Mentor Properties Buys Peoria M-F Asset for $10.8M; Exeter Property Group Grabs Distribution Center in $13M Deal
- Apr 02, 2014
In a $10.8 million deal, Mentor Properties Inc. has acquired Monterey Pines, a 216-unit apartment community in the Peoria suburb of Phoenix. The price translates to $50,000 per unit.
Murano Properties, the seller, was represented by Cliff David, a vice president with Marcus & Millichap Real Estate Investment Services Inc., and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap affiliate. David and Gebing, who are based in Phoenix, also advised the buyer.
“Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” David commented in a statement. “The plan is a $463 million investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”
Developed by Hrebec Properties in 1984, Monterey Pines is located on 10 acres at 8650 West Peoria Ave., near the Cardinal Stadium and the Loop 101 Freeway. The apartment units feature oversized walk-in closets, individual exterior storage rooms and covered private patios/balcony decks. Common amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.
Additionally, the property is near the Bell Road retail corridor, which is anchored by Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall.
In industrial investment news, Plymouth Meeting, Pa.-based Exeter Property Group purchased Prologis Riverside Distribution Center, a 250,796-square-foot facility in southwest Phoenix, for $13.2 million. The seller was Prologis.
Located at 2225 South 43rd Avenue, the distribution center offers direct access to both Interstate 10 and Interstate 17, as well as U.S. Route 60 and Loop 101. Occupancy was 44 percent at the time of sale.
Cassidy Turley Executive Managing Directors Andy Markham and Mike Haenel and Vice President Will Strong negotiated the transaction on behalf of the buyer and seller.
According to Cassidy Turley, Exeter Property Group plans to lease the remaining space to a corporate tenant seeking to take advantage of the central location, efficient layout and modern features of the asset.
Photo credit: Monterey Pines apartment complex via official website