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Commercial Real Estate News 9-20-16

Sales Transactions

cre11. Security Properties purchased the 432-unit Arches at Hidden Creek, 1586 W. Maggio Way, Chandler, for $55M from a venture between Hamilton Zanze of San Francisco and New York Life Real Estate Investors on behalf of institutional clients. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction.

2. DSW Wilmot Plaza LP purchased the 139KSF Wilmot Plaza shopping center in Tucson for $47.3M from BP Wilmot Plaza. Toufic Abi-Aad of Bourn Companies handled the disposition for the sellers; Michael Sarabia and James Hardman of DESCO Southwest represented the buyer.

3. Crown Realty & Development purchased the 138KSF Four Gateway office building, 444 N. 44th St., Phoenix, for $40.4M ($293/sf) from VanTrust Real Estate, LLC. The building is occupied by American retail and health care company CVS Health. Jim Fijan and Will Mast of CBRE in Phoenix negotiated the transaction.

4. Trimark Property Group LLC purchased the 232-unit Summerhill Place Apartment Homes in Glendale for $14.6M ($63K/unit) from CVG Properties. The Phoenix-based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both buyer and seller in this transaction.

5. Caliber – The Wealth Development Company announced the $14M, 374-unit acquisition of three multifamily properties in Phoenix. The Palms Weekly Portfolio, including the Siesta Palms, Palm Shadows and Twin Palms communities, have been successfully operated for 20 years as long- and short-term furnished rental units.

6. Lee & Associates announced the sale of a 72KSF former Raytheon Missile Systems flex office building at 3360 E. Hemisphere Loop, Building M10, Tucson for $10.5M ($146/sf). Lee Principals, Jerry Marrell and Dave Johnson negotiated the sale on behalf of DCG IV, LLC, a Seattle-based investment firm. Lee Principal, Pete Batschelet procured the buyer, 3360 E. Hemisphere Loop, LLC, Scottsdale.

7. EG, LLC of Tucson purchased a 46KSF industrial building in Butterfield Business Park, 4700 S. Overland Drive, Tucson, for $6M ($133/sf) from Legacy Property Management, LLC. The single-tenant building was purchased as an investment property and is fully leased to Xeridiem Medical Devices, a medical device contract manufacturer. Rob Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR, represented the seller; Patrick Lindley, SIOR, with Cushman & Wakefield, Indianapolis, represented the buyer.

8. Holding companies exchanged the 29KSF Class A office building at 5060 N. 40th St., Phoenix, for $5.1M. Ray Cashen of Cashen Realty Advisors and Josh Laners of Commercial 33 helped broker the sale. The 2.65-acre property was developed in 1983.

9. Dana Park 1, LLC purchased an 8,060SF, multi-tenant retail building from Foothills Mall Pad No. 7, LLC, for $3.6M. The property is located just north of the Ina Road and La Cholla Boulevard intersection, near the Foothills Mall at the entrance to the Walmart Supercenter in Tucson. Greg Furrier with Cushman & Wakefield | PICOR handled this transaction.

10. MS Tucson, LLC purchased 8.5 acres located at 5151 E. Pima St. in Tucson from 5151 Pima, LLC, for $2.4M.  A 47.3KSF Transitional Care medical facility will be built on 5.5 acres and 3 acres will be represented for sale by PICOR.  Rick Kleiner, MBA, with Cushman & Wakefield | PICOR represented the seller. Robert DeLaney with CBRE and Devpal Gupta with Cushman & Wakefield in Phoenix represented the buyer in this transaction.

Lease Transactions

11. The Phoenix office of JLL has completed an 83KSF lease that establishes well-known tire distributor Tire’s Warehouse Inc. in its first-ever Arizona location and its only distribution center outside of California. The new facility is located at 1502 E. Buckeye Road, Phoenix. Kyle Westfall, Pat Harlan and Steve Sayre of JLL represented the tenant in the lease negotiations. The property landlord, Harrison Properties, represented itself.

12. Arizona State University today celebrates the opening of the Collaboratory on Central, with about 15KSF leased for a clinic, office and event space at the bottom of the historic and iconic Westward Ho skyscraper on Central Avenue and Fillmore Street in Downtown Phoenix. The ASU Center for Applied Behavioral Health Policy relocated offices there and the famed “Concho Room”, once used for dinner and dancing, will host university and community events.

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