Cushman & Wakefield Negotiates Sale to Oregon Investor
PHOENIX, March 7, 2016 – Cushman & Wakefield, a global leader in commercial real estate services, announced today that Sycamore Square Apartments at 1120 S. Sycamore in Mesa, AZ, has been sold to an Oregon-based investor for $9.95 million.
The 120-unit apartment complex contains 103,200 square feet of space and is currently 94% occupied. Built in 1978, the project is located near the corner of Southern Avenue and Dobson Road in South Mesa.
Cushman & Wakefield Senior Directors Brett Polachek and Jim Crews negotiated the sale transaction. RND6, LLC c/o Crown Realty & Development of Irvine, CA, sold the property to T&D Alder Creek Equity, LCC c/o Bean Investment Real Estate, Inc. of Portland, OR.
“Sycamore Square fulfilled an exchange requirement for the buyer, and the purchaser’s plan is to operate the property for cash flow,” said Mr. Polachek.
For more information about Crown, please contact Rick Carpinelli at (602) 571-6795 or Derek Flottum at (602) 705-7993.
About Cushman & Wakefield
Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms in the world with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @Cushwake on Twitter.