PHOENIX, ARIZONA — Rein & Grossoehme recently closed on three industrial deals valued at $9.05 million.

INDUSTRIAL – 1705 W PARKSIDE LN, PHOENIX
The sale of 1705 W Parkside Ln, a 33,871-square-foot industrial building built in 2001 and renovated in 2018 was recently recorded. The location of the property is 1705 W Parkside Ln in Phoenix, AZ. The property sold to ZBH/Parkside, a owner/user. The seller was M & D Investments AZ, LLC. The sales price was $4.1 million which equates to $121 per square foot.

Chris Rogers and Trevor McKendry of DAUM Commercial Real Estate represented the seller and Max Schumacher and Patrick Sheehan of Rein & Grossoehme represented the buyer. The Sheehan/Schumacher team specializes in the sale of industrial buildings in the Phoenix market.

INDUSTRIAL – 10821 N 23RD AVE, PHOENIX
The sale of 10821 North 23rd Ave, a 41,000-square-foot Industrial Manufacturing building built in 1977 was recently recorded. The property sold to Dunbar Real Estate Investment LLC, out of El Segundo CA. The seller was 10821 North 23rd Ave Building LLC. The sales price was $2.95 million which equates to $71.00 per square foot. The building was 100% occupied at closing.

Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented both the Seller and the Buyer. Steve Grossoehme specializes in the sale of investment and Owner/User Industrial Buildings.

LAND – SOUTH ARIRPORT SUBMARKET, PHOENIX
The sale of 2818 E Illini St, an 18,000-square-foot industrial building on 1.95 acres built in 1960 was recently recorded. The property is located in the South Airport submarket in Phoenix, AZ. The property sold to Quail Corp a construction company. The seller was Redeka Ventures, LLC. The sales price was $2 million which equates to $111 per square foot. The seller was an owner/user and the buyer will be the same.

Patrick Sheehan and Max Schumacher of Rein & Grossoehme represented the seller and Rick Hall of Rick Hall Commercial Brokerage represented the buyer. The Sheehan/Schumacher team specializes in the sale of industrial buildings in the Phoenix area.

Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.

TUCSON, ARIZONA – Northwest Hospital, LLC closed on its new site at 2200 South Houghton Road, located near Old Spanish Trail and Houghton Road in the southeast submarket of Tucson.  The 19.7 acres sold for $7.042 million or $357,470 per acre.  Northwest Star Properties of Tucson was the seller.

Northwest Healthcare announced in January its plan to develop a 70-bed hospital on this site as part of Northwest Healthcare’s “No Boundaries” strategy to increase access points to quality healthcare services for Tucson and surrounding communities. The plan was contingent upon approval of the primary jobs incentive by the City of Tucson’s mayor and council, before closing on the land purchase.

This eastside hospital location follows an earlier announcement in May 2018 of Northwest’s plans to build an 18-bed neighborhood hospital and medical offices facility in Rancho Sahuarita. That hospital will open in early 2020.

Kevin Stockton, Regional President and Market CEO for Northwest Healthcare, said, “We stepped outside of our ‘northwest’ footprint more than eight years ago when we opened an urgent care in Green Valley.  Since then, our commitment to deliver quality care at convenient access points throughout Pima County has not wavered.   We have long wanted to provide acute care services for residents on the east side of Tucson. With the success of our freestanding Emergency Room and physician clinics in Vail, this new hospital is a logical and very exciting next step.”

The eastside hospital will offer a broad range of services designed to keep residents close to home. Anticipated services include, but aren’t limited to, an Emergency Room, cardiac cath lab, comprehensive surgical services, labor and delivery including a NICU, outpatient imaging and a medical office building housing primary care, orthopedics, cardiology and OB/GYN. With an anticipated opening date of early 2021, the new 183,000-square-foot facility and related physician offices/services hospital will have 70 beds with space to accommodate future growth and will employ more than 595 people.

Since 2014, Northwest Healthcare has invested nearly $70 million in capital projects to increase access and enhance health services for the Tucson community:

• QuickMed walk-in clinics in Southwest Tucson, Central Tucson and Marana;
• Urgent care at Speedway and Silverbell;
• The county’s first freestanding emergency department (FSED) in Vail and a second FSED location in Marana

Northwest also expanded its clinic locations with primary care and cardiology services in Vail (next to the FSED) and relocated primary care services in the Cortaro Farms area.

According to Stockton, “Our goal is to make it as easy as possible for patients to receive care in the most appropriate setting, when and where they need it.  We look forward to serving even more of the healthcare needs of residents in the eastside communities through this new facility.”

To learn more, see RED Comp #7157.

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.