Sales Transactions
1. BKM Capital Partners acquired four industrial properties in the Phoenix Metro area for a total of $192M in March. This includes three properties bought from Starwood Capital Group for $156.8M on March 12, including the 312.4KSF Kyrene CommercePlex, the 331.4KSF Estrella Business Park II—to be rebranded as Estrella Distribution Center, and the 134.2KSF Hohokam Industrial Park—to be rebranded as Sky Harbor Landing. The 157.6KSF Rose Garden Business Park was purchased for $35.1M on March 4. The properties are located at:
- Kyrene CommercePlex, 8240 S. Kyrene Road in Tempe, purchased for $75.5M;
- Estrella Business Park II, 801 S. 75th Ave. in Phoenix, purchased for $54.2M;
- Hohokam Industrial Park, 912 S. Park Lane in Tempe, purchased for $27.1M, and
- Rose Garden Business Park, 1801-1831 W. Rose Garden Lane and 20801-20823 N. 19th Ave, Phoenix, purchased for $35.1M.
2. Winterhaven Investors LLC purchased a 35.3KSF retail center known as Winterhaven Square at 3102-3160 E. Fort Lowell Road in Tucson. Glover Associates, LP sold the property for $5.4M. Greg Furrier, Rob Tomlinson and Natalie Furrier with Cushman & Wakefield | PICOR handled the transaction.
3. KB Homes purchased Rancho Del Lago Block 47 at 13051 E. Mary Ann Cleveland Way in Vail from Vail Convenience Market, LLC for $4.1M. Aaron LaPrise with Cushman & Wakefield | PICOR handled the transaction.
4. The Phoenix office of JLL announced it has completed a land acquisition on behalf of Mountainside Fitness. The acquisition will soon bring a new 42KSF, single-story Mountainside Fitness health club to Queen Creek at the NWC of Gantzel and Combs roads, with an expected opening this December. JLL’s Regan Amato represented Mountainside Fitness. The seller was represented by Rommie Mojahed of CRE8Advisors.
5. Wetmore Tucson, LLC, an affiliate of Ajo Enterprises, Inc., bought 800 E. Wetmore in Tucson from Wetmore 800, LLC for $2.4M. The seller was represented by Cushman & Wakefield, and the buyer was represented by Realty One Group. The buyer intends to occupy 3.8KSF of the 38.5KSF space and lease the remaining square footage after renovations. The property sits on 2.7 acres and is a two-story Class B office building with 278 parking spaces.
Lease Transactions
6. Huck International, Inc. leased 12KSF of industrial space at Butterfield Corporate Plaza at 3708 E. Columbia St. in Tucson from H&A Realty, LLC. Cushman & Wakefield | PICOR’s Paul Hooker and C&W’s Josh Feldman represented the tenant.
7. UMP Technologies, Inc. leased 11.3KSF of industrial space at 201 E. 37th St. in Tucson from Tin Cup Properties, LLC. Cushman & Wakefield | PICOR’s Paul Hooker, Jesse Blum and Alex Demeroutis represented the landlord.