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Commercial Real Estate News 8-25-15

CRE1Sales Transactions

1. As reported by Business Real Estate Weekly, a joint venture formed by Crow Holdings Capital Partners and Wentworth Property Co. paid $22M ($161/sf) to buy a 137KSF office building, 14400 N. 87th St., Scottsdale, from JDA Software Group Inc. The buyer was represented by Jim Fijan of CBRE in Phoenix. The seller was represented by Peter Menna and Dev Gupta of DTZ in Phoenix. Jim Riggs of Platinum Advisors LLC in Scottsdale assisted in bringing the parties together. The three-story building, which sits on 8 acres, was developed in 1999 in a build-to-suit deal for JDA.

2. Colliers International in Greater Phoenix recently completed the sale of a 314KSF cross-dock distribution warehouse in Phoenix for $20M ($64.80/sf). CAM Industrial Fund Acquisition Fund, LLC, an affiliate of Cohen Asset Management Inc., purchased the property, located at 4550 W. Watkins St., Phoenix, from Kansas City Life Insurance Company. The distribution warehouse is 100-percent leased by OMCO Solar.

3. A company formed by Redstone Group purchased the two-building, 109KSF Bell 28 office property, 16605 N. 28th Ave. and 16610 N. Black Canyon Highway in Phoenix for $11.7M ($106.84/sf) from a company formed by Onward Investors LLC. The buyer was represented by Chris Toci, Chad Littell and Tim Whittemore of Cushman & Wakefield of Arizona Inc. in Phoenix. The seller was represented by Keith Lambeth and Ryan Timpani of Colliers International in Phoenix. The 10-acre project is 76 percent occupied.

4. Arizona Partners purchased the 55KSF Mercado Del Lago Mall in Scottsdale for $8.8M ($161/sf). The three-building property on 1.6 acres has tenants, including Chipotle, Altitude Coffee Lab and Jimmy John’s.

5. WinCo Foods recently paid $5.2M to purchase land for a store in central Glendale at Peoria and 51st avenues. Glendale City Council approved a liquor license for a proposed 24-hour WinCo store at the intersection in May 2012, though previous attempts to develop the property have been opposed by area residents.

6. IPF Rancho Solano, LLC purchased the 33KSF Rancho Solano Gilbert Campus, 1305 S. Gilbert Road, Gilbert, for $4.5 ($135/sf) from Arizona Prep Real Estate, LLC. Jim Wilson of Cushman & Wakefield’s Phoenix office and Scott Shelbourne of C&W’s Chicago office represented the seller. Built in 1977, the 9.9-acre campus features 23 classrooms, a multipurpose room, athletic fields, basketball courts, and two playgrounds.

7. A local investor purchased the 15KSF Campbell Commons multi-tenant office building, 4501-4517 N. 32nd St., Phoenix, for $2.3M from GTT Investments, LLC. Sean Bishop of Middlefork Commercial represented the seller in the transaction. Approximately 85% of the office building was occupied at the time of the sale.

Lease Transactions

8. Lauren’s Institute for Education leased the Rancho Solano School, 1305 S. Gilbert Road, Gilbert, from Fenway Properties. Alexandra Loye and Dominic M. Perry, CCIM, with GPE Commercial Advisors represented the tenant. The landlord was self-represented. The new campus allows the non-profit private school and treatment center for the differently-abled to expand their services and enrollment.

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