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Commercial Real Estate News 05-23-17

Credit: Phoenix Business Journal

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Sales Transactions

1. A 113.3KSF office building and call center for Home Depot Inc. has sold for $21.13M. Holliday Fenoglio Fowler LP brokered the sales between seller Tempe One Investors LLC and buyer Dallas-based Spirit Realty Capital.

2. On behalf of Young’s Market Company of Arizona, Cushman & Wakefield recently negotiated the purchase of a 249KSF, refrigerated/cold storage industrial building at 402 S. 54th Place in Phoenix for $20.5M. The seller was Los Angeles-based Barley Equites V, LLC. Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented Young’s Market Company of Arizona.

3. Monument Capital Management has acquired the 272-unit Brookwood Apartments in Tucson for $13M. The community is located at 201 S. Kolb Road. MCM plans to upgrade units’ interiors.

4. Judi Butterworth, Ari Spiro and Sean Stutzman of Orion Investment Real Estate have announced closing on a $6.68M, two-pad sale at the Desert Sky Festival Center.

5. Woodland Plaza, at the NWC of 35th Avenue and Bell Road in Glendale, was sold by Matanky Realty Group for $5.4M. Sean Thomas, Chuck Gibson, Alan Houston and Ed Beeh with SRS Real Estate represented Matanky. Maha Odeh of Regal Properties represented the buyer.

6. Cushman & Wakefield announced that CRG Financial Partners, LLC sold 18.1 acres at SEC of Loop 303 and El Mirage Road in Maricopa County for $3.5M to Scottsdale-based AV Homes of Arizona, LLC to develop 85 residential lots. Brian Rosella of Cushman & Wakefield represented the seller.

7. Arizona Kidney Disease and Hypertension Centers has paid $3.5M for a 44KSF building in Glendale, with plans for a $30M renovation. The two-story property at 6622 N. 91st Ave. is big enough to include a surgery center.

Lease Transactions

8. The Phoenix office of JLL has completed a new, 38KSF lease that will relocate FinTech company Upgrade Inc. from San Francisco into two floors at Renaissance Center I in downtown Phoenix.

9. Phoenix-based cybersecurity firm Mosaic451 LLC has expanded into a new, custom office on about three-quarters of the top 20th floor of the 3838 Tower building at Central and Indian School and is more than doubling its workforce.

10. Velocity Retail Group’s Dave Cheatham represented Hobby Lobby Stores, in a lease at the Scottsdale 101 shopping center located at the NWC of Mayo Boulevard and Scottsdale Road. The 57.5KSF store is expected to open in the first quarter of 2018.

11. Datashield has leased about 10KSF for a new headquarters at the ASU SkySong development in south Scottsdale. The space will accommodate 87 employees. The deal was brokered by Jim Sadler and Noah Barrasso with Keyser — who represented Datashield — and Lee & Associates broker Andrew Cheney — who represented SkySong’s landlords Holualoa Cos and Plaza Cos.

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