Sales Transactions
1. Recreational Equipment Inc. sold its 410.4KSF Goodyear warehouse to Madison Capital for $46.4M in a cash sale-leaseback deal. REI’s lease is for 15 years, with two 10-year renewal options. The agreement also allows REI the first option to purchase the facility. The property, located at 4877 N. Cotton Lane, achieved LEED Platinum certification and Net Zero Energy, in part by utilizing its 6,700 solar panels. This deal is among four similar sales between Madison Capital and REI nationwide.
2. Echo Real Estate Capital and Grandview Partners, represented by Cushman & Wakefield, sold a Class-A industrial building leased to HubStarr Logistics. The 220.2KSF space in Glendale was 100% occupied and sold for $39M. Echo has developed six buildings since 2022 in the West Valley.
3. Arizona Land Consulting recently purchased more than 150 acres in Buckeye for $21.7M. This acquisition is adjacent to 21K acres that Arizona Land Consulting previously sold to Tract. Tract is expected to use the land for a $20B data center project, and the recent purchase by Arizona Land Consulting will be used to support the endeavor.
4. On Feb. 11, Campbell Shops, LLC sold its Tucson strip center Campbell Shops for $3.2M. The shops at 2502-2532 N Campbell Ave. had space for 20 tenants and were 80% occupied when sold. CBRE in Tucson was leasing the property when it was sold, and the buyer is Houston-based LCP Campbell Shops LLC.
5. Mike, Jeff and Dennis Mastro, with business partner Scott Troilo, purchased the 75-year-old Durant’s steakhouse at 2611 N. Central Ave. in Phoenix. The transaction details were not disclosed. The new owners are planning to remodel the kitchen and are anticipating a reopening within the next few months.
Lease Transactions
6. A 14KSF Mesa retail center space is now leased by the inflatable bounce park business FunBox. The space is expected to house an 8KSF inflatable park after the park worked as a temporary outdoor installation for the last few years. The Mesa location will open mid-March, and the company has stated it is considering expansion to five total locations in the valley.