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Commercial Real Estate News 02-06-18

Parker Leavitt/The Arizona Republic

Sales Transactions

1. Optima Sonoran Village near the Scottsdale Waterfront has sold for a record $210.4M. The complex on Camelback Road and 68th Street across from Scottsdale Fashion Square, was purchased by Des Moines-based Principal Real Estate.

2. CBRE has arranged the sale of BMO Tower at Central Arts Plaza, a 486KSF, 24-story Class A high-rise office building in Phoenix. The owners, a joint venture between McCarthy Cook & Co. and Morgan Stanley Real Estate Investing, sold the property, along with an adjacent 1.94-acre parcel, for $80.7M. Barry Gabel and Chris Marchildon with CBRE Capital Markets in Phoenix, and Todd Tydlaska and Sean Sullivan with CBRE Capital Markets, Los Angeles, represented the seller in the transaction.

3. CBRE announced the sale of 91 Glendale, a Class A, single-tenant, 106KSF office building, located at 91st and Glendale avenues in Glendale. The three-story, 100-percent leased property is occupied by Humana Pharmacy, Inc., which entered in to a long-term triple net lease. The buyer was Sentinel Acquisition Corp. Barry Gabel and Chris Marchildon with CBRE Capital Markets, Institutional Properties, Phoenix, and Tim Richey and Mike Winn with CBRE Capital Markets, Institutional Properties, Denver, represented the seller, Artis REIT.

4. CBRE has completed the $17M sale of Paradise Vista, a 352-unit, garden-style apartment community in Glendale at 7102 N. 43rd Avenue. Brian Smuckler and Jeff Seaman represented the buyer, Solano Vista, LLC, and the seller, Paradise Vista LLC, in the transaction.

5. ViaWest Group has purchased Concorde Commerce Center, an office building located at 2222 W. Dunlap Ave. The 138KSF property was purchased with a partner for $9.5M. The sale was brokered through Barry Gabel and Chris Marchildon of CBRE. Colliers International in Greater Phoenix has been chosen to handle leasing of the project.

6. Land Advisors Organization Scottsdale team of Ryan Semro, Ben Heglie and Bret Rinehart represented the sellers, Golden Buffalo Golf Properties LLC and Fairways Range LLC in two transactions completing the purchase of 197 lots in Goodyear to Meritage Homes of Arizona for $7.3M. The new community in Palm Valley will include (86) 60’x120’ lots and (111) 36’x106’ lots with a preliminary plat already approved.

7. Aspirant Development has purchased 1.2 acres fronting on the north side of Fillmore Street between 2nd Avenue and 3rd Avenue. The property was purchased from The Fillmore Group, LLC, a Los Angeles/Hong Kong based seller. The purchase price was $3.5M and the property is planned for 220 units in a 12-14 story apartment tower. Ray Cashen of Cashen Realty Advisors was the broker on the transaction.

8. Marcus & Millichap announced the sale of Country Gardens, a 76-unit apartment property in Tucson. The asset sold for $3.4M ($44,737 per unit). Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Hamid Panahi, James K. Crawley.

Lease Transactions

9. Trammell Crow Company and partner Artis REIT announced that Footprint LLC, a sustainable technology firm, has signed a long-term, full building lease to occupy Park Lucero Phase II, a Class A, speculative industrial building comprised of 132KSF.

10. iStar Inc. announced the addition of several new retail and office tenants at Westgate Entertainment District including Fat Tuesday, Manna Korean BBQ, Fine Ash Cigar Lounge, STARS Alliance and Day & Zimmerman that are all expected to open in the coming months. This new leasing activity brings Westgate to 95 percent leased in its ground floor retail space and 86 percent leased in its office space. Since acquiring the property in late 2011, iStar has added more than 114KSF of new office tenants and more than 136KSF of new retail tenants.

11. GVD Commercial Properties, Inc. leased the 21.5KSF former Golfsmith space at 4439 North Oracle Road to Base Hits Tucson Inc. The tenant plans to open a D-Bat facility offering batting cages and personal training for baseball and softball, including developmental youth camps and private lessons, as well as equipment, and apparel.

12. The Promenade, at Scottsdale Road and Frank Lloyd Wright Boulevard, will welcome a host of new tenants offering a variety of services, dining options and entertainment to Scottsdale. The newest section of the property features restaurants and retail shops that are now open or set to open in 2018, including Blaze Pizza, Modern Market, Thai Chili 2 Go, Original ChopShop, Verizon Wireless, V’s Barbershop, and Pacific Dental Services.

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