5 biggest commercial real estate deals in April

Above: Phoenix cityscape in downtown at sunset. Real Estate | 2 hours ago |

The Metro Phoenix commercial real estate sector continues to stay red hot, as evidenced by the biggest commercial real estate deals in April, according to the commercial real estate tracking website Vizzda.

In terms of the overall Metro Phoenix market, here’s what experts are seeing, according to a report from CBRE:

• The Phoenix industrial market’s momentum continued into the first quarter with 5,622,877 square feet of positive net absorption, its 44th consecutive quarter of gains.

• Phoenix industrial vacancy was 5.6%% in Q1 2021, a decrease of 40 bps quarter-over-quarter.


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• Construction deliveries totaled 4,394,711 square feet in Q1 2021.

• Currently, 11,403,937 square feet of industrial space is underway across the Phoenix market, primarily concentrated in the Southwest Valley.

• Net absorption for office space in Q1 2021 finished at -554,058 square feet, the third-lowest in history.

• The vacancy rate for office space rose for five straight quarters, settling at 19.1%.

• Full service gross asking lease rate for office space decreased slightly to $28.07, the second-highest ever recorded (historical data begins in 1999).

With those trends in mind, here are the Top 5 commercial real estate deals in April for Metro Phoenix:

Multifamily sales

1. $94,800,000

Property: Coves at Newport, Glendale

Buyers: Knightvest Management and LEM Capital 

Sellers: Knightvest Management and Transwestern

2. $59,700,000

Property: Lunaire Apartments, Goodyear

Buyer: 29th Street Capital

Seller: RK Properties

Broker: Berkadia

3. $56,120,000

Property: Villages at Harvard Crossing, Goodyear

Buyer: RPM Company

Seller: The Empire Group

Broker: Berkadia

4. $54,500,000

Property: Cabana on 12th

Buyer: JB Partners

Seller: Greenlight Communities

Broker: Institutional Property Advisors (IPA)

5. $41,940,000

Property: Ponderosa Ranch Apartments, Tempe

Buyer: University Partners

Seller: Capital Real Estate

Industrial sales

1. $44,000,000

Property: Northern 101 Commerce Center, Glendale

Buyer: CapRock Partners

Seller: Creation Equity

Broker: Cushman & Wakefield

2. $35,500,000

Property: 670 S. 91st Ave., Tolleson

Buyer: Nearon

Seller: CTR Investors

3. $27,400,000

Property: Freeport Distribution Center, Phoenix

Buyer: KKR & Co.

Seller: Lincoln Property Company

4. $27,028,620

Property: FedEx Ground Tempe Terminal, Tempe

Buyer: Realterm Logistics

Seller: VEREIT

Broker: CBRE

5. $19,500,000

Property: 10027 S. 51st St., Phoenix

Buyer: Victor Schaff

Seller: Douglas Allred Company

Broker: CBRE

Office sales

1. $39,500,000

Property: Mesa Financial Plaza, Mesa

Buyer: CAMCO Investment Group

Seller: Barker Pacific Group

Broker: CBRE

2. $13,000,000

Property: Talavi Spectrum, Glendale

Buyer: OrbVest

Seller: Dunbar Real Estate Investments 

3. $6,928,000

Property: 3420 E. Shea Blvd., Phoenix

Buyer: Joseph and Janelle Barnes

Seller: Duncan R. Lee

4. $5,421,250

Property: Core Center (Proposed), Scottsdale

Buyer: John Wright

Seller: Impact Church

Broker: Nathan & Associates

5. $5,025,000

Property: 8211 S. 48th St., Phoenix

Buyer: Exeter Property Group

Seller: Hannay Realty Advisors

Broker: Cushman & Wakefield

Land sales

1. $40,156,680

Property: Madera Phase 2 (102.91 acres), Queen Creek

Buyer: Ashton Woods

Seller: Communities Southwest

Broker: Nathan & Associates

2. $19,452,737

Property: The Cubes at Glendale Building A Lot 1 (74.43 acres), Glendale

Buyer: Claycorp / CRG

Seller: Claycorp / CRG

3. $17,734,190.76

Property: E202 (74.05 acres), Mesa

Buyers: Marwest Capital and The Carlyle Group

Seller: EdgeConnex

4. $15,476,240

Property: Chandler 202 Autopark Lot 5 (13.66 acres), Chandler

Buyer: Earnhardt Auto Centers

Seller: Lund Cadillac

5. $10,500,000

Property: 25.6 acres at Estrella and Lower Buckeye parkways, Goodyear

Buyer: Harvard Investments

Seller: El Dorado Holdings

Broker: ABI Multifamily

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