PHOENIX, ARIZONA – Cushman & Wakefield announced that Phoenix-based RP 115, LLC (an entity formed by Rincon Partners) sold Centerra Apartments Homes, located at 111000 N. 115th Street in Scottsdale, Ariz., for $36.25 million ($179,455 per unit) to Phoenix-based Tanbic Edgehill Centerra Apartments, LLC (an entity formed by Ryan and Anthony Francisco with Edgehill Investments and Tanner Bickelhaupt with Tanbic Investments).

Built in 1986 and located in North Scottsdale, Centerra Apartment Homes is a recently renovated 202-unit garden-style apartment community. The property offers one- and two-bedroom apartments, averaging 746 square feet, featuring stainless steel appliances, granite countertops, new cabinetry in kitchens and baths, walk-in closets, wood-style flooring, washer/dryers and private patios/balconies. Community amenities include a two resort-style pools and spas, fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Nicoluzakis stated, “This North Scottsdale location is a very supply constraint area that will provide these buyers a durable investment with excellent potential for growth in the future.”

Glendale, Arizona project more than triples to 265 acres, 4.5 million s.f. fronting the Loop 303

GLENDALE, Arizona – A 196-acre land purchase made by a joint venture between Lincoln Property Company (LPC), Ken Roth/Roth Development Corporation and Scottsdale Investment Management LLC has expanded LPC’s just-announced Park303 industrial project into a major new master-planned, Loop 303-fronting industrial park in Glendale, Arizona.

With the additional land, the joint venture industrial park will span approximately 265-acres along the Loop 303 between Bethany Home Road and Glendale Avenue, with the ability to support almost 4.5 million-square-feet of new industrial construction.

“The Loop 303 has become one of the bright new opportunities for the Southwestern U.S. industrial market,” said Lincoln Property Company Executive Vice President David Krumwiede. “Our plans for Park303 have always been to bring the highest-quality, most innovative and efficient industrial space to the area. This expansion allows us to grow that vision into an even more significant destination, which is a proven formula for this location based on the success of other nearby projects.”

“Park303 is the result of an outstanding working relationship between our team and the City of Glendale, specifically its City Manager’s office and Economic Development group,” said Roth Development Corporation President Ken Roth. “We look forward to a strong and continued relationship as we execute our vision for Park303 and establish its place in the market.”

Just last month, LPC announced its purchase of 71.5-acres in Glendale for construction of Park303, a $115 million, Class A industrial development able to support two buildings at 705,531-square-feet and 488,995-square-feet, or combine into one single building totaling more than 1.25 million square feet.

Identified as Park303 Phase I, both buildings are scheduled to break ground in January 2020 and deliver in September. Features will include 40’ clear height, efficient LED lighting, clerestory class for abundant natural light, ample truck parking and fully amenitized outdoor spaces with covered canopies, seating and barbeques.

The new land acquisition adds 196-acres to that site, supporting almost 4.5 million-square-feet of construction.

“Our company is continually looking for great sites to acquire. The Loop 303 corridor rises to that level of excellence as one of the best investment opportunities in the region and an exceptional place for forward-looking businesses to locate and grow their brands,” said Tim Grant, Partner with Scottsdale Investment Management. “Park303 will serve as a best-in-class business environment within that space. We look forward to working with Lincoln Property Company and Roth Development in developing this property to its highest and best use.”

Park303 will have freeway signage opportunities via one full mile of freeway frontage, easy ingress and egress to the project via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue, and access via frontage on Sarival Road.

The park sits within Glendale’s New Frontier District, an area along the Loop 303 designated by the City of Glendale for significant economic development. It is also one mile from the Northern Parkway, a new 12.5-mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. With this connection, users at Park303 can avoid common rush hour traffic delays on Interstate 10, helping them to meet critical morning and evening delivery requirements.

Corporate neighbors to Park303 include Aldi, Boeing, Daimler-Benz, Dick’s Sporting Goods, Microsoft, Red Bull, REI, SubZero, UPS and XPO Logistics, as well as hundreds of new residential homes.

Michael Schwab with Land Advisors Organization represented the property land seller, Virgin Farms. Barry Glabman of San Salvador Management represented the land buyers.

Butler Design Group is the project architect for the first two buildings at Park303 Industrial Park and Hunter Engineering is the civil engineer. Selection of the project’s general contractor is underway.

TEMPE, ARIZONA — Thayer Manca Residential (TMR) has sold their latest multifamily property in the Tempe, AZ market, Avia 266, for $45,250,000. The Seattle-based investment firm acquired the 266-unit apartment community in January 2015 for $19,200,000 and completed almost $4,000,000 in renovations.

The renovation projects included the completion of 237 unit renovations and 266 washer/dryer retrofits. It also included a new pet park, addition of an outdoor gaming and grill area, expanded and remodeled clubhouse with an added community lounge, upgraded 24-hour fitness center, installation of a secure package locker system, and full property rebrand and signage package.

“Avia 266 provided us with an amazing opportunity to harness a true value-add repositioning strategy, in an effort to grow investor capital. We are very confident in the greater Phoenix market, and it remains a focus of ours as we continue to grow our portfolio,” says Joe Manca, Principal at TMR.

This garden-style community is located within walking distance to 1.5 million square feet of retail, a brand new, state-of-the-art sports complex, as well as a gorgeous Riverside park. In addition to easy access to the converging 101 and 202 freeway systems, the Phoenix Light Rail line is one block south of Avia 266, providing residents access to Downtown Tempe, the Mill Avenue Entertainment District, ASU, and Sky Harbor Airport.