Phoenix
Faris Lee Closes $22M Sale of Watson Marketplace in Buckeye
Faris Lee Investments, an Irvine-based retail advisory and investment sales firm, recently announced that it helped close the $22 million sale of Watson Marketplace, a fully-leased 90,000-square-foot retail center in Buckeye, AZ. The transaction entailed 55,153 square feet of retail space leased to national credit and regional tenants such as Goodwill, Denny’s and The UPS Store; and two retail pads totaling at approximately 10,000 square feet, ground-leased to a McDonald’s and a Bank of America branch.
Lease Deal Paves Way for $350M USA Place Project in Tempe
In August 2013, Commercial Property Executive reported on USA Place, a $350 million mixed-use project to be developed near Arizona State University in Tempe. After more than a year of planning, the project is moving forward as the developers managed to come to an agreement with ASU for a 99-year lease for the use of 10.7 acres located on the east side of the historic Mill Avenue.
NexMetro to Develop Hybrid Single-Family Home Community in Goodyear
NexMetro, a Phoenix-headquartered developer, has increased its Valley presence through the acquisition of 9.7 acres of land at the northwest corner of Falcon Drive and Indian School Road in Goodyear. The acquisition closed on August 22, 2014.
Carter Validus Acquires 2 Phoenix-Area Data Centers in $125M Sale-Leaseback Deal
In a $125 million sale-leaseback deal, Carter Validus Mission Critical REIT Inc. has acquired data centers in Phoenix and Scottsdale, Ariz., from IO.
Wood Partners, PREI Close on M-F Project Site; NewQuest Epic’s Big Buy Includes Phoenix Asset
An entity formed by Wood Partners and Prudential Real Estate Investors, PR III/Wood Chandler Apartments LLC, recently completed the purchase of a property slated for a 301-unit apartment community redevelopment in downtown Chandler.
Realty Executives Phoenix Sells to Kinetic Cos.
Realty Executives Phoenix recently announced that it has been acquired by Kinetic Companies, a Phoenix- based real estate investment firm. Operations will continue under the Realty Executives name so as to continue the company’s 49-years old tradition.
ASU Taps Gould Evans, HNTB for Sun Devil Stadium Makeover
Arizona State University recently announced it selected Gould Evans and HNTB Corporation to lead the architectural and design renovations of its Sun Devil Stadium. This decision comes after a public request for qualifications.
P.B. Bell, Stonecutter Purchase $168.5M Phoenix M-F Portfolio
The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix announced that they completed the sale of a $168.5 million portfolio, comprising seven apartment properties. Totaling at 2,759 units, the portfolio was awarded to a joint venture formed by P.B. Bell of Scottsdale and Stonecutter of New York City. Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, represented the seller, Standard Phoenix Fund.
TruAmerica Multifamily, Berkshire Group Pay $35M for Avenue 25 Apartments in Phoenix; Security Properties Buys Mesa M-F Asset
TruAmerica Multifamily and an affiliate of Berkshire Group, The Guardian Life Insurance Co. of America, recently announced the $35.4 million acquisition of Avenue 25 Apartments in Phoenix. The off market transaction was supported by a $24.78 million pre-stabilization debt financing provided by Capital One Commercial Bank.
Consolidated Investment Group Buys Student Housing Property in Tempe for $38.7M
Denver-based Consolidated Investment Group (CIG) recently announced the $38.7 million acquisition and refurbishment plan of a 225-unit, 640-bedroom student housing property located near Arizona State University in Tempe. Renamed Regents on University, the property formerly known as Block 1949 will be reconditioned before the beginning of the new school year.