Denver-based apartment developer opening first Arizona project; plus 5 more real estate deals to know – The Business Journals

Denver-based The Garrett Cos. has opened a 164-unit apartment community in Chandler and is building another project in Glendale.
The Plaza Taos, a 164-unit apartment community at 1900 S. Arizona Ave., Chandler, which is 25% pre-leased, marks Garrett’s debut into the Arizona market.
Two buildings totaling 28 units are now open at Plaza Taos. The entire project is expected to be completed by the end of the year.
With a staggered schedule of move-ins during the first two weeks of being open, the apartment community will have 10 of the 28 units occupied by the end of next week.
Monthly rental rates are available for up to $1,820 for a one-bedroom unit and up to $2,800 for a three-bedroom unit.
Meanwhile, Garrett is building a 324-unit apartment community at 10060 W. Desert River Blvd., Glendale. Plans call for an opening in fall 2024.
ABI Multifamily’s Carson Griesemer, Dallin Hammond, and Mitchell Drake represented the seller in the $10.85 million sale of the 46-unit Stapley Place Apartments.
Halley Holdings LLC, an entity tracing to Christian Bergman sold the property to Stapley 2023 LLC, an entity tracing to Rousseau Farming Co., according to Tempe-based Vizzda LLC real estate database.
The 36,644-square-foot property was built in 1985 on 2.26 acres south of the southwest corner of Stapley Drive and Broadway Road, according to Vizzda.
An Austin, Texas-based hotelier has made its latest acquisition in Phoenix metro.
Earlier this month, Summit Hotel Properties acquired the 120-key Residence Inn by Marriott on 17011 N. Scottsdale Road. Summit paid $29 million for the hotel, according to Vizzda.
Cushman & Wakefield’s Bill Murney brokered the deal for the seller, New York-based Blackstone Real Estate Advisors.
“This is a strong, modern branded hotel asset very well located in the heart of north Scottsdale’s premier dining, shopping, and business district,” Murney said in a statement. ”The Residence Inn by Marriott property adds to the buyer’s north Scottsdale hospitality portfolio, which also includes a Courtyard by Marriott hotel and SpringHill Suites by Marriott hotel that are both located across the street.”
The hotel was built in 2002 and was last renovated in 2018.
A San Diego-based private investor has acquired a pair of Tempe flex-warehouse buildings.
Magnolia Business Park LLC purchased a total of 158,337 square feet from the two buildings for more than $23.5 million. Cushman & Wakefield’s capital markets team of Chris Toci, Eric Wichterman and Mike Coover represented the seller, Gateway Montrose Inc. — a Chicago-based entity, according to an affidavit of property recorded in Maricopa County.
The properties are located at 1100 and 1150 W. Grove Parkway. The 54,301-square-foot property at 1100 W. Grove Parkway is vacant while the larger, 104,206-square-foot building at 1150 W. Grove Parkway is home to Grainger Industrial Supply. 
“This is a solid value-add portfolio comprising two quality single-story flex buildings in the southeast valley. The buildings are heavily parked at a ratio of 7.8/1,000-square-foot and feature 22-foot clear heights and large floor plates with open office layouts,” Wichterman said in a statement. “The buildings contain modern and highly functional office suites that can also be converted to accommodate industrial uses—providing optionality that was essential to the new ownership.”
Ahwatukee Mercado, a Phoenix retail shopping center that’s anchored by supermarket chain Safeway, is under new ownership.
Santa Ana, California-based Investments Concepts Inc. bought the center at 4747 E. Elliot Road for nearly $14 million. Newmark Group Inc.’s Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the seller, Westwood Financial — a Los Angeles based entity.
In addition to Safeway, Ahwatukee Mercado is home to tenants such as Chase Bank, Subway, Sakura Sushi and Valley-based L’mage Salon Studios, according to LoopNet. The property totals 54,065 square feet.
“This is a fantastic, stable income-producing shopping center with the neighborhood grocery store draw that investors are looking for,” Julius said in a statement. “The retail market in Phoenix is very healthy. The asset traded at a 6.75% cap rate, a trend we continue to see among grocery center assets as investors desire to invest at a higher cap rate than the cost of borrowing. This deal also obtained favorable new financing at a great rate.”  
A new Glendale industrial project has secured its first pre-lease with Axle on Demand for about 126,075 square feet.
The third-party logistics company signed the lease for Echo Park 303, which will total 676,336 square feet across two buildings at full build-out. Axle on Demand will occupy more than half of the first building in the project and use the space for warehousing, fulfillment and IT operations.
The first building in the development is expected to be delivered in about four months, according to JLL. Anthony Lydon, John Lydon and Kelly Royle of JLL represented the developer, Echo Real Estate Capital, while John Grady of CBRE Group Inc. represented Axle on Demand.
“Between 2021 and 2022, metro Phoenix industrial demand grew by more than 56%,” said John Lydon in a statement. “That growth was spurred in part by logistics and parcel delivery – a sector that tenants like Axle on Demand and projects like Echo Park 303 make happen.”
The project marks Echo Real Estate’s first Phoenix metro industrial development and sits within the master-planned industrial park Woolf Logistics Center near the Loop 303 and Northern Parkway, located across 40 acres at 9501 and 9701 N. 151st Ave.
“We are huge proponents of the Phoenix market and excited to be nearing completion on our first industrial development here,” Echo Real Estate Capital Principal Jon Boyajian said in a statement. “Signing this pre-lease months before project completion has us optimistic for the future of Echo Park 303 and the tenant synergy we will create here.”
Building A at Echo Park 303 totals 220,240 square feet, while building B totals 455,936 square feet. Both buildings are expected to be delivered by September 2023.
Editor’s note: The real estate deal wrap is published regularly by the Phoenix Business Journal. Send new real estate transactions and retail/restaurant leases to managing editor Erin Edgemon,
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