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Mon, April 22

Local Business in Brief: Legacy rental community at Prescott Lakes sells for $30.25 million; retail center in PV goes for $3.52 million

Legacy rental community at Prescott Lakes sells for $30.25 million; retail center in PV goes for $3.52 million

A 150-unit rental community located within Prescott Lakes has sold for $30.25 million, according to Cushman & Wakefield, which represented the seller.

Long Beach-based NNC Apartment Ventures purchased the property from an entity formed by Phoenix-based Clear Sky Capital.

The community offers a mix of one-, two, and three-bedroom floor plans at an average size of 955 square feet.

“The Legacy at Prescott Lakes is a Class ‘A’ community with excellent value add potential in a market with a very limited supply of Class ‘A’ multifamily units,” said David Fogler, an executive managing director of Cushman & Wakefield.

PV retail center sells

A 9,000-square-foot multi-tenant retail property located at 7584 E. Highway 69 in Prescott Valley has sold for $3.52 million, according to CBRE, which represented the seller.

Phoenix-based Iron Springs Shopping Center, LLC, purchased the property from Scott Whittington with Scottsdale-based WPP-Prescott LLC.

Built in 2000, the retail center is currently 100 percent leased to five nationally recognized tenants: Aspen Dental, Papa John’s Pizza, Subway, T-Mobile and Smoke’M, a tobacco shop.

— The Daily Courier

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