Phoenix, Arizona – CBRE arranged the sale of the 512-unit multifamily community Biscayne Bay on behalf of Everest Holdings to San Diego-based MG Properties for $110.25 million ($215.332 per unit).

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Everest Holdings. Financing was arranged by Rocco Mandala of CBRE Debt & Structured Finance.

Located at 300 E. Warner Road in the Chandler submarket of Phoenix, Biscayne Bay features two swimming pools, volleyball and basketball courts, kid’s playground, covered picnic areas with barbecue grills, putting green, parcel pending locker for resident packages, and a dog park. Large one, two, and three-bedroom units have nine-foot ceilings, decorative crown molding, well-appointed kitchens, walk-in closets, full-size washers and dryers, and large patios.

“Value-add communities in outperforming submarkets are in high demand,” Cunningham said. “Biscayne Bay provides an excellent opportunity to reposition a stable asset in one of the best multifamily environments in Metro Phoenix.”

According to data analyzed by CBRE Research, the Chandler/Gilbert multifamily submarket led all Metro Phoenix areas in 2018 with 2,425 units of positive net absorption. Occupancy in the submarket in Q2 2019 was 96 percent.

“Biscayne Bay was an excellent fit for our acquisition criteria and will complement our Phoenix portfolio,” said MG Properties CEO Mark Gleiberman. “The community is well-positioned to capitalize on strong regional fundamentals and will allow us to further scale our operations in the region.”

MG Properties Group specializes in the acquisition, development, rehabilitation and management of apartment communities throughout the western United States. Since 1992, the company has acquired and managed over 142 properties totaling over 32,000 units. Today, MG Properties Group manages over 20,000 apartment homes in over 70 communities in high-growth cities in California, Arizona, Nevada, Washington and Oregon. The company’s apartment portfolio has a total market value of over $3 billion.

Disabled veterans to trek Big Bend National Park and Rio Grande River

TUCSON, Ariz. — Raytheon Company (NSYE: RTN) and the non-profit No Barriers USA today announced the 2019 Big Bend Veteran Wilderness Expedition team. Disabled veterans from Alabama, Arizona, New Mexico, Oklahoma and Texas will participate in the Raytheon-funded expedition Oct. 5-13 at Big Bend National Park on the Rio Grande River in Southwest Texas.

The expedition is designed to push participants physically and mentally, while providing a foundation for stretching goals, facing adversity and leading others.

“For the returning men and women of our armed forces who face physical, mental or emotional injuries, the transition back to civilian life frequently presents unique and significant challenges,” said Jon Kasle, vice president of Communications for Raytheon Missile Systems. “Through a process of individual introspection, teamwork and camaraderie, No Barriers expeditions help impacted veterans reclaim a more complete sense of purpose and gain confidence to improve their quality of life.”

By combining comprehensive curriculum with physically challenging activities such as long-distance hiking and rafting, disabled veterans gain new strategies and skills that help them confront and overcome barriers. Participants take part in online coursework before and after the expedition to internalize the “No Barriers Life” and receive continual support throughout all phases of the expedition.

The 2019 Big Bend Veteran Wilderness Expedition team includes:

• Alexandria “Zayna” Aranda – Albuquerque, New Mexico, U.S. Army.
• Charles Causbie – Tucson, Arizona, U.S. Army.
• Leonard Day – Window Rock, Arizona, U.S. Army.
• Margaret “Margo” Gonzales – Guthrie, Oklahoma, U.S. Air Force.
• William “Bill” Gwaltney – White Rock, New Mexico, U.S. Marine Corps.
• Steven Lumbley – Conroe, Texas, U.S. Army.
• Jose Machado – Lancaster, Texas, U.S. Army.
• Hector Rodriguez – San Antonio, Texas, U.S. Marine Corps.
• Pedro San Miguel – Enterprise, Alabama, U.S. Army.
• Alumnus Coach – Jeremy Spruce, U.S. Army, Oro Valley, Arizona.

This is the sixth year Raytheon and No Barriers have partnered for a veteran wilderness expedition. Previous journeys took teams to the Grand Canyon in Arizona, Rocky Mountains in Colorado and the Wind River Range in Wyoming.

No Barriers improves the lives of veterans with disabilities through curriculum-based experiences in challenging environments. Our experiences serve as both an opportunity for growth and a catalyst for change as these brave men and women stretch physical and emotional boundaries, foster camaraderie, pioneer through adversity, and step up and serve others. Through experiences that are one part adventure, one part curriculum and one part physical challenge, we show veterans that what’s within them is stronger than what is in front of them. The mission of No Barriers USA is to unleash the potential of the human spirit. Through transformative experiences, tools and inspiration, No Barriers helps people embark on a quest to overcome obstacles, live a full life and contribute their absolute best to the world. Follow them on Facebook and Twitter.

Park303 to deliver almost 1.2 million s.f. of Class A space along new freeway corridor

GLENDALE, Arizona – NAIOP Arizona 2018 Owner and Developer of the Year Lincoln Property Company has closed on 71.5 acres in Glendale, Arizona for $11.7 million, initiating development of Park303. The new $115 million speculative Class A industrial project will have the flexibility to include two buildings totaling 705,531-square-feet and 488,995-square-feet, or combine into one single building totaling almost 1.26 million-square-feet.

Park303 is located between Bethany Home Road and Glendale Avenue, with one-quarter mile of freeway exposure along the new Loop 303 and featuring 40’ clear height and more than 540 parking spaces.

“The Park303 development is the newest in a string of projects to emerge along Glendale’s recently annexed 303 corridor,” said City of Glendale Mayor Jerry Weiers. “We are excited to welcome Lincoln Property and this state-of-the-art facility with modern amenities, and know it will continue to increase the momentum created by Red Bull, Ball and Rauch. The project is one of many developments in the area which will positively impact our residents and our economy.”

“We’ve designed Park303 with the flexibility to serve multiple users or combine into a single-building, single-user campus supporting one major employer looking for more than 1 million square feet of space,” said Lincoln Property Company Vice President of Development Doug Klocke. “That meets the space, amenities and parking demands that we’ve seen from today’s very modern industrial tenants, including those in the rapidly-growing e-commerce market.”

In August, LPC sold Lincoln Logistics 40 – a project the company completed in Goodyear in late 2018 with similarly modern amenities – to Nike Inc. The transaction ranks as the year’s highest-priced and largest-sized industrial sale. Nike will use the building for its third U.S. manufacturing facility, where it will employ more than 500 and build soles for Nike Air sneakers.

Park303 will have many common amenities to Lincoln Logistics 40, including 40’ clear height, efficient LED lighting, clerestory class for abundant natural light, ample truck parking and a fully amenitized outdoor space with covered canopies, seating and barbeques. The project will also provide freeway-fronting signage along the Loop 303 and provide employees and visitors easy ingress and egress to the project via two full-diamond freeway interchanges at Bethany Home Road and Glendale Avenue.

Park303 is bounded by the Loop 303, Bethany Home Road, Glendale Avenue and Sarival Road, adjacent to Luke Air Force Base. It sits within the rapidly developing Loop 303 corridor, in an area identified by the City of Glendale as the “New Frontier District” and targeted for economic development. Corporate neighbors to Park303 include Boeing, Mercedes, Microsoft, Red Bull, REI, SubZero and UPS, as well as hundreds of new residential homes.

Park303 will break ground in January 2020 and complete in the third quarter of the same year.

Barry Glabman of Scottsdale Investment Management represented the land seller, Roth Development Corp. Butler Design Group is the project architect. Hunter Engineering is the civil engineer. Selection of the project’s general contractor is underway.

To discuss development, leasing, project management or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.