Tag Archives: Cassidy Turley

555North18thStreet, Cassidy Turley, WEB

San Francisco investor buys St. Luke’s Medical building for $8.45M

Cassidy Turley announced the successful sale of a ±49,816 square foot medical office building at 555 North 18th Street in Phoenix’s downtown submarket. San Francisco-based Stockbridge Funds purchased the St. Luke’s Medical property for $8.45 million ($169.62/psf) from Chicago-based Heitman Real Estate Investment Management.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.

Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.

Marley Park Plaza

Cassidy Turley reports two retail center sales

Cassidy Turley announced the sale of Marley Park Plaza, a 77,545 square foot, grocery-anchored neighborhood shopping center at 15411 W. Waddell Road in Surprise. IMAN Enterprises, LLC of Surrey BC, Canada, purchased the retail center for $12.45 million from Donahue Schriber Realty Group.

Cassidy Turley Executive Managing Directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher negotiated the transaction on behalf of the seller.

Located on 11.83 acres at the southeast corner of Waddell and Reems Road, the sale included the Basha’s anchored shopping center and an adjacent 2.45 acre developable land parcel. The parcel is currently planned for an additional 16,705 square feet of retail space. In addition to Basha’s, Marley Park Plaza tenants include Subway, H&R Block, Little Caesar’s Pizza, Baskin Robbins and Great Clips. Developed in 2007 by Donahue Schriber Realty Group, the property is located one-half mile east of the Loop 303 with frontage on two primary thoroughfares in Surprise. Marley Park Plaza was 98% leased at the time of sale.

“There was tremendous upside for the buyer with the future development of the adjacent parcel,” Hackett said.

The brokerage firm has also announced that Hayden Crossing Shopping Center, a 63,446 square foot neighborhood retail center at 8015-8035 E. Indian School Road sold for $14 million ($221.38 PSF).

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller Hayden Crossing Shopping Center, LLC. The buyer was a Phoenix investor, 919 Hillsdale, LLC.

Hayden Crossing

Hayden Crossing

“Hayden Crossing is located in a prime infill Scottsdale submarket with a very high barrier of entry by future competition,” Schubert said. “The center includes two quality, net lease tenants, Bashas’ and Walgreens.”

Hayden Crossing is located on six acres at the southeast corner of Hayden and Indian School Roads. The center was built in 2004 specifically for Bashas’ and Walgreens. The neighborhood shopping center services all of downtown Scottsdale, the city’s second largest employment center and a hub for technology and healthcare companies like Yelp and McKesson.

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.

Cave Creek CVS sells for $6.75M

Cassidy Turley reports that Mountain Villas, LLC, has purchased the 13,813 square foot CVS Pharmacy located at 28138 N. Tatum Blvd. in Cave Creek, AZ (85331) for $6.75 million.

Michael Campbell and Ed Colson Jr., CCIM,of Cassidy Turley’s San Diego office represented Mountain Villas LLC. John Wertz of Colliers International represented the seller, Charles W. Hostler Trust.

“We worked tirelessly with our client to satisfy his 1031 exchange and accomplish his investment goals.  We looked at a wide variety of potential deals,including those with credit and non-credit tenants, as well as a variety of geographies and product types.” said Mr. Colson.  “At the end of the day we were able to narrow  the search to a property that fits our client’s risk threshold. With this acquisition, he can also drive to see his new investment anytime.”

The free-standing CVS Pharmacy building, with drive-thru, is ideally located at the signalized intersection of N. Tatum Blvd and E Dynamite Blvd,  CVS has been successfully operating at the site since it was built in 2005 under a long-term triple net (NNN) lease.

2932 W Deer Valley, Cassidy Turley, WEB

California Investor Buys Motorcycle Mechanics Institute

Cassidy Turley announced the successful sale of a ±40,427 square foot Class B flex project at 2932 West Deer Valley Road in Phoenix’s Deer Valley Submarket. California-based Hyperion Fund L.P. purchased the property for $5.97 million ($148.00/psf) from California-based 2932 DVR LLC.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer, while Barry Gabel and Chris Marchildon with CBRE represented the seller.

