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Commercial Real Estate Transactions 05-07-2019

9.National Indoor RV Centers. Credit: Commercial Executive Magazine

Sales Transactions

1. Investcorp has acquired an eight-building industrial portfolio spread across the U.S. for $170M. The properties house a total of 1.4MSF of space and are currently 100 percent leased. The firm did not disclose a seller in the deal. The properties are single-tenant distribution buildings located in eight major U.S. markets—Chicago, Phoenix, St. Louis, Charlotte, Cincinnati, Cleveland and San Antonio.

2. Mainstreet recently sold off the partially completed Rapid Recovery Center at 5151 East Pima St in Tucson for $14.04M to an affiliate of the Aspen Group.

3. A joint venture between Pisula Development Company and Harrison Street recently purchased a $13M medical office portfolio totaling 67.7KSF across four buildings in Tucson. The portfolio comprises Magee Medical Plaza at 551 W Magee Road, Riverstone Medical Plaza at 4892 N Stone Avenue, St. Mary’s Medical Plaza at 1704 W Anklam Road and Green Valley Medical Plaza at 1055 La Canada Drive. Holliday Fenoglio Fowler, L.P. (HFF) represented the seller, an affiliate of Healthcare Realty Trust, and procured the buyer.

4. Mesa Valley I purchased an ARCO, located at 3610 E. Bell Rd., Phoenix and a Chevron, located at 825 E. Apache Blvd., Tempe, from Tempural, LLC and Arbellco51, LLC for $5.549M. Chris Hollenbeck of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of both the buyer and seller.

5. Parker Fasteners, LLC purchased a 45.9KSF, cold storage industrial building located at 26815 W. Baseline Rd., Buckeye, from VLC Properties, LLC for $3.6M. Michael S. Hammond, CRE, SIOR, CEO with Cushman & Wakefield | PICOR, and James Wilson with Cushman & Wakefield Arizona, represented the seller. Bob Crum with Ross Brown Partners, Inc., represented the buyer.

6. Labrador Capital, LLC purchased a 10.1KSF office building at the Camp Lowell Corporate Center, 4544 E. Camp Lowell Dr. (Building. K) in Tucson, from RLP Building, LLC for $2.37M. Brandon Rodgers, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer. Mark Irvin, SIOR, with Mark Irvin Commercial Real Estate Services, LLC, represented the seller.

7. SGAS Holdings, LLC purchased a +/- 2,904 square-foot Circle K located at the I-10 and 22nd St., Tucson, for $2.15M. Nick Miner, CCIM of ORION Investment Real Estate exclusively represented the seller, 655 West 22nd Street, LLC.

8. MBRE Healthcare purchased the four-story, 56.2KSF Class A Thunderbird Wellness Centre in Peoria for an undisclosed amount. Daniel Turley of JLL Healthcare Capital Markets Group served as exclusive advisor to the seller, a joint venture between developer/owner MedProperties Group and Virtus Real Estate Capital.

Lease Transactions

9. Commercial Properties, Inc./CORFAC International (CPI) has announced the long-term lease of an entire 170.6KSF Class A manufacturing building at 13351 W Rioglass Rd., Surprise for National Indoor RV Centers. The lease also includes 18 acres of surrounding land that includes a free-standing storage building. CPI Senior Vice President Andrew Jaffe and Vice President Rex Griswold represented National Indoor RV Centers. Sam Sorensen of Sorensen & Black represented the owner/landlord, Rioglass Solar, Inc., in the negotiation of the lease.

10. NAI Horizon Vice President Kevin Higgins, Senior Vice President Lane Neville and Associate Logan Crum represented the landlord, Crismon Superstition Development, LLC, in a $1.131M, 13.3KSF long-term lease at Mountain Vista Business Center, 10165 E. Hampton Ave., Mesa. Alex Wentis of CBRE represented the tenant, Studio R Ballet.

11. WeWork has announced their plans to open a fourth Phoenix area location at 101 E Washington St. This location is part of the Block 23 development and will accommodate a community of approximately 1,600 members across two floors.

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