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Commercial Real Estate News 8-21-2018

Credit: MDC Land Development/Phoenix Business Journal

Sales Transactions

1. CBRE arranged the sale of a four-building, 220KSF Class A industrial park located at 22275-23365 N. 23rd Ave in Phoenix. Corridors Industrial, LLC, a joint venture between Trammell Crow Company and Principal Global Investors, sold the property to AEW Capital Management for $29.55M. Darla Longo, Rebecca Perlmutter and Brett Hartzell with CBRE National Partners, along with Cooper Fratt, Mitch Stravitz and John Werstler of CBRE’s Phoenix office, represented the seller.

2. Cushman & Wakefield announced that Libitzky Property Companies purchased Corridors Phoenix, located at 1925, 2001, 2075 and 2095 W. Pinnacle Peak Road in Phoenix, from Adler Realty Investments for $21.17M. Bob Buckley, Tracy Cartledge and Steve Lindley with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.

3. ABI Multifamily announced the $19M sale of Cabana on Mill Apartments in Tempe. ABI’s Eddie Chang and Ryan Smith represented the buying entity, controlled by California-based Tides Equities. The seller is a private partnership based in Phoenix.

4. NAI Horizon’s Denise Nunez represented the seller in negotiating the $7.15M acquisition of Continental Ranch Self Storage in Tucson. Nunez also secured the buyer, Baron Real Property Holdings LLC. The seller was LPG Associates.

5. ABI Multifamily announced the $5.25M sale of Brighton Place Apartments in Phoenix. The buyer, Cody Drive Apartments, LLC, was formed by a private investment firm based in Los Angeles. With this latest acquisition, the parent company and its subsidiaries currently control more than 4,000 apartment units in the Arizona Market. The seller was a private partnership based in California. The multifamily brokerage team of Alon Shnitzer, Rue Bax, John Kobierowski, Eddie Chang and Doug Lazovick represented both parties.

6. WG Sahuarita Holdings, LLC, an affiliate of Whirlygig Properties of Tucson, sold an outpad fully leased in the Walmart Center, 718 W Calle Arroyo Sur in Sahuarita. The buyer, Ace Properties #5, LLC was in a 1031 exchange when purchasing the property. The outparcel sold for $4.25M.

7. Store Capital Corporation, headquartered in Scottsdale, has purchased a 62.3KSF building on a 6.87-acre parcel at 1200 N. Alma School Road, Chandler, for $3,45M. VASA Development LLC entered into a sale leaseback transaction with the buyer.  The seller was Five Sons Furniture AZ LLCVASA Fitness will invest $3M to build out a fitness facility in the space. Ray Cashen of Cashen Realty Advisors represented the seller.

8. Taylor Street Real Estate Advisors announced the sale of Estilo Apartments, a 15-unit community in central Phoenix. The asset sold for $2.7M. Brian Tranetzki and Eric Thomas with Taylor Street Real Estate Advisors negotiated the transaction on behalf of the seller, a local private capital investment partnership. CBRE represented the buyer.

Lease Transactions

9. CBRE has arranged a 10-year lease for Cascade Windows, a window manufacturer, for 155KSF at the Durango Commerce Center, 2225 S. 75th Avenue, Phoenix. John Grady, Cooper Fratt and Jackie Orcutt with CBRE’s Phoenix office represented the tenant. Pat Harlan, Steve Sayre and Kyle Westfall with JLL represented the landlord, Clarion Partners.

10. Commercial Properties, Inc./CORFAC International announced a 31KSF lease in the Hewson Fiesta Tech Center. The property is located at 1405 N Fiesta Boulevard in Gilbert. CPI’s Andy Jaffe and Rex Griswold represented the tenant, Phoenix Logistics.

11. The Phoenix office of JLL has completed a 20KSF lease on a second Valley location for coworking firm Workuity, expanding the company into Chandler. The space is in the Chandler Viridian master planned office project. JLL’s Ryan Bartos and Kyle Seeger represented Workuity. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the building owners, Hines and New York Life Real Estate Investors.

12. NAI Horizon represented the landlord in a long-term lease worth $1.92M for 19.4KSF in Phoenix Corporate Center for medical transportation firm Veyo. NAI Tyler Smith, Troy Giammarco and Joe Pequeno represented the landlord, Bay Pacific Phoenix Corporate Center LLC.

13. NAI Horizon represented Legacy Air HVAC, LLC, a member of the CoolSys family of companies, in a long-term lease worth $2.2M at Missouri Falls, 645 E. Missouri Ave., Phoenix. The 11.4KSF space will serve as its administrative office. NAI Horizon’s Barbara Lloyd, Lane Neville and Logan Crum negotiated the lease on behalf of the tenant. The landlord, ICIC Commercial Investments 3, LLC, was represented by Mike Strittmatter and Brad Anderson of CBRE.

14. The 70KSF 83 Marketplace in north Peoria is under construction by MDC Land Development. The first four tenants to be announced for the project are all restaurants: Deem Proper, S & V Urban Italian, Avenida Modern Mexican, and Bagels on Fire.

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