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Commercial Real Estate News 10-25-16

Sales Transactions

cre11. Marcus & Millichap announced the sale of Aria on Mill, a 76-unit apartment community in Tempe for $8.5M ($112K/unit). Cliff David and Steve Gebing of Marcus & Millichap represented the seller and procured the buyer.

2. Investor Wayne Comfort purchased three Tucson mobile home communities in Central Tucson for an aggregate total of $7.4M. The purchase included: the 67-site Lamplighter Mobile Home Park at 3431 N. Flowing Wells Road for $2.4M; the 62-site Prince Mobile Home Park at 38 W. Prince Road for $2M; and, the 82-unit Catalina Vista Mobile Home Park at 3344 E. Kleindale Road earlier in the year for $2.9M.

3. The newly built Social Security building at 3808 N. First Ave. in Tucson sold for $7M ($363/sf) to Pepper Lane Properties. The property is leased to the U.S. Federal Government on a long-term basis via the General Services Administration (GSA), with a new 15-year lease term that commenced in April 2014.

4. Grove Arizona LLC and Nevada Ventures LLC purchased the 22KSF Grove Towne Center, 1130 W. Grove Ave., Mesa, for $3.4M from Grove Towne Center LLLP. Lloyd and Lane Neville of NAI Horizon represented the seller. The buyers were represented by Sean Bishop of Lee & Associates.

Lease Transactions

5. Software company Integrate has leased the entire 19th Floor Penthouse Level of the Monroe Building, 111 W. Monroe, Phoenix, and will relocate its headquarters there from its current location in Scottsdale. The Monroe Building has attracted other high profile technology firms, including Galvanize, Gainsight, Allbound and Uber.

6. Premises Park, Inc. leased 14KSF of industrial space at 526 E. 17th St. and 705 S. Jacobus Ave. in Tucson, from Jacobus Avenue, LLC.  Ron Zimmerman with Cushman & Wakefield | PICOR represented the landlord in the transaction.

7. Engineering and Environmental Consultants, Inc. leased 7,477SF of office space at 555 E. River Road in Tucson, from 555 East River Road Associates Limited Partnership.  Tom Nieman with Cushman & Wakefield | PICOR represented the tenant in this transaction.  David Volk and Bruce Suppes with CBRE, Inc. represented the landlord.

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