BIXBY LAND CO. BOLSTERS VALLEY PORTFOLIO . . . BUYS 335,459 SQUARE-FOOT INDUSTRIAL PROJECT Phoenix – Bixby Land Co. in Newport Beach, Calif. (Aaron Hill, pres.) has added to its real estate holdings in the Phoenix market by paying $27.223 million ($81.15 per foot) to buy a 335,459-square-foot industrial building at 2300 S. 51^st Avenue in Phoenix. The sellers were a group of three tenant-in-common entities led by Pacifica Real Estate Group in Santa Barbara, Calif. (Russell Fraser, Robert Gibbs, managing members). Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield in Phoenix negotiated the deal. The distribution facility, called Riverside @ 51^st Avenue, is 95 percent occupied. Markham and the Haenels have the leasing assignment, which has 18,016 sq. ft. available in a single bay. Bixby Land Co., a privately-held real estate investment trust (REIT), owns more than 6 million sq. ft. of industrial, R&D and office buildings in select markets located in the Western U.S. Over the past 10 years, BREW has reported Bixby Land Co. purchasing numerous industrial properties in the Phoenix area. Located south of Buckeye Road, the 19.38-acre Riverside @ 51^st Avenue was developed in 2007. Maricopa County records show BLC Industrial Venture I - CO 3 LLC (Bixby Land Co. entity) acquired the asset in a cash transaction. The TIC sellers included: BP Riverside LLC, as to an undivided 43.73379 percent interest; WFG Riverside LLC, as to an undivided 40.06358 percent interest, and Pacifica Riverside LLC, as to an undivided 16.20263 percent interest. In a sale recorded at year-end 2007 and reported by BREW in January 2008, Pacifica Real Estate Group paid $26.8 million ($79.89 per foot) to buy Riverside @ 51^st Avenue. In March and May of 2008, the company later resold 84 percent interest in the industrial property to the two TIC companies, both from Santa Barbara. WFG Riverside LLC (Derek Westen, Peter Westen, managers) paid $11,057,548 to acquire its 40 + percent ownership interest and BP Riverside LLC (Daniel Hochman, principal) paid $12,070,527 to purchase its 43 + percent ownership interest. Find out more from Michael Severson, Bixby Land Co. chief acquisitions officer, at (949) 336-7000. Talk to Gibbs of Pacifica Real Estate Group at (805) 899-2400. Reach the Cushman & Wakefield agents at (602) 954-9000.

GREEN LEAF LANDS NEWLY-BUILT MIDTOWN PHOENIX APARTMENTS IN $76.15 MILLION PURCHASE

Phoenix – In its largest property acquisition in the Valley to date, a fund managed by Green Leaf Partners Inc. of Danville, Calif. (Mike O’Neil, Thomas Hall, Farrokh Billimoria, co-founders) paid $76.15 million ($271,964 per unit) to purchase the 280-unit Broadstone Arts District apartments at 222 E. McDowell Road in Phoenix. The luxury apartment community, which has been renamed Green Leaf Arts District, is now controlled by Green Leaf Arts District LLC (Green Leaf Partner entity).   The leasehold interest was sold by CRP/AR Broadstone Arts District Owner LLC, formed by Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, partners). Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the deal. The 3.9-acre property, located adjacent east of the Phoenix Art Museum at the northeast corner of McDowell and Alvarado roads, is currently being held in abatement by the City of Phoenix through a GPLET (Government Property Lease Excise Tax). Maricopa County records show Green Leaf Arts District LLC took control of the property with a $49.478 million Freddie Mac loan issued by CBRE Capital Markets Inc. in Houston, Tex. Governments (including cities) essentially are exempt from paying property taxes and pay an excise tax instead. The GPLET is considerably less than what the property tax would be and cities use it as an incentive to encourage development. In a GPLET deal, the developer leases the property from the governmental agency for what is typically a nominal amount. With an abatement, taxes and assessments are suspended for a specific period of time. With the investment, the privately-held Green Leaf Partners now has an interest in 936 apartments in three Valley communities. Alliance Residential, among the nation’s largest developers of multi-family properties, developed Broadstone Arts District in 2017. Get more from O’Neil at (925) 362-1476. Talk to Tom Lewis of Alliance Residential at (602) 778-2800. Reach the CBRE agents at (602) 735-5555.