Western Real Estate Business

OCT 2017

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 & H A WA I I 20 • October 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T IPT ACQUISITIONS BUYS LAST-MILE LOGISTICS CENTER IN CHANDLER FOR $10.7 MILLION CHANDLER, ARIZ. — IPT Acquisi- tions has purchased a 91,204-square- foot last-mile logistic center in Chan- dler for $10.7 million. The center is located at 550 E. Elliot Road. The facili- ty is occupied by Amazon. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield rep- resented the seller, Globe Management Company, in this transaction. SONOMA VILLAS IN MESA SELLS FOR $22.4 MILLION MESA, ARIZ. — The 265-unit Sonoma Villas apartments in Mesa has sold to a joint venture between Henley USA and Modern Residential Company for $22.4 million. The community is locat- ed at 1800 E. Covina Street. Sonoma Villas was built in 1980. The JV plans to enhance the property by making strategic improvements to the com- mon area amenities, apartment interi- ors, leasing space and clubhouse. The Jones Group represented the buyer, while David and Steve Gebing of In- stitutional Property Advisors repre- sented the seller, a joint venture be- tween Mentor Properties and ReNUE Properties, in this transaction. TERRAPIN INVESTMENTS & MANAGEMENT CORP. ACQUIRES SHERATON ALBUQUERQUE AIRPORT HOTEL ALBUQUERQUE, N.M. — Terrapin Investments & Management Corp., has purchased the 276-unit Sheraton Albuquerque Airport Hotel for an undisclosed sum. The hotel is located at 2910 Yale Blvd. SE in Albuquerque. The property is the only lodging fa- cility situated on airport grounds at Albuquerque International Sunport Airport, making the hotel the most immediate and easily accessible lodg- ing facility for the airport terminal. Sheraton Albuquerque Airport Hotel is located about five miles southeast of Downtown Albuquerque, two miles south of the University of New Mex- ico and three miles west of the Gibson Gate at Kirtland Air Force Base. Mike Armstrong of HREC Investment Ad- visors represented the seller, a joint venture between Waramaug, Inter- state Hotels and Resorts and Värde Partners, in this transaction. HENLEY USA, MODERN RESIDENTIAL CO. BUY SONOMA PINES IN PEORIA FOR $19 MILLION PEORIA, ARIZ. — A joint venture be- tween Henley USA and Modern Resi- dential Company has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The commu- nity is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advi- sors represented the buyer and seller, Mentor Properties, in this transaction. FOOTHILLS HEALTH CENTER IN PHOENIX SELLS FOR $12.1 MILLION PHOENIX — Foothills Health Center, a 53,310-square-foot medical office property in the Phoenix submarket of Ahwatukee, has sold to Crescendo Development for $12.1 million. The property is located at 4510 and 4530 E. Ray Road. The center is 93 percent occupied. The larger building was de- veloped in 1994 and was refurbished in 2000, while the smaller building was developed in 2002. Crescendo Development was represented by NKF. Nicholas Pelusio and Kevin Hel- land of Avison Young represented the seller, United Insurance Company of America, in this transaction. Professional Model One hour ago her largest hotel received a sky-high assessment. 30 minutes ago she called APTC. For over 20 years, APTC member law firms have handled client real estate portfolios from assessment review through the highest courts. Our members provide national representation with local experience all across the U.S. and Canada. Contact us at 1-844-227-0407 or www.APTCNET.com. Smart, Aggressive Property Tax Advocacy The 91,204-square-foot last-mile logistic center in Chandler is occupied by Amazon.

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