Commercial Real Estate News | Arizona Builders Exchange

Sales

1. ?The newly opened District on Fifth, luxury student housing at the University of Arizona, has been sold by Marcus & Millichap?s IPA for $67M ($322K/unit). The 208 unit community was acquired by Education Realty Trust. Residential Housing was the seller.

2. ?The Lincoln Village Shops, Scottsdale Rd. and Lincoln Dr., Scottsdale, sold to a partnership of CalPERS, the California public retirement system, and Global Retail Investors LLC, a Maryland-based retail investment firm. The duo paid Scottsdale Road Partners $38.7M ($544/SF) for the premium complex that includes Trader Joe?s and My Sister?s Closet. Lee & Associates handled the transaction. The complex is the second major real estate transaction in the area. The Borgata, located just to the south, sold for $12.8M ($136/SF) in September.

3. ?NAI Horizon brokered sales totaling 307K SF for C-III Asset Management. The four commercial property transactions included 149K SF for $13M ($87/SF), 7760 S. Priest Dr., Tempe; 54K SF for $7M, ($130/SF), 4623-4747 E. Elliott Rd., Phoenix; 83K SF for $6.5M ($78/SF), 20283 N. Lake Pleasant Rd., Peoria; and 21K SF for $1.85M ($90/SF), 16650 E. Palisades Blvd., Fountain Hills.

4. ?A 1945 retail block?renovated in 2011?has been sold for $6.8M ($422/SF). The 16K SF retail space, 1515 N. 7^th St., Phoenix, is 89 percent leased with Chipotle, Five Guys, local eatery Vovoneena, and others. Hannay Realty Advisors bought the property with Phoenix Commercial Advisors representing the seller.

5. ?The historic First Presbyterian Church, Monroe St. at Fourth Ave., Phoenix, has been acquired by City of Grace Church for $3.75M ($58/SF). City of Grace has campuses in Mesa and Scottsdale, and will begin offering services at the downtown center in January.

6. ?Watermark Retirement Communities picked up 7.9 acres, 2720 E. River Rd., Tucson, for $2.6M ($325K/acre). The seller was Gateway Hacienda. The two parties represented themselves in the deal.

6. ?Taking a shot at an empty 39K SF retail furniture showroom, C2 Tactical Shooting Range paid $1.1M ($65/SF) for about half, 17.2K SF, of the Emerald Design Center space in the complex south of Ikea at Warner Rd. and Priest Dr., Tempe. The deal, brokered by Lee & Associates, will see RJM Construction Co. refurbishing the empty showroom into a 23-lane indoor shooting range, 5K SF retail showroom and VIP lounge.

7. ?The True Life Companies acquired the Pine Canyon Club and Residential Community, Flagstaff, for an undisclosed price. The package includes a 600-acre private, luxury golf course, 35K SF clubhouse and recreation amenities. A private trout pond is part of the package. Pine Canyon Club offers five different residential collections, including cabins, twin homes, townhomes, and estate home sites.

Openings and Relocations

8. ?Franklin Foods, Delray Beach, Fla., is opening a 90K SF cream cheese processing facility in Casa Grande. Set to create 59 jobs over the next two years, the facility will purchase its dairy products from local farms. The plant is set to open in 2013 and will produce a cream cheese product line and a new product, Greek cream cheese (AZCentral premium content).

9.?Borderlands Trading Company is moving to 6020 N. Oracle Rd., Tucson, from its 21-year Fourth Ave. downtown location. The moves follows a reported $200K loss in revenue due to streetcar construction, the owner says. The new location is a better site for a retail store than its current address.

Leases

10. ?Big chunks of office space continued to be snapped up in the third quarter as the market is ripe for businesses to move up a class for about the same cost or less when compared to existing office space.

• Insurers Aetna and State Farm leased 139K SF and 138K SF respectively in south Phoenix. Cushman & Wakefield represented both landlords, Jones Lang LaSalle represented Aetna.
• Miller/Russell & Associates signed for 29K SF, 3200 E. Camelback Rd., Phoenix, using Lee & Associates to cut the deal with Cassidy Turley BRE.
• Ulthera leased 29K SF, 1840 S. Stapley Dr. with Cresa handling the deal for them. Cushman & Wakefield represented the landlord.
• Teletech Services Corp. used CBRE when signing for 26K SF, 16404 N. Black Canyon Hwy. Jones Lang LaSalle represented the landlord.

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11. ?Buckeye 59th Ave., LLC, is the d/b/a for an east coast cosmetic distributor entering the Phoenix market with a warehouse purchase in the West Phoenix industrial district. Seller Conair Corporation used CBRE for the 125K SF industrial building deal, 2 N. 59^th Ave. Voit Real Estate Services represented the buyer in the transaction. No price was named

12. ??Stantec Inc. has leased 14K SF, in the 5151 Broadway Building, a 17-story class A high-rise office tower, 5151 E. Broadway Road, Tucson.? CBRE represented the landlord, Kent Circle Investments LLC, in negotiating the lease.? Mohr Partners, Newport Beach, Calif., represented the tenant.

13. ?With Balboa Capital Corporation?s relocation into the Scottsdale Quarter, Butherus and Scottsdale roads, Scottsdale, the office space component of the mixed use development is now 100 percent leased and home to 18 businesses with more than 1,000 office employees. Glimcher Realty Trust owns and develops the project, CBRE handles leasing.

Closures and Foreclosures

14. ?Hawker Beechcraft Corp. is closing its Phoenix-Mesa Gateway Airport service facility as part of a reorganization closing two others?Little Rock, Ark. and San Antonio, Tex. About 240 jobs will be lost, more than half of which are in the Little Rock location. The closures come as part of the company?s emergence from bankruptcy as Beechcraft Corp.

Source: http://azbex.com/commercial-real-estate-news-10/?utm_source=rss&utm_medium=rss&utm_campaign=commercial-real-estate-news-10

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