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Commercial Real Estate News 02-28-17

Credit: Cushman & Wakefield

CRE1Sales Transactions

1. Cushman & Wakefield have announced that Houston-based Riva Ridge Development purchased CBIZ Plaza, located at 3101 and 3111 N. Central Avenue in Phoenix, from LNR Property Corporation for $26M (including auction fees). Cushman & Wakefield’s Eric Wichterman and Mike Coover negotiated the sale. The 266KSF Class B office property was 78 percent occupied at the time of the sale. CBIZ Plaza consists of a 16-story tower, a two-story low rise building and a six-level parking structure.

2. Alaska USA Federal Credit Union acquired a 185KSF office project in Glendale, AZ’s Talavi Business Park. The buyer paid $17M. The two-story structure, once occupied by Honeywell Inc., was sold by West Coast Capital Partners. Jim Ryder of Capital Realty Advisors LLC represented the buyer. The seller was advised by Brad Anderson, Mike Strittmatter, Ashley Brooks and Lauren Anderson of CBRE.

3. Colliers International in Greater Phoenix has negotiated the sale of a data center property in Tempe. Carter Validus Mission Critical REIT II, Inc. purchased the property from El Dorado Holdings, Inc. for $16.4M ($371/SF). The space is 100 percent leased. Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix and Luke Denmon of CBRE handled the sale and lease transactions on behalf of the seller.

4. A 4.5-acre parcel at the SWC of Scottsdale Rd. & Chauncey Ln., Scottsdale, sold for $7.1M ($36.33/SF). Lee & Associates Bob Kling negotiated the sale on behalf of the buyer, Chauncey Retail Partners, and the seller, JBL Scottsdale Market, LLC. Plans for the property include a 300-unit, 4-story luxury apartment community and a four-building, high-end retail development with approximately 33KSF facing Scottsdale Rd. One of the retail buildings will feature several floors of Class A office space above the retail component totaling approximately 20KSF.

5. Triumph Real Estate Investment Fund has acquired two shopping centers in metro Phoenix for $7M. They include $4M for Triumph Bell West Ranch, a 20KSF shopping center in Surprise; and $3M for Triumph Glendale Crossing, a 10.6KSF retail center in Glendale. Jon Rosenberg and Keri Davies of Levrose Commercial Real Estate/TCN Worldwide represented the buyer in the acquisition of Triumph Bell West Ranch from PWREO Bell & 303 LLC, and Triumph Glendale Crossing from Lawrence and Geyser.

6. CBRE has completed the sale of a two-tenant retail center at Casa Grande Shopping Center in Casa Grande for $4.5M ($98/SF). The 45KSF retail property is home to Dollar Tree and Mor Furniture for Less and is situated on approximately 4.6 acres. Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, HH-Casa Grande 2, LLC, an entity formed by Hinkson Company, LLC.

7. Twin Peaks Plaza building at 7555 West Twin Peaks Road in Marana sold for $2M ($234/SF). The seller, CJR at Twin Peaks LLC, was self-represented in the transaction. Wocky Redsar and Tari Auletta with Keller Williams of Southern Arizona represented the buyer, John Kai Jr. LLC.

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