Sales Transactions
1. JLL Capital Markets announced it arranged $154.1M in financing for a six-property, 1.31MSF retail portfolio spanning California, Arizona and Georgia. JLL worked on behalf of the borrowers, Kimco Realty Corporation. The Arizona property was The Summit at Scottsdale in Scottsdale. The JLL Capital Markets team was led by Chris Drew and John Marshall, along with Wells Waller, Jarrod Howard, Gabriel Davenport and Preston Bacon.
2. The Tucson Medical Dental Complex at 4625-4627 N. Oracle Road in Tucson was recently sold by Health Wealth Fund One Series 1, LLC for $5.83M. ACE Oracle-AZ, LLC purchased the 13.9KSF property.
3. Chipotle 22nd & Kolb, LLC purchased the newly constructed, 2.3KSF Chipotle Mexican Grill at 7101 E. 22nd St. in Tucson for $4.42M in an all-cash transaction. Tangerine Gateway, LLC, an affiliate of David Lee Real Estate, was the seller. The restaurant occupies approximately 0.49 acres at the NEC of East 22nd Street and South Kolb Road and operates under a 15-year absolute triple-net lease. Ryan Moroney, Tim Westfall, Jack McAndrew and Kyle Duffy with Echo West Capital Advisors marketed the property for the seller. Cameron Lee, a member of Tangerine Gateway and broker with David Lee Real Estate, represented the seller.
4. Steel Peak acquired a 2.18-acre industrial outdoor storage property at 2142 W. Van Buren St. in Phoenix for $3.3M from an undisclosed seller. The property includes a 6.3KSF industrial building. Steel Peak plans to make targeted improvements to the building and site before leasing it to an industrial service user. Max Schumacher with Rein and Grossoehme Commercial Real Estate will oversee leasing.
Lease Transactions
5. Justworks signed a 25KSF lease atPortales Corporate Center, an office complex at 4800 N. Scottsdale Road in Scottsdale. Savills represented Justworks. The New York-based human resources technology company opened with approximately 50 employees and plans to grow to approximately 150 employees within two years.