Tempus Realty Partners of Little Rock, Arkansas bought Warner Crossing, a two-building office complex located at 8260 and 8312 S. Hardy Dr. in Tempe.
“Warner Crossing represents the ideal opportunity for us to enter the Tempe market," Dan Andrews, CEO of Tempus Realty Partners said in a statement. “We are confident that when the current disruption in the market dissipates, high quality assets such as this will quickly return to full occupancy.”
Younan Properties Inc. of Woodland Hills, CA. was the seller in the transaction. Mindy Korth of Colliers International in Phoenix represented the seller, and the buyer was represented by Isaac Smith, president of Colliers in Arkansas.
According to real estate database Vizzda, the property sold for $23.46 million.
“Selling an office property with one of its three tenants on a short-term lease, and most employees working from home takes persistence and a knowledgeable team," Korth said in a statement. “Fortunately, this project was very well conceptualized by its original developer, Ryan Companies. Warner Crossing has a long history of full-occupancy, only recently dropping to 69% leased status.”
Neighborhood Ventures, a Phoenix-based real estate crowdfunding company, sold one of its investment properties, Villa Hermosa, a 14-unit boutique apartment in uptown Phoenix.
ABI Multifamily brokered the $3.92 million sale of the property at 5740 N. 10th St., purchased by S&J AZ Investment LLC.
The property was 100% occupied and monthly rental rates averaged $1,475 when the deal closed.
This sale represents Neighborhood Venture's fourth property sale, said John Kobierowski, Neighborhood Ventures co-founder.
"Honestly, it was a little hard for me to part with this beautiful property," he said. "I became pretty attached to it."
Kobierowski and Jamison Manwaring co-founded Neighborhood Ventures in September 2017 when new laws were passed that allowed non-accredited investors to become shareholders in Phoenix commercial real estate projects with as little as $1,000 investment.
Buying the property in March 2020 and embarking on renovations, Kobierowski said he had planned to hold the property for 24 months, but received several unsolicited offers at the right price, selling it within 19 months.
"Our business model is to purchase, renovate, lease up, sell, then repeat," he said. "In this hot real estate market, things are moving quickly, and it is extremely rewarding to help so many people take advantage of these investment opportunities."
Phoenix-based Adelante Healthcare has completed a $4 million renovation to the former 40,000-square-foot Sports Authority building at MetroCenter for its newest health clinic that will employ 300 people. A ribbon-cutting ceremony is set for Nov. 2 at the new health center, 9610 N. Metro Parkway West.
The renovation project was financed through various sources, including a tenant improvement allowance, fundraising events and grants and foundation funding, including the Virginia G. Piper Charitable Trust, Glanville Grille Foundation, Arizona Alliance of Community Health Centers and HRSA American Rescue Plan.
Cawley Architects served as architect while SBA/Chasse was the general contractor for the project.
Adelante Healthcare also was awarded $868,857 from the Federal Communications Commission toward purchasing telehealth equipment, including virtual visitation software to help care for the Valley's most vulnerable patients.
With nine locations throughout the Valley and 695 employees, Adelante is a nonprofit, Federally Qualified Health Center serving more than 80,000 patients.
Adelante is in hiring mode, with a need for front office staff as well as medial, dental and behavioral health assistants and providers to support the new site.
Over in Mesa, an assisted living property that has been sitting vacant since 2019 has sold for $3.8 million. Built in 1974 at 152 N 56th St, Mesa, which is near Banner Desert Medical Center, the property includes 50 studio units and 28 one-bedroom/one bathroom units.
On Oct. 18, Green Home Rentals LLC, an entity tracing to Charles Kirkland, bought the property from Copper Heights AZ LLC, an entity tracing to Mary Leach.
Carson Griesemer, Dallin Hammond, and Mitchell Drake of Phoenix-based ABI Multifamily represented the buyer and seller in this transaction.
Also in the East Valley, Minneapolis-based Adolfson & Peterson Construction has completed construction of a 14,524-square-foot replacement field house for Williams Field High School in Gilbert.
Designed by Orcutt | Winslow, total construction cost was $4 million, and financed by Higley Unified School District as part of a $70 million bond program from 2013.
The new field house features offices, office storage and a conference room as well as field storage, showers, restrooms, locker rooms, a training room, a laundry room, team room and a new concession stand.
In an unrelated deal, Walton Group, which is based in Scottsdale, sold 319 acres of land in Casa Grande to a group of local investors that has not disclosed plans for the property.
The sale of the land, called Vista Ranch, closed Oct. 15.
“Walton continues to be excited by the growth opportunities in Casa Grande and we are actively advancing approvals on additional assets in this area," Jen Ruby, senior vice president of land for Walton, said in a statement.
Ryan Willis with Willis Property Company represented the buyers in the transaction. According to Pinal County records, the buyers were CB Equity and Cardon Hiatt Investments.
