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    Home » Commercial Real Estate » Commercial Real Estate 11-26-24
    Commercial Real Estate

    Commercial Real Estate 11-26-24

    BEX StaffBy BEX StaffNovember 26, 2024No Comments5 Mins Read
    5. Summit Church. Credit: Marcus & Millichap/AZ Big Media
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    Sales Transactions

    1. BentallGreenOak purchased the 1.1MSF Paloma Vista Logistics Center at 18900 W. McDowell Road near Interstate 10 and Loop 303 for approximately $118.3M. The property was sold by a joint venture of US Capital Development and Ares Management Corp. Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt facilitated the sale. Andy Markham, Mike Haenel and Phil Haenel are the leasing brokers for the property. The building is leased to Amazon.com Inc.

    2. Cushman & Wakefield announced the firm advised the $19.05M sale of two manufacturing buildings totaling approximately 194KSF at 1250 and 1300 N. Fiesta Blvd. in Gilbert. The pair of freestanding buildings are 100% leased to three tenants. Kaiser Garage Doors & Gates leases the 45.1KSF building at 1250 N. Fiesta Blvd., while MKB Construction and Symage lease the 148.9KSF property at 1300 N. Fiesta Blvd. The assets were sold to a joint venture between SKB and Arc Capital Partners. The seller was Nearon. Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented both parties.

    3. Ryan Companies purchased the approximately 175.7KSF Verizon Wireless Corporate Campus at 6955 W. Morelos Place near 56th Street and Sunburst Road in Chandler. The property was sold by Landwin Management Co. for $16.84M. Ryan Companies stated it will pursue a multi-building industrial project at the site, with the conversion of an existing two-story office building into a one-story industrial building.

    4. HAM Oracle, LLC purchased the retail section of Oracle Gateway shopping center at 3802-3850 & 3872-3896 N. Oracle Road, near the NEC of Oracle Road and Pastime Road in Tucson for $10M. The shopping center is approximately 58.7KSF and was 94% leased at the time of the transaction. Seller 3838 Oracle Plaza Joint Venture, LLC, an affiliate of Holualoa Companies, was represented by Lee & Associates’ Jan Fincham, Commercial Retail Advisors’ Craig Finfrock, Progressive Property Management’s Fred Howard, and Southwest Retail Partners, LLC’s Randy Finfrock. HAM Oracle was represented by Western Retail Advisors’ Jason Fessinger.

    5. Marcus & Millichap announced the sale of the approximately 17.9-acre site adjacent to Summit Church at 20555 W. Roosevelt Street in Buckeye. The buyer, Highstreet Ventures Inc. intends to build 510 multifamily rental units on the $9.3M property. Highstreet Ventures was represented by Marcus & Millichap’s Michael Farrar and Art Rullo. Summit Community Lutheran Church, the seller, was represented by Land Advisors Organization’s Bret Rinehart and Wesley Campbell.

    6. Taylor Heights, LLC & 9009 Broadway, LLC, affiliates of Brown Worden Properties, LLC purchased Villas on Broadway at 9009 E. Broadway Blvd., Tucson for $8M. The buyer was represented by Joseph Bernard Investment Real Estate’s Joe Boyle. The 57 townhouses have six one- and two-story buildings. Clinton Ventures, LLC & MLIII Investments, LLC, the seller, was represented by Joseph Bernard’s Joe Chaplik.

    7. Citywide Commercial announced the completion of a $6.1M industrial sale-leaseback at 4107 E. Winslow Ave., near 40th Street and University Drive in Phoenix. The 20.4KSF office/warehouse property sits on approximately 1.9 acres. Citywide Commercial’s Nick DePaul, Chad Kirkorsky and Preston Brimhall represented the buyer, Wilson Terra Firma Holdings North America, Inc. Max Schumacher, Patrick Sheehan and Jack Hansen of Rein & Grossoehme represented the tenant and seller, Wang Electric.

    8. Cushman & Wakefield announced the firm advised the sale of Phoenix Airport Logistics, an approximately 393.5KSF warehouse/distribution building at 3333 S. 7th St. The property was 100% leased to five tenants at the time of sale. INDUS Realty Trust, Inc. purchased the property for an undisclosed amount. C&W’s Will Strong, Michael Matchett and Molly Hunt facilitated the transaction.

    9. Union Crossing Shopping Center LLC purchased Union Crossing at 4300-4410 W. Union Hills Dr. in Glendale for an undisclosed amount. Colliers’ Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo handled the transaction. The seller was private investor Union Crossing LLC. The shopping center contains approximately 79KSF of retail space on an 8.6-acre site.

    Lease Transactions

    10. Greystar signed a lease with Gateway Classic Cars, representing its first tenant commitment at the three-building Caliber by Greystar industrial development at 9303, 9451 and 9595 N. 79th Ave. in Peoria. Gateway will occupy 43.8KSF within the 122.9KSF Building B. Anthony Lydon, John Lydon, Hagen Hyatt and Kelly Royle of JLL represent Greystar as the exclusive leasing brokers for Caliber. JLL’s Hyatt and Sam Wetherby represented Gateway in its lease negotiations.

    11. Stanley Black and Decker leased 56.1KSF of industrial space at Parque Industrial Nuevo Nogales. Jose Dabdoub with Cushman & Wakefield | PICOR and Robert Tardy with Cushman & Wakefield represented the tenant.

    12. Kanthal Corporation dba Alleima expanded its Tucson operations and leased 17.6KSF of industrial space at Bay Colony Technology Center at 2705 E. Medina Road, Suite 111 in Tucson from 2705 Medina Properties, LLC. Stephen D. Cohen and Alex Demeroutis with Cushman & Wakefield | PICOR represented the tenant.

    13. Shooter’s Lab LLC leased 12.5KSF of industrial space at 1560 E. 17th St. Tucson, from 17th Street Facility LLC. Kameron Norwood with Cushman & Wakefield | PICOR represented the tenant.

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