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Commercial Real Estate News 05-16-17

Credit: AZ Business Magazine

CRE1Sales Transactions

1. Healthcare Trust of America, Inc. announced that it closed on the previously announced medical office building portfolio in Arizona and Southern California. The total consideration for the portfolio was approximately $150M. The portfolio consists of 11 MOBs totaling almost 592KSF of gross leasable area. The assets are 83 percent leased and are primarily located on Dignity Health campuses in Phoenix and Southern California. The portfolio includes the 168,000SF McAuley Medical Center located on the St. Joseph’s Hospital and Medical Center campus in downtown Phoenix. With the acquisition, HTA’s portfolio in Phoenix increases to 1.3MSF.

2. Western Wealth Capital has acquired Tierra Santa, a 274-unit multi-family building in Phoenix. WWC and its partners paid $13.4M. Tierra Santa is the company’s fifth acquisition in 2017. The deal was brokered by ARA Newmark of Phoenix.

3. Cushman & Wakefield completed the sale of 43.6KSF Monark Center showroom and industrial building at 15500 North Greenway-Hayden Loop in Scottsdale. Private investor Max H. Baril purchased the property for $8.65M. The seller, Enright Capital of Calgary, Alberta, was represented by Tracy Cartledge, Bob Buckley, Steve Lindley and Ben Geelan of Cushman & Wakefield.

4. A 35KSF manufacturing building at 15550 N. 78th St., Scottsdale, sold recently for $3.9 ($111.47/SF). Lee & Associates Steve Farrell represented the buyer, MBBE AZ, LLC, while Lee’s Stein Koss, Tom Louer and Nick Nudo represented the seller, Industrial Electric Wire & Cable, Inc. MBBE AZ, LLC will be entering into a lease with Drivers Club, a membership-based community of automotive enthusiasts. The location will open in Fall 2017 after an extensive $2.5M renovation.

5. Commercial Properties, Inc./CORFAC International, Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the triple net sale leaseback of a medical office investment in Regency Park Office located in Chandler. Lee & Associates of Riverside, California represented Heritage Partners, LLC, who acquired the properties for $3.3M. The building equaled approximately ±13KSF. Eric Jones of CPI’s Investment Specialist Team represented the tenant, East Valley Family Physicians (EVFP Properties, LLC).

6. Pulte Home Company has closed on 72-acres at Camino De Oeste in two separate transactions. The aggregate purchase price was $3.33M ($23K/ lot). The new community is located between Camino De Oeste and Hartman Lane in Marana, north of Cortaro Farms Road. Ben Becker and Adam Becker with CBRE in Tucson represented Pulte in both transactions. Kit Donley of Donley Commercial represented the seller, Redwing Investments, LLC for 19.55 acres of the subdivision assemblage.

7. Safeway has closed on a 7-acre site at Mercado del Lago. Located in southeast Tucson, at the intersection of Colossal Cave Road and Mary Ann Cleveland Way, the property commanded a sale price of $2.6M ($8.53/SF). Construction of the 55KSF Safeway and a fueling station is slated to begin in June for an early 2018 grand opening.

8. CBRE Group, Inc., has completed the sale of a new Red Robin ground-lease located at 10214 North Metro Parkway in a dense infill area of Phoenix. The 5.8KSF retail property is home to Red Robin’s new prototype restaurant and is situated on approximately 32KSF of land. The restaurant commanded a sale price of $2.37M. Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, ACP Metro Towne Center, LLC. Jeff Demorest of Coldwell Banker represented the buyer, Strasbaugh Development Corporation.

9. DeMichele Group has bought an industrial building in Chandler Airpark for its new headquarters. Jerry Jacobs and Joe Vale of Newmark Grubb Knight Frank brokered the $2.2M sale of the 17KSF building. MS-Chandler Airpark LLC was the seller.

Lease Transactions

10. is relocating and becoming the anchor tenant at the new SkySong 4.’s new space will be used primarily for sales, administration and local executives. With’s presence, SkySong 4 is now 72 percent leased. will occupy 36.5 KSF.

11. Phoenix City Council approved the second and final phase of the retail overhaul at Phoenix Sky Harbor International Airport’s Terminal 4. Sixteen new retail stores will be added, including the first TripAdvisor store in the country, the first store in an airport with Lucky brand merchandise, Sky Harbor’s first Brookstone, and a drug store with a medical clinic and a doctor on staff. Phoenix Sky Harbor will also welcome two Duty Free stores that will offer both duty-free and duty-paid options; something new for PHX travelers. Contracts were awarded to Casa Unlimited Enterprises, Inc., Avila Retail Development and Management, LLC, Dufry Phoenix Retailers JV, Paradies Lagardere @ PHX, LLC, and InMotion Entertainment Group, LLC.

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