Sales Transactions
1. LaSalle Investment Management acquired Building B at 303 Crossroads, a 734KSF industrial building in Glendale, for $109.5M. The seller was Clarius Partners, which developed the 98.6-acre, two-building industrial park alongside Peakline Real Estate Funds. Building B is leased to Scotts Miracle-Gro.
2. JLL Capital Markets announced the $108.7M sale of Arizona Grocery Portfolio, a seven-property, 422.9KSF grocery-anchored retail portfolio located across Phoenix and Tucson. JLL represented the seller, A&C Properties Inc. 11North Partners acquired the asset.
3. Gantry secured $27.9M in structured financing for the acquisition of Tubac Golf Resort & Spa at 65 Avenida de Otero in Tubac. The resort sits on more than 500 acres and features 98 rooms and suites, including 17 private casitas, a 27-hole golf course and a full-service spa. Adam Parker and Andrew Christopherson of Gantry’s Phoenix production office represented the borrower, a private real estate investor. The financing combines a five-year fixed-rate loan from a regional bank with a 25-year SBA 504 loan funded through a Certified Development Company. Both loans carry a 25-year amortization.
4. CBRE arranged the $19.7M sale of Thunderbird 101, a 143.6KSF, two-building office park at 14050 and 14100 N. 83rd Ave. in Peoria. The buyer group included Holualoa Companies and David Walter of DWRE. CBRE’s Geoffrey Turbow and Anthony DeLorenzo represented the seller. CBRE Property Management will manage the property, while Ashley Brooks and Jasmina Bays will lead leasing efforts.
5. Vestar recently purchased roughly 20 acres of land at the SWC of Deer Valley Road and North Black Mountain Blvd. in Phoenix via an Arizona State Land Department auction for $10.35M. Vestar is planning a 120KSF shopping center called Black Mountain Village.
6. Steel Peak acquired an industrial outdoor storage property at 8079 W. Olive Ave. in Peoria for $4.15M. The 2.95-acre property includes an 8.1KSF masonry building with 3.2KSF of shop space and 4.9KSF of office space, six grade-level doors, 16-foot clear height and 800-amp, 3-phase power. The site features perimeter block walls, gated access and two points of access along West Olive Avenue. Steel Peak Director of Acquisitions Aaron Gill led the acquisition.
7. 140 Alameda, LLC purchased a 1.1-acre surface parking lot at 139 E. Toole Ave. in Tucson for $4M from ALEH-ZON, L.L.C. The property includes 148 parking spaces and is zoned I-1 by the City of Tucson. Ben Becker, John Ash and Adam Becker with CBRE represented the seller, while Lori and Cameron Casey with Oxford Realty represented the buyer.
8. Larsen Baker’s affiliate, Kolb Office Investors, LLC, recently spent $3.22M to purchase the Kolb Executive Park office campus at 1580-1670 N. Kolb Road in Tucson. Kolb Executive Park LLC sold the 29.3KSF office complex. The buyer was represented by its own Isaac Figueroa and Sam Sufi. The seller was represented by CBRE’s Bruce Suppes and Jamie Swirtz.
9. Steel Peak acquired a 2.09-acre industrial outdoor storage property at 2435 W. Broadway Road in Phoenix for $2.95M. The property includes a 3.3KSF shop building and a 3.3KSF covered canopy, four grade-level doors, 14- to 20-foot clear heights, evaporative cooling and a fenced, asphalt-paved yard. The property is zoned A-1 (Light Industrial) and is approximately two miles from Interstate 17. Steel Peak Director of Acquisitions Aaron Gill led the acquisition.
Lease Transactions
10. Ryan Companies US, Inc. and Principal Asset Management secured major leasing commitments at Queens Crossing at Chandler Airpark, a 437.5KSF, three-building Class-A industrial park in Chandler. OEG, Inc. leased all of Building A, totaling 94.1KSF, while Artivo Surfaces committed to approximately 43KSF in Building B. Ownership was represented by Steve Larsen, Jason Moore, Pat Harlan and Katie White of JLL. Matt Hobaica of Lee & Associates represented OEG, and Scott Maxwell of Cresa represented Artivo Surfaces.
11. JLL announced it signed the final lease at KV Casa Grande. The project was developed by Kentwood Ventures. KV Casa Grande totals 314.5KSF on 18 acres at 1550 W. Lawrence St. The exclusive leasing brokers are Anthony Lydon, John Lydon, Hagen Hyatt and Kelly Royle.
12. Tucson Commercial Carpet leased 14.9KSF of industrial space at Valencia Tech Park, 3000 E. Valencia Road, Suite 190 in Tucson from Valencia Tech Park, LLC. Kameron Norwood with Cushman & Wakefield | PICOR represented the tenant. Sam Sufi and Isaac Figueroa with Larsen Baker, LLC represented the landlord.
13. Midwest Battery LLC expanded its Tucson branch by 10KSF of industrial space at Park/Ajo Commerce Center, 3770 S. Park Ave., Suite 102 in Tucson, from Park/Ajo Associates, LLC. Kameron Norwood and Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord.