CBRE Arranges $16 Million Sale of Two-Property Goodwill Portfolio

PHOENIX, Arizona – CBRE completed the sale of a two-property portfolio leased to Goodwill, located at 8053 East Raintree Dr. in Scottsdale, Ariz. and 4570 South Higley Rd. in Gilbert, Ariz. The properties sold for $10.2 million and $5.8 million, respectively.

Joseph R. Compagno with CBRE’s Phoenix office represented the seller, Ariz.-based, The Mack Company. Tom Kolb of Keller Williams Northeast Realty represented the buyer, Calif.-based Cahuenga Lofts, LLC.

“We were able to source a high net-worth Los Angeles-based buyer who had immediate interest in this two-property portfolio given the well-known tenant and excellent locations in both Scottsdale and Gilbert,” said CBRE’s Compagno. “The buyer had a very large 1031 exchange requirement that they needed to satisfy with this purchase. They ultimately closed on the portfolio in an all cash deal in less than 25 days.”

The approximately 25,000-square-foot freestanding Scottsdale Goodwill is located on the southeast corner of north Hayden Road and east Raintree Drive in the busy Scottsdale Airpark. The Airpark encompasses approximately 8.6 square miles with over 2 million square feet of commercial space. This location is less than three miles from the main entrance of the Scottsdale Airport.

The Gilbert Goodwill occupies a nearly 22,500-square-foot freestanding building located within the Higley Pavilion Shopping Center on south Higley Road north of east Queen Creek Road. The property is located within several large, densely populated master-planned communities including Power Ranch and Trilogy at Power Ranch and is less than 6 miles from the Phoenix-Mesa Gateway Airport.




The Place at Rock Ridge in Oro Valley Fetches $39.5 Million

Rock Ridge Apts., 10333 N Oracle Rd., Oro Valley, AZ

TUCSON, Arizona — Scottsdale-based MC Companies (Ross McCallister, principal), a real estate investment, management, development and construction company sold 319-units at Rock Ridge Apartments at 10333 N Oracle Road in Oro Valley to a private investment group from Newport Beach, CA, Springwood Investors, LLC; its first investment in Tucson.

The property commanded a sale price of $39.5 million ($123,824 per unit). This is the second highest sale price for a multifamily property in the Tucson region this year.

The acquisition the buyer with a solid investment opportunity. Seller had made enhancements since buying it with increased rents. The property was 96% occupied when it sold.

The property consists of one-, two- and three-bedroom units. The 226,880-square-feet (built 1995) is in 26 buildings on 17.77 acres adjoining Oro Valley Country Club Golf Course.

Unit amenities include air conditioning, alarm, balconies, cable ready, ceiling fan(s), dishwasher, wood burning fireplace, intrusion alarm, microwave, oversized closets, mountain / golf course views, washer & dryer in unit, garbage disposal, and refrigerator.

Community amenities include business center, clubhouse, covered parking, a dog park, emergency maintenance, extra storage, fitness center, garage, green community, high speed internet access, hot tub, playground, public transportation, two swimming pools, trails (bike, hike & jog), corporate suites, pet friendly. Special features include disability access, furnished units available, short term available,

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office in cooperation with Mike Sandahl in CBRE’s Tucson office handled the transaction on behalf of the buyer and seller.

For additional information, the CBRE Tucson office can be called at 520.790.8100 and the CBRE Team in Phoenix can be contacted at 602.735.5555.

To learn more, see RED Comp #6311.




CBRE Brokers $4.8M Sale of Apartment Community Near Arizona State University in Tempe

Decco 109 Apartments, 109 E Broadway Rd, Tempe, AZ

PHOENIX, Arizona CBRE has arranged the sale of Decco 109, a 40-unit garden-style apartment community located near Arizona State University at 109 E. Broadway Road in Tempe, Ariz. The property commanded a sale price of $4.8 million ($120,000 per unit).

Brian Smuckler, Jeff Seaman, and Bryson Fricke represented the seller, 5C Onyx Tempe, LLC, and the buyer, B&R Capital Partners and Capital Allocation Partners, in the transaction.

The unit mix is comprised of spacious one- and two-bedroom floorplans that range from 650 to 850 square feet. Renovated in 2014 with premium finishes, the property features wood-style vinyl flooring, contemporary kitchen finishes, full-size appliances and modern bathroom vanities. Exterior renovations include a smooth stucco façade with a two-toned paint scheme, resurfaced parking, dual-pane windows and a new bistro area with gas barbeque grills.

Decco 109’s central location provides immediate access to Fortune 500 employment, an eclectic mix of shopping and dining options in the historic Mill Avenue District, Arizona State University, and Tempe Town Lake, known for outdoor festivals, art shows, concerts and recreation.