5 biggest commercial real estate deals in April
The Metro Phoenix commercial real estate sector continues to remain warm, as evidenced by the largest commercial real estate deals in April, according to the Commercial Real Estate Tracking website. Vizzda.
In terms of Metro Phoenix’s overall market, here’s what experts are seeing, according to a report from CBRE:
• The momentum in the Phoenix industrial market continued in the first quarter with 5,622,877 square feet of positive net absorption, its 44th consecutive quarter of gains.
• Phoenix’s industrial vacancy was 5.6 %% in the first quarter of 2021, down 40 basis points quarter over quarter.
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• Construction shipments totaled 4,394,711 square feet in the first quarter of 2021.
• Currently, 11,403,937 square feet of industrial space is underway in the Phoenix market, primarily concentrated in the Southwest Valley.
• Net absorption of office space in Q1 2021 ended at -554,058 square feet, the third lowest in history.
• The office vacancy rate has increased for five consecutive quarters to 19.1%.
• The gross asking rental rate for full-service office space edged down to $ 28.07, the second highest on record (historical data starts in 1999).
With those trends in mind, here are the Top 5 Commercial Real Estate Deals in April for Metro Phoenix:
Multi-family sales
1. 94,800,000 dollars
Property: Creeks in Newport, Glendale
Buyers: Knightvest Management and LEM Capital
Sellers: Knightvest Management and Transwestern
2.59,700,000 dollars
Property: Lunaire Apartments, Goodyear
Buyer: Capital of 29th Street
Seller: RK Properties
Broker: Berkadia
3.56 120,000 dollars
Property: Villages at Harvard Crossing, Goodyear
Buyer: RPM Company
Seller: The Empire group
Broker: Berkadia
4.54,500,000 dollars
Property: Cabin on 12
Buyer: JB Partners
Seller: Greenlight Communities
Broker: Institutional Property Consultants (IPA)
5.41,940,000 dollars
Property: Apartments Ponderosa Ranch, Tempe
Buyer: University partners
Seller: Capital real estate
Industrial sales
1. $ 44,000,000
Property: Northern 101 Mall, Glendale
Buyer: CapRock Partners
Seller: Creation fairness
Broker: Cushman and Wakefield
2.35,500,000 dollars
Property: 670 S. 91st Ave., Tolleson
Buyer: Nearon
Seller: CTR Investors
3.27,400,000 dollars
Property: Freeport Distribution Center, Phoenix
Buyer: KKR & Co.
Seller: Lincoln Property Company
4.27,028,620 dollars
Property: FedEx Ground Tempe Terminal, Tempe
Buyer: Logistics Realterm
Seller: TRUTH
Broker: CBRE
5.19,500,000 dollars
Property: 10027 S. 51st St., Phoenix
Buyer: Victor Schaff
Seller: Douglas Allred Company
Broker: CBRE
Office sales
1.39,500,000 dollars
Property: Mesa Financial Plaza, Mesa
Buyer: CAMCO Investment Group
Seller: Barker Pacific Group
Broker: CBRE
2.13,000,000 dollars
Property: Specter Talavi, Glendale
Buyer: OrbVest
Seller: Dunbar Real Estate Investments
3. 6,928,000 dollars
Property: 3420 E. Shea Blvd., Phoenix
Buyer: Joseph and Janelle Barnes
Seller: Duncan R. Lee
4.421,250 dollars
Property: Main Center (proposed), Scottsdale
Buyer: John wright
Seller: Impact church
Broker: Nathan and associates
$ 5,025,000
Property: 8211 S. 48th St., Phoenix
Buyer: Exeter property group
Seller: Hannay Real Estate Advisors
Broker: Cushman and Wakefield
Sale of land
1. 40,156,680 dollars
Property: Madera Phase 2 (102.91 acres), Queen Creek
Buyer: Ashton woods
Seller: Southwestern communities
Broker: Nathan and associates
2.19,452,737 dollars
Property: The Cubes at Glendale Building A Lot 1 (74.43 acres), Glendale
Buyer: Claycorp / CRG
Seller: Claycorp / CRG
3.17,734,190.76 dollars
Property: E202 (74.05 acres), Mesa
Buyers: Marwest Capital and The Carlyle Group
Seller: EdgeConnex
4.15,476,240 dollars
Property: Chandler 202 Autopark Lot 5 (13.66 acres), Chandler
Buyer: Earnhardt auto centers
Seller: Lund Cadillac
5.10,500,000 dollars
Property: 25.6 acres at Estrella and Lower Buckeye Parkways, Goodyear
Buyer: Harvard Investments
Seller: El Dorado Holdings
Broker: ABI Multifamily