News Ticker

Commercial Real Estate News 8-28-12

Sales

Scottsdale Healthcare is selling 400K SF in medical office space for $81M ($203/SF). HCP, Inc., a publicly-traded REIT is the new owner. Scottsdale Healthcare maintained land ownership—leasing the land to HCP, which leases it back to the health care provider. The transaction involves clinics at three of the provider’s campuses: Thompson Peak, Shea and Osborn, all in Scottsdale.

Photo Credit: Apatment Home LIving

The 315-unit Ironwood at San Tan apartment complex sold from $46.3M ($147K/unit) to Pillar Communities LLC, Seattle. Archstone San Tan LP was the seller. CBRE handled both sides of the transaction. The project was built in 2009 by Mark-Taylor Development.

 

 

 

 

Photo Credit: Inside Tucson Business

Broadway Plaza, E. Broadway at Palatano roads in Tucson, has sold for $12.7M ($159/SF) to ARC Shopping Center REIT. The 11.7 acre, 80K SF complex was sold by Larsen Baker. Sprouts and PetSmart are the anchors in the leargest building (57K SF). There are two 10K SF buildings and a 6.2K SF pad.

 

 

 

Fulton Homes picked up 60 platted residential lots for $4.4M ($72.5K/lot) in Mendocino at Ash Creek, Signal Butte at Ocotillo roads, Queen Creek. The purchase from Jorah Investments and Robin Lang gives Fulton Homes nearly a 40 percent stake in the 144 lot community. Fulton plans four models ranging from 3,014 to 4,450 SF with up to seven bedrooms and five baths.

 

Photo Credit: Inside Self Storage

Capitol Self Storage, 6755 E. Golf Links Rd., Tucson, sold to U-Haul affiliate AMERCO Real Estate Co. for $1.7M ($3.9K/unit). The 36K SF facility has 444 units on 2.3 acres. NAI Capital was the broker for both sides in the deal.

One of the medical complex buildings in Scottsdale’s Ironwood Square, 9500 E. Ironwood Square Dr., sold for $1.5M ($78/SF) to Atlee, LLC. NAI Horizon represented the buyer of the 19K SF building. ROI Properties represented GE Capital Corporation, the seller.

W.E. O’Neil Construction acquired a second building in Tucson, 2610 N. Fairview from 2610 N. Fairview LLC for $620K ($109/SF). The company already has an office in the building at 710 S. Campbell Ave. that formerly housed TM Roof. CBRE represented O’Neil in acquiring the 5.7K SF building and Cushman & Wakefield represented the seller.

New Hope Partners, LLC put $550K SF ($59/SF) into the purchase of a 9K SF retail building, 10611 N. 83rd Ave., Peoria. NAI Horizon represented the buyers. Anderson Realty Consultants represented seller James Munoz Martinez.

Lease Transactions

Photo Credit: AZRE

Exel is leasing 237K SF from the Utah Retirement Systems at 7210 W. Van Buren St., Phoenix. CBRE represented the landlord; Cushman & Wakefield handled the transaction for Exel. The find was fortuitous with the large-space industrial market in Phoenix fraught with record low vacancies.

Market Development Partners signed a lease for 16K SF at 8300 E. Raintree Dr., Scottsdale. Cassidy Turley BRE Commercial negotiated the lease transaction for tenant and landlord, CW Capital Asset Management LLC. The new location shifts the company from their 7th St. and McDowell Rd. location in Phoenix.

Brock Technologies is leasing 16K SF at 3774 E. 43rd Pl., Tucson, from Doubletree Investments. PICOR Commercial Real Estate Services represented Doubletree; Grubb & Ellis were the tenant’s rep.

 

Photo Credit: recentpast.net

Arizona Kidney Disease and Hypertension Centers extended its lease for 12K SF in the Financial Center Building, 3443 N. Central Ave., Phoenix, for an additional seven years. Plaza Companies represented AKDHC in the transaction.

GPE Companies handled two medical leases for tenants, one a 3.7K SF laboratory at 6160 E. Brown Rd., Mesa. The other was 3.6K SF for an OBGYN practice, 1170 N. Estrella Pkwy., Goodyear.

Expansions and New Store Openings

In a reversal of emptied big boxes, discounter Big Lots is returning to the Glendale Arrowhead area, taking over the last empty big box in the West Valley city. Big Lots is moving into the Ultimate Electronics building, Bell Rd. and 75th Ave. The recession made it possible for Big Lots to close 11 locations in the Valley and then reopen the stores in better locations at more favorable rents.

