Sales Transactions
1. Propersys Corporation purchased a 21.48-acre site at Mack Innovation Park in north Phoenix from Mornstair for $24.81M. Muaqua Engineering, a subsidiary of Mega Union, purchased a 10.18-acre site from Mornstair for $11.73M, while Gold Stone Development Co. purchased a 10.04-acre site for $11.53M. The three sales totaled 41.7 acres and approximately $48.1M. The buyers are Taiwanese companies that provide services including gas distribution systems, water treatment facility design and real estate development.
2. Summit at Surprise was recently purchased by CapRock Partners for $37.46M. The two-building industrial asset totals 244.8KSF and is located at 12460 and 12730 N. Dysart Road. KBC Advisors’ Kirk Kuller, Callahan Conway, Bo Mills and Courtney Webb handled the transaction. The seller was undisclosed.
3. Fiesta Plaza AZ Owner LP purchased Valencia Mercado, a 57.1KSF neighborhood shopping center at the NWC of South 12th Avenue and West Valencia Road in Tucson, for $10.8M. Southside Plaza LLC and Dahlstrom Valencia Mercado LLC were the sellers. The 4.61-acre property includes five buildings at 418-454 W. Valencia Road and 6445 S. 12th Ave. Terry Dahlstrom and Andreas Castillo of VOLK Company represented the seller.
4. LevRose Commercial Real Estate announced the acquisition of 1401 S. Siesta Lane in Tempe, a 25.8KSF industrial facility purchased by North Metal & Chemical Company for $6.1M. LevRose’s Matt Leonard represented the buyer. The undisclosed seller was represented by Lee & Associates.
5. An entity affiliated with Essential Properties acquired a 4.25-acre commercial property near the SEC of SanTan Village Parkway and Ray Road in Gilbert from an entity affiliated with LeSueur Investments for $4.82M. The property consists of approximately 185.1KSF of commercially zoned land. The sale coincided with a new 20-year lease with PopStroke, effective June 30, with two 10-year extension options. PopStroke plans to develop a 36-hole outdoor miniature golf venue with a 7.3KSF building and a 50.3KSF golf course area.
6. Cushman & Wakefield announced it arranged the sale of South Valley Business Park. The assets total 143.8KSF across two buildings located at 1710 and 1720 E. Germann Road in Chandler. Both the buyer and seller were undisclosed and represented by C&W’s Will Strong, Jack Stamets, Molly Miller, Michael Matchett and Madeline Warren. Transaction details were also left undisclosed.