Sales Transactions
1. Cushman & Wakefield announced the firm advised Westcore in arranging $73.3M in acquisition financing for Hatcher Industrial, a newly constructed 906KSF industrial park in Glendale. A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower. Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt of the firm also provided local market advisory.
2. CBRE arranged the sale and leaseback of six buildings in metro Phoenix. The combined 233.8KSF properties were negotiated by CBRE’s Geoffrey Turbow, Gary Cornish and Colliers’ Todd Noel on behalf of the sellers for $63.2M. The two properties are currently home to the EDUPRIZE charter school in the Southeast Valley. The school plans to fully triple net leaseback on both campuses for 15 years.
3. Presson Corporation has paid $27M for The Arizona Center. The seller was Angelo Gordon & Company. The office, retail and entertainment space at 3rd Street and Van Buren in Phoenix underwent a $25M renovation project in 2019.
4. Cushman & Wakefield announced the firm has brokered the sale of an 89.4KSF freestanding industrial building in Phoenix at 4150 S. Riverpoint Pkwy. The property was acquired by FM INDUSTRIES®, Inc. for approximately $23M. FMI will occupy the entire facility. Cushman & Wakefield’s Phil Haenel and Foster Bundy of the firm’s Private Capital Group in Phoenix represented the seller, Stonelake Capital Partners. The firm’s Mike Haenel and Andy Markham also provided leasing advisory.
5. John Sheedy of Park Brokerage and Commercial LLC announced the $3.5M sale of Roosevelt RV Resort and Motel. Sheedy represented the seller and procured the Florida-based buyer who owns several other similar communities in Arizona.
6. Mark Wilcke and Larson Wilcke with NAI Horizon negotiated the sale of a 16.1KSF multi-tenant industrial building for $3.2M, representing the seller, JRJ Hacienda, LLC. The property is located at 712 S. Hacienda Dr., Tempe. Buyer Clear Sky Acquisitions, LLC, was self-represented.
7. NAI Horizon’s Chris Gerow, Gabe Ortega and Shelby Tworek negotiated the sale of 2.77 acres for $2.25M, representing the seller, Bell Road and 303, LLC. The property is located at 16531 W. Bell Road, Surprise. The buyer, Thrive Real Estate Holdings, LLC, was self-represented.
8. ABI Multifamily announced the $2.16M sale of 4229 N. 17th Street, an eight-unit multifamily apartment community in Phoenix. ABI’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented the seller. The parties were not identified.
Lease Transactions
9. Marsden Services, LLC leased 66.8KSF of industrial space at 3760 N. Commerce Dr. in Tucson from North Tucson, LLC. Stephen D. Cohen with Cushman & Wakefield | PICOR represented the landlord. Clint Buckelew with Buckelew Realty represented the tenant.
10. Raytheon has announced it is taking 28KSF at SkySong to use as an engineering design hub. The new facility is scheduled to open in the fall.
11. NAI Horizon’s Chris Gerow, Shelby Tworek and Gabe Ortega represented landlord SIMONCRE CSH II, LLC in a 120-month retail lease for 12KSF at 1142 E. Southern Ave., Mesa. The tenant, Five Below, Inc., was represented by Dan Gardiner with Phoenix Commercial Advisors.
12. NAI Horizon’s Isy Sonabend and Drew Eisen represented tenant US Med-Equip, LLC, in an 85-month industrial lease for 12.5KSF at 808 W. Geneva Dr., Tempe. Landlord EastGroup Properties, L.P. was represented by Shawn Dooley with Ross Brown Partners.