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Commercial Real Estate News 9-29-15

CRE1Sales Transactions

1. MC Companies bought eight apartment complexes around Tucson in what was one of the biggest real estate deals so far this year. The $66.3M purchase of the 1,576 units brings the total number of units owned by MC Companies in Pima County to 2,688. The eight properties — six on the east side, one north and one west — were sold as a package by Family Housing Resources, a nonprofit housing counseling agency.

2. Kaplan Acquisitions LLC of Scottsdale purchased 150KSF of buildings located on 4.4-acres of property at 4602 N. 24th St. in Phoenix for $13.3M. Colliers International brokered the off market transaction in less than nine months. Kim Soulé, vice president, represented the seller. Kaplan plans to demolish the existing buildings and begin construction on the District at Biltmore project before the end of the month. The community will include 227-units in a four-story building with an attached parking garage and resort-like amenities.

3. William Borders of Arc Construction and Canada-based MacDonald Development purchased the 17KSF two-story office building that houses the Arizona School of Real Estate and Business in Scottsdale for $7.7M ($435/sf) from William Gray. The sale was funded by a $5M loan with Earlston Investment Corp.

4. Twomey, Ezzell & Balfour paid $6.5M ($134/sf) to purchase a 48KSF showroom, office, distribution facility located at 15570 N. 83rd Way in Scottsdale from Avanti Park Properties Limited Partnership in Mercer Island, Washington. The buyer in the sale was represented by Justin Carlson of JR Carlson Company in Scottsdale. The seller was represented by Joseph Blegen of Camidor Property Services in Phoenix. The fully leased property is home to Sub-Zero/Wolf appliances and was built in 1998.

5. Ace Vending purchased the 41.5KSF industrial building at 335 S. Hamilton Court in Gilbert for $3.6M from Bell Holdings BB, LLC. Andy Markham, Mike Haenel, Will Strong and Phil Haenel of Cushman & Wakefield represented the buyer. Steve Larsen of Jones Lang LaSalle represented the seller.

Lease Transactions

6. SuperShuttle leased 17.6KSF to relocate its Phoenix operations to a building at 3545 S. 28th St. near Sky Harbor International Airport. Steve Mardian with Cushman & Wakefield represented SuperShuttle. John Werstler of CBRE represented the landlord. The company will utilize the space for offices and vehicle storage/maintenance.

7. Omega Tool & Mold, LLC leased 9KSF at 4021 E. Columbia St., Suite 101 in Tucson from Dybvig White Mountains, LLC. Rob Glaser and Brandon Rodgers of Cushman & Wakefield | PICOR represented the landlord. Robert Herd with Keller Williams Southern Arizona represented the tenant.

Closures & Foreclosures

8. Haggen filed court papers Sept. 24 seeking to close its five remaining grocery stores in Arizona and most other Western states less than a year after an audacious and ill-fated expansion. Last month the company announced it was closing five of its 10 Arizona locations, in Anthem, Flagstaff, Prescott Valley and two in Tucson. Many of the stores, formerly Albertsons or Safeway, had just been converted to Haggen-branded stores in May and June.



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