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Commercial Real Estate News 10-4-16

Awards & Accolades

cre11. The Phoenix Business Journal published its annual list of the largest office buildings in the Valley, as ranked by total square footage. The top five office buildings for 2016 are: #5 – Collier Center, 513KSF; #4 – 20 East Thomas, 547KSF; #3 – CityScape, 562KSF; #2 – Marina Heights – Building B, 585KSF; #1 – Chase Tower, 724KSF.

Sales Transactions

2. A company controlled by YAM Special Holdings purchased the 269KSF Sonoran Village retail shopping center, located at the SWC of Frank Lloyd Wright Boulevard and the Loop 101 in North Scottsdale, for $72.5M from Sonora Village Investors LLC and SimonCRE ABBIE II, LLC. The Lee & Associates team led by Jan Fincham and Pat Dempsey facilitated the transaction.

3. The Proxy 333 urban apartment project in downtown Phoenix sold in a $21.8M deal brokered by the Phoenix office of JLL. The project totals 118 luxury urban multifamily units located in the heart of downtown’s Evans-Churchill neighborhood. John Cunningham and Charles Steele of JLL represented the property owners, Goodman Real Estate and Tilton Development Company. The buyer was Weidner Apartment Homes.

4. Cushman & Wakefield announced the $21M sale of Maya Linda, a 360-unit apartment community located at 8222 N. 19th Ave. in Phoenix, to Pacific Real Estate Partners. Jim Crews and Brett Polachek from the Cushman & Wakefield Phoenix office represented the seller, MG Properties.

5. WCCP Williams Tech LLC purchased two office buildings at 5431 and 5451 E. Williams Blvd. in Tucson for $13.6M ($141/sf) from an affiliate of Bourn Partners. The buildings are located in the prestigious Williams Centre Technology Campus in Tucson, near the SWC of Broadway Boulevard and Craycroft Road.

6. Cushman & Wakefield announced that the 50.7KSF office building at 8700 E. Via de Ventura in Scottsdale sold to Alvarado Realty for $7.7M. Bob Buckley, Tracy Cartledge, Steve Lindley and Ben Geelan with Cushman & Wakefield represented the seller in the transaction, TA Realty.

7. Colliers International in Greater Phoenix has negotiated the $5.3M sale of Patio 15, a Central Phoenix apartment property located at 1523 W. Colter St. The project was purchased by Don Saunders of Red Door. Zev Hendeles of Phoenix was the seller of the property. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers handled the sales transaction.

8. Commercial Properties, Inc. (CPI) negotiated the sale of an industrial building at 6902 W. Hadley St. in Phoenix. Lee & Associates represented the tenant, Sun Country Trailers, who exercised their lease purchase option and purchased the property for $2.6M. The building is approximately 51KSF and was originally built in 1996 and is situated on 6.75-acres of land.

9. CBRE has completed the sale of The Shoppes at Fiesta Commons, a multi-tenant retail building, located at the NEC of Southern Avenue and Alma School Road in Mesa. The 7,251SF retail property is fully leased and commanded a sale price of $2.5M. Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, an entity formed by Hinkson Company, LLC.

Lease Transactions

10. Cushman & Wakefield announced that Western Window Systems signed a lease for the 170KSF Building C at Airport I-10 Business Park, located at 2200 E. Riverview St. in Phoenix. Cushman & Wakefield’s Andy Markham, SIOR, Mike Haenel, Will Strong and Phil Haenel represented the tenant.

11. A prime location in the heart of the Camelback Corridor has attracted WFG National Title Insurance Company (WFG) to a new lease at 2777 E. Camelback Road. Leased by the Phoenix office of JLL, the new location provides WFG with direct exposure to Camelback Road. Chris Latvaaho, John Bonnell and Brett Abramson of JLL represented property owner DRA Advisors/Fountainhead Equity Partners. Michael Stone of The Stone Group represented WFG.

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