Sales Transactions
1. A two-building portfolio of buildings located at 3925 and 3945 E. Broadway Road in Phoenix has been sold to Government Investment Partners for $17.4M. The seller was The Simone Charitable Foundation. Brian Ackerman of Colliers in Arizona handled the transaction and helped arrange the seller-financing. The two buildings total approximately 137KSF. The 3925 building is 75.1KSF and occupied by the State of Arizona Department of Child Safety and Imani Wellness. The 3945 building is 61.9KSF and is completely leased by the City of Phoenix.
2. Cushman & Wakefield announced the $8.5M sale of Arcadia Views, a 16-unit luxury apartment complex in Phoenix. David Fogler, Steven Nicolauzakis and Race Carter with Cushman & Wakefield represented seller Kinella Capital. The buyer was Capro Arcadia Views LLC.
3. The Pacific Southwest District of the Wesleyan Church paid $2.35M for a 19.1KSF building on 0.67 acres at 730 W Calle Arroyo Sur in Sahuarita. The seller was Instructional Technology, Inc., represented by Pat Welchert of Alpha Commercial Real Estate Service. The buyer was represented by Chris Itule of DSW Commercial Real Estate.
4. Dave Volk of VOLK Company represented IXL Learning in the $2.1M sale of Mesquite Corporate Center, a fully leased 10.5KSF office condominium property in Tucson. The buyer was Roy S. Ludlow Investment Co.
Lease Transactions
5. Northrop Grumman has leased 119.2KSF in Gilbert Spectrum Building 3, which will account for the entire building once construction is completed. The company already occupies two other buildings in the complex at Elliot and McQueen roads.
6. REI leased 24KSF at Arrowhead Promenade in Glendale. The new location will offer apparel, gear and expert help for camping, cycling, running, fitness, hiking and climbing.
7. RPM Living leased the 23.6KSF Suite 700 in Esplanade I in Phoenix. An announcement from the company said it will occupy an entire floor as part of the building’s soon-to-be-completed $45M renovation. Stream Realty represented the tenant. The Esplanade I’s listing brokers are Bryan Taute, Corey Hawley and Spencer Nast with CBRE Group Inc. The property is owned by Monarch Alternative Capital and Tourmaline Capital Partners.
8. NAI Horizon’s Thomas Bean and Larson Wilcke represented the tenant, Werner Collision Center, LLC, in a 122½-month industrial lease for 19.7KSF at 23869 N. 19th Ave., Phoenix. The landlord, DV Parcel A-1 Owner, LP, was represented by Rusty Kennedy and James Cohn with Stream Realty.
9. Talon Analytics, LLC leased 11KSF of industrial space at 10831 & 10861 N. Mavinee Dr., Suite 141 in Oro Valley from SN Investment Properties, LLC / Schnitzer Properties. Cushman & Wakefield | PICOR represented both parties. Alex Demeroutis and Jesse Blum represented the landlord, while Andrew Keim represented the tenant.
10. Enthusiast Motors LLC leased 10.8KSF of industrial space at 1861 W. Grant Road, Suite 109 in Tucson, from Walker Tucson Property, LLC. Cushman & Wakefield | PICOR handled this transaction. Robert C. Glaser represented the landlord. Andrew Keim represented the tenant.