Commercial Real Estate Transactions 04-30-2019

10. Arrowhead Festival. Credit: Cushman & Wakefield

Sales Transactions

1. BH Properties bought the Honeywell International research and development property at 19019 N 59th Ave, Glendale, for $26.5M from Lexington Realty Trust. Mindy Korth and Kirk Kuller of Colliers International brokered the sale.

2. Marcus & Millichap’s Douglas R. Fielding represented the seller in the $12M sale of The Pavilions at San Tan Heights, a 33.3KSF retail property at 1749 W. Hunt Highway in San Tan Valley.

3. Danny Gardiner and Chad Tiedeman at Phoenix Commercial Advisors represented the seller, TriGate Capital, in the $11M sale of Gilbert Crossing, a three-building 62.5KSF Crunch Fitness anchored center at the NEC of Gilbert and Guadalupe roads, Gilbert.

4. Blue Sky Equity Partners has acquired the Red Lion Inn & Suites Tucson North Foothills, 7411 N Oracle Rd, for $7M.

5. ABI Multifamily has announced the $5.3M sale of the Cornell Condominiums, a 48-unit garden-style condo conversion community at 6535-6555 N. 17th Ave., Phoenix. ABI Multifamily Vice Presidents Ryan Smith and Royce Munroe represented an Arizona-based private real estate management and investment firm, as well as the 19 individual Sellers from Arizona, California, New York and Canada.

6. AIC Ventures recently purchased Western Millwork, a 53.6KSF, three-property industrial portfolio at 2940-2920-2810 W Willetta St., Phoenix, for $4.4M. Ross Sanzari and Jay Krew, investment specialists in Marcus & Millichap’s Phoenix office represented the seller and buyer in the sale-leaseback transaction.

7. One Properties of Arizona, LLC purchased a 22KSF build-to-suit warehouse at 3228 N Higley Rd, Mesa, for $3.512M. Commercial Properties, Inc./CORFAC International’s Andy Jaffe and Rex Griswold represented the seller, 3450 N Higley LLC.

8. CBRE has completed the sale of a 19.8KSF neighborhood retail property at 19756 N. John Wayne Pkwy, Maricopa, to two private investors based in Washington for $3.5M. CBRE’s Steve Julius, Jesse Goldsmith and Chase Dorsett represented the seller, Duke Plaza, LLC.

9. Marcus & Millichap has announced the sale of Yuma Plaza NNN Shops, a 8,720-square foot retail property located in Yuma, for $3.1M. Sanford Burstyn, in Marcus & Millichap’s Phoenix office, marketed the property and represented the seller/developer and Matthew Porter in Marcus & Millichap’s Salt Lake City office represented the buyer.

10. LIMO Enterprises, LLC purchased Arrowhead Festival, a 12.6KSF, multi-tenant building at the NEC of 73rd Ave and Bell Rd, Glendale, for $3.07M. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller, PWREO 73rd & Bell, LLC, an entity formed by Pacific West Land.

11. AEI Arizona OZ Fund, LLC purchased five subdivided lots totaling nearly 10 acres at South 71st St. near Phoenix-Mesa Gateway Airport for $2.856M. Commercial Properties, Inc./CORFAC International’s Andy Jaffe and Rex Griswold represented the buyer.

12. NAI Horizon’s Lane Neville, Matt Harper, CCIM and Logan Crum represented the seller, PVO, LLC, in the $2.2M investment sale of Paradise Valley Oasis, a 35.8KSF retail strip center at 13825 and 13831 N. 32nd St., Phoenix.

Lease Transactions

13. DAUM Commercial Real Estate Services has completed the 10-year lease of a 51.1KSF industrial warehouse at 1717 E. Rairdan Lane, Phoenix, on behalf of the lessee, Consolidated Electrical Distributors (CED).

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