A four property exchange with three double escrows was completed by CBRE’s Bill Bayless and Helix Properties LLC’s Ryan Spiekerman, Adam Feldman and Marc Altieri, negotiating on behalf of a single-entity LLC controlled by Helix.
The multi-property, double-escrow transaction also involved Phoenix-based Verde Investments. Verde was represented by Scott Ellsworth of SRS Real Estate Partners.
Through an exchange agreement, Phoenix-based Verde Investments (an entity related to DriveTime and Carvana), has purchased a 40-acre rail served industrial complex including over 179,000 square feet of structures located at 600 S. 94th Ave. in Tolleson, Ariz. Verde Investments exchanged cash and the following 3 properties:
- A 37,037-square-foot call center facility at 1031 N. Colorado St. in Gilbert, Ariz.
- A 34,973-square-foot. industrial facility at 4515 E. Miami Ave. in Phoenix, which is currently occupied by DriveTime as an automotive reconditioning facility
- Forty20, a 38,029-square-foot office building at 4020 E. Indian School Rd. in Phoenix currently occupied by Carvana
The 40-acre complex acquired by Verde Investments will be operated jointly by DriveTime and Carvana as an automotive inspection and reconditioning facility.
“This was a very complex transaction with many moving parts, but in the end all parties involved were very pleased with their respective outcomes,” said Bayless, who helped Helix purchase the 40-acre site two years ago.
“This is what we do!” said Ryan Spiekerman of Helix Properties. “I am not sure a simultaneous closing of a four-property exchange with three double escrows has even been done before in the Valley.”
After the initial trade between Helix and Verde Investments, Bayless then brokered the sale of 4020 E. Indian School Rd to the Boyer Company for $9.05 million.
The Class A freestanding office property is located in the heart of the Arcadia neighborhood in central Phoenix and offers users a turnkey, creative office environment. Carvana will soon expand into a newly constructed property at Liberty Center at Rio Salado. Bryan Taute, also with CBRE, is now marketing and leasing Forty20 for the Boyer Company.
At completion of the transaction, DriveTime will continue to operate the 4515 E. Miami Ave. property site as an automotive reconditioning facility.
The property at 1030 N. Colorado St. in Gilbert is currently 100 percent leased to Ready Logistics and Lendmark Financial Services. The property is now on the market as an investment opportunity. Bayless is listing the property along with CBRE’s Andrew Brigham.