PHOENIX—In this edition of Deal-Tracker, ORION Investment Real Estate closed the sale of Williams Landing Apartments, a 72-unit apartment complex in Gilbert, for $4.15 million. Jackie Allen, vice president of Multifamily Investments at ORION marketed the property and negotiated the transaction.

The property was built in 1982 using frame & stucco construction, with pitched tile roofs. The unit mix is comprised of one and two bedroom apartments housed in 6- two story buildings. Community amenities include a stand-alone leasing office, swimming pool and laundry facilities.

The multifamily asset is located in the desirable Gilbert submarket. It is strategically located in the center of the Power Road corridor, determined by planners to be a road of regional significance. Williams Landing is the only apartment complex between 50-100 units within this submarket.

The seller was AMPOL, LLC based in Gilbert and the buyer was Williams Landing LP based in Chicago.

PHOENIX—Colliers International in Greater Phoenix recently completed the sale of the 31,746-square-foot YWCA class B office building in Phoenix for $1.85 million or $58.29 per square foot.

Banner Health of Phoenix purchased the building, located at 755 E. Willetta St., from Arizona YWCA Metropolitan Phoenix.

The buyer was represented by Pat Williams, managing director of Jones Lange LaSalle. The listing broker was John Barnes, vice president with Colliers International.

The two-story building is situated on 86,579 square feet adjacent to the Banner Good Samaritan Medical Campus at the northeast corner of 7th Street and I-10. The park is dominated by the Banner Good Samaritan Medical Center, a Level One trauma hospital, and the second largest hospital in metropolitan Phoenix.

“Banner has plans to renovate and upgrade this fabulous medical campus over the next 20 years,” says Barnes, noting, “Demand in the area is driven by the Arizona State University downtown campus, medical research facilities at the Phoenix Biomedical Research Center (TGEN/IGC) and the University of Arizona College of Medicine, as well as state, county and city government offices.”

Built in 1986, the building consists of administrative offices, conference and meeting rooms, an outdoor swimming pool, locker rooms and a dormitory upstairs which includes a laundry room and kitchen. There is one standard sized elevator. The Arizona YWCA Metropolitan Phoenix regional offices were on the first floor, with the upstairs leased to Lodestar as a homeless shelter for veterans through August 2016.

The building is constructed of block, steel and glass. On site are 79 parking spaces with on-street parking available as well as large parking lots surrounding the property. Adjacent are medical offices to the east and west, a parking lot to the north and I-10 to the south.

PHOENIX—RMK Holdings, LLC has purchased Kyrene Corporate Center, a 30,000-square-foot office building located at 9280 S. Kyrene Rd. in Tempe. The sale price was $3.33 million.

Kevin Calihan with CBRE's Phoenix office represented Phoenix-based RMK Holdings. DTZ's Eric Wichterman and Mike Coover represented the seller, Phoenix-based Kyrene 919280, LLC.

“The metro office market continues to improve and Tempe, especially, continues to be a place in which office users want to locate,” says Calihan. “This purchase allows RMK Holdings to not only enter a highly sought-after submarket from an investor standpoint, but also gives the company more control over their own operations as well.”

RMK Holdings is a joint venture between Kent Nielson, Ryan Sandell and Michael Jones, the local principals of Primary Residential Mortgage, Inc. RMK Holdings will lease 15,000 square feet of Kyrene Corporate Center to PRMI. This location will serve as PRMI's primary office for the Arizona market, which is being relocated from San Tan Corporate Center II in Chandler. PRMI has four offices throughout the Valley and one in Flagstaff.

“Kyrene Corporate Center is in an excellent location and offers us the ability to continue to grow our business while having better control over our operating expenses for PRMI,” says Kent Nielson. “We are anticipating the metro Phoenix housing market will continue to strengthen in 2015 and this purchase and lease with PRMI means we will be well-positioned to better serve our clients as this demand increases.”

Kyrene Corporate Center is located just a mile and a half from the full-diamond interchange at Warner Road and the I-10 freeway. The property was approximately 50% leased at time of sale. Tenants include enChoice, Inc., Triton Medical Solutions and Great American Title Agency.

Instant Insights /

Deal-Tracker: Office and Multifamily

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