Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $18 million / $214,286 Per Unit / $186.78 Per SF sale of Cordillera Luxury Condominiums, an 84-unit portion of a 272 total unit condominium community located in Phoenix, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer in this transaction.

With frontage on the major thoroughfare of Bell Road, Cordillera Luxury Condominiums is located in the heart of Union Hills, nestled between Paradise Valley and Deer Valley. The 84 out of 272-portion of this offering feature an attractive mix of 17 one-bedroom / one-bathroom units (20%), 3 two-bedroom / one-bathroom units, (4%), 57 two-bedroom / two-bathroom units (68%), and 7 three-bedroom / two-bathroom units (8%) units with a weighted average of 1,147 square feet.

Built in 1996 and converted to condominiums in 2006, most units are amenitized with stainless-steel appliances, designer cabinetry and countertops, large walk-in closets, patios / balconies, 9- to 15-foot ceilings, and full-size washers / dryers. A few select units have been upgraded with luxury platinum-grade finishes, which includes granite countertops in the kitchen and bathrooms. The two-story community offers residents luxury property amenities including a state-of-the-art fitness center with indoor racquetball court, Tuscan-style clubhouse, gated security, a luxury resort-style pool and separate lap pool with covered pool house, two spas, a cabana, picnic area, and detached garages.

Residents enjoy the property’s close proximity to Bell Towne Center & Plaza. Bell Towne Center was built in 2005, renovated in 2010, and contains over 500,000 square feet of retail with 56 stores, including Super Target, Safeway, Sprouts Farmers Market, LA Fitness, Office Max, Bank of America, and a FedEx Office Print & Ship Center. Ideally situated between Loop 101, SR-51, and the 1-17, the property’s central location provides easy access to the entire Phoenix Valley.

The buyer is based in Illinois and the seller is based in Arizona.

MARANA, ARIZONA – Construction is underway for The Alexander, a new ground up 209-unit, four-story multifamily community that emphasizes technology and wellness.

A groundbreaking was held last month for the $49 million asset at 3915 W. Aerie Drive in Marana, Arizona. It is owned and developed by Thornydale Apartments, LLC., c/o Sears Financial Corporation. Asset Living, formerly Shelton Residential, will manage the property.

When The Alexander is completed in June 2023, it will feature two main mid-rise buildings, six garage buildings providing 12 loft units with attached garages, and two freestanding garages. It will encompass 292,850 gross SF and 199,905 rentable SF.

“I have lived in Phoenix, Denver, Los Angeles and now Las Vegas and have had an opportunity to see what many innovative developers are building in those markets,” said Doron Sears, President of Sears Financial Corporation. “When I decided that I needed an apartment when I come to Tucson for work, I couldn’t find anything that completely fit my needs so we decided to build one.”

The four-story midrise features elevator service to take advantage of the mountain and city views. The Alexander will be the first midrise project in a market that is primarily garden style walkup communities.

Amenities at The Alexander include a dog park, a barbeque area, a bike storage and repair area, a resort-style pool, fitness center, outdoor fitness area and a variety of wellness offerings.

“The overall design and amenities package are a blend of the best features from a handful of projects that I love in other cities,” Sears said. “The wellness amenities we added because they were meaningful to me and represent a lifestyle that I want to share with others. We designed the project to appeal to a large audience with upgraded countertops, flooring, fixtures and appliances.”

What sets the project apart, Sears added, are the technology and wellness amenities. Some features of the technology package are high-speed internet with property wide secure Wi-Fi, keyless door and property access, lighting and temperature control as well as DISH TV. Units include blackout blinds in the bedrooms and adjustable smart lighting to customize the in-unit environment.

“The unit and common area finishes and amenities will set this place apart, but the technology package and wellness touches are truly unique. I said from the beginning that the highest honor will be to be copied and I believe many of the amenities we provide will become standards soon,” Sears said.

The architect of record is Way Architects P.C. (Doug Fullen) and the general contractor is EMJ Construction. Notable subcontractors included Dish Fiber and Data Link (technology package infrastructure); Perry Engineering (civil engineering); and The Planning Center (re-zoning).

Present at the ground breaking were Marana Mayor Ed Honea, Town Manager Terry Rozema and members of the Marana Chamber of Commerce.

PHOTO: (Left to right) Marana Town Manager Terry Rozema; Alexander Sears; Marana Mayor Ed Honea; Sears Financial Corporation President Doron Sears; and Amanda Wiggins, Marana Chamber of Commerce President and CEO. (Photos by Kayla Shay Photography)

Hercules Industries acquires vacant, rail served property 

PHOENIX, Ariz. – Cushman & Wakefield has advised the sale of a 140,777-square-foot industrial building located at 4524 N 44th Avenue in Phoenix, Arizona. Known as Santa Fe 44, the vacant building sold to Hercules Industries, an owner/user for $18.2 million.

Phil Haenel, Will Strong, Andy Markham, SIOR, and Mike Haenel with Cushman & Wakefield in Phoenix represented the seller, BC5, LLC, in the transaction.

The buyer, a national manufacturer and wholesale distributor of HVAC sheet metal products and equipment, was represented by Bill Douglass of the Upland Group, Inc.

“This property presented a rare opportunity for an owner/user to acquire a high-quality industrial facility in Phoenix strategically positioned near freeway routes and corporate neighbors and that also features active rail service,” said Phil Haenel, Managing Director. “Phoenix’s industrial market remains robust, driven by growing demand from e-commerce as well as other industries that has led to record net absorption figures.”

Built in 2006, Santa Fe 44 is situated on 6.9 acres and features 32 to 36-foot clear heights, 9,000 sf of office, heavy power, ESFR sprinklers, ample dock and grade level loading, 108-foot concrete truck court and active BNSF Rail Service with 240-feet of rail dock and platform loading. The property is located near Highway 60 and Interstates 17 and 10, and also proximate to Phoenix Sky Harbor Airport.