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Commercial Real Estate News

Lease/Purchase Transactions

The City of Phoenix sold its 12.9K acre La Paz County landholding for $30M to International Farming Corporation LLC. The territory, which includes a 1,040 acre State Land lease was acquired by the city in 1986 for water harvesting. After paying any debt, surplus finds go to the Water Fund for rate stabilization.

MedProperties Holdings LLC and HealthCap Partners LLC paid $29M ($302/SF) to acquire 98K SF of hospital space in two Valley properties, Trillium Specialty Hospital East Valley, 215 S. Power Rd., Mesa, and Trillium Specialty Hospital West Valley, 13818 E. Thunderbird Rd., Sun City. Both facilities have 120 beds. The Unispec Cos., Scottsdale, was the seller.


Photo Credit: CBRE

Cortona at Dana Park is now owned by California-based Virtu Investments LLC. Sold at $17.4M ($78.4/SF), the 95 percent occupied 222-unit apartment complex, 1440 S. Val Vista Dr., Mesa, was sold by an institutional investor using CBRE.

The 176 unit Bayside Apartments, 20245 N. 32nd Dr., Phoenix, has been sold to Rivercroft LLC, a California company, for $12.4M ($70K/unit). El Dorado Holdings Inc., Phoenix, used Hendricks & Partners as agents for the sale. Dan Zendejas, San Diego, represented the buyer.

Kootenay Holdings Ltd., Vancouver, British Colombia, Canada, paid $11.4M ($84/SF) for a 136K SF warehouse, 4320-4360 W. Chandler Blvd., Chandler. GID Investment Advisors, Boston, Mass., used Cassidy Turley BRE Commercial as broker for the 72 percent-occupied five building complex in Stellar Business Park.

Photo Credit: CoStar Group

Commonwealth Holdings LLC is the new owner of an 11K SF office building, 1864 E. Florence Blvd., Casa Grande. Purchased for $2.3M ($209/SF), the 1.2 acre site holds a 100 percent occupied office building. Oxford Investment Partners was the seller. Capital Real Estate and Development represented both sides of the sale.




Photo Credit: Phoenix Business Journal



Karp Sunbelt Properties LLC, British Colombia, Canada, picked up a 21K SF industrial building near Greenway Hayden Lp. and 78th St. for $2M ($95/SF). Ridgeline Energy Services, Inc. leases the entire structure. Arizona State Credit Union, the seller, acquired the property at auction for $3.8M in 2008.





Photo Credit: CoStar Group

Sonax takes over ownership of Hughes Western’s 33.2K SF industrial building, 3820 W. Washington, Phoenix, for $1.6M ($49/SF) empty structure. Lee & Associates represented the seller, Colliers International, the buyer.

Lincoln Property Company is the new property manager for the Arizona Department of Environmental Quality and Arizona Department of Administration buildings on the Capitol Mall. The State appointed LPC to handle the 293K SF ADEQ and 177K SF ADOA headquarters buildings.



Photo Credit: Arizona Daily Star

Whoopie Baking Co., Citrine Natural Beauty Bar, Paris Envy, and Frances are all part of a new mini-mall within Union at Biltmore Fashion Park, located at Camelback and 24th St., Phoenix. The four join 7 other local businesses sharing a 7.2K SF retail space. Inside Union, retailers can lease from 64 to 500 SF for one to three year stints. The space is between Stingray Sushi and Seasons 52.

SRS Real Estate Partners signs Five Guys Burgers & Fries to 2.5K SF and FastMed to 4K SF in the STR Fund VI LLC Building, 1507 N. Litchfield Rd., Goodyear. Formerly occupied by On The Border, the McDowell and Litchfield roads location will be remodeled for the new tenants. Catalyst Commercial Group represented the eatery and NAI Horizon the urgent care center.




Photo Credit: Arizona Daily Star

Sausage Deli is changing locations at 2334 N. First Ave., Tucson, as it moves from its 1.4K SF location into new 2.2K SF store facing Grant Avenue. The new building fits onto a site vacated by a demolished Shell station and Los Betos. The old deli will be demolished when the new place opens in early 2013. The business was in the smaller building for 35 years





New Openings & Expansion News

In September, the Morning Squeeze replaces Jimmy Woo’s at Scottsdale Rd. and Fourth Ave. in Old Town Scottsdale. Restaurateur Old Town Group believes the morning-oriented eatery will be a better fit for the location.

Photo Credit: Tim Hacker / Tribune

A fourth liberal arts college has inked space in downtown’s Mesa Center for Higher Education. Wilkes University, Wilkes-Barre, Penn., is offering graduate and undergraduate degrees in the City’s Center for High Education beginning fall 2013 with a master’s in mechanical engineering. A masters in engineering management, business, and several undergraduate engineering programs will start enrolling students in January 2013.






Closures and Foreclosures

The famed towering cow skull at the Longhorn Grill, 28851 S. Nogales Hwy., Amado, now presides over a closed landmark. Opened in 1993, the roadside attraction’s business had softened in recent years and the property was taken over by its lender. The 6.3K SF building is listed for $299K.

Photo Credit: Time Hacker / Tribune

This is the last week Urban Tea Loft, downtown Chandler, will serve its patrons. The former “best tea room in Arizona” is closing due to a owner Glynis Legrand’s husband’s serious illness and surgery. The restaurant opened in 2010. All inventory and fixtures are to be sold by July 21.