Sales Transactions
1. Kohlberg Kravis Roberts & Co. Inc. (Tolleson Owner LLC) has paid $165M for GO | 99, a nearly 1.3M, three-building industrial park at the SEC of 99th Avenue and Buckeye Road. The park was developed and sold by George Oliver’s GO Industrial (South 99th Avenue LP). Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Micki Strain and Foster Bundy, represented the seller. The transaction marks the largest industrial sale, by dollar amount, to date in 2023.
2. Cushman & Wakefield has advised US Capital Development in the sale of a newly constructed 599.5KSF Class A industrial building in Glendale. Falcon Park 303 – Phase I was built on a speculative basis in 2022 and is 100% leased. The property was acquired for $81.7M by an affiliate of Cohen Asset Management, Inc. Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented USCD. A Cushman & Wakefield team of Rob Rubano, Brian Share and Joseph Lieske also represented Cohen Asset Management, Inc. in securing $36.9M in their acquisition financing for the property.
3. Ivanhoe Electric has paid $34.3M for 5,975 acres for its Santa Cruz Copper Project on the western edge of Casa Grande.
4. Christ Church Gilbert has paid $24M for its 31.9KSF church building, a 45KSF commercial building and a separate 37.7KSF commercial building on 11.21 acres at Gilbert Town Square.
5. NAI Horizon’s Michael Gaida negotiated the sale of a 26.7KSF office building at 1119 E. Rancho Vistoso Blvd., Oro Valley, for $4.5M. Gaida represented the seller, Oro Valley Holdings, LLC. Buyer Sun City Oro Valley Community Association was self-represented.
6. The Niki Group (NG Green Valley, LP) has paid $3.13M for a 20.4KSF 99 Cents Only store at 750 West Calle Arroyo Sur in Green Valley in a sale-leaseback. The seller was 99 Cents Only Stores.
7. 29th Street Capital has acquired the 124-unit Solaire on Scottsdale apartments, located west of Scottsdale Road on McKellips Road in Tempe. The company plans to upgrade the Class B- property with new outdoor amenities, pool upgrades and unit renovations. Haven Residential will handle property management and leasing. No transaction price details were given.
Lease Transactions
8. Lincoln Property Company’s Southwest division, LPC Desert West, and partner Goldman Sachs have signed Tempur-Pedic to a full-building pre-lease at Buckeye85. The lease brings the $60M warehouse and distribution project to 100% occupancy prior to completion of construction. Under the 321.9KSF lease, Buckeye85 will become Tempur-Pedic’s new distribution center. JLL’s Riley Gilbert represented Tempur-Pedic.
9. Engineered Foam Packaging Corp. has leased the 152.2KSF Building A at The Opus Group’s Confluence Industrial Park speculative development in Casa Grande. The overall park is targeted for completion in December. EFP will invest approximately $12M in building improvements and equipment and plans to be operational by February 2024.
10. Indoor pickleball court company Picklemall has leased 104KSF at 5000 S. Arizona Mills Circle in Tempe. Both Picklemall and Arizona Mills Mall owner Simon Property Group Inc. self-represented.
11. RED Development has announced six new tenants for PV, the redevelopment of the former Paradise Valley Mal. Square footages were not provided. The announced tenants are:
- Fox Restaurant Concepts’ Blanco Cocina + Cantina and Flower Child;
- Beauty retailer Sephora;
- Hair and skincare brand Aveda;
- Wren House Brewing Company, and
- Frost Gelato.