The 237-unit property is currently undergoing renovations

PHOENIX – July 31, 2023 – CBRE has secured $16.575 million in financing for the Sunset Sound Studio Apartments at 2307 – 2323 East Van Buren Street in Phoenix.

Bruce Francis, Shaun Moothart, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek with CBRE Capital Markets’ Debt and Structured Finance team secured a non-recourse fixed-rate cash out refinance through Freddie Mac, on behalf of the owner, InTrust Property Group.

“InTrust Property Group successfully implemented a business plan that completely transformed the asset by providing significant upgrades to the interior and exterior of the building and enhanced amenities for its residents,” said Shaun Moothart, executive vice president at CBRE. “This is a great example of creating value by way of investing in and significantly improving the quality of a project while offering much needed affordable housing for the community.”

Sunset Sound Studio Apartments is a 237-unit garden-style multifamily community in the heart of Phoenix. Built in 1977, the property has been renovated to include upgraded amenities like a new resort-style pool and fitness center. Additionally, 54 units have been upgraded with premium finishes, providing tenants an affordable place to live.

InTrust Property Group is a California-based opportunistic private equity firm specializing in value-added real estate investments. InTrust’s portfolio spans the Phoenix, Las Vegas, Salt Lake City, and Oklahoma City metros.

PHOENIX – July 31, 2023 – CBRE has facilitated the $21.5 million sale of the Cambria Hotel Phoenix Chandler Fashion Center, a 136-key property located at 3165 West Frye Road in Chandler, Ariz.

Jennifer Bergamo, Ron Danko, and Hana Friedman and Hana Friedman with CBRE Hotels represented both the seller, Concord Hospitality Enterprises, and the buyer, Kingsbury Hospitality REIT I, Inc., in the transaction. Michael Straw and Dylan Brandt with CBRE Hotel Debt & Structured Finance assisted in securing the debt.

“The team ran a competitive marketing process and leveraged our local knowledge and national platform to garner the best results for both the seller and buyer,” said Ms. Bergamo, vice president at CBRE. “The Phoenix metro is one of the strongest lodging markets in the country. Our strategic resources and knowledge got this deal across the finish line.”

The hotel is well located within the upscale Chandler Viridian mixed-use complex and adjacent to the Chandler Fashion Center. The area offers shopping, restaurants, and entertainment venues. The property’s efficient design provides guests with upgraded guestrooms and amenities that resonate with travelers’ tech and business needs. The property has an on-site restaurant, Social Circle.

The sale of this hotel marks CBRE’s ninth transaction representing Concord in the last three years. An additional asset is scheduled to close in mid-August, bringing totaled sales to around $430 million.

“Teaming with Jennifer in Phoenix was key to identifying the strategic investor and completing this transaction,” said Mr. Danko, executive vice president of CBRE’s Hotels NYC-based team and assignment lead. “I have continued to team up with our regional professionals across the CBRE Hotels platform to provide stellar results for Concord.”

Located in the East Valley, property guests are within easy reach of Phoenix Sky Harbor Airport and Phoenix area highway loop system, 101, 202, and 303.

TUCSON, ARIZONA (July 28, 2023) — Penske Truck Leasing Co, L.P. purchased 1.48 acres of land at 3499 E. 34th St. in Tucson from JDK Aviation Property, LLC for $1,875,000 (26 PSF) to owner occupy. This will be the seventh location for Penske in Tucson.

The property has three buildings totaling 14,720 square feet previously used by Kazal Fire Protection and sold for land value.

Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer.

Since 1969, Penske Truck Leasing has grown from a three-location rental and lease business to a multibillion-dollar transportation services company.  Roger Penske founded the company on Dec. 1, 1969, after purchasing a car and light-truck rental and leasing business serving eastern Pennsylvania with just three locations. By 1981, the company had grown to 33 facilities staffed by 420 employees, generating more than $40 million in annual sales.

In 1982 it joined the Hertz Truck Division to form Hertz-Penske Truck Leasing. The company acquired Goldston in 1983 and Leaseway Transportation’s truck renting and leasing business in 1986. With 102 locations and 2,300 associates, the company generated annual revenues of $200 million.

In 1988, Hertz exited the business, and Penske Corp. entered into a joint venture with GE Capital, where GE contributed its Gelco Truck Leasing business. The parties formed Penske Truck Leasing Co., L.P.

In 1995, Penske expanded its logistics business when it acquired the entire business of Leaseway Transportation Corp. and continued to expand internationally by establishing Penske Logistics Europe in 1997. The company dramatically increased its presence in the European market with the 1998 purchase of Transportgroep van der Graaf, a Netherlands-based transportation and warehouse provider.

In 2015, Penske Logistics acquired Transfreight North America. This acquisition increased its supply chain solutions offerings and capabilities in the United States, Mexico, and Canada.

Throughout its 50-year history, Penske Truck Leasing has developed vast capabilities serving various customers in diverse industries. To better represent the breadth of its powers and to position the organization for future development and the potential acquisition of new product and service offerings, the company introduced a new umbrella brand name in 2019: Penske Transportation Solutions.

Penske Transportation Solutions is now the umbrella brand for Penske Truck Leasing, Penske Logistics, Epes Transport Systems, and Penske Vehicle Services. Our businesses provide innovative transportation, supply chain, and technology solutions to keep the world moving.

The pandemic of 2020 forever changed the way the company works, lives, and operates. While always at the forefront, health, safety, and community support took on new dimensions in 2020 and even greater importance to help Penske’s associates, customers, and communities navigate unprecedented times.

As an essential provider of transportation services and supply chain solutions, Penske’s rental, leasing, and logistics businesses played critical roles in responding to the challenges brought about by the pandemic and the ripple effects impacting supply chains. Associates across our organization responded with incredible determination, grace, resiliency, and the unstoppable Effort Equals Results spirit that runs deep within the organization.

Penske Truck Leasing continued to provide essential and continuous transportation support services such as fleet maintenance, repairs, fuel, and over-the-road support. It made sure trucks, semi-tractors, and trailers remained available and ready to support business fleets, truck drivers, and consumers on the move.

At Penske Logistics, dedicated contract carriage, warehousing, and transportation management were mission-critical functions for its supply chain customers. From making sure hospital deliveries of masks, gowns, and other medical supplies were delivered by truck on time to managing food, beverage, and grocery warehouses and direct-store deliveries by truck, Penske’s role in the supply chain was essential.

Penske Truck Leasing is a leading transportation services provider that operates and maintains a fleet of approximately 431,700 vehicles. Including full-service truck leasing, contract fleet maintenance, commercial and consumer truck rentals, and used truck sales and an expansive network of approximately 930 maintenance facilities in North America. Penske Logistics operates at more than 500 locations across North America, South America, Europe, and Asia. Penske’s supply chain and logistics solutions include dedicated contract carriage, distribution center and warehouse management, transportation management, lead logistics, freight management, and consulting.

When combined, Penske Transportation Solutions, headquartered in Reading, Pennsylvania, has businesses that generate approximately $13 billion in annual revenue and employs about 43,000 associates worldwide.

For more information on the sale, Glaser should be contacted at 520.546.2707.

To learn more, see RED Comp #10784.