CIM Affiliated REIT Divests 18 Properties to ILPT for $625M

Affiliates of Phoenix-based Cole Office & Industrial REIT (CCIT II) closed on the previously announced sale of 18 industrial properties to Newton, MA-based Industrial Logistics Properties Trust (ILPT) for $624.7 million. The transaction includes $567.7 million in cash and the assumption of a $57 million loan by ILPT. “CCIT II intends to deploy the net

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Kevin Rude Tapped to Lead Colliers West Coast Group

Colliers International’s Kevin Rude will assume expanded responsibilites after being promoted to the post of Regional Managing Director – West Coast for the firm’s Real Estate Management Services (REMS) group. The highly experienced property management expert had served in the firm’s Southern California operations since 2012. Colliers’ Karen Whitt says, “This expanded role entrusts Kevin

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BH Properties Expands Arizona Footprint, Invests $55M

BH Properties of Los Angeles targeted investments further east — in Arizona — spending a total of $55.3 million for three properties in Phoenix since May 2019. The following have been added to BH Properties’ portfolio: 252,300-square-foot Honeywell Aerospace DSES Campus, 19019 N. 59th Ave., Glendale. Lexington Realty Trust of New York, seller; Colliers’ Mindy

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Acacia Capital Pays $67M for 264-Unit Sonoran Vista in Scottsdale

Acacia Capital Corp. paid $67 million to buy Sonoran Vista, a 264-unit, Class A multifamily property in Phoenix’s North Scottsdale submarket. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE represented the seller, Aukum Group, in the transaction. Aukum Group, headquartered in San Francisco, owned the complex at 9340 E. Redfield Rd. for

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Charley Simpson Joins Colliers’ Southwest Team

Colliers International hired veteran retail investment broker Charley Simpson to join the firm’s recently-announced Southwest Retail Capital Markets Team. Simpson, with the title of Senior Vice President, will work under the direction of the team’s newly-appointed Executive Vice President, El Warner. Simpson’s previous position was with Cushman & Wakefield, where he had the position of

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CBRE Secures $40M Loan for Two-State Retail Portfolio

CBRE arranged $40.4 million in debt financing for four multi-tenant retail centers located in metro Phoenix and Las Vegas. The borrower is an institutional client of CenterSquare Investment Management. Bruce Francis, Dana Summers, Robert Ybarra, Shaun Moothart and Doug Birrell of CBRE, Debt & Structured Finance arranged the 10-year loan and full-term interest-only for the

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Kitchell Sells Freeway Logistics Industrial Complex in Phoenix

Phoenix-based Kitchell Development sold Freeway Logistics, a Class A, 230,422-square-foot industrial and distribution complex in Phoenix to CAM Industrial Fund Acquisition, LLC for $28.6 million. Located at 3345, 3555 and 3575 S. 28th St., the roughly 18-acre development encompasses three buildings featuring 30-foot clear heights, concrete truck courts, and fully secure perimeter fencing. CBRE’s John

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NY Developer Breaks Ground on X Phoenix MF

The Connect Apartments Conference will take place June 20, 2019 in Los Angeles. For more information, or to register, click here. New York-based Property Markets Group (PMG) broke ground on the first phase of X Phoenix, a 20-story apartment, retail and office project in Phoenix. The 616-bed property is planned for a site at 200

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WeWork Continues PHX Expansion with Four-Floor CBD Deal

New York-based WeWork established its first downtown Phoenix location at 101 North. The shared workspaces company will lease four full floors at the 31-story, Class A office tower owned and managed by ScanlanKemperBard (SKB). The WeWork location is slated to open this fall. The company will occupy roughly 48,000 square feet of space on the

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