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Commercial Real Estate News 04-25-17

Credit: CBRE

CRE1Sales Transactions

1. Institutional Property Advisors (IPA), a division of Marcus & Millichap announced the sale of Indigo Creek, a 408-unit multifamily community in Glendale for $55.2M ($135K/unit). Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Bascom Arizona Ventures and procured the buyer, Resource Real Estate.

2. CBRE Group, Inc. recently completed the sale of Scottsdale Executive Office Center, a 181.2KSF Class A office campus located at 15880, 15990 and 16100 North Greenway-Hayden Loop in Scottsdale. Total consideration for the sale was $37.5M. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, Perry Investment Trust No.1, LLC. The buyer is Kramer-Wilson Company, Inc.

3. Clear Sky Capital Parkside LP of Phoenix recently sold Parkside Apartments, 1801 South Cutler Drive, Tempe to California-based Devistar II Properties, LLC for $9M ($90.8K/unit). Cushman & Wakefield’s David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller. The buyer was represented by Rick Horst of Keller Williams Arizona Realty.

4. California-based Tonto Corp. has paid $7.9M ($52.3K/acre) for 151.6 acres in Mesa for development of a business park at the Loop 202 freeway and Sossaman Road. According to Business & Real Estate Weekly of Arizona, the seller was a joint venture of First Industrial Realty Trust and the California State Teachers Retirement System.

5. Lee & Associates announced two separate commercial land transactions totaling 19 acres, one in Scottsdale and one in Glendale, sold for a combined $6.3M. An 11-acre parcel in the D.C. Ranch Corporate Center, 17492 N. 91st St., Scottsdale, sold for $4.3M. The buyer was CH Realty VII_WPC, I Phoenix and the seller was SWVP DC Ranch, LLC, Scottsdale. An 8-acre parcel at the SEC of 107th Ave. & Northern Ave., Glendale was sold for $1.9M. Swire Pacific Holdings, Inc. purchased the property. AZ Investment, LLC was the seller. This property will be used for an expansion for the Coca Cola bottling plant in the Glendale Airport. Lee & Associates Principals Robert Kling and Dave Johnson negotiated both sides of each deal.

6. N 32nd Street Storage, LLC, a joint venture between Life Storage and Gibraltar Holdings, closed escrow today on a 1.69-acre parcel at 10155 N 32nd St., Phoenix. Trivista Properties, LLC was the seller. Gene Montemore of Real Living Success Realty represented the Seller. Tarik Williams of Revcorp, Inc. Real Estate represented the Buyer. The Buyer received City approval for a storage facility under the Life Storage brand. Terms of the transaction were not disclosed.

7. CBRE Group, Inc. has completed the sale of Canyon North, a 50-unit multifamily community, located at 2339 West Northern Ave., Phoenix. Total consideration for the sale was $3.2M. Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented both the buyer and the seller. The buyer is Calgary, Alberta-based Canyon North Properties, LP. The seller was South Sunshine Coast, LP.

8. Meritage Homes of Arizona, Inc. purchased (71) 45’ X 120’ and (42) 50’ X 120’ platted and engineered lots at Rancho del Lago in Vail from Fidelity National Title Agency and Vail Valley Joint Venture for a price of $3.2M ($28K/lot). The Seller was represented by Randy Emerson of GRE Partners, LLCWill White and John Carroll of Land Advisors Organization in Tucson represented the buyer.

9. Rein & Grossoehme Commercial Real Estate announced the sale of 1919 E. University Drive, Phoenix, a 53KSF industrial building. Adler Realty Investments purchased the property from Obed Properties, Inc. for $2.8M ($53.67/SF). The building was vacant at closing. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented the seller and buyer.

10. The NAI Horizon investment sales team of Lane Neville and Barbara Lloyd represented the seller in the $2.7M sale of the Shops at Kohl’s, a retail property located at 4645 E. Chandler Blvd., in Phoenix. The seller, DROF I-1, LLC of Phoenix, was represented by NAI Horizon. The retail property totals 11.4KSF and is 100 percent occupied.

