Sales Transactions
1. Phelan Development sold Building C at Phelan Pecos Center in Mesa to Libitzky Property Companies for $29.4M. The 141KSF Class A industrial facility at 8341 E. Pecos Road was completed in 2024 by Alston Construction and LGE Design Build and is fully leased to Cyclic Materials. Cushman & Wakefield represented the seller.
2. Costco Wholesale acquired Costco Plaza, a 14.5KSF retail strip center at 3821 W. Costco Dr. in Tucson, for $4.2M. The 3.8-acre property, purchased from Bay Shore Oil Company, will support the expansion of Costco’s adjacent gas station. Dave Hammack of Cushman & Wakefield | PICOR represented the seller; Greg Laing of Phoenix Commercial Advisors represented the buyer.
3. 5000 E Valencia Rd, LLC, an affiliate of William J. Mandel, purchased a retail building at 5000 E. Valencia Road in Tucson for $2.5M. The 5.2KSF retail building sits on a 1.4-acre site. It currently has two tenants: Speedway and Jack in the Box. Matthews Real Estate Investment Services’ Simon Assaf represented the seller.
4. ViaWest Group sold Cove Logistics Center, a 99.5KSF single-tenant industrial building at 3755 W. Van Buren St. in Phoenix, to Stockbridge. The center is located on more than 6.5 acres. Completed in October 2024 and fully leased to Winsupply Inc., the Class A facility is located in the Sky Harbor Airport submarket. Cushman & Wakefield advised the seller, and CBRE provided leasing support.
Lease Transactions
5. Kitchell Development has fully leased Elliot 94, a 216KSF industrial project in Mesa’s Elliot Road Technology Corridor. Abbott Labels leased the final 50.5KSF. Adjacent Kitchell Development project Elliot 96, a 265.3KSF facility, remains under construction and is currently preleasing.