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    Home » Commercial Real Estate » Commercial Real Estate News 05-02-23 
    Commercial Real Estate

    Commercial Real Estate News 05-02-23 

    BEX StaffBy BEX StaffMay 2, 2023No Comments3 Mins Read
    9. Arrive Logistics. Credit: Arrive Logistics/Phoenix Business Journal
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    Sales Transactions 

    1. Arizona Land Consulting announced it has acquired 320 acres adjacent to the Casa Grande Municipal Airport for potential future industrial development. The $12M site was bought in partnership with Casa Grande Martin Road & Scott Drive LLC and has water and sewer lines in place on the property. 

    2. Pedcor Companies has paid $7.93M for a 10.9-acre, Opportunity Zone site in Buckeye. The location is planned as the site of a 204-unit garden-style apartment development to be known as Springs at Sundance. Pedcor was represented by Will French of Cushman & Wakefield. Seller Watson and I 10 Thirty Four, LLC was represented by James DeCremer of Avison Young.  

    3. A portfolio of three Tucson Quik Marts was sold for $7.17M by Southwest Convenience SPE, LLC. The sale was negotiated by NNN Property Group. The buyers were EP Paseo South Holdings, LLC and 4280 Benson, LLC (Dantex Construction). The properties are located at 7895 E. Golf Links Road ($2.148M), 3250 W. Cortaro Farms Road ($2.548M) and 4280 E. Benson Hwy. ($2.474M). 

    4. The 17KSF former U-Like Buffet building on North Oracle Road in Tucson has sold for $3.48M. Buyer JNCW Tucson Property LLC was represented by Jordan Simon and Karen Farrell of Venture West Real Estate Services. Seller Lu’s Oracle Property LLC was represented by VOLK Company’s Rick Borane. The building will be repurposed as a medical/surgical center. 

    5. Santa Rita Village LLC has paid $2.275M for two apartment communities in Tucson. The nine-unit 10th Street Apartments sold for $1.175M. The seven-unit Santa Rita Apartments sold for $1.175M. The sellers were John R. Hughes and L. Thompson Hughes. Both parties were represented by Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR. 

    Lease Transactions 

    6. Urban Outfitters has leased 130KSF at Warner Commons in Gilbert for use as a distribution center. The landlords, a partnership between Pestas Commercial and Hillwood Investment Properties, were represented by Stein Koss, Tom Louer and Fenton Kelly with Lee & Associates Arizona. Urban Outfitters was represented by Colliers International. 

    7. Frito-Lay has agreed to a 10-year lease for all 60KSF of a planned industrial building from Atlas Capital Partners at the NEC of Germann Road and Silverado Court in Gilbert. Buildout by general contractor Sun State Builders should begin in the next four months. Frito-Lay was represented by Cody Folts of Cresa. Atlas was represented by Kyle Westfall and Steve Larson with JLL. 

    8. Jeff Bezos’ spaceflight company Blue Origin has a new 43.2KSF office at 2325 E. Camelback Road. The company recently celebrated the grand opening of its new space at an event attended by state and local political and business leaders. 

    9. Arrive Logistics has leased 15KSF of office space at 4940 S. Wendler Dr., Tempe.  

    10. Banner University Medical Group has leased 11KSF in the 12.64-acre 152.6KSF Tri-Pointe Plaza on Tanque Verde Road in Tucson. Landlord Interra Properties was represented by CBRE’s Ian Stuart and Bruce Suppes. JLL’s Vicki Robinson represented the tenant. 

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