News Ticker

Commercial Real Estate News 06-19-18

Credit: Cushman & Wakefield

Sales Transactions

1. CBRE announced today that the National Retail Partners-West (NRP-West) completed the sale of the 533KSF Westgate Entertainment District in Phoenix for $133M. CBRE retail experts Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of NRP-West, along with Jesse Goldsmith, Steve Julius and Bryan Taute with CBRE’s Phoenix office, represented both the buyer and the seller. YAM Westgate, LLC, a venture formed by Scottsdale, Arizona-based YAM Properties, purchased the entertainment, retail and office destination from The New Westgate, LLC, formed by iStar Properties, Inc.

2. CBRE has arranged the $100M sale of 24th at Camelback, a 302KSF Class A trophy office tower in metro Phoenix’s Camelback Corridor. This represents the largest office sale in metro Phoenix so far in 2018. Barry Gabel, Will Mast and Chris Marchildon with CBRE Capital Markets, Institutional Properties in Phoenix represented the seller, an affiliate of Houston based Hines. Jim Fijan, with Fijan Advisors, acted as an advisor to the Seller. New York Life Real Estate Investors acquired the property.

3. The Marcus & Millichap Team, led by Executive Directors Jamie Medress and Mark Ruble, closed on six medical office buildings totaling $27.1M. The deals closed between Jan. 25 and Apr. 30 are:

  • NextCare Urgent Care, 4.5KSF, Goodyear
  • Northwest Healthcare at Riverside Plaza, 6.85KSF, Tucson
  • HonorHealth, 24KSF, Peoria
  • Northwest Emergency Center, ground lease, 11.5KSF, Marana
  • HonorHealth, 6.7KSF, Phoenix
  • Northwest Emergency Center, 11.5KSF, Tucson

4. Berkadia has announced the $19.17M financing for Enclave at the Foothills, a multifamily garden-style property located in Tucson. Managing Director Ed Kim of Berkadia’s Irvine, California office secured the refinancing through Freddie Mac. The borrower was Arizona-based HSL Properties, Inc., and the deal closed on May 31.

5. Phoenix Commercial Advisors closed on Glendale Center, retail shops and two pads anchored by both Goodwill and EOS Fitness, May 31. The property, located at 5016-5080 W. Olive Avenue, Glendale, sold for $14.8M. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, West Valley Properties, in the transaction.

6. Rein & Grossoehme has announced the sale of Scottsdale Airpark Business Center, an 84KSF Industrial property located at 15820 N. 84th Street in Scottsdale, for $9.9M. Steve Grossoehme of Rein & Grossoehme Commercial Real Estate represented the seller, Valley Citrus Packing Company Finkelstein Bell Partnership, and the buyer, 84th Street Industrial LLC.

7. Commercial Properties, Inc./CORFAC International, announced the $8.6M sale of The Pinnacle at Desert Cove, a +/- 32KSF medical office building located at 9097 E Desert Cove Dr, Scottsdale. Ken Elmer, Sr. Vice President at CPI along with Sr. Vice President Ron Schooler and Vice President, Scott Nelson of CPI’s Office Team represented the seller, TKK LLCEP Desert Cove, LLC purchased the property.

8. Presson Corporation of Phoenix purchased the South Dodge Business Center, a nine-building, 125KSF property at I-10 and Tucson International Airport, for $6.49M. Rob Glaser with Cushman & Wakefield | PICOR, represented the buyer. Jonathan Jump with Jump Ventures represented the seller, DFI Investments, LLC.

9. On behalf of Dunbar Real Estate Management of El Segundo, CA, Cushman & Wakefield recently negotiated the purchase of Quarter Village located at 15444 North Greenway Hayden Loop in Scottsdale, for $5.26M. Michael Kitlica of Cushman & Wakefield represented the buyer and Rick Robertson of Lee & Associates represented the seller, Capital Creek Gold LLC.

10. Two affiliates of Tucson- based, International Towers, Inc., ITI Building, LLC and Marana Technology Campus, LLC sold the 19.5KSF building it occupies at 8061 West Tangerine Road in Marana for $4M ($204 PSF) in a sale leaseback transaction. The buyer is a local investor, I & J Flynn Investments Limited Partnership, LLP. Tom DeSollar with Arizona First Properties in Tucson represented the seller and Ed Henne with Long Realty of Tucson represented the investor in the transaction.

11. LevRose Commercial Real Estate announced the $3.6M sale of Rancho El Mirage, a +/- 20KSF retail center located at 13915 N. Dysart Rd, El Mirage. Neither the seller nor buyer were disclosed.

12. MBC Revocable Trust of California traded into the purchase of a 12,474-square-foot medical office building at 3033 West Bell Road, Phoenix, AZ, from 3033 West Bell, LLC, for $2.225M. Robert J. Nolan of Oxford Realty Advisors in Tucson represented the buyer. Mike Coover of Cushman & Wakefield Phoenix represented the seller in the transaction.

13. Capital Hall Partners (Brad Hall and Michael Bronska) partnered with Blue Vista Capital Management to acquire the former ASML R&D facility located in the prestigious ASU Research Park in Tempe for an undisclosed price. The 113KSF building was constructed in 2002 and served as the global training facility until 2017.

14. Cushman & Wakefield announced the sale of Tempe City Center, a 162,640 square foot office building located at 1400-1470 East Southern Avenue, between Rural Road and McClintock Drive in Tempe. Tempe CC Hui, LLC purchased the asset from Tempe City Center Limited Partnership for an undisclosed price. Cushman & Wakefield’s Chris Toci and Chad Littell arranged the transaction on behalf of the seller.


Lease Transactions

15. The Mesa Tower, located in Mesa and owned and managed by Los Angeles-based Barker Pacific Group, has finalized leases for more than 33KSF. Firms who have recently signed a lease since the acquisition of the tower on September 2017, include: Savci Environmental, Stateserv Medical, Dasi Engineering, US Bank and GH2 Architects.

16. Three new leases and two renewed leases totaling more than 37KSF have SkySong, The ASU Scottsdale Innovation Center nearing full occupancy in its four commercial office buildings. The new leases include: vCore Technology Partners, IntelliTRACS and medical device company, Neolight. The renewed leases include Century Link and Canon.



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