Sales Transactions
1. A private 1031 investor has bought The Marketplace retail center in Flagstaff for $23.5M from Macerich. The sale was brokered by Faris Lee Investments.
2. Back to the Future Cottonwood, LLC has paid $11.78M for Cottonwood Plaza, a retail center on North Oracle Road in Tucson. Seller Cottonwood Plaza, LLC was represented by John Yarborough and David Carroll with Romano Real Estate. The new owner plans to modernize and renovate the property.
3. A private investor has bought a 10.4KSF two-tenant medical office building at 2394 N Alma School Road in Chandler for $6.5M. The building is fully leased to a dermatology practice and surgery center. The seller was Drs. Nancy Kim & Rajan Bhatt. Cushman & Wakefield’s Travis Ives, Gino Lollio and Sushil Puria represented the seller, working in collaboration with the firm’s local healthcare leasing experts Tom Weinhold and Sheila Bale.
4. Commercial Properties, Inc./CORFAC International announced the $5.6M sale of Black Canyon Commerce Park in Phoenix, a 56KSF multi-tenant office building on the SEC of Peoria and 23rd avenues. CPI’s Bob Deininger represented buyer North Mountain Professional Plaza, LLC.
5. Dominion Apartments, Inc. (Marana Leased Housing Associates I, LLP) has paid $3.85M for 18.58 acres on North Silverbell Road in Marana. The developer intends to build a 200-unit affordable community called The Safford Apartments on the site. The seller was COPE Properties, represented by Pat Welchert with Alpha Commercial Real Estate and Jason Hisey with The Hisey Group.
6. Nick Miner of ORION Investment Real Estate reported selling a six-property, five-state portfolio of retail properties for a total of $32M. Individual prices were not disclosed. Each of the properties consisted of national, regional and local tenants near universities. The major universities that the properties are adjacent to were Arizona State University, Florida State University, The University of Florida, Indiana University Bloomington, The University of New Mexico and The University of Illinois. Miner represented buyer JDS and DLS, LLC. The seller, Salmanson Capital, LLC, was represented by JLL’s Alex Sharrin, Josh Katlin and Will Bowater.
Lease Transactions
7. The 260KSF Vineyard Towne Center, currently under development in Queen Creek, will be anchored by a newly announced 147KSF Target store. Sprouts Farmers Market will also occupy 23.3KSF in the development. The 88KSF Phase I is expected to open this summer, followed by a 172KSF Phase II by April 2025.
8. Mediterranean Shipping Company has leased more than 28KSF of space in Ryan Companies’ newly completed 777 Tower at Novus office building in Tempe.
9. Monogram Health will sublease 25KSF at Hayden Ferry Lakeside II in Tempe from Gen Digital Inc., formerly known as NortonLifeLock. The sublease was brokered by Larry Downey and Adam Madison with Cushman & Wakefield.
10. Alliance Exposition Services LLC has leased 25KSF at 2861 N. Flowing Wells Road in Tucson from Keenan Investment Co. The tenant was represented by Kristy Kelley of Long Realty Commercial. Gary Emerson with GRE Partners LLC represented the landlord.
11. Purple Heart Desert Thrift Shop has leased 13.5KSF in the 8th Avenue Shops at 840 S. Alma School Road in Mesa. Kevin Roessler of Rein & Grossoehme represented the landlord.