Built in 2002, the Deer Valley building on 4.01 acres is part of a three building complex incorporating the Motorcycle Mechanics Institute (MMI) campus. The project is located at Deer Valley Road, one-half mile from the Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a private technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.

Black Canyon Business Park, Cassidy Turley, WEB

California investor buys Black Canyon Business Park

Cassidy Turley announced that BKM Capital Partners (Irvine, California) acquired Black Canyon Business Park, a ±219,090 square foot business park at 8041 North Black Canyon Freeway for $13.1 million. The seller was Business Properties (Irvine, California).

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Vice President John Pompay with Cassidy Turley’s Industrial Group brokered the transaction representing both parties.

“The project has an outstanding location, with freeway exposure,” Mr. Buckley said. “With the ability to capitalize on improving market conditions and tenant demand, Black Canyon Business Park offered exceptional value and upside potential for the buyer.”

Black Canyon Business Park is a 15 building business park with office, flex industrial and retail spaces ranging in size from 1,200 to 13,000 square feet. Built between 1975 and 1984, the property is located on the northeast corner of Northern Avenue and Interstate 17. The property was ±34% leased at the time of sale.

Colliers, WEB

Colliers International sells Class-B office in Phoenix

Colliers International in Greater Phoenix has recently completed the sale of a Class B office building in Phoenix for $950,000, or $79.40 a square foot.

Phoenix-based John F. Long Properties LLP purchased the building, located at 1118 E. Missouri Ave., from Gillman, Kawecki, McCluskey and Windes Investment Partnership of Phoenix.

Peter Nieman, an executive vice president, Kathy Foster, a senior vice president, and Marcus Muirhead, an associate vice president, all of Colliers International; served as the brokers for the seller.

Nieman and Foster are members of Colliers International’s Office Properties Solutions Group. The team has a diverse base of knowledge and expertise that leads to successful and tailored real estate solutions. Muirhead specializes in office and retail investment properties in the Phoenix area.

Thomas Jacobs of Cassidy Turley served as the broker for the buyer.

The building, encompassing 11,964 square feet, was constructed in 1975.

“The seller occupied and maintained the property, taking exceptional care of it. The building attracted much interest since there is a shortage of owner-user locations that have been well-maintained in that submarket,” Foster said.

CoStar

NXP Semiconductors leases 33KSF at Chandler Midway

The ViaWest Group announced today that NXP Semiconductors has signed a 10-year lease for 32,988 SF of office space at Chandler Midway Corporate Center, 5670 W. Chandler Blvd. Built in 2007, the project is comprised of two class-A office buildings totaling 111,800 SF. ViaWest originally purchased Chandler Midway in December 2012. At the time of the acquisition the buildings were 34 percent leased and with the addition of the NXP, the project is now 75 percent leased with deal activity that could bring the project in excess of 90 percent in the very near future.

NXP relocated to Chandler Midway from another ViaWest-owned building in the ASU Research Park. “We developed a great relationship with NXP and were excited that we were able to find an opportunity within our portfolio of assets that fit NXP’s long-term needs,” said Danny Swancey of ViaWest Group. “We pride ourselves as a relationship-oriented owner who works closely with the brokerage community and tenants to facilitate smooth and fair transactions for all parties involved,” added Gary Linhart of ViaWest Group.

Located at the northeast corner of Chandler Blvd and Gila Springs, the project is centrally located between the I-10, Loop 101 and new Loop 202 Freeways and is in close proximity to Chandler Regional Hospital. Chandler Midway is within 3 miles of 3MSF of retail amenities and 15 minutes from Sky Harbor International Airport.

