Rein & Grossoehme closes $8.9M deal
Bill Alter, of Rein & Grossoehme Commercial Real Estate, represented both the seller and the buyer on the sale of Arizona Storage Inns, which was his 161st successful self storage closing in 32 years as a specialist in this property type. The sale closed on March 12, 2018 for $8,900,000. The property consisted of 940 units in 11 buildings totaling 800 units with a total of 82,000 square foot. It also included 130 parking spaces for boats and RV’s. It was located at 1750 N. Country Club Dr., in Mesa, Arizona.
Marcus & Millichap sells apartment complex
Marcus & Millichap announced the sale of Santa Fe Casitas, a 13-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix and Tucson offices. The asset sold for $875,000.
“Santa Fe Casitas presented a tremendous opportunity for the buyers to conduct an interior and exterior renovation program to yield a substantial rent premium. SVP Holdings continues to be one of the most active groups in the submarket instilling their upscale lifestyle brand across small communities around the University,” says James Crawley.
Crawley, along with Hamid Panahi, Cliff David and Steve Gebing, investment specialists in Marcus & Millichap’ Tucson office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Crawley, Panahi, David and Gebing.
Santa Fe Casitas is located at 1435 E Fort Lowell Rd in Tucson, AZ.
Brixton Capital buys Palmilla Center
Brixton Capital recently purchased a grocery-anchored shopping center, located at SEC Dysart & McDowell Road in Avondale, Arizona, from Weingarten Realty (NSYE: WRI), for an undisclosed price.
Palmilla Center, with 103,568 square feet of leasable space, is 100 percent leased to a mix of national, regional and local tenants, including Fry’s Food & Drug (NAP) (NASDAQ: KR), PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block. The sale also included the Chase Bank and new Arizona Federal Credit Union pad buildings. Palmilla marks Brixton’s first acquisition of 2018 and its fifth acquisition in the last six months.
According to Bob Emri, Chief Investment Officer of Brixton Capital, “Palmilla was an excellent opportunity to acquire a stabilized, institutional-quality asset in a growing market that will produce immediate, high cash yields with long term upside potential.”
Weingarten Realty was represented by Bryan Ley at HFF. Brixton Capital represented itself.
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in Solana Beach, California, Brixton is led by a team of seasoned real commercial real estate experts with an average of more than 25 years of experience.
Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office, industrial and land investments across the United States and Europe. In 2017, Brixton Capital was ranked as one of the Top 50 Owners by Commercial Property Executive.