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Commercial Real Estate News 03-28-17

Credit: Colliers International

CRE1Sales Transactions

1. The Phoenix City Council voted unanimously to sell the Translational Genomics Research Institute headquarters on the Phoenix Biomedical Campus in downtown Phoenix. TGen, with major funding provided by its new partner Los Angeles-based City of Hope, has agreed to cover the $68M, plus an additional $3M in cash

2. Mandarina Luxury Apartment Homes recently sold for $25M ($139K/unit). Christopher Roach and Matthew Roach of ORION Investment Real Estate were the exclusive brokers in this transaction.

3. Scottsdale-based MPC Development LLC purchased 802 partially improved lots in Buckeye for $18M, according to Land Advisors Organization, the listing brokerage firm on the deal.

4. Cushman & Wakefield announced the $17.5M sale of Clarendon Park, a 138-unit apartment community located at 222 W. Clarendon Avenue in Phoenix, to Phoenix-based Rincon Partners, LLC. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer.

5. Alaska USA Federal Credit Union has paid $17M for a 2-story, 185KSF office building in Glendale, near its existing data center, branch and vacant land purchased over the past few several years.

6. The Terrace Park apartment community at 8130 W. Indian School Rd. has been sold to a Canadian investor for $14M. The purchase marks an expansion of Western Wealth Capital’s portfolio of Metro Phoenix apartment properties.

7. Peoria has purchased 124 acres of Sunrise Mountain Preserve to complement past purchases and provide a unique, encompassing park experience for residents and users. Consideration was $7M.

8. Maracay Homes, closed on a $4.26M purchase of 63 lots in Gilbert’s fast-growing southern region ($67.6K/lot). Jeremy Lovejoy and Brian Stillman of Insight Land and Investments brokered the transaction between Maracay and the seller, Hari C. Puri.

9. Richmond American and Lennar Homes are the first two homebuilders to enter Santa Rita Ranch Phase III. Each builder purchased 68 SFR lots recently from Crown West Realty for a finished cost of $51K per lot, or $6.9M.

10. A 140KSF former Ashley Furniture distribution building at 2929 NW Grand Ave., has recently sold to RacePRO Products for $3.95M. Lee & Associates’ Rick Robertson and Scott Smith negotiated the transaction on behalf of the seller, Southwestern Furniture of Wisconsin, LLC.

11. Barbara Lloyd and Lane Neville negotiated the sale of a 101KSF office property, representing the buyer, Bogle Family Realty, LLLP, for $11.4M. The property is located at 7227 N. 16th Street, Phoenix, AZ. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller, Burton Family Foundation.

12. Rick Foss negotiated the sale of a 35KSF build-to-suit electronics manufacturing property, representing the buyer, 7Chilton, LLC, for $3.5M.

Lease Transactions (all, no link, no pic)

13. Barbara Lloyd, Lane Neville and Nathan Pancrazi  with NAI Horizon represented landlord, The Peak at 16th St, LLC, in a 15-year lease for 15KSF at 7301 N. 16th St, Phoenix, AZ. Kevin Calihan of CBRE represented the tenant, Regus.

14. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented tenant JEF-Fit 17th Ave. & Camelback, LLC, in a 120-month lease for 21KSF at 1625 W. Camelback Rd. Donna Reece of Zell Commercial represented the landlord, Park Lee Star Holdings, LLC.

15. Isy Sonabend and Rick Foss with NAI Horizon represented the tenant, Danby Appliances, Inc., in a 68-month lease for 155KSF at 10397 W. Van Buren, Tolleson. Mike Haenel of Cushman & Wakefield represented the landlord, GLP.

16. Tyler Smith represented the landlord, SWRE Deal V Building, LLC, in a 75-month lease for 18KSF at 1840 North 95th Avenue, Phoenix, AZ. Michael Waxman of Levrose Commercial Real Estate represented the tenant, Southwest Network.

17. Isy Sonabend and Rick Foss with NAI Horizon represented the tenant, Enclos, in a 38-month lease for 118KSF at 2225 South 43rd Avenue, Phoenix, AZ. Riley Gilbert of JLL represented the landlord, Exeter 2225 South 43rd, LLC.

18. Isy Sonabend with NAI Horizon represented the tenant, Zenith Global Logistics, in a 38-month lease for 27KSF at 302 E. University Drive, Phoenix, AZ. Cooper Fratt of CBRE represented the landlord, ProLogis.

1 Comment on Commercial Real Estate News 03-28-17

  1. The Phoenix residential real estate market represents a great opportunity to individuals, families, and investors who are weary about the stock market and are realizing that their investment portfolios are too exposed to fluctuations in Wall Street. By now, the reality has sunk in with most people – the stock market’s decline has hit 401K and other retirement investments hard. As a result, this is a critical time to for individuals, families, and investors to rethink diversification of their portfolios again. Portfolios need to be more highly diversified than ever before.
    And it’s time to rethink real estate as one component of your diversification in the future in addition to stocks, bonds, commodities, international investment, and low-risk savings instruments, to name a few. I like your post. I will share your blog to my friend.

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