We’re excited to continue our relationship with ViaWest and keep our Arizona operations in the Southeast Valley.  The talent of the workforce, quality of life, and lack of extreme weather and natural disasters are all factors that we consider when selecting sites, and Chandler has all of these key ingredients,” stated Greg Stuck, Sr. Director of Global Real Estate for NXP Semiconductors.

“The Chandler area has consistently outperformed the overall Phoenix market in attracting technology-related companies and is one of the top job-creating economies in the U.S. NXP continues this trend by bringing another a great global corporate name and quality workforce to Chandler Midway,” said Cassidy’s Scott Baumgarten. These properties are surrounded by first-class amenities, high-end executive housing and the I-10, Loop 101 & 202 Freeways making them very attractive to prospective tenants. Mark Stratz added, “NXP’s move to Chandler Midway solidifies their commitment to Arizona and further ratifies the Southeast Valley as one of the nation’s premier technology corridors.”

Vice Presidents Stratz and Baumgarten of Cassidy Turley’s Phoenix office represented the landlord and are currently marketing the remaining vacancy consisting of 23,117 SF in the 5670 building, as well as, a state-of-the-art 5,066 SF spec suite prominently located on the first floor lobby of the 5710 building. Don Rodie of Cushman & Wakefield’s Phoenix office represented the Tenant.

SAARS, WEB

TradeCor purchases SAARS building for $2.1M

4221_Obliques 1Cassidy Turley announced the $2.1 million ($247.06/psf) sale of SAARS Building, a Class-B office building at 4221 N. Scottsdale Rd. in the Scottsdale, Ariz., submarket. Phoenix-based 4221 Scottsdale LLC / TradeCor LLC purchased the property from Scottsdale-based Scottsdale Area Association of Realtors (SAARS).

Cassidy Turley Managing Director Mark Bramlett, Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller and buyer.

Built in 1982, SAARS Building is a two-story, ±8,500 square foot office building on .57 acres located in the heart of the Old Town Scottsdale entertainment district at Scottsdale Road and 4th Avenue. The Scottsdale Area Association of Realtors occupied the building since 1982 and recently purchased a building at the Scottsdale Airpark for its new headquarters. No details have been disclosed for redevelopment at this time.

“We are anxious to watch the evolution of this site in the near future,” said Mr. Bramlett. “Based on its zoning, the property has the potential to be redeveloped as a restaurant, bar or for numerous other adaptive reuses.”

MMIBuildingPR, WEB

Motorcycle Mechanics Institute building sells for $6M in Deer Valley

CBRE has completed the sale of the Motorcycle Mechanics Institute (MMI) Building located at 2932 W. Deer Valley Rd. in Phoenix. The 41,739-square-foot technical training facility commanded a sale price of $5.975 million.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office represented the seller, 2932 DVR, LLC. The buyer, Hyperion Fund, LP, was represented by Eric Wichterman and Mike Coover with Cassidy Turley.

Deer Valley is a prime area for large corporate users like Universal Technical Institute’s Motorcyle Mechanics Institute. Investment opportunities like this are unique and sought after because the asset provides the opportunity to acquire a well-located, 100 percent triple-net leased facility with a strong-credit tenant on a long-term lease,” said CBRE’s Gabel.

The MMI Building is 100 percent leased to UTI on a long term lease. It is one of three buildings that comprise the MMI campus. The building is located on Deer Valley Road, the main street serving the market, and half mile west of the Interstate 17. The property also benefits from its adjacency to numerous retail services, residential neighborhoods including multi-family developments and other strong corporate users.

Headquartered in Scottsdale, Ariz., UTI, a NYSE (UTI) publically traded company, is the leading provider of post-secondary education for students seeking careers in automotive, diesel, collision repair, motorcycle and marine technicians. UTI has more than 170,000 graduates from 11 locations througout the country within its 48 year history.

SkySong III

Online advertising co-op signs lease at SkySong 3

An advertising innovator changing the way companies advertise online will set up shop at SkySong 3 early next year.

