Phoenix, Ariz. — ABI Multifamily is proud to announce the $10,175,000 / $154,167 Per Unit / $168.18 Per SF sale of Mission 66 in Phoenix, Ariz.

Mission 66 is a 66-unit garden-style apartment community in the East Phoenix submarket. The immediate area is filled with an extensive range of retail and restaurant options, and the State Route 51 freeway is 1.5 miles away.

Built in 1970 and fully renovated in 2019, Mission 66’s 22 one bed/one bath and 44 two bed/two bath units have all been upgraded with new cabinets, stainless steel appliances, stone counter tops, vinyl plank flooring and new fixtures.

ABI Multifamily’s Rue Bax, Alon Shnitzer, John Kobierowski, Eddie Chang and Doug Lazovick represented the Buyer and the Seller.

“The Seller and Buyer came together with a lot of synergy in this transaction,” Bax said. “Because the Seller renovated the property into a fully turnkey asset, the Buyer is able to step in and immediately begin realizing value on the investment without having to further refine or reshape the property.”

The Buyer is a Canadian-based private real estate investment group. The Seller is a private real estate investor based in California.

PHOENIX, Arizona – On behalf of Chicago-based McAfee Investments, Cushman & Wakefield sold Wells Fargo Plaza. Phoenix-based University Crossroads purchased the property, located at 64 East Broadway Road in Tempe, Ariz., for $7.9 million ($199 PSF).

Wells Fargo Plaza is a two-story, 39,732-square-foot multi-tenant office building. Constructed in 1985, the property is situated just south of downtown Tempe in a highly visible location with excellent connection to businesses and amenities via the I-10, US 60 and Loop 101. The property is currently 100% leased to Wells Fargo Bank and Regus Corp., a national leader in executive suites.

Eric Wichterman, Mike Coover and Chris Nord of Cushman & Wakefield Phoenix represented the seller in the transaction.

Wichterman stated, “This acquisition provides the buyer with a reliable income stream through its high credit tenancy in Wells Fargo and Regus Corp. It also holds a tremendous amount of intrinsic value, with over three acres of prime land positioned at the intersection of Broadway Road and Mill Avenue in Tempe.”

Phoenix, Arizona –  Director of Retail Leasing & Sales Investments from SVN Desert Commercial Advisors leads the team in the sale of Greenway Marketplace in Surprise, Arizona for $3.75 million ($444 PSF).

The Walmart-anchored shopping center once had an empty dirt lot to the west side of the center.  Long-time SVN client had something else in mind for this open space opportunity.  From the ground up development, owner Bill Sladek and Dairy Queen franchisee developed a retail strip center along Reems Rd. in Surprise.  The property located at 15261 N. Reems Rd. was almost fully leased at the time of the sale.   The 8,453 square foot property includes one of his Dairy Queen locations, Mathnasium, Jenny Craig, and Bosa Donuts.

Rommie Mojahed stated, “It was great to see this deal go from being built to leased and now sold for one of our long term clients.”  The relationship between the seller and Mojahed has involved other closed deals to support their Dairy Queen franchise portfolio.  “This building is a win win for both buyer and seller.  These smaller footprint multi-tenant, NNN deals are something retail investors should have in their portfolio,” said advisor Eddie Gonzalez.  Advisor Lindsey Dulle who specializes in landlord and tenant representation has been a valuable asset in the leasing side of the transactions for their SVN retail team.

“We are happy that we could get this done for Bill and close on the sale almost a month early,” said Dulle.  SVN Desert Commercial Advisors has been well known to the valley for their redevelopment projects from Surprise, to Avondale, the Southeast valley where their opportunity zone land listings remain.  With over 30+ listing opportunities across the valley, the retail team brings great opportunities for investors and developers moving into the Arizona market.