$5M+ Deals – Monti’s closes for $16.875M , Southbridge sells, and $37.55M sale of 4 industrial properties

Below is a list of the deals closed Wednesday 10/29/14 in Maricopa County over $5 million according to the Maricopa County Recorder. The Rose Law Group Reporter has not independently verified these transactions.

The Monti’s Restaurant site has sold for $16.875M to a venture formed by Douglas Wilson Cos. And Phelps Development LLC, who plans to develop a $150M office-hotel project on the site. If successful this will be among the biggest and most transformative projects in the Tempe submarkets, which is saying a lot considering the activity in that part of the Valley. You can read more about the proposed project here.

$37.55M sale of four parcels by RREEF America REIT II Portfolio LP:

• 2202 S 7^th St (SWC of 7^th St and I-17) in Phoenix for $13.36M;
• 18201 N. 25^th (25^th Ave between Bell Rd. and Union Hills Drive) in Phoenix for $11M;
• 2404 W. 14^th (NEC of I-10 and SR 143) in Tempe for $7.9M
• 2625 S. Wilson St. (on Alameda Dr. between Broadway Rd and  Southern Ave.) in Tempe.

The four industrial parcels totaling 21.23 acres are 10.5, .5, 5.6 acres and 4.63 acres respectively.

$15.5M sale of 51,000+ SF of the Southbridge project in Old Town Scottsdale by Southbridge Retail Mix LLC, Southbridge 7144 Investors LLC and Southbridge Scottsdale Investors LLC, three entities formed by Cadogan Southbridge LLC (Ely Ruimy, manager). The buyer of the spaces which include the 3^rd floor of 7114 E. Stetson, all floors of 7134 E. Stetson, the 1^st, 2^nd, and 4^th floors of 7144 E. Stetson, and the 1^st and 2^nd floors of 7154 E. Stetson (with the exception of spaces owned and occupied by Greey Pickett and Gentry Wealth Management), was RBB Properties 2 LLC.