Sales Transactions
1. Sunrise Capital Investors has purchased the historic 14-story, 56KSF Luhrs Tower office building and an associated parking garage in Phoenix for $20.4M. The tower sold for $6.9M, while the garage went for $13.5M. Sunrise intends to perform modernization upgrades in the office spaces and creative suites. The seller was a joint venture between Lincoln Property Companies and Invesco Real Estate.
2. The Rockefeller Group has paid $8.7M for 16.57 acres in two parcels totaling 151 permit-ready Build-to-Rent lots. 8181 S. 20th St. features 68 lots on 9.2 net acres and sold for $4.896M. A parcel on Euclid Avenue east of 7th Street has 83 lots on 7.34 acres and sold for $3.8M. The sellers were not disclosed. Zack Mishkin of ORION Investment Real Estate represented all parties.
3. TT Partners LLC & Jeff Diller Real Estate, Inc. purchased Tucson Terrace, a 27.6KSF investment property at 3493 E. Lind Road in Tucson. The 52-unit apartment property was purchased from Lind Commons LLC for $3.85M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
4. Gould Family Properties VIII, LLC purchased Craycroft Commons, a 20.5KSF investment property at 1511 N. Craycroft Road in Tucson. The 40-unit apartment property was purchased from Craycroft Commons LLC & Casa Bahari LLC for $3.8M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both parties.
Lease Transactions
5. CJ Logistics has leased 331.7KSF in the Commerce @ 303 industrial park in Glendale. Landlord SteelWave LLC was represented by Cushman & Wakefield’s Andy Markham, Mike Haenel, Phil Haenel, Brandon Borsheim, Foster Bundy, Kristin Schwartz and Katie Repine. CJ Logistics was represented by John Lydon and Kyle Westfall of JLL Phoenix and Rob Wheeler, Trevor Ragsdale and Chris Schmidt of JLL Chicago.
6. Imagine Learning has leased 31KSF at 100 Mill in Tempe. The education company will begin tenant improvements in July and expects to take occupancy in February. The company was represented by Jonathan Keyser, Darius Green and Brian Uretzky of Keyser Commercial Real Estate. Bryan Taute and Charlie von Arentschildt with CBRE Group Inc. are 100 Mill’s listing brokers.
7. Food for the Hungry has completed a lease at Renaissance Square that will consolidate its three downtown Phoenix office locations into a single global corporate headquarters, occupying just less than 30KSF of contiguous space. The lease was managed by Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL. Jerry Roberts and Pat Boyle of Cushman and Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.
8. Appliance Parts Company leased 18KSF of industrial space at 1861 W. Grant Road, Suite 107 in Tucson from Walker Tucson Property, LLC. Robert C. Glaser with Cushman & Wakefield | PICOR represented the landlord. Justin Sieczkowski, Mallory Wayne and Paul Sieczkowski with Colliers International in Arizona represented the tenant.