Commercial Real Estate Transactions 02-25-20

12. Industrious. Credit: Commercial Executive Magazine

Sales Transactions
1. Industrial Logistics Properties Trust, a subsidiary of RMR Group purchased an 820KSF distribution center fully leased to Inc. at 16920 W. Commerce Drive, Goodyear, for $72M.
2. Berkadia announced $39M in secured financing for Tides on Thunderbird, a garden-style multifamily property at 2140 W. Thunderbird Road, Phoenix. Jonathan Pratt and Rossana Bouchaya of Berkadia’s D.C. Metro office along with Chris Ellis of Berkadia’s Denver office together secured the acquisition financing on behalf of NorthRock Companies.
3. Element Property Company purchased the Overlook at Pantano Apartments, a 444-unit garden-style apartment community at 1800 S. Pantano Road, Tucson for $38M. The seller, The Wasatch Group, and buyer were both represented by the ABI Multifamily Arizona large apartment transactions team of Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick.
4. KKR purchased Broadway Industrial Center, a 95.1KSF, two-building site at 2950 E. Broadway Road, and 45th Avenue Industrial Park, a concrete tilt building at 77 N. 45th Avenue, for $16.6M, from ViaWest Group. Will Strong, Executive Managing Director at Cushman & Wakefield, led the deal with assistance from Matt McDougall and Ken McQueen at Lee & Associates.
5. COPART OF ARIZONA, INC. purchased 37.38 Acres Zoned A-1 at 24125 N. 7th Avenue, Phoenix, for $16.2M, from RMLM, LLC, NTO, LLC, and OOOC, LLC. The transaction was brokered by Patrick Sheehan of Rein & Grossoehme Commercial Real Estate.
6. A partnership between an affiliate of Walton Street Capital and Greenlaw Partners purchased a 164.5KSF state-of-the-art manufacturing and distribution facility at 2550 N. Nevada Street, Chandler, for an undisclosed amount. JLL represented the buyer and approached the seller, Globe Corporation.
7. KKR purchased 46 N. 49th Avenue, a vacant 82.3KSF industrial building in Southwest Phoenix for $5.6M. Phil Haenel, a Director in Cushman & Wakefield’s Phoenix office, represented the buyer. The seller was LMI Solutions.
8. A large office building leased to Intermountain Centers at 994 S. Harrison Road, Tucson has been sold to private investors for $3.4M. CBRE’s Bryce Horner represented the seller, BSH Investments LLC.
9. HSA Development purchased Power Plaza, a 9.5KSF retail center at 319 S. Power Road, Mesa, for $2.42M. Cam Stanton, Tim Healy and Mike Sandahl of CBRE represented the seller, Lorne LLC.
10. Arizona Partners purchased Encanto Village, a +/-20KSF shopping plaza at the hard corner of 15th Avenue and Thomas Road, Phoenix, for $2.3M. Andrew Harrison, Ari Spiro and Sean Stutzman with ORION Investment Real Estate represented the buyer. The seller was a private investor based in Phoenix.
Lease Transactions
11. Safe Harbor Asset Management, LLC leased 2.58 acres of vacant commercial land, Lots 12, 13 & 14 located at 3825, 3841 & 3881 N. Highway Drive in Tucson, from JH Associates, LLC. Ron Zimmerman, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Felix Gafner with, LLC, represented the tenant.
12. Industrious, the largest premium workplace provider in the U.S., announced a new location in Downtown Phoenix: The Monroe at 111 W. Monroe Street. The company has partnered with landlord ViaWest Group to take approximately 30KSF across the 14th and 15th floors. Industrious at The Monroe is expected to open Q3 2020.
13. Clarivate Analytics Plc, a data and analytics company with dual headquarters in Philadelphia and London, has signed a 30KSF lease at the Chandler Viridian office building.
14. RED Development announced that the 93KSF Shops at Hilton Village is now 100 percent occupied with the addition of the Scottsdale center’s newest tenant Row House.
15. Pier 1 Imports Inc. has become the latest big-box retailer to file for Chapter 11 bankruptcy protection, and the company intends to close six stores in the Phoenix region and one in Tucson. On February 29th the following stores will close:

  • Happy Valley Towne Center – 2501 W. Happy Valley Parkway, Phoenix
  • Village Fair North shopping center near Paradise Valley Mall – 12657 N. Tatum Boulevard, Phoenix

On March 31st, these stores will close:

  • Chandler Fiesta shopping center – 2600 W. Chandler Boulevard., Chandler
  • Lake Pleasant Towne Center – 10092 W. Happy Valley Road, Peoria
  • Camelback Colonnade – 1743 E. Camelback Road, Phoenix
  • Ahwatukee Foothills Towne Center – 4717 E. Ray Road, Phoenix
  • 5919 E. Broadway Boulevard., Tucson

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