Sales Transactions
1. CRG announced the $82.6M sale of Building E at The Cubes at Glendale – a 570KSF industrial warehouse located along the 303 Corridor in Glendale – to Fundrise. Cushman & Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West team represented CRG. Additionally, C&W’s Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented Fundrise in the procurement of $58M in acquisition financing.
2. Cushman & Wakefield announced it has advised the $38.2M sale of a 249.9KSF industrial asset at 8313 W. Latham St. in Tolleson. The property is 100% leased to Circle K, which operates a distribution center and data center functions at the facility. The buyer was Stonelake Capital Partners. Seller Oxford Properties was represented by C&W’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt and Callahan Conway, with support from Stephanie Saccente and Sarah Baleanu.
3. Cohen Asset Management has paid $28.6M for a 154KSF Frito-Lay distribution warehouse at the SWC of 75th Avenue and Golden Lane in Peoria. The seller was VanTrust Real Estate.
4. Cushman & Wakefield announced the firm has advised MIG Real Estate, LLC in the sale of Gateway Technology Commerce Center, a two-building 138.7KSF industrial project in Mesa. Libitzky Property Companies acquired the property for $25.4M. The seller was represented by C&W’s Steve Lindley, Alexandra Loye, Eric Wichterman and Mike Coover, together with Will Strong and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group.
5. NAI Horizon’s Michael Gaida represented seller Oro Valley Holdings, LLC, in the $4.5M disposition of the Copper Health Oro Valley property at 1119 E. Rancho Vistoso Blvd., Oro Valley. The buyer was the Sun City Oro Valley Community Association, which will use the former nursing and rehabilitation facility as an activity center.
6. 130 S. Scott Ave. in Tucson, a 12.4KSF office building, sold last month to Children’s Museum Tucson, which will use the property as part of an expansion. Seller NSW Development Services was represented by David Volk with VOLK Company.
Lease Transactions
7. Flexible co-warehousing and small business logistics firm Saltbox has leased a 110KSF industrial space at 910 W. Carver Road in Tempe. The company’s new space is divided into 65KSF of flex warehouse and 45KSF of collaboration rooms, flex storage dock areas and photo studio space. The Tempe location is Saltbox’s 12th in the U.S.
8. Law firm Perkins Coie has leased 30KSF in Building II at the Esplanade, 2525 E. Camelback Road, Phoenix. The company will begin tenant improvements later this year and take occupancy next spring. Perkins Coie was represented by Scott Goldman and Larry Downey of Cushman & Wakefield. CBRE’s Bryan Taute, Corey Hawley and Spencer Nast are the listing brokers for Esplanade II.