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CBRE Handles $3.45 Million Sale of Net-Leased Office Property in Tucson, Ariz.

TUCSON, Arizona –  CBRE has brokered the sale of a 15,484-square-foot office building in Tucson, Ariz. to an unnamed buyer for $3.45 million or $223 per square foot. The property is 100 percent leased to Intermountain Centers, the largest non-profit organization in Southern Arizona, on a new 15-year triple-net lease.

CBRE’s Bryce Horner represented the seller, Tucson-based BSH Investments LLC.

Located at 994 S Harrison Road in Tucson, the property has been occupied by Intermountain Centers since it was built in 2006. The building is in an affluent, growing area surrounded by quality, established residential sub-divisions and an abundance of nearby amenities. A new 70-bed hospital is planned just over one mile east of the property. Additionally, the two-story property benefits from strong ingress/egress and ample surface and covered parking.

“The property drew significant investor interest at a low cap rate due to the brand new 15-year lease in place,” said CBRE’s Horner. “It is in a highly desirable location on Tucson’s fast-growing eastside, which has seen large amounts of new residential and commercial development, and subsequent population growth in recent years.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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CBRE Handles $11.2 Million Sale of Riverview Park Apartment Community in Mesa

Phoenix, Arizona CBRE has arranged the $11.2 million sale of the 69-unit Riverview Park apartment community in Mesa, Arizona. Delaware-based SPRE Riverview, LLC acquired the property from Riverview at Wrigleyville West, L.P., an Arizona limited partnership.

Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller in the transaction.

Located at 745 North Dobson Road in Mesa, Riverview Park is located south of Sloan Park, the Chicago Cubs spring training stadium, and Mesa Riverview, and nearby to Arizona State University and Tempe Marketplace. The property offers frontage on Rio Salado Parkway and Dobson Road and convenient access to the Loops 101 and 202, the U.S. 60 and Interstate 10.

The property features one- and two-bedroom townhome-style floorplans that range in size from 711 to 1,117 square feet. Exterior amenities include covered parking, a clubhouse, on-site gym and pool.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Multifamily

CBRE Handles Sale of Avenue 25 Apartments

Phoenix, Arizona CBRE has arranged the sale of the 254-unit multifamily community Avenue 25 on behalf of Millburn & Company to Bluerock Real Estate.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Millburn & Company. Rocco Mandala of CBRE Multifamily Debt & Structured Finance arranged financing for the buyer.

Located at 18250 N. 25th Avenue in the Deer Valley submarket of north Phoenix, Avenue 25 features a Class A amenity package including a resort-style heated pool with spa and cabanas, well-appointed fitness center, modern resident clubhouse with a coffee bar, game room with pool table, electric car charging stations, business center, package locker system, and a gated dog park.

“Avenue 25 is a meticulously maintained Class A community with an attractive value-add component that created a unique offering in a submarket with solid multifamily fundamentals,” said Pesch.

According to CBRE Research, the Deer Valley submarket has maintained average occupancy over 95 percent since first quarter 2016 and annualized rent growth through fourth quarter 2019 was 9.5 percent. The submarket is currently 96 percent occupied and there are no communities over 100 units under construction or planned within three miles of Avenue 25.

Bluerock Real Estate, LLC is a private asset management and investment firm based in New York, NY whose senior management team has an average of over 27 years each investing experience and has helped launch several leading real estate private and public company platforms. Bluerock’s key principals have been involved with sourcing, structuring and acquiring over 35 million square feet of real estate, with approximately $10 billion in value during three major market cycles.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com

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CBRE Handles Sale of Summerly at Zanjero Apartments for $78.5 Million

CBRE has arranged the sale of the 340-unit Class A multifamily community Summerly at Zanjero on behalf of Fore Property to a private investor for $78.5 million.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Fore Property.

Located at 7375 N. Zanjero Boulevard in the Glendale submarket of Phoenix, Summerly at Zanjero is a LEED Silver Designed multifamily com­munity including Energy Star-rated appliances and energy-efficient windows and lights. Built in 2019, the new community features condominium-level unit finishes and a market-leading amenity package with two resort-style pools with spas and cabanas, a state-of-the-art fitness center, and a resident clubhouse with resort finish­es.

“Summerly at Zanjero is the newest Class A community delivered in the West Valley,” said Anderson. “The community generated significant interest from investors looking to acquire a Class A asset in one of the top-performing markets in the nation.”

According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was 8.2 percent in Q2 2019, the second-best increase for all U.S. metros.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com

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