Phoenix, AZ – CBRE has completed the sale of Pinnacle South Mountain located at 5151 E. Guadalupe Road in Phoenix, Ariz. Pinnacle South Mountain is a luxury apartment community which consists of 552-units. The asset commanded a sale price of $63 million ($114,130 per unit).

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The buyer was FPA Multifamily of San Francisco, Calif. The seller was Palo Alto, Calif.-based Essex Property Trust.

“Pinnacle South Mountain offers investors an excellent opportunity in the highly sought after Ahwatukee master planned community,” said CBRE’s Anderson. “The Ahwatukee area consistently sees some of the highest multifamily demand in the Valley and by implementing an interior upgrade program the buyer has an opportunity to generate significant rental growth and see a solid return on investment.”

Pinnacle South Mountain benefits from proximity to the 16,000-acre South Mountain Park, which offers residents sprawling mountain views as well as lifestyle amenities in the form of hiking and biking trails. The property is also located near Ahwatukee Foothills Town Center, which provides residents more than 1.7 million square feet of retail amenities.

Developed by Trammell Crow and BRE in two phases in 1995 and 1997, Pinnacle South Mountain features both a townhouse and garden design. Units feature nine-foot and vaulted ceilings, full-sized washers and dryers, roman tubs, French doors, wood-burning fireplaces walk-in closets and private patios and balconies with storage. The community benefits include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas.

To learn more Cunningham, Anderson, Gunter and Pesch should be reached at the CBRE Phoenix office – 602.735.5555.

Phoenix, Ariz. – CBRE has completed the sale of a single-tenant, Starbucks located at 1741 E. Warner Road in Tempe, Ariz. The 2,720-square-foot retail property is situated on approximately 32,452-square-feet of land and commanded a sale price of $2.5 million.

Joseph Compagno with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was Scottsdale, Ariz.-based Garrett Development Corporation. The buyer was AJ Gardner Family Trust and the Childs Family Investment Partnership of Los Angeles, Calif.

Starbucks opened for business at this location in September of 2014 and benefits from a highly-sought after infill location in Tempe. The property is situated on a pad to the newly remodeled Bashas’ anchored Cobblestone Village shopping center. The Starbucks is also adjacent to a Wells Fargo bank pad.

To learn more Compagno should be reached at 602.735.1733.

Phoenix, Ariz. – CBRE has completed the sale of a single-tenant, triple-net leased CVS Pharmacy located at 8332 West Thunderbird Road in Peoria, Ariz. The 13,813-square-foot retail property is situated on approximately 79,201 square feet of land. The property commanded a sale price of $6 million, or $434.37 per square foot.

Joseph Compagno, Andrew Fosberg and Molly Busch with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was New York, NY-based Empire Square Group. The buyer was KARMA Development, LLC of Santa Monica, Calif.

Guy Nesdale, partner at Empire Square Group said of the transaction, “CBRE’s team remained dedicated and diligent in working through each issue to a closing.”

The CVS property is strategically located in a densely populated area that is home to approximately 111,931 residents in a three-mile radius and 306,407 residents within a five-mile radius. Developed in 2003, this CVS Pharmacy features a Minute Clinic on site. The property also benefits from proximity to other major, national retailers, including Lowes, Sprouts, McDonald’s, Dunkin Donuts, Verizon, Discount Tire, Subway, Burger King, Dutch Brothers, among others.