News Ticker

Commercial Real Estate News 05-02-17

Credit: Marcus & Millichap

CRE1Transfer

1. Maricopa County has announced it will transfer the deed to land for the homeless services center at 12th Avenue and Madison to non-profit Homeless Services Campus.

Sales Transactions

2. CBRE recently completed the sale of twin, two-story Class A office buildings in the Chandler Midway Corporate Center located at 5670 and 5710 W. Chandler Blvd. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, ViaWest Group. The buyer was Kramer-Wilson Company, Inc. Total consideration for the sale was $23.3M.

3. RSE Capital Partners and Domain Communities have teamed up to buy Studio 710 Apartment Homes, a 239-unit complex in Tempe near Hardy and University drives, for $19.2 million. The purchase is part a new $100M multifamily investment push RSE and Domain are launching in the Phoenix market. Berkadia assisted in closing the deal. FPA Multifamily, LLC, was the seller.

4. Newmark Grubb Knight Frank has announced the sale of Scottsdale’s Turnstone Office Park for $10M. The 65KSF four building office complex located at 17767 – 17797 North Perimeter Drive in Scottsdale sold from Turnstone Office Park, L.P. to private local investors, SLR and NHR Turnstone, LLC. NGKF Capital Markets’ Erik Marsh and Nicole Iglehart assisted both parties on the transaction.

5. A 73KSF Gilbert office property that is home to Orbital ATK  has been sold to Abington Emerson Investments for $5.5M. The seller is Koll Per Fiesta LLC. CBRE Group Inc. brokers Barry Gabel, Chris Marchildon, Brian Raczynski, Tim Watters, Evan Koplan and Mike Parker helped with the sale.

6. Marcus & Millichap has announced the sale of The Jackson on Maryland, a 21-unit apartment complex located in the Uptown Phoenix corridor. The asset commanded a sales price of $2.35M ($112K/unit). Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local private capital investment partnership and the buyer, a private capital 1031 exchange investor.

7. Imago Dei Middle School purchased a 21KSF office building from Great Western Associates, LLLP for $2.1M. The property at 51 – 55 N. 6th Ave. in Tucson, will be the permanent home for Imago Dei Middle School, which serves children who come from low-income families. Isaac Figueroa with Cushman & Wakefield | PICOR, handled this transaction.

8. EPR Properties and CNL Lifestyle Properties, Inc. have completed the last tranche acquisitions that include Tucson’s seven-acre Funtasticks Family Fun Park at 221 E. Wetmore in Tucson for $1.28M ($113/SF), with all the rides and attractions. The sale is part of a bulk sale that comes in at over $700M total.

Lease Transactions

9. San Francisco-based financial services startup Upgrade Inc. is opening its first expansion office in downtown Phoenix, with plans to potentially hire up to 300 people. The startup is opening an operations center in July on two floors of the Renaissance Square Building One at 2 N. Central Ave.

10. CBRE Group, Inc., has negotiated a 26KSF lease in the downtown Phoenix Warehouse District. Scientific Technologies Corporation, a health technology innovation and services company, will occupy the warehouse-turned-office-space. Corey Hawley and Jimmy Cornish with CBRE’s Phoenix office negotiated the lease on behalf of the landlord, 1st Buchanan, LLC. Jim Sadler and Darius Green with Keyser represented Scientific Technologies Corporation.

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