Western Real Estate Business

AUG 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A 14 • August 2018 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T NAI ALLIANCE ARRANGES SALE OF 15,984 SF SHOPPING CENTER SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Mar- ketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer of NAI Alliance negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg's Glorified Ham 'N Eggs as the anchor. AUKUM GROUP BUYS 224-UNIT MULTIFAMILY PROPERTY FOR $41 MILLION GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multi- family property located in Glendale. The Praedium Group sold the com- munity for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apart- ment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institu- tional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. TREZ CAPITAL ARRANGES $10 MILLION CONSTRUCTION FINANCING FOR 116-ROOM HOTEL TOLLESON, ARIZ. — Trez Capital has secured more than $10 million in con- struction financing for Phoenix-based Virtua Partners. Loan proceeds will be used to finance the construction of a 116-room Fairfield Inn & Suites by Marriott in Tolleson, a western sub- urb of Phoenix. Slated to open in late summer 2019, the hotel will feature a fitness center, pool, free WiFi, an in- room ergonomic desk and chair, and an on-site business center. Hotel Equi- ties will manage the hotel, which will anchor a 21-acre mixed-use develop- ment that will include office, retail, restaurants and 240 multifamily units. FAIRFIELD ASSET ADVISORS BROKERS $20.7 MILLION SALE OF MEDICAL OFFICE BUILDING HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building lo- cated at 10561 Jeffreys St. in Hender- son. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health. LA ESPERANZA APARTMENTS TRADES FOR $4.5 MILLION NORTH LAS VEGAS — Northcap Multifamily has facilitated the sale of La Esperanza Apartments, a mul- tifamily property located at 900-1208 E. Carey Ave. in North Las Vegas. Tayla Family Trust & Miklos Steuer Trs sold the asset for $4.5 million, or $62,500 per unit. Built in 1962, the property features 72 apartment units. The buyer plans to renovate the prop- erty. Devin Lee, Robin Willett, Jared Roberts and Jason Dittenber of North- cap Multifamily represented the seller and buyer in the off-market deal. BYRD HOTEL GROUP COMPLETES $20 MILLION SALE-LEASEBACK OF FOUR HOTELS GOODYEAR, ARIZ. — Byrd Hotel Group has completed the sale-lease- back of four hotel properties in Good- year. Florida-based Kawa Capital Management acquired the properties for $20 million. The properties are the 90-room Red Lion Inn & Suites at 1313 N. Litchfield Road; the 110-guestroom Hampton Inn & Suites at 2000 N. Li- tchfield Road; the 100-key Holiday Inn & Suites at 1188 N. Dysart Road; and the 78-suite Residence Inn at 2020 N. Litchfield Road. The four limited- and full-service hotels contain a total of 441,967 square feet of space on ap- proximately 10.1 acres. Jon Grantham and James Meng of Colliers Interna- tional's Greater Phoenix office repre- sented the seller, while Kawa Capital was self-represented in the transac- tion. GOLDEN EAGLE DISTRIBUTORS SELLS INDUSTRIAL BUILDING FOR $13.3 MILLION TUCSON, ARIZ. — Golden Eagle Distributors, a Tucson-based beer dis- tributor, has completed the sale of a 161,212-square-foot industrial build- ing located at 705 E. Ajo Way in Tuc- son. 6455 Box Springs Blvd. LLC pur- chased the property for $13.3 million. Stephen Cohen and Michael Ham- mond of Cushman & Wakefield | PI- COR represented the seller, while Art Day of CBRE represented the buyer. CUSHMAN & WAKEFIELD BROKERS $7.5 MILLION SALE OF APARTMENT COMMUNITY GILBERT, ARIZ. — Cushman & Wake- field has arranged the sale of Williams Gateway Apartments, a multifam- ily property located at 5050 S. Power Road in Gilbert. Nasim Sikder of Chandler, Ariz., acquired the prop- erty from Chicago-based 29SC Wil- liams Landing LP for $7.5 million. Jim Crews of Cushman & Wakefield's Phoenix office represented the seller in the deal. Built in 1982, the property features 72 units in a mix of one- and two-bedroom floor plans. On-site community amenities include a swim- ming pool, dog park, fire pit, barbecue and laundry center. ORION INVESTMENT BROKERS ACQUISITION OF LAND PARCEL FOR MULTIFAMILY DEVELOPMENT CHANDLER, ARIZ. — Orion Invest- ment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Invest- ments for $4.4 million. The buyer plans to develop The District at Chan- dler, 340-unit multifamily project on the site. Larry Kush of Orion repre- sented the buyer in the deal. DUNBAR REAL ESTATE ACQUIRES 134,886 SF BUSINESS PARK TEMPE, ARIZ. — El Segundo, Calif.- based Dunbar Real Estate Investment Management purchased Mill Avenue Business Park, located at 40 E. Base- line Road, 5030 S. Mill Ave. and 5005- 5025 S. Ash Ave. in Tempe. San Juan Capistrano, Calif.-based Birtcher Anderson Realty sold the property for $14.2 million. Bob Buckley, Steve Lindley and Tracy Cartledge of Cush- man & Wakefield Phoenix negotiated the transaction on behalf of the seller. Built in 1983, Mill Avenue Business Park features 134,886 square feet of office, industrial and retail space. The property recently underwent a $1.3 million renovation. At the time of sale, the asset was 87.7 percent oc- cupied. Peg's Glorified Ham 'N Eggs is the anchor tenant at Marina Marketplace in Sparks. Located in Gilbert, Williams Gateway Apartment features 72 apartment units.

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