PHOENIX—In this edition of Deal-Tracker, Colliers International in Greater Phoenix recently completed the sale of Cedar Court in Glendale, a 116-unit class B multifamily complex, for $6.25 million, or $53,879 per unit.
Emma Capital Properties Inc. of Toronto purchased the property, at 5215 W. Peoria Ave., from Cedar Court Condominiums LLC of Glendale.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International's HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1986, Cedar Court has 77,408 square-feet, in seven two-and three-story buildings, positioned on 4.07 acres. The community has 56 one bed/one bath units with 580 square-feet, 24 one bed/one bath units with 630 square-feet; and 36 two bed/two bath units with 828 square feet.
The condominiums are within two miles of Arizona State University West and Glendale Community College, and just over three miles from the Thunderbird School of Global Management. Other nearby employment centers include the Aurora Behavioral Health System and the Banner Thunderbird Medical Center. Cedar Creek is three miles away from Interstate-17.
“The buyer was attracted to the high-quality design and construction of this 1980s-era property. This was clearly an A-quality property at the time it was built,” says Hahn.
PHOENIX—CBRE has completed the sale of Rancho El Mirage Plaza, 20,130-square-foot retail strip center in El Mirage. The asset sold for $3.07 million
Andrew Fosberg, Cam Stanton and Molly Busch with CBRE's Phoenix office represented the seller, El Mirage Partners, LLC of Portland, OR. The buyer, Ladera Ranch, CA-based Casa Mirage Properties, LLC, was represented by Trent McCullough and Shari Tucker with Sperry Van Ness.
Built in 2005, Rancho El Mirage Plaza consists of two buildings at the northeast corner of Dysart and Thunderbird Roads. The retail center benefits from proximity to a Walmart Supercenter. The property, which was 94.7% occupied at time of sale, offers a complimentary mix of tenants, including an Anytime Fitness and Little Smiles Dentistry.
PHOENIX—Mary Ridberg and Rommie Mojahed of Sperry Van Ness represented the seller, Jorde Hacienda Inc. in the $1.7 million sale of a 152,460-square-foot pad at Higley Village. Higley Village is located at the SEC of Higley Road and Queen Creek Road in Gilbert. The buyer was ARJ Properties LLC.
PHOENIX—Trenton McCullough and Shari A. Tucker of SVN represented the buyer, Casa Mirage Properties, LLC in the $3 million purchase of a 20,130-square-foot multi-tenant retail building located at 13915 N. Dysart Road in El Mirage. The seller was El Mirage Partners, LLC and was represented by Cam Stanton and Andrew Fosberg of CBRE.
PHOENIX—Baja Tacos leased 1,800 square feet of restaurant retail space at Barkley Center, located at 1437 E. Main Street in Mesa. Beau Flahart of SVN represented the landlord.
PHOENIX—Fix it Wireless, LLC dba Metro PCS leased 2,000 square feet of retail space at Pecan Promenade, located at 9820 W. Lower Buckeye Road in Tolleson. Beau Flahart of SVN represented the tenant and Brad Douglas of Cassidy Turley represented the landlord.
PHOENIX—Mary Ridberg, Rommie Mojahed and Beau Flahart of SVN represented the landlord at Fiesta Crossing in the 5,116-square-foot lease to Living by the Word Church. Fiesta Crossing is located at 1660 S. Alma School Road in Mesa. Jody Dents of US Preferred Realty represented the tenant.
PHOENIX—Shari A. Tucker-Gasser andTrenton McCulloughof SVN represented the landlord at Mountain Park Square, located at 4232 E. Chandler Blvd. in Ahwatukee, in the leasing of a 5,012-square-foot space to Hi Health. The space was leased to the former Secreto's restaurant.
PHOENIX—Mary Ridberg and Rommie Mojahed of SVN represented Potato Barn to lease 22,252 square feet of retail space at Scottsdale 101 Retail, located at the northwest corner of Mayo Blvd. and Scottsdale Road in Scottsdale.
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