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CREReport | Phoenix for December 8, 2014

CREReport | Phoenix

Commercial Real Estate Report for December 8, 2014

Bob Parsons Files for Permit to Develop Scottsdale National Golf Club

A conditional use permit was filed on behalf of Bob Parsons seeking approval to develop Scottsdale National Golf Club at the NWC 122nd St & Rio Verde Dr in North Scottsdale.

Plans include building an 18-hole championship course, remodeling an existing course, adding a Par 3 course and building a new clubhouse.

Scottsdale AZ

IDB Investments Acquires The Vue in Phoenix for $1.45M

IDB Investments, LLC purchased The Vue, a 26-unit multifamily property located at SWC 15th Ave & Missouri Ave in Central Phoenix) from Phoenix based JD 860, LLC for $1,450,000.

ABI Multifamily’s Doug Lazovick, John Kobierowski, Alon Shnitzer, Rue Bax and Eddie Chang represented both the seller, Phoenix based JD 860, LLC, and the buyer, IDB Investments, in the transaction.

ABI Multifamily

Umbrella Properties Acquires Club at Coldwater Springs in Avondale for $24M

Umbrella Properties Inc. purchased Club at Coldwater Springs, a 251-unit multifamily property located at W/SWC Avondale Blvd & Van Buren St in Avondale, from PEM Investments Real Estate Group for $24M.

NALS Waterford-95 Acquires Waterford at Superstition Springs in Mesa for $33M

NALS Waterford-95 LP purchased Waterford at Superstition Springs, a 280-unit multifamily property located at W/SWC Sossaman Rd & Southern Ave in Mesa, from California State Teachers’ Retirement System for $33M.

Farnham Realty Acquires Broadstone at Twin Fields in Gilbert for $47.1M

Farnham Realty Inc. purchased Broadstone at Twin Fields, a 314-unit multifamily property located at E/SEC Loop 202 & Williams Field Rd in Gilbert, from Broadstone at Twin Fields LP for $47.1M.

Broadstone at Twin Fields LP is a limited partnership formed by Alliance Residential and Phoenix Capital Partners.

Scottsdale Investment Management Acquires 30.5K SF of Industrial Space in Phoenix for $2.7M

Scottsdale Investment Management purchased two industrial properties in Phoenix totaling 30,500 square-feet of space for $2,715,000.

The two properties:

• 21018 N 22nd St, Phoenix (16,500 SF)

• 2626 S 16th St, Phoenix (14,000 SF)

Lee & Associates’s Pete Batschelet represented the buyer, Scottsdale Investment Management.

Lee & Associates

Doug Moreland Acquires 22.6 Acres of Land in Avondale for $2.2M

Doug Moreland of Moreland Auto Group purchased 22.6 acres of land located at NWC Avondale Blvd & McDowell Rd in Avondale from Rialto Capital Management LLC for $2.2M. Moreland plans to hold the land as an investment.

Haugen Commercial Real Estate’s George Haugen represented the buyer, Doug Moreland.

Cassidy Turley’s Brian Rosella and Will French represented the seller, Rialto Capital Management LLC.

605 W Pierson LLP Acquires Pierson Villa Apartments in Phoenix for $568K

605 W Pierson LLLP purchased Pierson Villa, a 12-unit multifamily property located at SE/SEC 7th Ave & Camelback Rd in Central Phoenix) from Pierson Villas, LLC for $568,000.

Vestis Group’s Natan Jacobs, Les Litwin and Chad Barber represented the buyer, 605 W Pierson LLLP.

Vestis Group Brokers Sale of Citrus Acres Apartments in Phoenix for $156K

An undisclosed buyer purchased Citrus Acres, a 3-unit multifamily property located at N/NWC 40th St & Thomas Rd in Central Phoenix from Fannie Mae for $156,000.

The buyer plans to renovate the property into three luxury rental casitas. Vestis Group will oversee the redevelopment of the site.

Vestis Group’s Natan Jacobs, Les Litwin and Chad Barber represented the buyer in the transaction.

TriWest Healthcare Alliance Leases 55.6K SF at Marconi Research Park in Phoenix

TriWest Healthcare Alliance leased 55,550 square-feet of office space in the Marconi Research Park located at S/SWC I-17 & Bell Rd in North Phoenix from Newport Beach.

CBRE’s Ashley Brooks, Jim Bayless and Jenny Aust represented the landlord, Newport Beach.

Editor’s Note: The total amount of space leased appears to be a blend of renewing existing space plus adding new.

Beauty Lounge Leases 2.2K SF at Royal Events Center in Scottsdale

Beauty Lounge leased 2,236 square-feet of retail space at Royal Events Center located at NWC Scottsdale Rd & Curry Rd in South Scottsdale from Rio Salado Center LLC.

Rein & Grossoehme’s Jared Lively represented both the landlord, Rio Salado Center LLC, and the tenant, Beauty Lounge, in the transaction.