Tag Archives: Andy Markham

Tharco

DTZ completes sale of Tharco Freeport Distribution Center

DTZ, a global leader in commercial real estate services, announced that Bixby Land Company purchased Tharco Freeport Distribution Center, 640 S. 51st Ave. in Phoenix’s

Southwest submarket. Pacifica Real Estate Group sold the 108,287 square foot institutional quality industrial distribution center for $8.1 million. The building is fully leased to Tharco, one of the largest manufacturers and suppliers of unprinted corrugated stock boxes in the U.S.

DTZ Senior Vice President Will Strong; Executive Managing Directors Mike Haenel and Andy Markham, SIOR; and Associate Phil Haenel facilitated both sides of the investment transaction.

Built in 1994 the warehouse/distribution building is located on ±5.28 acres south of the I-10 on 51st Avenue (full diamond interchange) and has an active rail spur currently utilized by Tharco.

West 80 rendering, courtesy of DTZ.

Wentworth Property Company announces West 80 plans

DTZ announced May 21 it has begun to market West 80, a ±379,635 SF, for-lease, speculative development by Wentworth Property Company (WPC). Located on the southeast corner of 80th Avenue and Buckeye Road in Phoenix, WPC plans to break ground on the industrial distribution center before year-end with delivery in 2016.

DTZ Executive Managing Directors Andy Markham, SIOR, and Mike Haenel, Senior Vice President Will Strong and Associate Phil Haenel have the leasing assignment for the West Valley project.

“We are seeing steady demand by tenants looking for 70,000 to 150,000 square feet of state-of-the-art, cross-dock distribution facilities,” said Markham. “West 80’s design and flexibility, with the ability to divide the building among several tenants and three potential office locations, shows WPC is clearly ahead of the market in understanding tenant requirements.”

Arizona has traditionally seen more mid-sized industrial tenants but there are fewer options for new space in that size range in the West Valley.

According to Tim Chester, managing director for WPC, “At West 80 we are planning the next generation spec development with all of the state-of-the-art features that tenants want, including 36’ clear height. West 80 will be the only opportunity in Metropolitan Phoenix for a tenant looking for space in the 70,000-380,000 square foot range to find this clear height.”

In addition to the 36-foot clear height, plans for West 80 include cross-dock configuration with 112 dock high doors and four ramps to grade level, 60’ speed bays, column spacing 56’ by 57’6”, T-5 warehouse lighting and the ability for HVAC to suit the tenant. Located on ±23 acres, the property has four points of ingress and egress with security gates, including a light at 79th Avenue and Buckeye Road, concrete truck courts and 211 parking spaces.

Chester added, “With over 2 million square feet of industrial space currently under development, WPC has the opportunity to interact with a considerable amount of current clients and potential tenants. With West 80, we are listening to them and developing the next generation of lasting, institutional product in a tightening submarket that is currently under served to meet the tenant demand.”

Riverside Industrial

ViaWest purchases fourth Southwest industrial property

ViaWest Group announced a new addition to its expanding portfolio, with the recent successful acquisition of the 72,129 SF multi-tenant industrial building located at 77 N. 45th Ave. in the heart of southwest Phoenix. Phoenix-based ViaWest Group paid $3.07M on the acquisition.

This is the fourth acquisition in ViaWest’s new fund focused on the purchase of industrial assets in the Southwest U.S. The three other assets closed in January this year. The seller was El Segundo, California-based Cordia Capital Managment, LLC, represented by Will Strong, Mike Haenel, Andy Markham and Phil Haenel with DTZ’s Phoenix office.

Riverside Industrial is located in a prime location near the southeast corner of Van Buren Street and 45th Avenue, just south of a full diamond interchange at the I-10 Freeway with immediate access to the two major exits, 43rd Avenue and 51st Avenue. Currently 100% leased, the subject is situated within one of the largest industrial submarkets in Phoenix. Will Strong, Mike Haenel, Andy Markham and Phil Haenel at DTZ will continue leasing the property on behalf of ViaWest.

“This property is a great fit as the fourth investment in our new fund, which is focused on acquisitions of well-located general industrial properties, in recovering secondary markets in the Southwestern U.S., at significant discounts to replacement cost”, says Gary Linhart, Co-Founder of ViaWest Group.

Will Strong of DTZ expressed, “This property is uniquely positioned to cater to small and medium size users that want a prime, infill location that provides generous coverage ratio and functional loading at competitive rental rates.”

“We are excited to purchase the Riverside Industrial building considering its prime infill location with great proximity to the diamond interchange at the I-10 Freeway. It has been and will continue to be well-managed, and is a great complement to our neighboring 103KSF industrial building on 49th Avenue and Van Buren Street, Tiger Industrial. With these two assets, we are gaining a nice position on multi-tenant industrial in the most desirable industrial location in the heart of southwest Phoenix”, says Steven Schwarz, Co-Founder of ViaWest Group.
ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.

