Phoenix – In a sale that establishes a record for the highest purchase price for a single-tenant industrial building in the Valley market, a company formed by CrossHarbor Capital Partners LLC of Boston, Mass. (Samuel Byrne, William Kremer, co-founders) paid $98.325 million ($97.41 per foot) to acquire a 1,009,350-square-foot distribution facility in West Phoenix that is fully occupied by Amazon (NASDAQ:AMZN). Located about two miles south of Interstate 10, the 44.22-acre property at 6835 W. Buckeye Road was sold by a joint venture formed by The Koll Co. in Newport Beach, Calif. (Ray Wirta, CEO) and a Middle Eastern equity partner. Obliterating all barriers to entry in making its first Phoenix real estate acquisition, the privately-held CrossHarbor Capital Partners has purchased more square-footage in one property than many Valley investors own in several buildings. Maricopa County records show CH LH Buckeye Owner LLC (CrossHarbor Capital Partners entity) acquired the asset by assuming a $48,587,500 CMBS loan issued by Benefit Street Partners CR Finance LLC in New York City, N.Y. In July 2016, BREW reported The Koll Co. and partner Seera Investment Bank B.S.C. from the Kingdom of Bahrain paying $74.75 million ($74.06 per foot) to acquire the project, which is located within the Buckeye Logistics Center industrial park. Originally developed in 2007 as a 604,678-square-foot warehouse, the building was expanded in 2011 by another 404,672 sq. ft. to accommodate Amazon’s growth. The facility is one of four projects and roughly 4.5 million sq. ft. of warehouse-distribution space that the retail on-line behemoth Amazon leases in the Valley. Prior to the CrossHarbor Capital Partners deal, the previous record price for a single-tenant industrial facility was established in August 2012 when Industrial Income Trust (IIT) in Denver, Colo. paid $90.286 + million ($71.25 per foot) to buy a 1.267 million-square-foot distribution building at 800 N. 75^th Avenue in Phoenix. That property is also leased to Amazon. According to the company’s website, CrossHarbor Capital Partners invests in single property transactions, multiple property portfolios and real estate-related operating companies for its own account, with joint venture partners and third party borrowers. Since its inception 25 years ago, the real estate firm has invested more than $13 billion in completing roughly 175 transactions on behalf of endowments, foundations, public and corporate pension funds, financial institutions and family offices. CrossHarbor Capital Partners, which acquires office, industrial, retail, apartment, hotel and mixed-use properties, currently has an estimated $5.5 billion in assets under management. Get more from Patrick O’Sullivan of CrossHarbor Capital Partners at (617) 624-8323. Scott Meserve of The Koll Co. is at (949) 655-6818.

Mesa – One year after the company made its first Valley multi-family investment in Glendale, Cortland Partners in Atlanta, Ga. (Steven DeFrancis, CEO) has expanded its reach to the other side of town by paying $62 million ($161,458 per unit) to purchase  The District at Mountain Vista, a 384-unit apartment community located in Mesa. Kaplan Mountain Vista Apartments LP., a limited partnership formed by Kaplan Development LLC in Houston, Tex. (Michael Kaplan, Geoff Simpson, principals) and Westplan Investors in Atlanta, Ga. (Ewoud Swaak, CEO), was the seller. The transaction  was brokered through Dave Fogler and Steve Nicoluzakis of Cushman & Wakefield in Phoenix and Brett Polachek, formerly of C&W, and now with ARA Newmark in Phoenix. Maricopa County records show South 105^th AZ Partners LLC (Cortland entity) acquired the asset with a $40.3 million loan from W&D Interim Lender LLC, formed by Walker & Dunlop LLC in Bethesda, Md. In April 2008, BREW reported a venture formed by Kaplan Development paying $8.555 + million to buy the 19.6-acre site and planning to develop the Mesa complex. Located west of Signal Butte Road and south of Southern Avenue at 1304 S. 105^th Place, the community was completed in 2009. Records show the primary owner in the recent sale was Westplan Preferred Equity Fund Management GP LLC, formed by Westplan Investors. With the acquisition, the privately-held Cortland Partners now owns 796 apartments in two multi-family assets in the Valley. One year-ago, BREW reported the company entering the Phoenix market by paying $60.545 million ($146,954 per unit) to purchase the 412-unit Arrowhead Summit apartments at 18330 N. 79^th Avenue in Glendale. Cortland Communities owns and operates more than 45,000 apartment units in 138 properties spread across 11 states. The company, owners of both conventional and senior housing projects, is looking to buy more apartments in the Phoenix area, as well as other select markets in the U.S. Since its inception in 1995, Westplan Investors has invested $2 billion in real estate, primarily in the multi-family sector. Over the past 20 years, BREW has reported Kaplan developing 611 apartments in two Valley projects, and planning another 962 units in three other Phoenix-area communities. Find out more from Cortland Partners chief investment officer Mike Altman at (404) 591-3587. Talk to Jerry Davis of Kaplan Development’s southwest region at (949) 230-6681. Reach Swaak of Westplan Investors at (770) 390-9378. Contact Fogler and Nicoluzakis at (602) 954-9000. Call Polachek at (602) 952-3833.