News Ticker

Comercial Real Estate News 9-4-12

Sales Transactions

Photo Credit:CoStar Group

Building Two of the Fowler Distribution Center, 800 N. 75th Ave., has been sold for $90.29M ($71/SF) to Industrial Income Trust, Denver. Buzz Oats Group of Companies was the seller working through Cushman & Wakefield.

Holualoa Companies, a Tucson-based investment firm paid $20.6M  ($127/SF) for the nearly half-vacant 162K East Thunderbird Square South complex. Anchored by a Smart & Final and struggling with high vacancy, the new buyers intend to revitalize the Scottsdale and Thunderbird roads strip center. CBRE helped broker the deal. Three outbuildings – Burger King, M&I Bank and Taco Bell – are not part of the transaction.


Photo Credit: GPE Companies

In an asset swap, Health Care Property Investors acquired Mountain Vista Medical Center, 10238 E. Hampton Ave., Mesa, from Tegra East Mesa MOB, LLC. No dollar amount was specified in the 98K SF office complex transfer as part of a larger portfolio transfer. GPE Management Services is the leasing agent.






Photo Credit: CoStar Group

Two buildings in Peaks Corporate Park, 7669 E. Pinnacle Peak Rd., Scottsdale, sold for $7.7M ($55/SF). The two-story shells have never been occupied. Building A is 71K SF and Building B is 70K SF. Cambridge Properties represented the buyer, Peaks Corp Park LLC. Cassidy Turley BRE Commercial represented the seller, Armed Forces Bank NA.

Shea Medical Plaza, E. Shea Blvd. and N. 74th St., has been sold by Clotho Corporate Recovery, a liquidation trustee, for $6.5M ($149/SF). Irgens Development Partners, Minneapolis, Minn., acquired the 44K SF building on 2.65 acres. Irgens has three other medical office properties in the metro.


Photo Credit: Crown Village Apartments

Crown Villa Apartments, 6529 W. Glendale Ave., Glendale, was sold by American Equity Investment life Insurance Co. for $5.3M ($16.2/unit) to 4D Development & Investment, Los Angeles. Colliers International handled the 328 unit apartment transaction for both parties on the 11.7 acre site.

Bell West Ranch Shops, Surprise, sold for $4.3M ($159/SF) to PWREO Bell & 303 LLC. The 27K SF strip mall is 95 percent leased. Cassidy Turley BRE Commercial represented both the buyer and seller, Bell West Ranch Shops LLC, in the transaction.

John F. Long Properties picked up a 6.2K SF building in Arrowhead Gateway, 17550 N. 75th Ave., Glendale, for $3.9M ($628/SF). Leased to Fidelity Investments for ten years, the freestanding building adjoins Arrowhead Towne Center. Phoenix Commercial Advisors represented the seller, Pacific West Land.

The Scottsdale Hayden Office Building, 3260 N. Hayden Rd., Scottsdale, has been picked up by Dunbar Investments from Midfirst Bank for $2.1M ($60/SF). The two story 34K SF office building was about half occupied when purchased from the lender. Boulders Realty Advisors represented Midfirst and Cassidy Turley BRE Commercial handled the transaction for the buyer.

Photo Credit: LoopNet

Private investors, John and Barbara Bebbling, sold a 20K SF office building, 6515 S. Rural Rd., Tempe to Rural Roads Associates LLC. NAI Horizon represented by buyer; CPI the seller.

New Openings and Relocations

Photo Credit: Mark IV Capital

Semiconductor lithographer, ASML, is relocating to 56K SF near the Intel Chandler Campus in Chandler Freeway Crossing, 2650 W. Geronimo Rd. The $4.5M relocation from Tempe is slated for March 2013. Cushman & Wakefield handles leasing for the Crossing. CRESA Partners represented the tenant. The office will be in one of the two buildings 42K SF to 84K SF buildings Mark IV Capital has developed at the site.

Jones Lang LaSalle facilitated a 26K, five-year office lease doubling the size of TeleTech Holdings, Inc. north Phoenix call center. CBRE represented TeleTech in negotiations for the space at the Black Canyon Corporate Center, 16404 N. Black Canyon Hwy. adjoining I-17.


Photo Credit: Elite Collision

Caliber Collision Centers has taken over and renamed Elite Collision, 2025 E. Rio Salado Pkwy.,Tempe. The revamped 25K SF facility opened August 24th under its new moniker.


Photo Credit:

1-800-Pack-Rat LLC has inked a 13.9K SF storage facility deal from with Tucson Realty & Trust Co. for space at 2430 and 2460 N. Flowing Wells Rd., Tucson.

Charming Charlie signed for a 6.7K SF space at the Palm Valley Pavilions West, I-10 and Litchfield Rd., Goodyear. Vestar owns and manages the property with SRS representing them in the transaction.

Houston-based TQLA – a tequila-themed bar – is opening its first branch location in Mesa September 17th, 1840 S. Val Vista Dr., in the Dana Park Shopping Center. The eatery features Southwestern, Southern and Mexican cuisines with tequila on tap.

Massage Envy is opening location #28 in the Gilbert-Gateway Town Center, 5052 S. Power Rd. The 3.3K SF storefront has 13 massage and facial rooms—making it one of the largest in the Valley.

El Rio Community Health Center has leased 3K SF, 340 W. Prince Rd., Tucson through CBRE for landlord Joyce Pederson. A dental office is planned for the location with a December opening.

Photo Credit: East Valley Institute of Technology

Daycare centers are picking locations close to where parents spend their days. Bridges Early Childhood Education is opening its newest location at the East Valley Institute of Technology Main Campus, Main St. and Dobson Rd., Mesa. This is its sixth in the Southeast Valley. Plans include an opening in Queen Creek later this fall.