Cotton Corporate Center I

LNR Partners completes sale of properties at Cotton Center

DTZ announced that LNR Partners, LLC has closed two investment sale transactions involving a total of ±264,000 square feet of office and flex office space within the prestigious Cotton Center business park.

The purchaser was a joint venture formed by True North Management Group (White Plains, NY) and Crown West Realty, LLC (a Phoenix-based subsidiary of New York-based Petrus Partners). The acquisition included Corporate Cotton Center I, II & III, located at 4645, 4625 and 4675 E. Cotton Center Parkway.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover of DTZ‚s Phoenix office represented LNR Partners in both transactions. Additional members of the sale transaction team for the two flex office buildings included DTZ Executive Managing Directors Mike Haenel and Andy Markham, SIOR, and Vice President Will Strong. Additional members of the sale transaction team for the corporate office building included DTZ Executive Managing Director Jeff Wentworth and Vice President Sean Spellman.

“The acquisition of Cotton Corporate Center I, II & III was unique in that it offered a rare combination of stability and upside potential, involving two of the most sought after property types in a highly coveted location,” said Mr. Wichterman. “The buyer was able to purchase a vacant, Class A corporate office facility within the Valley‚s hottest single-tenant and large-tenant leasing market while, at the same time, acquiring a well performing Class A multi-tenant flex complex in a trade area where competitive properties are averaging single-digit vacancies.”

Cotton Corporate Center I is a two-story Class A office property totaling approximately 116,858 square feet. The building features a spacious two-story lobby; large fitness center, with full men‚s and women‚s bathrooms with locker rooms; a cafeteria/restaurant; and an oversized break room. The building was constructed in 2001 as a build-to-suit for Aetna, Inc., and is presently unoccupied. The buyer plans to immediately construct a parking structure to boost parking ratios to over six spaces per 1,000 square feet.

Cotton Corporate Center II & III is a Class A flex office complex that consists of two single-story buildings built in 2000. The complex totals ±147,627 square feet and was 87% occupied at the time of sale.

Native Grill & Wings, Gavelston Tech

Native Grill & Wings leases test kitchen space in Chandler

The ViaWest Group announced today that Native Grill & Wings has signed a 10-year lease for approximately 5,825 SF of office/test kitchen space in the 6825 W. Galveston street building in Chandler. The project, referred to as Galveston Tech, is comprised of one Class-A flex-office building totaling 74,525 SF and with this transaction and other recent activity the property is now 92 percent leased. Located just one block east of the I-10, between Chandler Blvd. and Ray Rd., Galveston Tech Center is a conveniently positioned less than five minutes from the I-10, Loop 202 and Loop 101.

“The ViaWest Group is excited to welcome Native Grill & Wings a locally founded and globally recognized franchise to Galveston Tech. It was a pleasure working with CEO Dan Chaon and his Native team and we are eager to see what tasty creations come out of their new test kitchen,” said C.E. Kaiser of the ViaWest Group. Native Grill & Wings will be relocating their corporate headquarters to Galveston. “Galveston Tech presented the tenant an “in-fill” location with excellent access to amenities and the freeway system. The high-tech image coupled with quick responsiveness from ownership facilitated a “win-win” transaction”, said Mike Haenel at DTZ (formerly Cassidy Turley).

Dan Chaon CEO at Native Grill & Wings added, “The building provided Native Grill & Wings the unique ability to customize the design of our suite to create a restaurant style test kitchen, indoor food-truck storage, and office environment for our corporate operations.”

The team of Heanel, Andy Markham, and Will Strong at DTZ represented the owner and continue to market the remaining 6,000 SF vacancy. Jon Hammond of Keller Williams Legacy One office in Chandler represented the tenant.

DSCN0164

Zounds takes 11,639 SF of flex office space

The ViaWest Group announced today that Zounds has signed a lease for approximately 11,639 SF of office/engineering space in the 6825 W. Galveston street building in Chandler.

The project, referred to as Galveston Tech Center, is comprised of one Class-A flex-office building totaling 74,525 SF and with the Zounds transaction and other recent activity the property is now 92% leased. Located just one block east of the I-10, between Chandler Blvd. and Ray Rd., Galveston Tech Center is conveniently positioned 3-5 minutes from the I-10, Loop 202 and Loop 101.

“The ViaWest Group welcomes Zounds to Galveston Tech and is excited to have another high-caliber tenant in the project,” said C.E. Kaiser with ViaWest. “We continue to see substantial interest from prospective tenants, validating the quality of the asset and outstanding Chandler location.”

Zounds will be relocating their engineering, office and warehouse/shipping departments DSCN0163to this location to accommodate the company’s growth and desire to be in a first-class location in the Southeast Valley. “They performed an extensive search throughout the Southeast valley. After touring several buildings, the combination of location, existing build-out, and economic terms ultimately led Zounds to Galveston Tech Center,” said Andy Markham at DTZ (formerly Cassidy Turley).

