Breneman Capital Acquires Value-Add Multifamily Asset in Tempe
Chicago-based Breneman Capital (formerly Rise Invest) paid $5.57 million in cash for this 24-unit multifamily property near Arizona State University in Tempe.
Nov 4, 2021, 9:00am MST
A 113,000-square-foot industrial distribution building on 8.7 acres in Chandler sold to Denver-based EverWest Advisors, an institutional real estate investment management firm, in an off-market deal.
The building at 800 E Germann Road sold for $20 million, according to an announcement from the brokerage on the deal, Cushman & Wakefield.
The vacant property was developed and sold by Kitchell Development Company, which acquired the land in August 2020.
"The project timeline - from design and financing to construction and disposition - was one of the fastest in our company's 70-plus years," Kevin Miller, senior director of development at Kitchell, said in a statement. "It's indicative of the robust market and appeal of quality industrial product."
Executive Managing Director Will Strong, Senior Director Kirk Kuller, Associate Greer Oliver, and Senior Financial Analyst Connor Nebeker-Hay of Cushman & Wakefield in Phoenix represented the seller. Andrew Brigham, Evan Koplan, and Serena Wedlich of CBRE Group Inc. provided leasing advisory.
Over in downtown Tempe, Chicago-based Breneman Capital (formerly Rise Invest) made its Phoenix debut with the $5.57 million cash acquisition of a 24-unit apartment building near Arizona State University.
Plans call for investing $440,000 in renovations into the property at 1014 S. Farmer Ave., which was built in 1971.
Drew Breneman, founder and CEO of Breneman Capital, said his team has spent the past six months looking at high growth markets across the country. All signs pointed to metro Phoenix, he said.
"The growth prospects and pricing dynamics are some of the best we've come across," he said.
Plans call for installing washers and dryers inside each of the units, as well as installing a gate for the parking lot, improving the landscaping and upgrading the common area and amenities.
In the West Valley, Planet Fitness in Buckeye recently sold for $4.1 million to Carlisle NM 2014 LP, according to real estate database Vizzda.
Airport Plaza Properties LLC sold the 20,075-square-foot retail building on about five acres on Oct. 22, Vizzda shows. The property is at 1341 S. Watson Road on the southeast corner of Yuma and Watson roads.
Planet Fitness has a 15-year lease for the building, while Water Mill holds a five-year lease, Vizzda shows.
Chris Lind and Mark Ruble with Marcus & Millichap in Phoenix represented the seller in the transaction. The buyer was procured by Andrew Knudsen and Austin Williams, investment specialists in Marcus & Millichap's Salt Lake City office.
The tenant is the largest Planet Fitness franchisee, operating more than 170 locations across 10 states, including 37 locations in Arizona, according to Marcus & Millichap.
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