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Commercial Real Estate News 01-31-17

Credit: NAI Horizons

CER1Sales Transactions

1. Cushman & Wakefield has announced Park West, located at the northwest corner of Loop 101 and Northern Avenue in Peoria, sold for $34.45M to CIRE Investments, LLC. Greg Valladao, Brad Douglass, Chris Hollenbeck and Sean Lieb of Cushman & Wakefield represented the seller, Park West, LLC in partnership with The Howard Hughes Corporation of Dallas, Texas. Park West is a 46-acre mixed-use center with entertainment, restaurants, traditional retail and service commercials.

2. 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Standard Apartments, a 227-unit multifamily community in Tempe. The company will invest $1.8M into the property. This is the seventh acquisition 29SC has made in the Phoenix/East Valley market in the past two years. The sales price was not disclosed, but an approximate value of $17.25M is assumed.

3. The NAI Horizon investment sales team of Barbara Lloyd and Lane Neville represented Bogle Family Realty, LLLP in the $11.4M acquisition of Pointe Business Plaza, 7227 N. 16th St., in Phoenix. Pointe Business Plaza is a 103.5KSF, multi-tenant office building.

4. Cushman & Wakefield announced today that Extra Space Storage purchased the StorQuest Self Storage facility, located at 2150 N. Arizona Ave. in Chandler, for $9.5M from Global Chandler 2150, LLC.

5. NAI Horizon’s Rick Foss represented the buyer in the $3.54M purchase of a 35.1KSF manufacturing building at 150 E. Chilton Drive in Chandler. 7Chilton LLC purchased the contracted building from Sun State Builders. First Electronics, Inc., the occupant, manufactures custom electronics. It has been in business for more than 30 years and employs 80 workers. It is moving from a 14KSF facility in Tempe to its new location.

6. ORION Investment Real Estate has announced the sale of the freestanding Walgreens at 1305 S. Greenfield Road in Mesa for $2.6M. The property is situated on 1.23 acres, just south of Southern Avenue on Greenfield. Nick Miner at ORION represented the Buyer in this transaction. The building was purchased by Estelle Roitblatt Living Trust. The Seller was Florida-based Lease Fund II, LLC.

Lease Transactions

7. Mountainside Fitness is opening a new fitness center at State Farm’s new Marina Height development in Tempe. The 10,000-worker development is on Tempe Town Lake across from Arizona State University and Sun Devil Stadium. The new location is slated to open in April and will be between 17-18KSF.

8. Rockefeller Group announced today that Enterprise Leasing Company of Phoenix, an operating subsidiary of Enterprise Holdings Inc., has leased approximately 43KSF of flexible office space at Chandler Corporate Center IV. The largest car rental company in the world, Enterprise Holdings operates Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands.

9. The Quad, a 14-building, 167KSF office project in Scottsdale, has two new companies to add to its tenant roster. The creative, class A property will soon be home to Opendoor and Forward Tilt. Bryan Taute and Charlie Von Arentschildt with CBRE’s Phoenix office negotiated the leases on behalf of the landlord, EverWest Real Estate Partners. Opendoor was represented by Tiffany Winne with Savills Studley and Forward Tilt was represented by Craig Coppola with Lee and Associates.

10. The space that formerly housed the Matador restaurant near the Phoenix Convention Center, which has been vacant since 2012, will get new life as a mixed-use building. The Phoenix City Council voted unanimously to lease 13 KSF to PHX Commons, which will encompass retail and dining in both the indoor and outdoor spaces.

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