Phoenix, AZ  — Newmark announced the $93.5 million sale of 44 Monroe, a 184-unit luxury multifamily community in downtown Phoenix, Arizona. Newmark Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Managing Director Chris Canter represented the seller, Tucson-based, HSL Asset Management, in the sale to an undisclosed buyer.

44 Monroe is a luxury multifamily community built in 2008 and located in the epicenter of Phoenix, Arizona’s vibrant downtown. It is Arizona’s tallest residential tower. The property was originally built as a condominium project, ensuring exceptional build quality as well as unique units and upgrades. Community amenities include a fitness center, newly renovated pool and spa, enclosed balconies/patios, conference room and clubroom.

“With a prime location in the center of downtown Phoenix and exceptional build quality, this property generated significant investor interest,” said Goff. “New ownership will have the opportunity to increase value-add potential via unit interior and amenity upgrades to capitalize on the remarkable rent growth the Phoenix area has experienced over the past few years.”

44 Monroe offers a convenient five-minute drive to the I-10 freeway and just a 10-minute drive to Sky Harbor International Airport. Residents also have access to the Light Rail just steps away from the property. With over 800,000 square feet of retail space in Downtown Phoenix, residents can access a diverse mix of local boutiques, restaurants, bars, lounges and retail stores.

Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63.0 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 billion in volume.

PIMA COUNTY, ARIZONA — The Pima County Board of Supervisors voted 3-2 on August 2 to revise its zoning regulations for marijuana dispensaries and cultivation locations, modifying the strict standards that were introduced more than a decade ago, when only medical marijuana was permitted in Arizona.

Currently, there are no dispensaries, offsite grow or production facilities in unincorporated Pima County. Under the new zoning rules, marijuana businesses have expanded areas where they will be permitted to locate subject to the standards included in the adopted ordinance.

After Arizona voters approved recreational use of marijuana by adults in 2020, Pima County staff proposed changes that would more closely align the County’s dispensary regulations with those of the City of Tucson, said Pima County Development Services deputy director Chris Poirier.

The proposed changes included less restrictive development standards related to setbacks, dimensions and size of dispensaries, as well as increasing the zones in which dispensaries and production facilities can be located.

The Planning and Zoning Commission voted in May to recommend approval of County staff’s proposed changes, but added a requirement for a Type III Conditional Use Permit in commercial and industrial zones. Both proposals were submitted to the Board of Supervisors for consideration. Both recommendations included more zones for dispensaries and opportunities for offsite cultivation location in low density rural areas.

The Board of Supervisors voted to adopt the Planning and Zoning Commission’s version of the revised regulations, which adds a $2,280 application fee, two public hearings, and a four-month minimum time frame to the list of requirements for a marijuana business.

For more information about the revised regulations, please see the agenda item report from the Board of Supervisors’ August 2 meeting.

PHOENIX, ARIZONA – Four office sales in the Valley and a land sale in Casa Grande, Arizona, highlight recent deals closed by NAI Horizon professionals. The five deals totaled $8.6 million.

Sale Transactions:

Michel Myrick, CCIM, MRED negotiated the sale of a 20,832 SF office building, representing the buyer, L & P Hope Properties, LLC, for $2.975 million. The property is located at 1801 S. Extension, Mesa, AZ 85210. The seller, NSHE Dana Point, LLC, was represented by Jaime Swirtz with CBRE.

John Filli negotiated the sale of 211.512 acres representing the seller, Talon Mountain, LLC, for $2.538 million. The property is located at SEC of Montgomery Road and Selma Highway, Casa Grande, AZ. The buyer, Magnum Estates, LLC, was represented by Kavitha Pindi with DHS Realty Texas.

Laurel Lewis and Kevin Higgins negotiated the sale of a 10,944 SF office building, representing the buyer, Midtown Business Solutions, LLC, for $1.2 million. The property is located at 3636 N. 3rd Ave., Phoenix, AZ. The seller, Vowmann Holdings, LLC, was represented by Harry Carbeck & Brett Angner with Everyday Investments Realty.

Troy Giammarco and Joe Pequeno negotiated the sale of a 5,854 SF office building, representing the seller, Pisa Properties Sixteenth, LLC, for $1.17million. The property is

located at 8765 W. Kelton Lane Building C2, Phoenix, AZ. The buyer, CS Real Estate Holdings, LLC, was represented by Dave Aronson with Realty EXP.

Laurel Lewis negotiated the sale of a 3,757 SF office building representing the buyer, Always This Good Holdings, Inc., for $735,000. The property is located at 715 E. Sierra Vista Drive, Phoenix, AZ. The seller, Shearim Torah High School, Inc., was represented by Danny Kahn with E & G Real Estate.