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Commercial Real Estate News 01-10-17

Credit: Cushman & Wakefield

cre1Sales Transactions

1. Pima Crossing, on the NWC of Shea Boulevard and Pima Road, Scottsdale, has sold for $46.25M to a Karlin Real Estate entity. Cushman & Wakefield’s Michael Hackett and Ryan Schubert represented the seller, Regency Centers, L.P. Pima Crossing encompasses 283KSF of retail space. Tenants include Pier 1 Imports, Lifetime Fitness, Stein Mart, Scottsdale Beer Company, Discount Patio and many more. The center is currently 95% leased.

2. Cushman & Wakefield announced that the mixed-use development at the northwest corner of University Drive and Forest Avenue in Tempe sold to Minneapolis-based The Opus Group for $15.24M. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Sundt Companies of Tempe. The site, yet to be officially named but alternately referred to as 7th St. Mixed Use and 7S, will include two high-rise apartment towers in Phase I. The 20-story and 12-story towers will have a total of 407 apartment units and more than 31,000 square feet of space for retail and restaurants that will front University Drive. Phase I project costs will total $160M.

3. South Forty RV Resort, LLC purchased a 233-space RV Park situated on 20 acres in northwest Tucson. The property, located at 3600 W. Orange Grove Rd., was purchased from Orange Grove RVP, Ltd. for $6.5M. Brandon Rodgers, CCIM, and Allan Mendelsberg, with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Gary Gunsalus with Saguaro Properties, Inc. represented the buyer.

4. NAI’S s Lane Neville and Barbara Lloyd represented the buyer in the $4.8M acquisition of the Shops at Fry’s Marketplace, 1229 E. McKellips Rd. and 1863 N. Stapley Dr., in Mesa. Stapley & McKellips Investors, LCC of Phoenix was the buyer. The seller was KEB Investments, LLC.

5. Investors, HSG Tucson, bought 54 condos at The Greens at Ventana Canyon, 5800 N Kolb Road in Tucson. Built in 1986 for apartments, and condominiums converted in 2006, this class A property has 265 total units. The 54 condos commanded a sale price of $4.99M in an all-cash deal.

6. Phoenix investors, The Bynum Family Trust, traded into the purchase of Colonia Verde at 7245 E Tanque Verde Road in the Eastern submarket of Tucson. The 9,216-square-foot retail center sold fully occupied with five tenants. The property commanded a sale price of $2.9M ($317 PSF).

7. Marcus & Millicap negotiated the sale of Chipotle, a 3KSF net-leased property located in Ahwatukee in Phoenix. The asset sold for $2.5M.

8. Mattress retail startup and Phoenix cheerleaders Tuft & Needle have purchased a historic and iconic building on Grand Avenue. Owners JT Marino and Daehee Park bought a 6KSF building at 750 Grand Ave., most recently known as the Paper Heart, a performance space, music venue, gallery, coffee shop and bar. Steph Carrico and JRC, owners of the Trunk Space were involved in the Paper Heart as well. T&N declined to disclose the purchase amount.

Lease Transactions

9. BroadPath, Inc. leased a total of more than 15KSF of office space, located at 6400 E. Grant Rd. in Tucson, from La Mirada, LLC.  BroadPath renewed their original lease for 9,703 square feet and also expanded an additional 5,556 square feet.  Rick Kleiner with Cushman & Wakefield | PICOR, represented the landlord and Mark Irvin, SIOR, with Mark Irvin Commercial Real Estate Services, represented the tenant.

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