Real estate wire: Lennar buys Chandler land for $43M apartments / Oregon investor deals in suburbs / DCT grabs Tempe warehouses

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Tim Roberts

Rancho El Mirage

Mike Sunnucks

Senior Reporter- Phoenix Business Journal

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• Lennar Corp. (NYSE: LEN) is buying a 10.8-acre parcel in Chandler for a $43 million planned apartment development, according to Business Real Estate Weekly.

Miami-based Lennar is one of the largest homebuilders in the U.S. but is also developing apartments.

BREW reports Lennar is slated to buy land at Chandler Boulevard and McClintock Drive for $4.5 million.

The seller is an entity called Desert Viking Apartments. Desert Viking acquired the land in 2013 for $2.8 million, according to the industry newsletter.

Lennar is opening a new luxury apartment complex on Tempe Town Lake and recently bought land at McDowell Road and Central Avenue for $13 million. The Florida builder wants to develop apartments on that empty lot.

• Denver-based DCT Industrial Trust (NYSE: DCT) has bought a 355,400-square-foot warehouse portfolio for $26 million.

The seller was Chicago-based RREEF Property Trust.

The sale includes three warehouse properties in Tempe near Interstate 10. The warehouses fetched $74.42 per square foot.

Cassidy Turley brokers Bob Buckley, Tracy Cartledge and Steve Lindley negotiated the deal.

DCT is a national warehouse and industrial real estate developer. It already owns warehouses in Phoenix, Tolleson and Tempe.

• Portland-based investment firm Red Hills Holdings LLC has sold an El Mirage shopping center for $3.1 million and bought a Mesa Pizza Hut building for $608,000.

A Red Hills entity sold a 20,100-square-foot Rancho El Mirage strip shopping center at Dysart and Thunderbird roads in the West Valley to California-based Casa Mirage Properties LLC.

Sperry Van Ness' Trenton McCullough and Shari Tucker and CBRE Group's Cam Stanton and Andrew Forsberg brokered the deal.

Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.