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Commercial Real Estate Transactions 09-01-20

5. Lazy-K-Ranch. Credit: Real Estate Daily News

Sales Transactions 

1. COMSovereign Holding Corp. a U.S.-based developer of 4G LTE and 5G connectivity and infrastructures, announced that it has signed an agreement to acquire a 140KSF building on 12.7 acres at 5120 S. Julian Drive, Tucson, for its U.S.-based manufacturing facility. An amount was not disclosed. Steve Cohen with Cushman & Wakefield | PICOR is handling the sale. 

2. ACB Properties, LLC purchased a 141KSF industrial distribution and warehouse facility at 2130 S. Industrial Park Avenue, Tempe, for $7.75M. JLL Capital Markets also arranged $11.8M in financing for the buyer. The JLL Capital Markets Investment Advisory team led by Managing Director Brian Ackerman represented the buyer, while Director Carl Beardsley led the JLL Debt Placement efforts. 

3. An out-of-state buyer purchased Medlock Meadows, a 20-unit multifamily complex at 320-330 W. Medlock Drive, Phoenix, for $3.975M. SVN Desert Commercial Advisors Investment Sales Advisor, Danny Lee, along with co-brokers, Justin Horwitz and Paul Borgesen III handled the sale. 

4. Oak Street Real Estate Capital purchased 64 Cracker Barrel Stores around the country, including the one at 8400 N. Cracker Barrel Road, Marana, for $3.771M, in a sale-leaseback deal with the restaurant chain. 

5. Pulte Home Company, LLC purchased 92 lots and commons areas from LKB Hotel, LLC as the second phase of the Lazy K Bar Ranch for $3.36M. The development is located at Scenic Drive and Pima Farms Road, Marana. The seller was represented by Randy Emerson of GRE Partners. 

6. All Other Property, LLC purchased more than 112 acres of alfalfa farmland at the SWC Mc-85 and Rooks Road, Buckeye, for $2.912M, from Lamb West Buckeye Properties LLC. The land was purchased for a possible future residential development. The Land Agency brokered the deal. 

7. MCR Par LLC purchased a brand new, 1.9KSF Black Rock Coffee Bar at 10683 N. 116th Street, Scottsdale, for $2.26M. Cushman & Wakefield’s Chris Hollenbeck represented the seller, 116th Scottsdale AZ, LLC. 

Lease Transactions 

8. DAUM Commercial Real Estate Services recently secured a 10-year lease of a 42KSF industrial building at 2362 W. Shangri-la Road, Phoenixon behalf of the tenant, Empire Metal Products, Inc., and the landlord, a private investor. 

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