Clear Sky Capital sells Flagstaff apartments for $7 million

Cushman & Wakefield completed the sale of Kinsey Ridge, located at 1718 N. Fort Valley Road in Flagstaff, Ariz. Phoenix-based Kinsey Ridge Apartments LLC, an entity formed by Edgehill Investments LLC (Ryan Francisco, Anthony Francisco) purchased the property from Phoenix-based Clear Sky Capital Partners IV LLC, an entity of Clear Sky Capital (Marcus Kurschat), for $7.175 million / $163,068 per unit.

Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.

Kinsey Ridge is a value-add, 44-unit apartment community built in 1966, located just north of Flagstaff’s historic downtown. The property features a mix of large one-, two- and three-bedroom floorplans, with a number of the floorplans being large townhome style units including garages. The community’s location provides easy access to Northern Arizona University, Flagstaff Medical Center and the Arizona Snow Bowl ski resort.

“This is the second acquisition in the Flagstaff market for Edgehill this year – expanding their portfolio in Arizona’s best rental market. Kinsey Ridge will result in a great long-term investment and value-add opportunity for them,” said Nicoluzakis.

According to Cushman & Wakefield research, apartment rents in the Flagstaff metro area increased 2.9% year-over-year as of the first quarter of 2018.  There are 920 units currently underway, representing a 16% expansion of the existing inventory and over the last three years, 380 units have delivered, or a cumulative inventory expansion of 7.1%.

Marcus & Millichap sells Salad & Go

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Salad & Go – 20 Year Ground Lease, a 677-square foot net-leased property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,335,000.

Chris Lind, Jamie Medress, and Mark Ruble, 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 Drew Isaac, an investment specialist in Marcus & Millichap’s Denver office.  The property sold ahead of construction completion.

Salad & Go – 20 Year Ground Lease is located at 21050 N Cave Creek Rd in Phoenix, AZ. 

Phoenix Commercial Advisors closes on Raising Cane’s

Phoenix Commercial Advisors closed on Raising Cane’s, Wednesday, May 17. The property, located on 1.25 acres on the southwest corner of Civic Center Drive and Bell Road at 14385 W. Bell Road in Surprise, Ariz., sold for $4,174,000, or $1,154 per square foot. The brand-new, 3,616-square-foot building closed at 100 percent of the asking price.

Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, Bell Road Surprise AZ, LLC, in the transaction. The transaction is one of 11 retail investment property sales for the Phoenix Commercial Advisors’ Investment Team in 2018.

“Thompson Thrift has been the perfect client and delivered an exceptional property in a dynamic submarket,” said Steven Underwood 

Formed in 1994, Phoenix Commercial Advisors is a commercial real estate services company. The company specializes in retail commercial brokerage in Phoenix, Tucson, and surrounding Arizona communities, providing leasing services, tenant and landlord representation, investment sales and redevelopment services to local and national retailers and property investors. Offering the expertise of 250 combined years of experience, Phoenix Commercial Advisors is also member of ChainLinks Retail Advisors, the premier national retail platform connecting elite brokerage companies across the top 50 North American markets.