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Commercial Real Estate News 11-15-16

cre-1Sales Transactions  

1. EverWest Real Estate Partners and American Realty Advisors have completed the disposition of the Great American Tower, a 345KSF high-rise office building at 3200 N. Central Ave., in Phoenix. Chris Toci, Chad Littell and Larry Downey of Cushman & Wakefield represented EverWest and American Realty Advisors in the $49M sale. The new property owner is Colorado-based DPC Companies.

2. Phillips Edison Grocery Center REIT I, Inc. recently acquired the 258KSF Southern Palms shopping center at 3108-3218 S. McClintock Dr. and 1522-1744 E. Southern Ave., in Tempe from West Valley Properties, Inc. for $36.75M ($141/sf). Chad Tiedeman with Phoenix Commercial Advisors represented the buyer.

3. FW Group purchased the 254-unit Dorinda Vista Apartments at 7596 N. Mona Lisa Road, Tucson for $27.9M from Prime Residential. Art and Clint Wadlund of Berkadia represented the seller in the transaction. The property was built in 1998.

4. Parallel Capital Partners announced the acquisition of the Kierland Corporate Center – a Class A office complex at 7033 E. Greenway Parkway, Scottsdale for $20M. Cushman & Wakefield represented the seller and John Bonnell and Brett Abramson of JLL represented Parallel in the deal. The 78KSF property was built in 2009 and was 87 percent leased at the time of the sale.

5. Real Estate investor, Jerry Simms plans to buy the Shade shopping center near Tatum Blvd. and the Loop 101 freeway in North Phoenix from California based Bayport Desert Ridge Associates LP for $17M cash. The 42KSF center sits on 6.5 acres and includes tenants such as Walgreens, Starbucks and Wells Fargo Bank.

6. Solterra Management Group purchased the 127-bed Friendship Villas at La Cholla at 6505 N. La Cholla Blvd., in Tucson for $15.4M ($121k/ bed). The seller was an owner operator, La Cholla Properties, LLC. Friendship Villas is an Assisted Living, Parkinson’s Care and Memory Care Neighborhood.

7. CBRE has completed the sale of Cornwell Corporate Centre, a 63KSF office development located in Scottsdale. Kramer-Wilson Company, Inc., based out of Encino, Ca.  purchased the property for $14.7M from Cornwell Corporation. Barry Gabel, Chris Marchildon, Brad Anderson and Mike Strittmatter with CBRE Phoenix represented the seller in this off-market transaction.

8. Broe Real Estate Group, alongside Greenlaw Partners, a California-based real estate operating company, have closed the sale of the 90KSF Tempe 10/60 Corporate Center located at 4415 & 4625 S. Wendler Dr., Tempe for $14.3M. The campus was 76.4 percent leased at the time of sale, and provided stable cash flow.

9. Wexford Developments of Calgary, Canada purchased the Galveston Tech Center, a 75KSF, Class A flex/R&D building, located at 6825 W. Galveston St. in Chandler for $8.8M from ViaWest Group. Steve Lindley, Bob Buckley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented ViaWest Group of Phoenix, in the transaction. The property was at 92 percent occupancy at the end of ViaWest’s ownership.

10. Vestis Group announced the sale of Trinity 38 Apartments, a 16-unit apartment complex located at 3234 N. 38th St., in the Arcadia-area of Phoenix for $2.6M ($162k/unit). The multifamily brokerage team of Natan Jacobs, Les Litwin, Chad Barber and Matt Morrell negotiated the transaction on behalf of the seller, a private investor from Scottsdale, Arizona. The buyer, a private investor from Santa Rosa, California, was represented by Victoria Miachika of Arizona Investment & Management, LLC.

Lease Transactions

11. International real estate firm, Hines, announced today that Insight Global, an Atlanta-based national staffing services company, has signed a long-term 12.5KSF lease at 24th at Camelback II in Phoenix. Jeff Hartland and Scott Boardman with Cushman & Wakefield represented Hines in the transaction. Jodi Selvey and Kathy Foster with Colliers International represented Insight Global.

12. Old Navy leased 11KSF at the Scottsdale Promenade shopping center located at the southeast corner of Frank Lloyd Wright and Scottsdale Road. Velocity Retail Group’s Darren Pitts and Dave Cheatham represented Old Navy. The shopping center is owned by an entity controlled by Excel Trust, L.P. and is represented by Mike Ord of the D.L. Slaughter Co. The store is celebrated its grand opening November 9, 2016.

13. Daum Commercial Real Estate Services has negotiated the lease of a 100KSF manufacturing facility located at 525 W. Alameda Drive in Tempe. Rich Sica, Executive Vice President with Daum Phoenix, represented the lessee, 21st Century Healthcare, in the transaction. The lessor, EJM Development Co., was represented by Steve Larsen and Bill Honsaker of JLL.

14. Kysor Panel Systems Global has signed a lease to occupy 119KSF at a warehouse at 3801 S. Cotton Ln., in Goodyear. Mike Gilbert and Gary Anderson of Cushman & Wakefield represented the tenant. Rusty Kennedy at CBRE represented the landlord.

15. Web-based online job portal, ZipRecruiter leased 27KSF on the third floor of the Hayden Ferry Lakeside III building, which was recently vacated by Zenefits. The company has 175 employees in Tempe, and expects to double the number within a year.

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