The company, adhesive.co, is relocating from east Indian School Road and will begin its five-year lease at SkySong on January 1, 2015. The layout of the space will be in line with the online ad company’s philosophy of a creative and collaborative environment.

The performance display online advertising company—where they like to say “the geeks are in charge”—helps drive incremental business for clients and is regarded as an industry leader with a fresh approach to online advertising. The adhesive team turns pages of code into advertising solutions for advertisers and publishers.

With the leasing agreement, adhesive.co’s presence at SkySong will help enhance its brand and a perfect fit for its collaborative environment.

“The innovative environment at SkySong will become even more dynamic with the addition of adhesive,” said Sharon Harper, President & CEO of Plaza Companies, the developer of the project. “They are online ad innovators and model collaborators who represent the best in entrepreneurial striving. We are thrilled they decided to come to SkySong, where their unique view of the world will be welcomed with open arms.”

Chad Little, one of the adhesive.co founders alongside Patrick Schwind, said: “Serial entrepreneurialism needs the right place to grow and prosper. Fortunately for Patrick and I, and our clients, we have found that place—SkySong. It’s the perfect fit for our approach, for who we are and for what adhesive is all about. We can’t wait to move in and meet our new neighbors and potential collaborators.”

The addition of adhesive.co is the latest addition to the growing SkySong project, which recently saw the completion of the SkySong Apartments and is nearing the completion of SkySong 3, the third office building at the property. With the adhesive.co lease, SkySong 3 is now at 88 percent leasing occupancy even before opening its doors. Leasing is currently ongoing for SkySong 4, the next office building at the project, with construction anticipated to begin by the end of 2014.

Mark Seale of Cassidy Turley was the leasing agent handling the transaction for adhesive.co. The Lee & Associates team of Craig Coppola, Andrew Cheney and Gregg Kafka represented the SkySong ownership group.

SkySong, the ASU Scottsdale Innovation Center is a home to a global business community that links technology, entrepreneurship, innovation, and education to position ASU and Greater Phoenix as global leaders of the knowledge economy.

SkySong is a 42-acre mixed use development designed to:

• Create an ecology of collaboration and innovation among high-profile technology enterprises and related researchers;
• Advance global business objectives of on-site enterprises;
• Raise Arizona’s profile as a global center of innovation through co-location of ASU’s strategic global partners; and
• Create a unique regional economic and social asset.

Companies located at SkySong enjoy a special relationship with Arizona State University, which has more than 73,000 students at four metropolitan Phoenix campuses. Its campus in Tempe is the single largest campus in the U.S., and is located less than three miles from SkySong.

In addition to locating its own innovative research units at the center, ASU provides tenants with direct access to relevant research, educational opportunities and cultural events on its campuses. Through ASU’s on-site operations, tenant companies have a single point of contact for introductions to researchers, faculty and programs to address their specific needs.

CoutntryClubManor, WEB

Arizona Urology Specialists leases 12,034 SF at Country Club Manor

Cassidy Turley announced that it completed a 10-year lease of 12,034 square feet for locally-based Arizona Urology Specialists PLLC at Country Club Manor, 1221-1313 East Osborn Road in Phoenix.

Senior Vice President Gordon Raguse and Vice President Chris Jantz of Cassidy Turley’s Office Group represented landlord Hyperion Fund LP, while David Heiple of Heiple Travers Realty represented the tenant.

Arizona Urology Specialists is the largest provider of urologic services in Arizona. It is comprised of three practices with 21 physicians, five physician assistants and six locations throughout the Phoenix metropolitan area. The physicians practice the most advanced methods of treatment, providing patients with top quality comprehensive urologic care. They are nationally renowned and have been ranked among the nation’s and Arizona’s top physicians. The new lease is part of a relocation and expansion for Arizona Urology Specialists.

