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    Home » Commercial Real Estate » Commercial Real Estate 01-21-25
    Commercial Real Estate

    Commercial Real Estate 01-21-25

    BEX StaffBy BEX StaffJanuary 21, 2025No Comments3 Mins Read
    5. AC Hotel. Credit: Crown Realty Group/Phoenix Business Journal
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    Sales Transactions

    1. CBRE’s Rusty Kennedy, Joe Cesta, Rebecca Perlmutter, Evan Koplan, Geoff Turbow and Anthony DeLorenzo represented Bailard in the $27M sale of a 118.1KSF facility located at 7822 S. 46th St. in Phoenix. The space is fully leased to BAE Systems.

    2. Commercial Properties, Inc./CORFAC International announced the sale of Key West Business Park at 700-734 N. Golden Key St. in the Gilbert/Queen Creek area. The 96.4KSF property was sold for $19.1M. Commercial Properties’ Cory Sposi, Kelli Jelinek, David Bean and Cory Breinholt represented both the seller, Key West Plaza, LLC,and the buyer, CenterSquare Investment Manager, LLC.

    3. CenterSquare Investment Management purchased Glendale Northwest Center at 83rd Avenue and Loop 101 in Glendale. The 16.7KSF retail center was purchased for $7M. The property was 100% leased at the time of sale. The seller was not disclosed.

    4. Commercial Properties, Inc./CORFAC International announced the sale of Harbor View Business Park located at 2209-2211 W. 1st St. in Tempe. The 39KSF property sold for $6.8M. CPI’s Cory Breinholt, David Bean, Cory Sposi and Kelli Jelinek represented both the seller, First Avenue Investments, LLC, and the buyer, Captiva Partners.

    5. City North Hotel LLC, an entity linked to Holualoa Companies and LaPour Partners, purchased a 3.6-acre property on the SWC of Deer Valley Drive and 16th St. in Phoenix. The purchase will lead to the development of an AC Hotel by Marriott and Element. The hotel will consist of eight stories and 240 guest rooms. A groundbreaking is planned for this summer. The property was purchased for $5.9M. The project is in the CityNorth development, which is being led by developer Crown Realty and Development.

    6. Dominium closed on deals to acquire land for three new housing projects, which will provide more than 800 units in Surprise and Maricopa. In Surprise, Arterra will offer 388 affordable apartments. Orchard Springs, also in Surprise, will offer 211 apartment homes for seniors. Stonegate, in Maricopa, is Dominium’s first Build-to-Rent community; it will offer 215 homes.

    Lease Transactions

    7. Logisticus Group LLC signed a 483.3KSF lease at building B in Park303in Glendale. Cushman & Wakefield’s Josh Wyss and Kyle Berdugo represented Logisticus. Lincoln Property Co., the owner, developer and property manager, negotiated the lease on its own behalf.

    8. TMC Healthcare, Inc. leased 21.1KSF of space at 5151 E. Broadway Office Tower, 5151 E. Broadway Blvd., Suite 155 in Tucson. The lease was acquired from KCI Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont Broadway, LLC and Tucson 5151 Investments, LLC. Cushman & Wakefield | PICOR’s Thomas J. Nieman and Molly Mary Gilbert represented the landlord. C&W | PICOR’s Richard M. Kleiner and Alexis Corona represented the tenant.

    9. Western United Electric Supply Corporation leased 12.1KSF of industrial space at 1601 N. 15th Ave. in Tucson from Drachman & Main LLC. Cushman & Wakefield | PICOR’s Kameron Norwood represented the landlord. C&W | PICOR’s Briclyn Chase and Stephen D. Cohen represented the tenant.

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