Sales Transactions
1. Fidelity Core Real Estate Operating Partnership’s FCREF Vineyard Towne I LLC and FCREF Vineyard Towne II LLC purchased Vineyard Towne Center at the NWC of Gantzel and Combs roads in Queen Creek for $69.6M. Vestar sold the Target-anchored shopping center and will continue to operate and manage the property.
2. Newmark announced it arranged the $37.5M sale of the former State Farm regional headquarters campus at the SWC of Priest and Alameda drives in Tempe. The 25-acre property comprises approximately 462KSF of office and includes two structured parking garages. Newmark’s Barry Gabel, Chris Marchildon, CJ Osbrink, Gary Cornish, Nico Burgarello and Erin McClure represented the seller, JDM Partners. The buyer was Panattoni Development Company, which recently received unanimous City Council approval to redevelop the property into a two-building industrial project called Tempe Exchange.
3. Baron Properties purchased an industrial property at 3446 and 3466 S. 7th St. in Phoenix for $14.9M. The property includes 44.3KSF of industrial space and a secured quarter-acre outdoor storage area. Cushman & Wakefield’s Phil Haenel, Will Strong and Foster Bundy represented the buyer. Jason Moore and Steve Larsen of JLL represented the seller. Cushman & Wakefield’s Will Haenel, Foster Bundy and Justin Smith were retained to lease the available space at the property, which is located approximately three miles from Phoenix Sky Harbor International Airport.
4. Albuquerque SNF, LLC purchased Metro Medical Plaza, an eight-building medical office complex at 3201 W. Peoria Ave. in Phoenix, for $10.4M. The approximately 58KSF property is 90% leased and includes a dentistry, family medicine, orthopedics, therapy and imaging tenants. Cushman & Wakefield’s Eric Wichterman and Chris Toci represented the sellers, Helix Properties and Phoenix Metro, LLC.
5. Cica-Huntek Chemical Technology USA Corp. purchased a 25.9KSF freestanding industrial building on 1.5 acres at 1654 W. Knudsen Dr. in Phoenix for $8M. The seller was AMDVI LLC. Cushman & Wakefield’s Michael Kitlica and John Pompey represented the buyer in the transaction. Cica-Huntek will use the property to expand its U.S. operations supporting the semiconductor industry, including Taiwan Semiconductor Manufacturing Company.
6. Cushman & Wakefield | PICOR’s Stephen D. Cohen represented L & M Family Ventures LLC in its sale of a 31KSF industrial building at 5575 S. Houghton Road in Tucson. PCA Properties LLC, the buyer, was represented by SRS Real Estate Partners-West, LLC’s Greg White. The industrial property sold for $4.25M.