Built in 1987, Country Club Manor is a classic, two building two-story 89,214 square foot Class B office project on 4.58 acres. The property is centrally located in the Midtown Submarket at Osborn Road and 16th Street. The garden style office building is 81% leased with 16,927 square feet available and suites ranging from 1,144 square feet to 5,100 square feet. For more information contact Gordon Raguse at 602-224-4452.

WestoodBusinessCenter, WEB

California investor purchases Westwood Business Park for $7.4M

Cassidy Turley announced the $7.4 million ($80.88/psf) sale of Westwood Business Park, a Class B office development at 2222-2228 West Northern Avenue in the Northwest Phoenix Submarket. California-based LBK Trust III purchased the property from Nebraska-based MJA Holdings, LLC.

Cassidy Turley Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller, while Edward Nelson of Marcus & Millichap represented the buyer.

Built in 1981, Westwood Business Park is a ±91,491 square foot office complex consisting of four two-story buildings on 5.40 acres. The property is located conveniently in the heart of North Central Phoenix west of 19th Avenue and Northern Avenue. Westwood Business Park is minutes from the Interstate 17 and the Loop 101 freeways and in close proximity to shopping, restaurants, hotels, high-end communities, recreational parks and corporate centers. The business park was 82% leased at the time of sale.

GreenfieldGateway, Cassidy Turley, Wal-Mart, WEB

Cassidy Turley awarded leasing of 300KSF Walmart power center

Cassidy Turley announced it has been engaged by Greenfield Gateway Retail Investments for the marketing and leasing assignment of Greenfield Gateway in Mesa, Ariz.

The assignment consists of a 300,000 square foot shopping center anchored by Walmart Supercenter and Sportsman’s Warehouse. Cassidy Turley Vice President Brent Mallonee is now leasing the property.

“We are excited to be partnering with Greenfield Gateway Retail Investments on the leasing assignment of Greenfield Gateway,” Mr. Mallonee said. “The project is well located and conveniently accessible to the East Valley via the U.S. 60 Freeway. We are focused on leasing the shopping center up and improving the tenant mix, consistent with a first class power center.”

Greenfield Gateway is located at the southwest corner of the U.S. Highway 60 Superstition Freeway and Greenfield Road with immediate access from the U.S. 60 Superstition Freeway. It is adjacent to other regional centers that include At Home, Hobby Lobby and LA Fitness as tenants, and minutes from regional shopping destination Village Square at Dana Park.

The area boasts strong traffic counts and residential densities of over 130,000 people in a three mile radius. The Cassidy Turley team is currently leasing space configurations at Greenfield Gateway that can accommodate users seeking ±1,112 square feet suites to +35,000 square feet.

Pecan Promenade, WEB

Cire Equity acquires Pecan Promenade retail center in Tolleson

Cassidy Turley announced today that they have been awarded the leasing assignment for Pecan Promenade, a ±40 acre, ±336,023 square foot (sf) retail center on the northeast corner of 99th Avenue and Lower Buckeye Road by the property’s new owner, CIRE Equity of La Jolla.

Cassidy Turley’s Brad Douglass and Chris Hollenbeck have the leasing assignment for the retail power center. Pecan Promenade has ±16,968 available for lease with shops available from ±1,274 to ±6,000 sf. Anchor tenants at Pecan Promenade include Target, Ross Dress for Less, Rainbow Apparel, Dollar Tree, L.A. Fitness, Kirkland’s, Starbucks, Jack in the Box and Taco Bell.

“We are very excited to work on another property with CIRE Equity; they are a great owner and bring a creative energy to their assets,” according to Mr. Douglass. “Pecan Promenade has strong national tenants in-place and is an excellent opportunity for retailers to locate in a neighborhood center surrounded by a growing daytime business population and established residential neighborhoods.”

Pecan Promenade is located just south of Interstate 10 on major east/west and north/south arterial streets in the West Valley. The household income within a five mile radius of the center is more than $59,000.

hayden_ferry_lakeside

Cassidy Turley releases Q2 ‘Market Snapshots’

Cassidy Turley has released its Q2 market snapshots for Phoenix.

