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Commercial Real Estate News 11-28-17

Credit: CBRE

Sales Transactions

1. CBRE has completed the sale of Dobson Center, a mixed-use retail and medical office development on the SWC of Frye Road and Dobson Road in Chandler. Dobson Center encompasses ±41.5KSF and sold for $13.9M. Andrew K. Fosberg, Chris Ackel and Dylan A. Brown with CBRE’s Phoenix office represented the seller, Dobson Center, LLC, an entity formed by ZDI, LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip T. Landry and Donna L. Landry Family Trust.

2. Jared Lively of Rein & Grossoehme represented Phoenix-based investor Presson Corporation on the $5.9M purchase of a 66.4KSF shopping center at the NEC of Bethany Home Rd and I-17 in Phoenix. The seller was Safco Capital Corp and was represented by Ryan Schubert of Cushman & Wakefield. The property known as Bethany Marketplace includes Big Lots, Dunkin Donuts, Subway, Samurai Sam’s and Cricket. Lively will be handling the leasing.

3. Marcus & Millichap announced the sale of Desert Palms, a 68-unit apartment property in Tucson, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $3.1M. Hamid Panahi, James K. Crawley, Cliff David and Steve Gebing, investment specialists in Marcus & Millichap’s Phoenix office, marketed the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Sean Kameli and Sevak Keshishian, investment specialists in Marcus & Millichap’s Encino office.

4. CBRE has completed the sale of a single-tenant, 3.2KSF Freddy’s Frozen Custard and Steakburgers at 1785 East 16th Street in Yuma. The Property commanded a sale price of $3M. Joseph R. Compagno and Ryan Eustice with CBRE’s Phoenix office represented the seller, Barclay Holdings LXVIII, LLC; an affiliate of Arizona-based Barclay Group. Chris Monson and Brandon Goodman from Mountain West Retail/Investment Commercial Real Estate represented the buyer, Utah-based Landen Properties II, LLC in a 1031 exchange.

5. Chris and Matt Roach of ORION Investment Real Estate recently represented the buyer in a $2.9M 1031 exchange for the Stadium Court Apartments in Glendale.

Lease Transactions

6. Premier Auto Management leased 15.5KSF at 8330 Gateway East in El Paso, Texas, from East Pointe Village, LTD. Ron Zimmerman, commercial specialist with Cushman & Wakefield | PICOR and Michael Pace, with Cushman & Wakefield | PIRES, represented the tenant in this transaction.

7. Sunstreet Mortgage, LLC leased 14.6KSF of industrial space at 2705 E. Medina Rd. in Tucson, from 2705 Medina Properties, LLC. Brandon Rodgers, Stephen D. Cohen and Russell W. Hall, industrial specialists with Cushman & Wakefield | PICOR, represented the landlord. Doug Marsh with Oxford Realty Advisors, represented the tenant.

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