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Commercial Real Estate News 08-29-17

Credit: CBRE

Sales Transactions

1. Newmark has secured $57.55M in new long-term financing for two separate manufactured home communities in Apache Junction. Patrick Barkley and Chad Metzger worked with the borrower in arranging non-recourse financing with two of Newmark’s agency relationships. The transactions were: $36.66M for a 400+ pad, 55 and older, 5-star manufactured home community located on approximately 72 acres, and $20.89M for a 55 and older, 730-space RV park model resort on approximately 42 acres.

2. CBRE represented Phoenix-based Perry Investment Trust No. 1, LLC, in the acquisition of two Phoenix-area retail properties totaling 18.5KSF. Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the buyer in both transactions. The two properties, located at 950 E. Bell Road and 5120 N. Central Avenue, sold for $11.1M.

3. ABI Multifamily announced the $7.3M sale of the Villa Pacifica Apartments at 4650 E. 29th Street in Tucson. The buyer, an entity formed through Ennabe Properties, Inc., is a private investment company, as is the seller, an entity formed through Alpha Wave Investors, LLC. ABI Multifamily’s Arizona Large Apartment team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both parties.

4. Cushman & Wakefield and SalCohn, LLC completed the sale of Gold Dust Corporate Center, 10446 N. 74th Street in Scottsdale, for $5.35M. Michael Kitlica, Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller. Adam Tolson of Lee & Associates represented the buyer, Hunter Engineering.

5. Chuckie Duff closed the sale of the building at 20 W. Jackson St. through his company Equus Capital. The two-story, 21KSF building, which was renovated in 1999 for marketing firm Moses Anshell, could remain creative office spaces or be turned into retail/entertainment options.

6. Hayden Design at 83rd, 15330 N. Hayden Road in Scottsdale, a 20.5KSF retail, industrial showroom, was recently recorded. The property sold to RW Partners LLC, a Phoenix Investment firm. The seller was Hayden 83rd Investments LLC. The price was $3.85M. Steve Grossoehme and Jake Ertle of Rein & Grossoehme Commercial Real Estate represented both parties.

7. Topgolf sold its third Arizona location at 4050 W. Costco Place in Marana, still under construction, to National Retail Properties for $3.6M in a net lease sale. Construction on the 53KSF venue broke ground in March. Chris Stamets with Western Retail Advisors of Phoenix represented Topgolf in the purchase of the former Practice Tee Driving Range 18-acres that was purchased in March for redevelopment.

Lease Transactions

8. Hobby Lobby has announced it will open three new stores in southern Arizona, two in Tucson and one in Nogales.  The Nogales store will be 50KSF in the Mariposa shopping center. In Tucson, a 55KSF store will open in Plaza del Oro shopping center. Another 55KSF store will open at The Landing, the shopping center under construction on the NWC of Interstate 19 and Irvington Road.

9. CBRE has announced six new leases have been inked at The Quad, a 14-building creative office project encompassing 167KSF in south Scottsdale. An extensive, $22M renovation of the property is nearly complete. New tenants are: Remarkable Health (12.5KSF), PCA SKIN (12.5KSF), The James Agency (8KSF), Larson Engineering (6KSF), MFour (4KSF), Spiritual Gangster (4KSF).

10. Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon of NAI Horizon represented the landlord, New Bell Tower, LLC, in a 124-month lease for 25.7KSF at 4913 W. Bell Rd., Glendale. Tim Westfall and Ryan Maroney of Newmark Knight Frank represented the tenant, American Freight of Tennessee, LLC.

11. Jeff Adams of NAI Horizon represented the tenant, Source Direct Imports, LLC, in a long-term lease for 15.0KSF at 4750 S. 32nd St., Suite 101, Phoenix. Eric Bell, Mike Ciosek and Dylan Scott of Kidder Mathews represented the landlord, 32nd Street & Weir, LLC.

12. Richard Foss of NAI Horizon represented the landlord, Chong Im Cho, in a 62-month industrial lease for 13,430 SF at 211 W. Vaughn Dr., Tempe.

13. NAI Horizon’s Patrick Anthon represented the tenant, Varsity Tavern, in a 120-month retail lease for 11KSF at 501 S. Mill Ave., Tempe. Brian Gast with Velocity Retail Group represented the landlord, Century Drive Investments, LLC.

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