The brokerage firm reported the following market trends: “The metro Phoenix economy continues to post positive gains, adding 24,000 net new jobs year-over-year through the second quarter 2014 with a total employment base of 1,830,000 jobs. Moody’s recently raised its employment forecast for year end 2014 and now expects 40,600 net new jobs this year, compared to 38,600 net new jobs originally forecasted at the beginning of the year. As employment levels rise, the metro Phoenix unemployment rate improved year-over-year, declining 110 basis points to 5.9%. The metro Phoenix unemployment rate continues to outperform the national unemployment rate of 6.1%.”

Office

Highlights: Office vacancy has dropped below 20%, a first since 2008. At the end of Q2, 2.18MSF of office property was under construction. Four new projects broke ground, three of which were speculative construction (Chandler 202, Hayden Ferry III and Chandler Corporate Center).

Industrial

Quick Hit: By the end of Q2, nearly 3MSF of industrial property was under construction. During the quarter, 10 new projects broke ground (half of which were build-to-suit).

Retail

Highlights: At Home and Hobby Town’s occupation in the northwest Phoenix submarket contributed significantly to 460,845 SF of positive net absorption in Q2. Vacancy declined 10 basis points, finishing the quarter at 12.1%. Year-end net absorption is expected to be 2.5MSF and vacancy to drop below 12 percent, which hasn’t happened since 2009.

Broadway101_Phase3_Elevations_CT

Pacific Realty Advisors plan 211KSF spec industrial project

Cassidy Turley announced today that Pacific Realty Advisors (Kenn Francis and Tod Thorpe, Scottsdale, Ariz.) will break ground this year on a ±211,505 SF, two-building industrial project on the northwest corner of Broadway Road and Dobson Road in Mesa, Ariz.

Cassidy Turley’s Mike Haenel, Andy Markham, SIOR, and Will Strong have the leasing assignment for the 16-acre project that includes a ±147,670 SF warehouse/distribution building and a ±63,835 SF general industrial building.

“Clearly, there is major demand for this product type in the Southeast Valley,” said Mr. Markham, Executive Managing Director. “This location is also ideal for distribution and general industrial given its proximity to three major freeways and deep employment base.”

The warehouse/distribution building will have 32-foot clear height and includes 28 dock and five grade level doors and ESFR capabilities. It includes a ±148-foot concrete truck court along the north side of the building and a ±40-foot driveway on the south side along Birchwood Avenue with direct access to Broadway and Dobson roads at a lighted intersection.

The general industrial building will have 26-foot clear height and includes 10 truck well and 12 grade level doors, with a ±120-foot truck court along the south side of the building.
Pacific Realty Advisors plans to break ground on the yet to be named project during the third quarter. The architect for the project is Euthenics Architecture, project manager is T.L. Steimel and Associates and the engineer is CaliChi Design Group.

Zanjero Falls, WEB

Zanjero Falls in Glendale sells for $9.1M

Cassidy Turley announced that Select Healthcare Solutions, LLC and Phoenix Cyberknife, and Radiation Oncology Center, LLC has acquired Zanjero Falls, a 147,405 SF office property, plus an additional ±10 acres, at 7410 N. Zanjero Boulevard in Glendale, Ariz. for $9.1M. The seller was RCFC Zanjero Falls, LLC.

Senior Managing Directors Steve Lindley, Bob Buckley and Tracy Cartledge, Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group, brokered the transaction on behalf of the seller. TJ Zaharis of COBE Real Estate represented the buyers.

“The sale of Zanjero Falls to Select Healthcare Solutions and Phoenix Cyberknife is an indication we are continuing to see improvement in the West Valley office market,” Mr. Lindley said.

