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Commercial Real Estate News 9-27-16

Awards & Accolades

cre11. The Phoenix Business Journal published its list of the top Commercial Real Estate brokers as ranked by the combined square footage of commercial leasing and sales in 2015. The top five are: #5 – Commercial Properties Inc., 13.99M; #4 – JLL, 25.46M; #3 – NAI Horizon, 27.76M; #2 – CBRE, 39.87M; #1 – Cushman & Wakefield, 63.4M.

Sales Transactions

2. Finland-based food packaging firm Huhtamaki North America acquired a 750KSF rail-served manufacturing and distribution facility at the Cotton Lane Commerce Park in Goodyear. Huhtamaki says its intent is to exceed $100M in capital investment at the site. Construction of infrastructure at the 102-acre site is expected to begin in the second quarter of 2017, with commercial production scheduled to begin in late 2017.

3. Umbrella Properties purchased the 280-unit Broadstone Canyon Crossroads apartment property in Phoenix for $45M ($161K/unit) from Baron Properties in a deal arranged by Berkadia. The eight-year-old property consists of 15 two- and three-story buildings. Units have up to three bedrooms and average 998SF.

4. The City of Scottsdale acquired 415 acres of land for its McDowell Sonoran Preserve at two state land auctions Sept. 21. The city of Scottsdale was the only bidder. The city’s successful bids totaled $30.4M. With the acquisitions, Scottsdale’s preserve encompasses more than 30,500 contiguous acres – nearly 47 square miles.

5. Shea Homes LP purchased a 79-acre parcel located at the SWC of Ray and Recker Roads in Gilbert for $16M ($202.5K/acre; $42K/lot) from Atlas Development II, LLC.  Grant D. Helgeson, Don McCaul and Brian Beard of the Westland Properties Group represented both parties in this transaction.

6. Enos Ranchos LLC purchased the 21KSF Shops at San Dorado in Oro Valley for $11.3M ($550/sf) from KDC San Dorado Retail LLC, a Mark Taylor and Kitchell Corporation joint venture. Greg Laing, Dan Gardiner, Teal Bloom and Tyler Chester with Phoenix Commercial Advisors represented the seller.

7. The 288-unit The Quails (formerly Quails Meadow and Quails Park) in Tucson sold to affiliates of Alpha Wave Investors, LLC, for $9.4M ($33K/unit). Art and Clint Wadlund with Berkadia Real Estate Advisors in Tucson handled the sale for the seller, Quail Meadow Partners LLC and 3932-3936 Sepulveda Blvd LLC.

8. Phoenix-area tech entrepreneur and startup investor Mario Martinez II purchased the Paradise Valley mansion of former San Francisco pitcher, Tim Lincecum for $3M.

9. Tierra Luna and Sol Enterprises, LLC purchased two, multi-family apartment complexes from RPR E. 22nd Street, LLC. The two properties, Tierra Luna (48 units) and Tierra Sol (40 units), are located at 7438-7450 E. 22nd St. in Tucson and were purchased for $2.7M. Allan Mendelsberg with Cushman & Wakefield | PICOR represented the buyer and the seller in this transaction.

Lease Transactions

10. CBRE has leased 75KSF at Tower IV at the Esplanade, planning to move from its existing offices at Tower III. The office will house 470 employees. CBRE is taking three floors at Esplanade IV and will also have a business center and other space in the building’s ground level. The new space is on the east end of one of Phoenix’s most prominent office developments. CBRE is scheduled to move in January 2018.

11. Matson Money leased 50KSF in the La Curvata office complex in Scottsdale to open a regional headquarters. The office will be called “Matson Money West,” and will be available for regular financial advisor planning, guests and clients. The corporate headquarters remains in Cincinnati.

12. Cushman & Wakefield announced that WorkLyfe leased approximately 18KSF at Biltmore Financial Center located at 2390 E. Camelback Road in Phoenix. Larry Downey, Curtis Chickerneo, Brett Thompson, Ari Klein and Matt Greaney of Cushman & Wakefield represented the tenant in the lease negotiations. The landlord, ViaWest Properties LLC, was represented by Jerry Roberts, Corey Hawley and Pat Boyle of CBRE.

Closures & Foreclosures

13. Two big international companies — ARRIS Group Inc. and Ricoh USA — are cutting 263 call center jobs and closing centers in Phoenix and Tempe. Ricoh has reported 68 job cuts in Tempe to the state of Arizona under a federal layoff notification law. ARRIS Group, Inc. has reported 195 layoffs to the state of Arizona.

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