Photo Credit: Phoenix New Times

Country music group Rascal Flatts has joined with Phoenicians Philip Lama and Eric Soe creating a themed restaurant and music venue. The first of 11 planned restaurants, 14K SF is under lease for CityNorth, Phoenix. The venue includes indoor and outdoor bars, a sound stage and live music. The Phoenix flagship opens later in 2012. Pittsburgh, Minneapolis, Columbus Ohio, Raleigh N.C., Long Island and Washington D.C. open in 2013. Boston, Charlotte N.C., Tampa and Madison, Wis., open in 2014.

Bourbon Jacks Grill brings country music to downtown Chandler next month on Boston St. west of Arizona Ave. Southern-influenced food dominates the menu. The venue features live country music and acoustic Southern rock Wednesday through Sunday. It opens as two other downtown restaurants close.

 

Photo Credit: Jill Torrance / Arizona Daily Star

You can’t take the city out of the country, but you can take the country out of the city. And that’s what Cactus Moon Sports Grill is doing with the planned fall opening of its Casa Grande country music bar and grill in the Promenade at Casa Grande on Florence Rd. off I-10. Recently shuttered in Tucson, the Mesa-based entertainment eatery is looking at an early to mid-October opening. The Tucson property owners are still seeking a replacement for the former 12K SF tenant.

Total Wine is expanding its Tucson presence with a 26K SF store opening at Park Mall, 5870 E. Broadway Rd. The new store incorporates new technology including free Wi-Fi and anchored iPads with dedicated applications permitting wine taster interaction to read suggested food pairings. A classroom is incorporated into the TI. A new “brewery district” allows customers to access 12 beer taps to refill growlers with a rotating selection of beers.

 

Photo Credit: Arizona Coffee

Ground Control, a Goodyear coffee bar and wine bistro is adding 600 SF and a wood-fired pizza oven to its new location in Litchfield Park. Taking over the former Sabatinos Pizza and an insurance office, 4860 N. Litchfield Rd. south of Camelback, the new location will include an enlarged patio area. The restaurant also has a branch in Verrado.

Distinktive Auto Body is moving from Deuce of Clubs Ave. into the former J&L Glass building, 81 N. White Mountain Rd., Show Low. The Planning and Zoning Commission conditionally approved the relocation with requirements to improve façade, landscaping and parking to current city standards.

Relying less on walk-in traffic and more on virtual gallery space, Bentley Gallery is relocating from its 22 year location in downtown Scottsdale, 2161 N. Marshall Way., to its Bentley Projects warehouse space, 215 E. Grant St., Phoenix. The move is scheduled for late October. The new location better accommodates large-scale artist works.

 

Photo Credit: Culinary Fool

U.S. Egg has partnered with Velocity Retail Group to find new locations for the locally-owned breakfast-oriented restaurant chain.  The eatery is seeking 4.5K-5.5K SF in strong daytime employment areas. The wish list includes seeking an end-cap or free-standing, former restaurant location. A patio dining area is a requirement.

Looking to add ten new franchises in the Valley of the Sun, Papa Murphy’s International LLC brings its annual convention to Scottsdale. With 29 stores already open in Arizona, Phoenix Business Journal premium content reports that this is the first time the company is holding its annual convention here. The quest to increase its market share by 25 percent is another volley in statewide pizza expansion wars.

 

Photo Credit: Vero Amore

Vero Amore, Tucson, is making the move to a new, doubled-in-size, location at Plaza Palomino, 2990 N. Swan Rd. August 26th, the restaurant closed its original Swan and Camp Lowell roads location in anticipation of the new move. A specific opening date has not been named. Its location in Marana, Dove Mountain Blvd. at Tangerine Rd., remains open.

Closures and Foreclosures

Resolute Commercial Services is the court-appointed receiver of Lake Pleasant Heights, Peoria. The receiver will rework the master planned development with the city and resolved water and transportation solutions. Originally approved in 2005, the project is located between the Joy Ranch and Lone Mountain road alignments on north and south, 123rd and 131st avenues alignments on the west and 115th Ave. alignment on the east. The project contains near 3.3K acres.

Photo Credit: Ron Medvescek / Arizona Daily Star

Despite a business spurt in June spurred by its May closing announcement, Jack’s Original Barbecue, Tucson, finally closed its doors last week citing a lack of cash flow to make it through the rest of the summer. The 3K SF building is being cleaned and readied for sale or lease to another restaurant operator. The restaurant, which opened in 1950, has been run by the same family, the Boccardos, for the last 15 years.

Facebooktwitterlinkedin