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Commercial Real Estate News 10-24-17

Credit: Phoenix Business Journal

Sales Transactions

1. Salt River Project’s Board of Directors has approved the purchase of two 550-megawatt natural gas generating units at the Gila River Power Station in Gila Bend. SRP is buying Blocks 1 and 2 at the site from CXA Sundevil Power I, and CXA Sundevil Power II Inc. for $330M.

2. DSW Mesa Grand/Spectrum acquired Mesa Grand and Mesa Spectrum shopping centers located on Stapley and Baseline Roads at US Highway 60 in Mesa, for $42.9M from Vestar Arizona LLC. DSW Commercial Real Estate with investment partner Iridius Capital, purchased the 233KSF center. Ryan Schubert and Michael Hackett of Cushman and Wakefield handled the disposition for the sellers, and Michael Sarabia and James Hardman of DSW Commercial Real Estate represented DSW Mesa Grand/Spectrum. Tim Storey with Newmark Realty Capital arranged financing. Sukrit Seghal, Iridius Capital, raised equity for the acquisition.

3. The Arizona State Land Department; Aloravita I, LLC; Shea Homes Limited Partnership; Pulte Home Company, LLC and Taylor Morrison/Arizona, Inc. closed last week on the $15.9M sale of a 103.44-acre property at 75th Avenue and Jomax Road in the Aloravita Master Planned Community. Nate Nathan, Dave Mullard and Casey Christensen of Nathan & Associates brokered the deal.

4. Cushman & Wakefield completed the sale of the 108KSF Home Depot at Hayden Plaza in Phoenix. Realty Income Properties purchased the property for $11.76M. C&W’s Ryan Schubert and Michael Hackett represented the seller, a company formed by Kimco Realty Corporation.

5. ABI Multifamily has announced the $6.76M sale of the Vaughn Manor Apartments in Gilbert. The buyer, Tide Equities, is a private investment company based in California. The seller was comprised of eight individual ownership groups. ABI’s Eddie Chang, Ryan Smith, John Kobierowski, Alon Shnitzer, Rue Bax and Doug Lazovick, represented both the Buyer and Seller in this transaction.

6. CBRE arranged the sale of Tatum Ranch Crossing, a 31KSF grocery-anchored shopping center at the NWC of Tatum Boulevard and Cave Creek Road in Cave Creek. Philip D. Voorhees and Jimmy Slusher with CBRE’s National Retail Partners-West group and Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented the seller, Watt Phoenix Associates, LP. Julius and Goldsmith also represented the buyer, SWC 28th and Peoria Investors, LLC, who purchased the property for $6.7M.

7. Cushman & Wakefield completed the sale of two North Phoenix retail buildings for a total of $3.4M. The properties located at 701 E. Dunlap Avenue and 8949 N. 7th Street were controlled by MCR Dunlap, LLC and represented by Cushman & Wakefield’s Chris Hollenbeck. 701 E. Dunlap Avenue sold for $2.7M to Christina Enterprises Bellflower, LLC. 8949 N. 7th Street sold for $750K to Linda Arizona Holdings, LLC.

8. ORION Investment Real Estate recently announced the sale of The Shops at Fry’s Marketplace, selling for $3.15M. The 24KSF center is on the SEC of McKellips Road and Stapley Drive. Andrew Harrison of ORION Investment Real Estate represented the seller, McKellips and Stapley, LLC, a joint venture between local developer Jeff Geyser and JRW in Los Angeles. The buyer was DMT Property Holdings, Inc.

9. Danny Lee of SVN Desert Commercial Advisors represented both parties in the sale of The Cottages on Hayward in Phoenix. The 25KSF, 29-unit apartment complex sold for $2.685M in an off-market transaction. The seller was Income Property Investors/JK Investment Properties, LLC. The buyer was Kaiser Properties, LLC.

10. Guenther Properties, LLC. recently purchased an 18.6KSF property, 1720 W. Parkside Lane, for $2.6M in a 1031 exchange. In the exchange, Guenther Properties’ sold a 13KSF industrial building in Scottsdale Airpark to AC Land Holdings for $2.53M. Andy Cracchiolo of Cracchiolo & Associates represented himself as the buyer. Mark Linsalata of Lee & Associates represented Guenther Properties in both transactions.

11. CBRE has completed the sale of a single-tenant, newly constructed Starbucks store at 1939 N. Gilbert Rd in Mesa. The 2KSF location sold for $2.2M. Joseph R. Compagno with CBRE’s Phoenix office represented the seller, CVP – Village Grove Starbucks, LLC. Martin Chiechi of Newmark Cornish & Carey, and Nigel Keep of Kidder Mathews represented the buyer, Tunitas Beach Land Company.

Lease Transactions

12. CBRE has announced Consumer Cellular has signed a 164KSF lease in a former Sam’s Club at 17500 N. Black Canyon Fwy. The new call center is expected to create an estimated 850 new jobs. Ashley Brooks with CBRE’s Phoenix office negotiated the lease on behalf of the landlord, W-EH Crossroads Holdings JV VII, LLC (Everest Holdings). Rick Lee with Lee & Associates and Mike Nye of Capacity Commercial represented Consumer Cellular.

13. A major two-building, $18.7M Phoenix industrial portfolio purchased by Colony NorthStar in May has achieved 100 percent occupancy in fewer than four months, thanks to a final lease for 58KSF by the Phoenix office of JLL with retail security device developer InVue. InVue will locate into its new space within the Reywest Commerce Center, 3602 W. Washington St., by the end of the year.

14. Mining firm CMOC International has landed its headquarters in Phoenix. CMOC is locating 100 corporate employees at a 25KSF office at 2600 N. Central Ave. in midtown Phoenix.

15. PICOR Commercial Real Estate Services will relocate to 5151 E. Broadway, Suite 115, Tucson, in January 2018, after 20 years in its current location. Operating as Cushman & Wakefield | PICOR, the company signed a 10-year lease for 10.6KSF in the single-story offices located at the NEC of Broadway and Rosemont.

16. The Challenger Space Center will have a new temporary home at Metrocenter in Phoenix. The center, which moved out of its home in north Peoria, will move into a temporary space at the Phoenix mall while it looks for a permanent home.

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