The team of Mike Heanel, Andy Markham, and Will Strong at DTZ represented the Owner and continues to market the remaining 6,000 s.f. vacancy. Cory Sposi of Commercial Properties, Inc. represented the Tenant.

8313 Latham, WEB

Ryan West Business Park sells for $14.59M

Cassidy Turley announced today that a subsidiary of Cohen Asset Management purchased Ryan West Business Park, a ±242,863 square foot warehouse distribution building at 8313 Latham in Tolleson for $14,591,460 from EG Properties, LLC. Ryan Companies US, Inc’s (Ryan) Real Estate Management group was the asset manager for the seller and will continue to serve as property manager for the buyer. Will Strong, Mike Haenel and Andy Markham, SIOR of Cassidy Turley procured the investment sale transaction, bringing the buyer, Cohen, and the seller together.

“Phoenix’s industrial market continues to attract capital searching for assets with credit tenancy, modern features and a history of being institutionally managed and maintained. Ryan West Business Park fits that description,” according to Will Strong, Vice President with Cassidy Turley’s Industrial Services Group. “Located less than one quarter mile south of I-10, this asset’s location is in the heart of the Southwest Phoenix distribution market and will continue to benefit from strong local labor, improving market fundamentals, and access to the Southwestern U.S.”

Built in 2001 by Ryan, the project was named Ryan West Business Park. Shortly after completion, Ryan was awarded the NAIOP Arizona Industrial Building of the Year for the development which features tilt panel construction, high performance reflective glass, a 30-foot clear height, 59 front-loaded fully-gated and -secured docks/truck wells, 150 feet of truck maneuverability, 17,836 square feet of refrigerator/freezer space and was designed to accommodate future two-story uses.

“Having a strong credit tenant like Circle K in a portion of the building, the ability to lease the remaining 61,713 square feet and projected rental rate growth in this segment made this a strategic acquisition for the buyer,” said Strong.

This is the second acquisition Cassidy Turley has secured for Cohen in 2014 and will be the fifth industrial building purchase in the last seven months by their firm. Cassidy Turley represented them in May for the $29 million purchase of a three-property industrial portfolio, totaling 174,644 square feet and 12.31-acres, from Alliance Commercial Properties.

Cassidy Turley will retain the leasing assignment for the remaining space at the Latham property.

3701 E  University Drive

Cohen purchases industrial portfolio for $29M

Cassidy Turley announced today that Cohen Asset Management purchased a three-property, high-tech industrial portfolio in Phoenix for $29 million from Alliance Commercial Partners (ACP). Will Strong, Mike Haenel and Andy Markham, SIOR of Cassidy Turley procured the investment sale transaction, bringing the buyer, Cohen, and the seller, ACP together.

The portfolio includes three 100% NNN leased state-of-the-art, single tenant high-tech industrial assets totaling ±174,644 square feet and 12.31 acres. The buildings are located at 3601 and 3701 E. University Dr. in Phoenix and 405 W. Geneva Dr. in Tempe, Ariz. Microsemi occupies the 73,729-square-foot building at 3601 E. University, and FlipChip International occupies the adjacent 52,027-square-foot building at 3701 E. University. The 48,908-square-foot Tempe property is occupied by MedPlast. The institutionally maintained and managed three property portfolio of buildings was built between 1996 and 1998.

“All three properties are highly functional, leased long term to quality tenants and are strategically located,” Strong said.

“The high-tech nature of the properties offers exceptional features that include heavy power, abundant parking and the ability for tenants to grow within them. In addition, these assets have a Class A image, are close to an abundance of retail amenities and benefit from an extensive labor pool.”

All three properties are located in mature, established industrial areas, with the two University buildings located in Southbank Business Park that has direct access to Sky Harbor International Airport, Interstate 10, Interstate 17 and Arizona SR-143. The Geneva property is located in the Broadway Industrial Park and has excellent access to I-10 and Arizona SR-143.

CarverDistribution, WEB

Pet Club Leases 45,228 SF at Carver Distribution Center in Tempe

Cassidy Turley announced that it completed a lease of 45,228 SF for Mesa, Ariz.-based Pet Club at Carver Distribution Center, 860 W. Carver Rd. in Tempe, Ariz.

Executive Managing Directors Michael Haenel and Andy Markham with Vice President Will Strong of Cassidy Turley’s Industrial Group represented both the landlord, Des Moines, IA-based Principal Life Insurance Company, and Pet Club in the transaction.

Since 1982, Pet Club has been supplying Arizona residents with a variety of premium pet products at a discount price. The Pet Club is locally owned and operated in Arizona & Colorado. Pet club is a Certified Purina Feed Expert dealer and plans to use the newly leased space as a warehouse to support 42 retail locations.

Built in 1998, Carver Distribution Center is a ±272,460 SF, two building Class-A industrial project in Tempe. The property is centrally located in the Tempe/Sky Harbor Industrial Corridor and near two full-diamond Interstate 10 Freeway interchanges at Elliot Road and Warner Road. The Pet Club transaction brings Carver Distribution Center to 100% occupancy.