11. 7Four On Stone By Bakerson, LLC purchased Desert Tree Apartments, a 72-unit apartment complex located at 3450 N. Stone Ave. in Tucson, from Ann M. Boyce for $2M.  The Cushman & Wakefield | PICOR multi-family team of Allan Mendelsberg and Daniel Leibsohn represented the buyer and the seller in this transaction.

12. Colliers International in Greater Phoenix has completed the sale of the 14KSF OneNeck IT Solutions data center at 1655 Sunrise Blvd. in Gilbert. ArroyoBel Asset Advisors LLC purchased the facility from a private investor. Mindy Korth, Kirk Kuller, Michael Ortiz and Scott German of Colliers International in Greater Phoenix represented the seller and negotiated the sale.

Lease Transactions

13. Rio2100, a 52-acre mixed-use development under construction at the intersection of Loop 202 and Loop 101 in Tempe, has the announced execution of a 300KSF build-to-suit lease with Freedom Financial Network. Bryan Taute and Charlie von Arentschildt with CBRE’s Phoenix office negotiated the lease on behalf of the landlord, The Boyer Company. Freedom Financial was represented by Pat Williams and Gregg Walker with JLL.

14. Cushman & Wakefield announced that Warner Courtyards, a modern flex office building totaling 113KSF, 301 W. Warner Road in Tempe, is now fully leased. Matt Nebeker of Cushman & Wakefield represented the landlord, Hannay Realty Advisors, in the transactions. Cenlar FSB leased approximately 60.1KSF and was represented by Jerry Jacobs of Newmark Grubb Knight Frank. CEC Educational Services, LLC leased approximately 25KSF and was represented by Mike Sayre of Cushman & Wakefield. Yokowo American Corporation leased approximately 3KSF.

15. Rio Nuevo recently announced that Hexagon Mining will locate its North American Headquarters in downtown Tucson in the City Park project at 40 E. Congress. Hexagon Mining will bring about 260 employees to its new location.

16. Medline Industries Inc. is opening a 630KSF distribution center in west Phoenix. The 4-story building at 8787 W. Buckeye Road sits on 36 acres and stores more than 350,000 medical devices and supplies for hospitals and other health facilities.

17. Cushman & Wakefield | PICOR announced 3 large leases in Tucson. Bayview Loan Servicing, LLC leased 39.6KSF of office space at 5151 E. Broadway Blvd., from KCI-Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont-Broadway, LLC and Tucson 5151 Investments, LLC. Rick Kleiner and Tom Nieman with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Brandon Clarke with Cresa Phoenix represented the tenant. Intelight, Inc. leased a 17.8KSF multi-tenant industrial building from AP & D Investments, LLP. Rob Glaser of Cushman & Wakefield | PICOR represented the landlord; while Ron Zimmerman, also with the firm, represented the tenant. The third lease involved The Fishel Company who leased 10.7KSF at 4030 N. Highway Dr. in Tucson, from Orvieto Investments, LLC. Cushman & Wakefield | PICOR’s Russell W. Hall and Stephen D. Cohen represented the landlord in this transaction, while Ron Zimmerman represented the tenant.

18. A lease for 13.4KSF to AZKKT, Inc. was recently consummated. The location of the property is 3741 N I-10 EB Frontage Road, Suites 101 and 103 in Tucson. The owner of the center is Peacock Investment Builders Tucson I, LLC. Jake Ertle of Rein & Grossoehme Commercial Real Estate represented the tenant and Steven Cohen of PICOR represented the owner.

19. Swim Spa International recently leased 10KSF of space in the Emerald Design Center, 1746 W. Ruby Dr. in Tempe, from Ruby Road Enterprises, LLC. Jared Lively of Rein & Grossoehme Commercial Real Estate represented the Landlord, and Mike Ord of DL Slaughter represented the tenant.


20. Clothing retailer rue21 is closing three of its 10 Valley locations amid 400 of closures nationwide. The local stores closing include those at Lake Pleasant Towne Center in Peoria, Mesa Riverview in Mesa and the Outlets at Anthem.

1 Comment on Commercial Real Estate News 04-25-17

  1. There is a Rue21 store in North Phoenix near me, looks like that one will be okay…for now.

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