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Commercial Real Estate News 04-04-17

Credit: Colliers International

CRE1Sales Transactions

1. Berkadia has announced the sale of The Montego, a 154-unit multifamily property located at 949 South Longmore Street, Mesa, AZ. Mark Forrester, Ric Holway, Dan Cheyneand  Tom Wolff of the Berkadia Phoenix office completed the sale on March 24th, for the seller, BH Longmore, LLC. The buyer was Western Wealth Holdings.

2. Cushman & Wakefield’s, Eric Wichterman and Helix Properties, Ryan Spiekerman and Adam Feldman, completed the sales of two North Scottsdale office buildings located in the Perimeter Center for a total of $12.13M. The properties located at 8322 E. Hartford Drive and 8324 E. Hartford Drive were single entity LLC’s controlled by Helix and purchased by Heritage Partners.

3. A California buyer purchased a 188KSF industrial distribution building at 4405 W. Roosevelt St., Phoenix. Lee & Associates’ Stein Koss and Tom Louer and Nick Nudo procured the buyer, MS International, Inc. Don MacWilliam and Payson MacWilliam of Colliers International represented the property ownership, Crexus AZ Holdings 1, LLC.

4. Emerald Industries, LLC has purchased the 9.39-acre school campus at 1305 S. Gilbert Rd. in Phoenix for $9.5M. The site is home to Lauren’s Institute for Education (L.I.F.E.), which has leased the property since 2015. Emerald Industries purchased the campus from Fenway Properties. Todd Noel of Colliers International in Greater Phoenix negotiated the sale transaction.

5. The Phoenix office of JLL has completed the sale of just over 1.3 acres in the heart of downtown Phoenix. The buyer plans to use the land for a yet-to-be-named residential high-rise development project. JLL’s John Cunningham and Charles Steele represented the property owner, Third and Pierce Development LLC, in the $6.6M transaction. The buyer was Clark Street Holdings LLC.

6. In two separate transactions, CBRE has completed the sale of Tilted Kilt’s build-to-suit flagship restaurant and corporate headquarters located at 1617 W. Warner Road and 8915 S. Harl Ave. in Tempe, respectively. The ±10KSF retail property is home to Tilted Kilt’s new flagship restaurant and is situated on approximately 2.6 acres of land. The restaurant commanded a sale price of $5.6M ($542/SF). Separately, Tilted Kilt’s new ±10KSF corporate headquarters, situated directly adjacent to the restaurant, sold for $2.95M ($295/SF). Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, WCCP Harl Warner, LLC and WCCP Harl Warner Office, LLC, entities formed by West Coast Capital Partners.

7. CBRE has completed the sale of a single-tenant, Kneaders Bakery & Café, 1150 E. Bell Road, Phoenix. Four Foods Group (FFG Development, LLC) bought the land and just completed construction on the ±4KSF retail property. The Property commanded a sale price of $3M. Joseph R. Compagno and Andrew K. Fosberg with CBRE’s Phoenix office represented the seller, American Fork, FFG Development, LLC. Barry Gabel and Chris Marchildon, also with CBRE’s Phoenix office, represented the buyer, DDSR-2 LLC.

8. CBRE has recently completed the sale of Osborn Place, a 30-unit multifamily property located at 1414 E. Osborn Road in Phoenix. The buyer was Meier Family, LLC, completing a 1031-exchange. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. Total consideration for the deal was $2.8M.

9. SVN Desert Commercial Advisors sold the 32-unit Lindsay Villas Apartments in Tempe for $2.8M million. Danny Lee represented the buyer and seller in the sale transaction.

10. SVN Advisors, Chip Kloppenburg and Carrick Sears with the Desert Commercial Advisors office in Phoenix recently sold Malibu Apartments for $2.24M. The 65-unit apartment complex is located at 3665 N. 1st Ave. The buyer was Scott Brittenham with 3665 N. 1st Ave, LLC who already owns approximately 100 units in Tucson

Lease Transactions

11. NAI Horizon’s Isy Sonabend and Rick Foss negotiated a long-term industrial lease for a national refrigeration and specialty appliance company at 10397 W. Van Buren St., in Tolleson. NAI Horizon represented the tenant, Danby Appliances, Inc., in a deal worth $2.58M. Danby is leasing 155KSF of the 278KSF facility.

12. Irgens – Phoenix has announced three signed tenants totaling more than 27KSF for its Spectrum Medical Commons, a medical campus near Val Vista Drive and the 202 Santan Freeway.  The building, which is currently under construction, is scheduled for completion in Fall 2017. The Spectrum Medical Commons property is located immediately adjacent to Dignity Health Mercy Gilbert Medical Center. Warner Park Surgery Center (operated by United Surgical Partners, International) has leased 15KSF in the building. Dignity Health has leased 6KSF and Advanced Surgical Associates, Ltd. has leased 6KSF.

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