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Commercial Real Estate News 12-06-16

Credit: Phoenix Business Journal

cre1. CBRE has completed the sale of a nearly 176KSF, class A office building in the Camelback Corridor area of Phoenix. Located at 5090 N. 40th Street, the building commanded a sale price of $42.6M ($242/SF). Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the transaction. The seller was a joint venture between Lowe Enterprises and J.P Morgan Asset Management of Los Angeles, Calif. The buyer was Vancouver, BC, Canada-based City Office REIT, Inc.

2.  The corporate headquarters building for Avnet Inc. has been sold for $32M. Cole Office & Industrial REIT Inc. bought the 176.4KSF building on 11.3 acres near University Drive and State Route 143 in Phoenix. The seller was New York-based Lexington Realty Trust. Colliers International’s Mindy Korth and Kirk Kuller brokered the sale. The building had been Avnet’s headquarters since 1997.

3. Pacific Terrace Commercial LLC has purchased Sera Bella Apartments, a 169-unit garden-style community on 7.8 acres west of 19th Avenue and Glendale Road for $7.2M ($42.5K/unit). The seller, Sera Bella Apartments LP, was represented by the Phoenix-based ABI Multifamily brokerage team of Eddie Chang, Rue Bax, John Kobierowski, Alon Shnitzer and Doug Lazovick. Units in the wood and block construction complex range from 358-982SF.

4. Marx Properties, LLC, of Phoenix, has purchased a 26KSF industrial building at 4151 W. Lindberg Way in Chandler for $2.456M. The buyer was represented by NAI Horizon Senior Vice President Jeff Adams. Justin Carlson of JR Carlson Company, Scottsdale, represented the seller: Coliman Pacific Corporation of Chandler. The property sits on 1.83 acres along the Loop 202 near to Stellar Airpark. It will be used for corporate event planning and production. The building features three dock high doors and a two-story office totaling 8,980SF, which includes reception and private offices, and a fenced yard with taxiway access.

5. SWAKE Holdings, LLC, has purchased a 14.5KSF industrial warehouse building at 15210 N. 75th St. in Scottsdale for $2.1M ($145/SF). Built in 1994, the property is centrally located in the Scottsdale Airpark. The Airport, and its surrounding Commerce Airpark, is Scottsdale’s only industrial-zoned area. The buyer was represented by Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate. The Seller was represented by Mike Kane at Colliers. This was an owner/user sale.

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