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Commercial Real Estate News 04-11-17

Credit: Cushman & Wakefield

CRE1Sales Transactions

1. Colliers International in Greater Phoenix has completed the $19.5M sale of Desert Gardens apartments at 13517 W. Glendale Ave. in Glendale. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction. Desert Gardens V, LLC, sold the property to Del Marco, LLC. Desert Gardens was 99 percent leased at the time of the sale and consists of 17 two-story buildings on 11.16 acres.

2. MS International Inc. has bought a 188KSF distribution center in west Phoenix. MSI paid $11.96M for the property at 4405 W. Roosevelt Street. The deal was brokered by Lee & Associates’ Stein Koss, Tom Louer, and Nick Nudo and Colliers International’s Don MacWilliam, Payson MacWilliam and Jimmy Leaf. The seller was Crexus AZ Holdings 1 LLC.

3. Cushman & Wakefield negotiated the sale of three self-storage facilities for $8.6M. The three Tempe properties, sold by Business Property Trust, included AA Bargain I & II Self-Storage Portfolio at 1700 E. Curry Road and 816 N. Scottsdale Road and Tempe Bargain Self-Storage at 1964 E. University Drive. Cushman & Wakefield’s Paul Boyle and Rick Danis represented the buyers and the seller. Tempe Choice Self-Storage paid $4.1M for the AA Bargain I & II Self-Storage Portfolio. KEMF Tempe Storage, LLC paid $4.5M for Tempe Bargain Self-Storage.

4. Colliers International in Greater Phoenix has negotiated the $4.55M sale of Golden Key apartments at 3675 W. Osborn Rd. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix negotiated the sale transaction. Golden Key Apartments, LLC sold the property to Lili Rubin Investment Properties, LLC.

5. CBRE Group, Inc., has completed the sale of a nearly 40KSF office space located at 15601 North 28th Ave. in Phoenix. The property, located in the Arizona Business Park in the I-17 Corridor, commanded a sale price of $4.26M. Ashley Brooks of CBRE’s Phoenix office represented the seller, Arizona-based Paramount Partners LLC. Beth Jo Zeitzer and Justin Cirell with R.O.I. Properties represented the buyer, Arizona-based Research Building, LLC.

6. CBRE has completed the sale of The Shops at Sossaman, 7641 E. Guadalupe Rd. in Mesa, Arizona. The buyer was AEI Sossaman, LLC. CBRE’s Steve Julius and Jesse Goldsmith represented the seller, 7641 E. Guadalupe, LLC. The deal was valued at $3M.

Lease Transactions

7. Sprouts Farmers Market is opening a new Valley store in Mesa later this year. The Phoenix-based grocer will open the Mesa store as part of its latest expansion, which includes a total of 11 stores scheduled to open in the second half of 2017. The Mesa store will open at Loop 202 and Recker Road. The company also will open another new Arizona store in Yuma at 1590 S. Fourth Ave.

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