Phoenix, AZ  – CBRE has completed the sale of Metro Gateway, a multi-tenant shopping center located at the southeast corner of 35^th and Peoria Avenues in Phoenix, Ariz. The 73,146-square-foot retail property is situated on approximately 7.19 acres of land and commanded a sale price of $9.1 million, or $124 per square foot.

Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Metro Gateway, LLC of Rancho Murieta, Calif., and the buyer, an entity formed by British Columbia, Canada based-REIT TitanStar Properties, Inc.

“Metro Gateway is a 97 percent occupied shopping center in the densely populated Metro Center corridor and has seen a tremendous amount of redevelopment over the past several years,” said Fosberg. “The intersection of 35^th and Peoria Avenues has daily traffic in excess of 72,000 vehicles per day and more than 400,000 residents live within a 5-mile radius.”

“Metro Gateway’s rent roll was recently bolstered by the addition of Planet Fitness. The national fitness center chain was an excellent addition to other successful long-term tenants, including two pads leased to Eyeglass World and Domino’s Pizza,” continued Fosberg. “The strong tenancy made Metro Gateway an attractive investment for TitanStar, a publicly traded Canadian REIT that we have worked closely with for several years.”

Metro Gateway was built in 1977 and has a total of 10 tenants.  Other draws to the shopping center, but not included in the sale are McDonald’s and Garcia’s Mexican Restaurant.

Air-to-air Stinger will add firepower to India’s new combat helicopters

TUCSON, AZ — The Indian Ministry of Defence has signed an agreement with the U.S. Department of Defense to acquire Stinger air-to-air missiles made by Raytheon Company (NYSE: RTN). As part of the deal, India will receive 245 Stinger air-to-air missiles, as along with launchers and engineering support.

“India joins nations around the globe who recognize that air-to-air Stinger can be a key component of attack and light attack helicopter mission configurations,” said Duane Gooden, Raytheon Land Warfare Systems vice president. “Stinger significantly improves the ability of the aircraft to successfully perform today’s missions while countering existing threats.”

Combat-proven in four major conflicts, Stinger has more than 270 fixed- and rotary-wing intercepts to its credit. It is deployed in 19 nations and with all four U.S. military services.

India’s Stinger acquisition is part of a $3.1 billion deal with the U.S. that includes combat helicopters, weapons, radars and electronic warfare suites.

SAN DIEGO, CA –  Expanding its Arizona multifamily portfolio, San Diego-based Pathfinder Partners, LLC has acquired 90 units in Aderra Condominiums – a 312-unit upscale community at 11640 North Tatum Boulevard in the exclusive Paradise Valley neighborhood of Phoenix – for $15 million ($48,077 per unit).

According to Lorne Polger, senior managing director of Pathfinder Partners, his firm acquired the condos in a bulk transaction from Real Capital Solutions, which originally purchased 155 units from the project lender. “Our immediate plans are to implement comprehensive exterior and interior upgrades and then launch a retail sales program,” Polger said. “We will also be bringing new model units online within the next few months.”

Aderra, built in 2008, is situated on eight acres across the street from the Paradise Valley Mall and overlooks the Stone Creek Golf Course. Aderra is comprised of 15 three-story buildings with one- and two-bedrooms condos ranging from 811 to 1,284 square feet.

Polger noted the community is a good investment for multiple reasons. “The property’s outstanding location, our ability to purchase the property at a significant discount to replacement cost and the fact that Aderra is one of the only upscale condo communities in the Paradise Valley area were all key factors in our decision to invest here,” Polger said. “We were also impressed by the property’s relatively new construction, extensive amenities and proximity to restaurants, entertainment and shopping. In addition, Phoenix continues to show strong population and job growth, which creates strong demand for housing.”

Aderra features an array of amenities, including open-concept floor plans, gourmet-style fully equipped kitchens, stainless steel appliances, full-size washers and dryers, gas fireplaces, an underground parking garage, fully equipped fitness center, resort-style pool and spa and direct golf course access. The project is pet friendly and within walking distance to numerous dining and shopping options.

John Cunningham and Charles Steele of JLL were the brokers on the transaction.