Sales Transactions
1. Tierra Partners III LLC, an affiliate of James Shough, recently purchased Paradise Valley Marketplace at Shea and Tatum blvds. for $45M. The buyer was self-represented. The seller, Kite Realty Group Trust’s KRG Phoenix LLC, was represented by CBRE’s Ryan Shubert and Michael Hackett. The site will be anchored by restaurant supply seller Shamrock Foodservice Warehouse, which replaces a vacant Whole Foods grocery store.
2. Commercial Properties, Inc. announced the $3.2M sale of 5455 S. Nogales Hwy. The 5.05-acre industrial outdoor storage property features a 12.8KSF industrial building. The property is located south of I-10 and north of Drexel Road and approximately 3.5 miles north of Tucson International Airport. Commercial Properties’ Jeff Hays and Sam Rutledge represented the buyer, C.G. Real Estate Investors.
Lease Transactions
3. Strive Pharmacy is leasing a 223.4KSF building at the Hub @ 202complex at 7236 E. Warner Road in Mesa. Additionally, the company is eyeing expanding the building to 350KSF. Ike Commercial Real Estate’s Clint Hardison represented the tenant. Lee & Associates’ Chris McClurg represented the landlord, an affiliate of Wharton Equity Partners.