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Commercial Real Estate News 02-27-18

Credit: Cushman & Wakefield

Sales Transactions 

1. Cushman & Wakefield completed the sale of the Carlyle at South Mountain Townhomes & Apartments, located at 5151 E. Guadalupe Road and 5102 E. Piedmont Road in Phoenix. Two entities formed by Western Wealth Capital of North Vancouver, British Columbia purchased the property from entities formed by FPA Multifamily for $90M. Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the transaction.

2. Cushman & Wakefield completed the sale of Avondale Commerce Center I & II, located at 1050 & 1250 N. Fairway Drive in Avondale, for $36.25M. Avondale Commerce Center LLC (a company formed by Presson Corp.) purchased the property from 1050-1250 N El Mirage Road-Avondale LLC (a company formed by iStar Inc.). Paul Boyle, Rick Danis, Gary Anderson and Mike Gilbert of Cushman & Wakefield brokered the deal. 

3. ViaWest Group has purchased Blackhawk Corporate Center I, II and III for $34.25M. The seller was Cohen Equities, NY, LLC. Darren Tappen and Peter Beauchamp with Kidder Mathews, along with Ryan Timpani with Colliers International, the project’s leasing agent, represented both parties in the transaction. 

4. Artis REIT sold a 106KSF building to Sentinal Acquisition Corp. for $19.1M. Humana Pharmacy Inc. entered into a long-term triple net lease on the Class A building, called 91 Glendale, at 8990 W. Glendale Ave. CBRE Capital Markets represented the seller in the deal. Barry Gabel and Chris Marchildon with the Institutional Properties division of CBRE Capital Markets in Phoenix teamed with Tim Richey and Mike Winn, who are with CBRE’s Institutional Properties division in Denver. 

5. Prescott Gateway Mall has been sold to the Kohan Retail Investment Group of Great Neck, New York, for $8.8M. That’s about half the $16.3M the Tabani Group, headquartered in Dallas, paid for it in 2012.

6. Christopher Todd Communities has purchased 20 acres of land at Happy Valley Road and Vistancia Boulevard in Peoria. The company paid $4.1M for the site, which will be developed into single-family rental homes. John Finnegan, Chaz Smith and Ramey Peru of Colliers International in Greater Phoenix handled the land sale. Scottsdale Investment Management AZ LLC was the seller. Christopher Todd Vistancia LLC was the purchaser. 

Lease Transactions 

7. After completing a site selection search spanning the U.S. and Mexico, glass manufacturer Pilkington North America has opted to remain in Phoenix, renewing a 200KSF, long-term lease for its Western U.S. distribution center at Buckeye 75 Distribution Park, owned and managed by Lincoln Property Company. 

8. NAI Horizon’s retail team negotiated a long-term lease on behalf of the landlord for a Party City location at The Market at Estrella Falls, 1981 N. Pebble Creek Parkway, in Goodyear. The NAI Horizon Retail Properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented the landlord, The Market at Estrella Falls LLC in the lease transaction totaling $2.8M. The tenant, Party City Corporation, was represented by Neil Board of Western Retail Advisors. 

9. Manufacturing Machining Services, LLC leased 11.2KSF in Clairemont Plaza in Tucson, from Clairemont Partners, LLC. Rob Glaser and Max Fisher, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction. 

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