Sales Transactions
1. Machine Investment Group, in partnership with Axonic Capital LLC and Miramar Capital, acquired The Hub @ 202, a 1.3MSF industrial park on 88.5 acres at the NWC of Sossoman and Warner roads in Mesa, for $135M. The seller was Wharton Industrial. The project consists of 10 buildings ranging from 65KSF to 270KSF near Mesa Gateway Airport. Cushman & Wakefield’s Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren represented both parties. Leasing advisors Ken McQueen, Chris McClurg, Blake Peters and Jack Sims of Lee & Associates were also involved. The property is currently 20% occupied by SolarCycle, IES Communications LLC and Powin.
2. First Industrial Realty Trust sold a 100-acre site in Goodyear to Microsoft for $130M. Prior to the sale, Microsoft had leased the land for five years. The site is adjacent to another swath of Microsoft-owned land. Collectively, the two sites total nearly 250 acres.
3. Cohen & Steers Income Opportunities REIT Inc., through a joint venture with Phillips Edison & Company, acquired Oracle Crossings, a 266KSF grocery-anchored retail center in Oro Valley. Town West Realty was the seller. The property is 96% leased and anchored by Sprouts Farmers Market and HomeGoods. Alongside the shopping center at 7607 N. Oracle Road, Cohen & Steers purchased the adjacent O’Reilly Auto Parts/Entrada del Oro Plaza at 7861-7871 N. Oracle Road for a combined $54.35M.
4. Albuquerque SNF acquired Fairmount Place, an 87KSF, four-story multi-tenant garden office building at 4001 N. 3rd St. in Phoenix, for $11.5M. The seller was First & Center LLC, which was represented by Eric Wichterman and Chris Toci of Cushman & Wakefield.
5. The 83.5KSF Rancho Vistoso Center at 12925-13005 N. Oracle Road in Oro Valley was recently sold by WCP Rancho Vistoso, LLC, c/o West Coast Capital Partners of Scottsdale, for $10.6M. Larsen Baker’s affiliate, Vistoso Investment Partners, LLC, and Vistoso People, LLC, purchased the shopping center. The buyer was represented by Larsen Baker’s Isaac Figueroa, while the seller was represented by JLL’s Pat Dempsey.
6. Tucson Window and Door purchased 29.6KSF of retail space at 4443 E. Speedway Blvd. in Tucson from H & L Speedway Properties, LLC for $2M. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR handled the transaction.
Lease Transactions
7. Advanced Financial Company expanded its office lease with KCI Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont Broadway, LLC, Tucson 5151 Investments, LLC, for a total of 13.6KSF of office space at 5151 E. Broadway Office Tower, 5151 E. Broadway Blvd., Suite 550, 600 & 620. Mark Isenberger with Cushman & Wakefield | PICOR represented the landlord.