Sales Transactions
1. JLL Capital Markets announced the sale of 24th at Camelback II. Located at the intersection of 24th Street and Camelback Road in Phoenix, the 306.9KSF, 11-story office building was sold for $97.9M. Wide Open Excursions was the buyer, while Hines was the seller. JLL represented the institutional owner. JLL’s team was led by Will Mast, Ben Geelan, Jack Miller and Gigi Martin. The building is 87.2% leased.
2. Wags Capital sold its property at 7323 E. Shoeman Lane for $5.1M. Gibro LLC was the buyer of the 2.9KSF restaurant site.
3. Larsen Baker, through its affiliate Manzanita Investment Group, LLC, sold a KFC in Tucson for $2.1M. The 2.2KSF drive-thru is located at 2970 W. Valencia at the Manzanita Plaza Shopping Center. STRR Investments, LLC was the buyer. Larsen Baker’s Isaac Figueroa represented the seller. GPS Commercial Advisors’ Greg Saltz represented the buyer.
4. Cushman & Wakefield announced the firm advised the sale of a three-building infill industrial portfolio totaling 175.7KSF on more than nine acres in Tempe. Each building is 100% leased to single tenants and is located within the Phoenix Sky Harbor and Broadway Industrial submarkets. The Tempe Freestanding Industrial Portfolio was acquired by Leon Industrial, a subsidiary of Leon Capital Group. C&W’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the buyer and seller. C&W’s Mike Haenel and Andy Markham provided leasing advisory. The price of the transaction was not disclosed.
5. Crystal Creek Hospitality announced the acquisition of Sedona Real Inn & Suites in Sedona. The company plans to renovate the 89-room hotel to include it within its Mountain Modern brand. RSP is the design firm for the renovations, which are currently underway. The price of the transaction was not disclosed.
Lease Transactions
6. Dermody Properties secured the first tenant at its $1.5B, 566.6KSF LogistiCenter. The property is located at Copperwing Industrial Center in Phoenix near Peoria Avenue and El Mirage Road. Custom Mechanical LLC signed a 206.8KSF lease across two buildings. Dermody Properties is installing two oversized doors to support loading HVAC equipment for Custom Mechanical. CBRE Group Inc.’s Pat Feeney, Dan Calihan and Tyler Vowels are the leasing brokers for the industrial park. Custom Mechanical was represented by CBRE’s Cooper Fratt.
7. American Defense Structures LLC signed a 10-year lease for 45KSF at 950 W. Behrend Dr., located just off Loop 101 near I-17 in Deer Valley. Keyser Commercial Real Estate’s Janel Wangsness and Brandon Borsheim represented ADS. CBRE’sAshleyBrooks and Tyler Vowels represented the landlord, Regent Properties.
8. Sundt Construction leased a 32.5KSF office/flex space at 2700 E. Commerce Center Place in Tucson. The flex project is known as Airport Commerce Center and is along Tucson Blvd. near the Tucson airport. Larsen Baker’s Isaac Figueroa and Volk Company’s Rick Volk represented the landlord, owned in common by both companies. Commercial Real Estate of Tucson’s Michael Cortez represented the tenant. Sundt plans to use the property to house operations for the I-10 and Kino Interstate Expansion for the Arizona Department of Transportation.