Center Pointe Deer Valley, a 33,367-square-foot, multitenant office property at 23460 N. 19th Ave. in Phoenix, was acquired by JLM Corp, as part of a 1031 exchange. The property sold for $6.4 million.
Eric Wichterman and Mike Coover Cushman & Wakefield represented the seller, Pinnacle Campus Office-Retail, LLC in the transaction.
“Center Pointe is a high-quality multi-tenant office asset desirably located in the prized and rapidly growing Deer Valley submarket of Phoenix,” Wichterman said in a statement. “Office space in the trade area has performed extremely well, and at 97% leased, this asset reflected the market’s strength.”
“The property will benefit from the new $12 billion Taiwan Semiconductor plant under construction to the north, which is anticipated to provide significant tailwinds to the Deer Valley submarket," Coover said in a statement.
Home2 Suites by Hilton Phoenix Avondale, which is part of Hilton's (NYSE: HLT) All Suites portfolio, recently opened at 10275 W. McDowell Road in Avondale off the Interstate 10.
The new, 127-suite hotel is near Westgate Entertainment District, State Farm Stadium and other well-known attractions. The hotel is owned by Avana Capital and managed by Provo, Utah-based Lodging Dynamic Hospitality Group.
The new hotel is almost completely powered through solar energy in a partnership with Scottsdale-based SunRenu and has five electric vehicle charging stations in its parking lot.
The hotel offers all-suite accommodations with fully-accessorized kitchens and modular furniture and is pet friendly. It has complimentary internet, a combined laundry and fitness area and complimentary daily breakfast. Guests can also enjoy an outdoor saline pool, fire pit and grill area.
"We are excited to welcome sports enthusiasts, players and their families as well as the many tech professionals visiting our region to our hotel; it's a great location and the newest Hilton in the market," said general manager Matt Hallinan, a Phoenix native returning to his hometown after years of serving in hospitality leadership roles around the nation.
"Avondale has a lot of potential as an emerging market in West Phoenix, and we look forward to integrating with the surrounding business and athletic communities."
A joint venture between a Merit Partners entity and Earnhardt Auto Centers recently acquired two Goodyear properties from Phoenix-based Merit Partners Inc., according to real estate database Vizzda.
Tex Industrial One at PV 303 LLC and Tex Industrial Two at PV 303 LLC purchased a total of about 16 acres for nearly $5 million between the two sites in Goodyear, according to Vizzda.
The properties are located on the northwest corner of Loop 303 and Indian School Road and the southwest corner of Loop 303 and Indian School Road. Vizzda shows that both sites are commercial land zoned for planned area developments.
The two proposed buildings for the sites include a 100,800-square-foot facility and a 130,000-square-foot facility on each side of Indian School Road close to Loop 303.
Merit Partners said they are working on site plan approval with the city of Goodyear and hope to be under construction on the speculative buildings by the end of the year. No tenants have been selected for the properties yet.
A 15,000-square-foot Walgreens in Glendale recently sold for $3.3 million, according to Marcus & Millichap (NYSE: MMI). A Smith Properties III LLC sold the property to MEZ AZ LLC, according to real estate database Vizzda. The net-leased property at 8309 W. Glendale Ave. near the Westgate Entertainment District and other retail stores like Walmart, O'Reilly Auto Parts, McDonald's, Subway, Target and more. It was built in 2001, according to Marcus & Millichap. Mark Ruble and Chris Lind, investment specialists with Marcus & Millichap in Phoenix, marketed the property on behalf of the seller. The buyer was procured by Ruble and Lind.
Germain Motor Co. acquired the Surprise Honda dealership on Oct. 18 for $20.2 million from Piercey Automotive Group, according to real estate database Vizzda. Germain Motor Co. is a family-owned and operated group of dealerships based in Columbus, Ohio. Drivers in the Phoenix metro can also use Germain to You, the company's online transaction program to shop virtually. The dealership, now called Germain Honda of Surprise, is located at 13720 N. Autoshow Ave.
Arizona Land Consulting LLC, which is owned by Anita Verma-Lallian, recently sold about 45 acres of vacant land in Buckeye to CODBOCW LLC, a tenancy in common group, according to real estate database Vizzda. The site sold for $4.1 million and is located on the east/southeast corner of Oglesby Road and MC 85, just south of where the new KOREPlex lithium-ion battery manufacturing facility will be built.
Freeway Executive Center I, a 39,601-square-foot, multi-tenant office property in southeast Phoenix sold on Oct. 18 for $6 million, according to Maricopa County records. Zale Holdings LLC, which is based out of Prescott, purchased the property at 10429 S. 51st Street from AJ Chandler Freeway Center LLC. The 20-year-old building is approximately 50% leased. Wichterman and Coover from Cushman & Wakefield represented the seller on the transaction. Cushman’s Larry Downey and Brett Thompson provided leasing advisory during the deal.
Editor's note: The real estate deal wrap will be published regularly by the Phoenix Business Journal. Send new real estate transactions and retail/restaurant leases to managing editor Erin Edgemon, eedgemon@bizjournals.com.
