NAI Horizon negotiates sale of Scottsdale flex building
NAI Horizon represented the seller in the $6.3 million sale of a flex building that will be converted into a music venue at 8445 E. Hartford Dr., in the highly-sought after Scottsdale Airpark submarket.
NAI Horizon Senior Vice Presidents Troy Giammarco and Tyler Smith represented C.R.C. Investments LLC, of Paradise Valley, an Arizona limited liability company, in the sale of the 30,000-square-foot building.
“We were pleased to obtain the full asking price for the property,” said Giammarco, who added it was one of the highest prices paid for a flex building in Perimeter Center in Scottsdale. “All parties involved collaborated to find solutions to everyone’s ultimate satisfaction. The new owner/occupiers will create an incredible music venue and ministry. We thank everyone for all their hard work.”
The building (55 percent office and 45 percent manufacturing) previously housed the headquarters for a natural supplement company.
NAI Horizon negotiates $2.675M acquisition of Mesa facility
NAI Horizon Senior Vice President Rick Foss and Vice President Tom Bean, CCIM, represented the buyer and the seller, respectively, in the $2.675 million acquisition of a contractor’s facility at 10646 E. Pecos Rd., in Mesa, Arizona.
NAI Horizon negotiated the sale of the 12,436-square-foot property on behalf of DMW Properties LLC, an Oregon limited liability company.
“Wilson Construction Company made good use of this premier contractor’s facility since acquiring it in 2008,” Bean said. “With more new business developing in the West Valley, the decision was made to sell the property and relocate to a central location to better serve its clients in the Valley. Wilson Construction Company continues to expand its business throughout Metro Phoenix.”
The buyer was YBL LLC, an Arizona limited liability company whose corporate office is located in Peoria, Arizona.
“Younger Brothers acquired this facility to support the expansion of their numerous businesses related to residential construction,” Foss said. “This acquisition will specifically support their work on the Eastmark project and other residential development activity in the Southeast Valley in the future.”
YBL, which also operates as Liberty Lumber, is a contractor of residential and commercial lumber and supplies. It is moving its operations to the Mesa facility, which
sits on 5.47 acres.
ABI brokers 2nd-largest apartment complex in Yuma
ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $19,500,000 / $62,500 Per Unit sale of the Rio Santa Fe Apartments located in Yuma, Arizona. Rio Santa Fe Apartments is a 312-unit garden-style apartment community located in
Yuma, AZ. The property is of 1990 vintage, built of wood frame and stucco. The unit mix consists of 64 one-bedroom / one-bath units, 108 two-bedroom / two-bath units, and 140 three-bedroom / two- bath units, with a weighted average size of 898 square feet. Each unit is individually metered for electricity and equipped with full-size kitchen appliances including a dishwasher, garbage disposal, and range / oven, as well as spacious walk-in closets, large picture windows, 10-foot ceilings, ceiling fans, and air conditioning. Select units offer full-size washer / dryer connections, balcony / patio, breakfast bar, and /or storage space. The community also provides its residents with two laundry facilities, two swimming pools, a clubhouse with full kitchen, and multi-use sport court.
“Rio Santa Fe Apartments is located near I-8/SR-95 interchange, which connects the area to San Diego and Phoenix,” states Alon Shnitzer, Senior Managing Partner at ABI, who along with Rue Bax and Eddie Chang were the lead brokers for this transaction. “The property is the 2nd largest, by number of units, in the city of Yuma and was well maintained and operated by the selling entity for the duration of their 20+ year hold.”
“Yuma is most assuredly changing,” states Eddie Chang, Partner at ABI, “Although everyone points to Bill Gates’ related entity purchase of property in Phoenix’s West Valley for the development of a ‘smart city,’ Yuma announced its own Smart City Plan in November 2017. Essentially, Yuma allowed technology company, anyComm and Siemens Industry, to begin the installation of nodes to be installed on the top of every streetlight in the city to create community wide high-speed broadband connectivity. The data received is then funneled and used for Internet of Things (IoT) type applications. This has the potential to be a major game-changer, not only for the city by way of added technology/development jobs but also nationally.”
The Buyer is a private multifamily investor based in Arizona.
The Seller, a partnership formed by Paul Ash Management Company, based in Tucson, AZ, is a private multifamily investor, developer and property manager based in Arizona.
The multifamily brokerage team of Eddie Chang, Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both the Buyer and Seller in this transation.
ABI Multifamily brokers $10.55M Tucson apartment sale
ABI Multifamily announced the $10,550,000 / $95,909 Per Unit sale of the Orange Tree Village Apartments located in Tucson, Arizona. Orange Tree Village is a lower density one and two story, townhome-style apartment community, which was completed in 1981. The property was built of wood frame and stucco, with pitched tile roofs. The property boasts an attractive mix of (20) 1-bedroom, (66) 2-bedroom and (24) 3-bedroom unit types with a weighted average size of 1,274 square feet and all units offer private entries and backyards. In addition, all units are individually metered for electricity and contain individual hot water heaters.
“This property met all of the buyers’ investment criteria,” states Alon Shnitzer, Senior Managing Partner, and lead broker for the buyer, Alpha Wave Investors, in this transaction. “Alpha Wave is an experienced opportunistic, value add investor who has aggressively pursued opportunities in Tucson. The buyer plans to invest over $2,000,000 in capital upgrades, including new paint, roofing, fitness center, children’s playground, dog-park, upgraded pool and clubhouse and numerous interior unit renovations. Given Tucson’s job and population growth demand drivers and significant lack of new construction, the city has and will continue to be in high demand for quality rental housing.”
“The seller was a private Texas-based investor who developed the property back in the early 80’s,” states Jon Ibrahim, Vice President with ABI, and lead broker for the seller. “It is very rare to find a seller that has held a property this long and especially on a property that has this many unique and favorable characteristics.”
The seller is a private Texas-based investor and original developer of the property.
The buyer, an entity formed through Alpha Wave Investors, LLC, is a private investment company based in Laguna Hills, CA.
