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Commercial Real Estate News 07-25-17

Credit: Lee & Associates

Sales Transactions

1. ViaWest Group and Cushman & Wakefield announced the sale of West 101 Business Center, located at 1830-1850 N. 95th Ave., Phoenix. Humphreys Fund I, LLC purchased the property for $18.3M. Steve Lindley, Bob Buckley, Tracy Cartledge and Ben Geelan of Cushman & Wakefield represented the seller, ViaWest Group of Phoenix, in the transaction.

2. DeMuro Corporate Square, a 7-building business park totaling 88.8KSF at 1505-1575 W. University Dr., Tempe, has sold to a California investment entity for $10.2M. Lee & Associates’ Steve Gonzalez, Marcus Muirhead and Greg Guglielmino represented the seller, University Corporate Square Associates. The buyer was Tempe Creative Campus, LLC.

3. Cushman & Wakefield announced that Bright Land Holdings, LLC purchased the Central Avenue and Indian School Road development site, located at 4040, 4050 and 4060 N. Central Avenue in Phoenix, for $6.1M from 4040 N. Central, LLC (Glasir Capital Partners). Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller and Cushman & Wakefield’s Mark Bramlett represented the buyer.

4. Marcus & Millichap announced the sale of Youngtown House Apartments, a 64-unit apartment complex located in Youngtown. The asset commanded a sales price of $2.9M.  Rich Butler, multifamily investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing and negotiated the transaction on behalf of the seller – an out of state individual – and the buyer, a local family partnership.

Lease Transactions

5. Paul Blum and Rebecca Roberts of West USA Commercial Real Estate Services represented Prime Time Commerce LLC in connection with a 72KSF lease at 4703 W. Brill St. in Phoenix.

6. Keystone Automotive Industries, Inc. will be expanding into 120KSF at 6000 S. Country Club Rd. in Tucson. Rob Glaser with Cushman & Wakefield | PICOR, represented the landlord, EastGroup Properties, LP. Jacob Bobek, with Avison Young represented the tenant in this transaction.

7. A & M Business Interior Services, LLC leased 33.7KSF of industrial space at 505 E. 17th St. in Tucson, from SYDCO Realty Company, LLPCushman & Wakefield | PICOR Industrial Specialists handled this transaction. Stephen D. Cohen and Russell W. Hall represented the landlord; Paul Hooker represented the tenant.

8. Planet Fitness leased 20.5KSF in Swanway Plaza, located at the southeast corner of Broadway Blvd. and Swan Rd. in Tucson. Greg Furrier with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Ben Craney with NAI Horizon represented the tenant.

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