CBRE arranges sale of MOB in Mesa
CBRE has completed the sale of a 6,019 square-foot medical office building located in the Baseline Crossings Office Park at 8435 East Baseline Road in Mesa, Ariz. The property commanded a sale price of $1.46 million, or $243 per square foot.
The building is 100 percent leased to American Vision Partners, an affiliation of Barnet Dulaney Perkins Eye Center and Southwestern Eye Center, on a long-term triple-net lease.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, WCCP Baseline Crossings, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles, Calif.
“The combination of a long-term lease with American Vision Partners coupled with its location along Baseline Road in the fast-growing East Mesa submarket drove significant investor interest,” said Fosberg. “The attractive operating conditions in the medical office market have contributed to increased investor confidence in the sector compressing cap rates to historic lows throughout Metropolitan Phoenix.”
Fosberg continued, “Investor demand for single-tenant medical office buildings in amenity driven trade areas continue to see elevated demand due to strong long-term fundamentals in the healthcare space.”
The buyer, LJNJ Family, LLC, an Arizona limited liability company handled the sale in-house.