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Commercial Real Estate News 10-18-16

Sales Transactions

cre11. A joint venture formed by NexPoint Residential Trust Inc. and BH Equities LLC paid $44.6M ($107K/unit) to buy The Colonnade, a 415-unit apartment project at 1930 E. Camelback Road in Phoenix. The sellers were eight tenant-in-common (TIC) investors headed by MCS Capital Partners LLC. The deal was brokered by Jack Hannum and Derek Iannelli of Transwestern in Phoenix.

2. Rancho Industrial Park Inc. has bought the industrial property at 2915 E. Washington St, in Phoenix for $6.8M from GXI Holdings Inc. The property includes a fully leased 163KSF industrial building. Leroy Breinholt and Darin Edwards of Commercial Properties, Inc./CORFAC International represented GXI. Jim Keeley and Tyler Bush of Colliers International represented the buyer.

3. Two Kneaders Bakeries in Tucson and Oro Valley recently sold for a total of $5.8M to California investors shortly after completion. The location at 3550 N. Craycroft Road in Tucson sold for $2.9M; the Oro Valley location at 9660 N. Oracle Road sold for $2.9M. Joseph Compagno and Andrew Fosberg of CBRE in Phoenix and Nancy McClure of CBRE in Tucson brokered both deals.

4. Desert Real Estate 4. Holdings purchased the 15KSF flex building at 16655 N. 90th St., Scottsdale, for $2.1M from Cabral Holdings. Greg Hopley with Colliers International represented seller. Jim Lieberthal of Cutler Commercial represented the buyer.

Lease Transactions

5. Republic Services is expanding into a 400-employee, 72,000-square-foot facility in Chandler. Spread across 1 and 1/2 floors on the Chandler 202 office campus, Senior Vice President for Customer Experience Joe Burkel said the open, collaborative office is designed so every workstation has a clear view to the outside.

6. NAI Horizon negotiated a 240-month lease for a 22KSF Planet Fitness at Queen Creek Fiesta, 21545 S. Ellsworth Loop Rd., in Queen Creek. The NAI retail properties team of Chris Gerow, Shelby Tworek, Gabe Ortega and Patrick Anthon represented both the landlord, Queen Creek Fiesta LLC of Scottsdale, and the tenant, PF Queen Creek City LLC of Sedona, in the transaction totaling $2.5M.

7. Mattamy Homes has leased 8,350SF of office space at La Paloma Corporate Center, 3567 E. Sunrise Drive, Tucson. The tenant was represented by James Hardman with DESCO Southwest. The landlord was represented by David Montijo and Jeff Casper with CBRE.

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