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    Home » Commercial Real Estate » Commercial Real Estate 1-7-25
    Commercial Real Estate

    Commercial Real Estate 1-7-25

    BEX StaffBy BEX StaffJanuary 7, 2025No Comments4 Mins Read
    10. Hayden Ferry Lakeside III. Credit: Phoenix Business Journal
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    Sales Transactions

    1. LaSale Investment Management purchased a five-building complex located on a 37-acre plot of land between Kyrene Road and Hardy Drive, just north of Elliot Road in Tempe. The five buildings combined equate to more than 500KSF of space. LaSale purchased the property from Investcore for $124M. LaSale is an affiliate of JLL Capital Markets, which previously marketed the warehouse complex.

    2. Aligned Data Centers purchased a 100-acre site at the SEC of Reems Road and Olive Avenue in Glendale for $86.52M. The site was sold by Lex Reems & Olive LLC, an entity connected to LXP Industrial Trust. Aligned plans to use the land to develop four data centers, which will total nearly 863.7KSF when finished.

    3. TerraCap Management LLC purchased a three-property office portfolio for $48.5M. The three properties combine for nearly 262.2KSF of space. The transaction was facilitated by Cushman & Wakefield’s Will Strong, Michael Matchett, Molly Hunt and Callahan Conway. The three properties were:

    • 685 W. La Vieve Lane in Tempe – 101.6KSF;
    • 550 E. Elliot Road in Chandler – 91.2KSF, and
    • 625 & 641 E. Watkins St. in Phoenix – 69.3KSF.

    4. Halle Properties LLC, the real estate entity of Discount Tire Company, purchased two office buildings at 20830 and 20860 N. Tatum Blvd. in Phoenix for $35M. The buildings were known as the Desert Ridge Corporate Center. Lee & Associates’ Bill Blake, Gregg Kafka, Andrew Cheney, Colton Trauter and Craig Coppola are the leasing brokers. Discount Tire is planning renovations at its newly purchased site. Combined, the buildings total approximately 275.2KSF. Discount Tire intends to build a new office headquarters near the Desert Ridge location.

    5. Transwestern Investment Group purchased a 190.2KSF industrial building from Baker Development Corp. for $34.5M. The building, Yuma|143, is located at 14160 W. Yuma Road in Goodyear. A section of the building is already leased to Romac Industries Inc. and Crown Equipment. Yuma|143 has two buildings, but only one was sold. JLL’s Greer Oliver and Connor Nebeker-Hay facilitated the transaction.

    6. Philips Edison & Company purchased three buildings at the MCS South Point Plaza on the NEC of Baseline Road and 48th Street in Tempe for $12.7M. The three buildings total 45.5KSF of retail space across 3.8 acres. The purchase did not include the Fry’s Supermarket located in the shopping center.

    7. NAI Legacy purchased the 14KSF former CVS at 10010 N. Scottsdale Road in Scottsdale for $11.2M. NAI Legacy intends to spend an additional $5M to redevelop the property into a pet hospital and ambulatory surgery center. VCA Animal Hospitals Inc., a subsidiary of Mars Inc., will then lease the property for 15 years. NAI’s Michael Houge represented the buyer. David Buelow, a partner at Bridge Law Group and principal of NAI Legacy, managed the legal representation.

    8. NAI Horizon’s Mark and Larson Wilcke negotiated the sale of 4.81 acres for nearly $3.3M. The two represented the seller, The Church of Jesus Christ of Latter-day Saints. The property is located at the NWC of 206th Street and Riggs Road in Queen Creek. The buyer, Riggs Road, LLC, was represented by CT Realty’s Christian C. Talbot.

    9. JML Uptown, LLC purchased approximately 7.3KSF of retail space at 7265 N. La Cholla Blvd. in Tucson. The seller was SAMP B&B LLC. The property was purchased for nearly $2.6M. Cushman & Wakefield | PICOR’s Dave Hammack represented the buyer. CBRE’s Pete Villaescusa represented the seller.

    Lease Transactions

    10. Cognite leased nearly 30KSF at Hayden Ferry Lakeside III at 40 E. Rio Salado Pkwy. to relocate its headquarters from Oslo, Norway to Tempe. The company plans to move into its new HQ in May. Cognite uses generative AI to deliver data to manufacturing, energy and utility companies. The company plans to create more than 100 new jobs with its new location. Cognite was represented by Keyser Commercial Real Estate’s Jonathan Keyser and Jordan Siek.

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