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Commercial Real Estate News 03-21-17

Credit: AZRE

CRE1Sales Transactions

1. Companies formed by Communities SouthWest assembled and purchased four properties totaling 310 acres representing the north half of a master planned community named Malone Place for $26M. The acreage has been planned for 848 residential lots. The transactions were assembled and negotiated by Martin Pylman with City to City Commercial, who represented Communities SouthWest.

2. Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20M. A California-based real estate company acquired the property to expand its portfolio of apartment communities in the Phoenix area. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, BH Properties. The buyer was INCO Real Estate Company, represented by Mark Forrester and Ric Holway of Berkadia-Phoenix.

3.(CRE Metro, AZRE) Sterling on 28th, situated on 8 acres near Metrocenter Mall, was sold by Pacific Real Estate Partners Inc. to Dalan Management for $14.35M, according to Marcus & Millichap, who worked on the deal.

4. Two former University of Phoenix buildings have sold for a combined total of $12M. West Second Street Associates purchased 4150 Riverpoint Parkway building for $8.35M ($62.80/foot). Orsett Properties Ltd. bought 3125 E. Wood Street for $3.65M($69/ foot).

5. Richmond American Homes is entering La Estancia masterplan with the purchase of 99-SFR lots from Sunbelt HoldingsWill White and John Carroll of Land Advisors Organization in Tucson represent Sunbelt Holdings for land sales in La Estancia. The finished sale price was approximately $4.9M.

6. CBRE Group, Inc., has recently completed the sale of a Scottsdale Airpark executive office and hangar facility at 15834 N. 80th Street in Scottsdale. The buyer is Potts Properties, LLC. Bill Bayless with CBRE’s Phoenix office represented the buyer. The seller, Hill Valley Real Estate Holdings, LLC, was represented by Airport Property Specialists. Total consideration for the deal was $4.5M.

7. Cushman & Wakefield have announced that Flight Center, 615 and 625 West Deer Valley Road in Phoenix, sold to KBP Realty Advisors of Scottsdale for $4.5M. Bob Buckley, Steve Lindley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented the seller, Business Properties.

8. Four Tempe industrial warehouse buildings totaling more than 62KSF recently sold in two separate transactions for a combined $4M. Lee & Associates’ Ken McQueen represented the owners, GD Eaton Freeway, LLC in both deals.

9. Colliers International, sold a single-tenant, net-leased retail site located at 5104 W. Glendale for $3.5M. Proinvest 99 Glendale AZ, LLC purchased the fully leased property from Verde Investments Inc. Dmitry Levkov and Marc Bonilla of Colliers, represented the buyer. Ed Beeh of SRS National Net Lease Group represented the seller.

10. Scar Family Trust purchased a 13.2KSF building at 5123 E. Speedway Blvd., Tucson. The property was purchased for $2.64M from Solar Industries, Inc.  The Window Depot occupies the building, making a long-term commitment to that location. Stephen D. Cohen and Russell W. Hall with Cushman & Wakefield | PICOR, represented the seller in this transaction.  Mitchell Stark, with Berkshire Hathaway Realty, represented the buyer.

11. Cushman & Wakefield have announced the Starbucks, located 5360 E. Carefree Highway in Cave Creek, Arizona, has been sold for $2.2M to Mountain Park Investors. Cushman & Wakefield’s Chris Hollenbeck represented the seller, Park West Development. Nicholas Diamond of Real Estate Investment Group represented the buyer.

Lease Transactions

12. Circle K Stores renewed and expanded its presence at Warner Crossing at their currently occupied space at 1130 W. Warner Rd., Tempe, while expanding into 1120 W. Warner Rd. for a total of 104KSF. Rick Lee and Conner Lee with Lee & Associates negotiated on behalf of the landlord, iStar Financial, while Mike Beall with Cushman & Wakefield represented the tenant, Circle K Stores.

13. The Phoenix office of JLL and Presidio Southwest have completed a 43KSF building lease for Enterprise Leasing Company of Phoenix LLC, an operating subsidiary of Enterprise Holdings Inc. The lease agreement relocates Enterprise Holdings’ regional headquarters. The new Enterprise regional headquarters is located at 4100 W. Galveston St. in Chandler.

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