Built in 2008 and never occupied, Zanjero Falls is a Class A office development that includes a single story and a three story office building, in shell condition. The property’s Spanish Colonial architecture sets it apart and features Cantera stone and wrought iron throughout, including arches, towers, balconies and breezeways and a cupola. Additionally, the complex features resort-style landscaping with synthetic turf areas and a signature water feature and bridge at the main entrance.

In addition to the completed office space, the sale included ±10 acres of developable land currently configured as eight fully improved lots for future development. The property is located in the heart of the Glendale Entertainment District, directly north of Westgate City Centre; Tanger Outlet Mall; University of Phoenix Stadium, home to the Arizona Cardinals; and Jobing.com Arena, home to Phoenix Coyotes.

McKemy MTD Southwest, WEB

Calgary investment group sells Tempe property for $7.5M

Cassidy Turley announced that a Calgary, Alberta, Canada based investment group, McKemy Holdings, has sold an 81,200 square foot(sf) industrial property at 9235 S. McKemy St. in Tempe, AZ for $7.5 million. The buyer was Scottsdale-based private investment company, Development Services of America.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group, brokered the transaction on behalf of seller and buyer.

Built in 1999, the single tenant industrial building is fully occupied by MTD Southwest, Inc. an international design, manufacturing and sales company of outdoor power lawn and garden equipment.

“The buyer purchased a high quality industrial building in South Tempe, one of the strongest submarkets in the Phoenix Metro,” according to Lindley, “This provided a stable, secure investment, particularly when combined with the lease to a major international tenant”

football

Arizona Super Bowl Host Committee Announces Board

The Arizona Super Bowl Host Committee announces its Board of Directors for Super Bowl XLIX. The board of directors is comprised of business leaders that volunteer their time to drive the state’s efforts for Super Bowl XLIX.

The Host Committee is a private, non-profit Arizona corporation. The mandate of the Host Committee is to galvanize local stakeholders in a united approach to hosting the largest single-day sporting event by maximizing positive media exposure, fueling the economic engine of Arizona and leaving a lasting legacy long after the excitement of the Big Game. The board was assembled in 2013 to begin planning and to garner local corporate support and sponsors.

Board members include:
● Board Chair David Rousseau, president, SRP

● Brad Anderson, executive vice president, brokerage office services, CB Richard Ellis

● Michael Bidwill, president, Arizona Cardinals

● Jose Cardenas, senior vice president and general council, Arizona State University

● David Farca, president, ToH Design Studio

● Jim Grogan, chief operating officer, International Capital Investment Company

● Michael Haenel, executive vice president, Cassidy Turley

● Mike Kennedy, partner, Gallagher & Kennedy, P.A. (chairman, Super Bowl XLII Host Committee in 2008)

● Dan Lewis, senior vice president, Sovereign Finance

● Jeffrey Lowe, president, MidFirst Bank

● Mary Martuscelli, regional president for the private client reserve, U.S. Bank

● Andrew McCain, vice president and CFO, Hensley Beverage Company

● Patrick McGinley, vice president of property management, Vestar

● Steve Moore, president and CEO, Greater Phoenix CVB

● Jodi Noble, partner, Deloitte

● Jay Parry, president and CEO, Arizona Super Bowl Host Committee

● Earl Petznick Jr., president and CEO, Northside Hay Company

● Ken Van Winkle, managing partner, Lewis Roca Rothgerber LLP

● KJ Wagner, president and CEO, Willis of Arizona, Inc.

● David Watson, co-founder and managing partner, mybody and president and managing partner, Revolution Tea

● John Zidich, CEO, Republic Media Publisher, The Arizona Republic

“We have an impressive group of business leaders working together to meet the fundraising goals for Super Bowl XLIX and to maximize the opportunity to build the Arizona brand in this unparalleled global spotlight,” said David Rousseau, Arizona Super Bowl Host Committee chairman. “We want to promote Arizona as an ideal destination for businesses and tourists well beyond Super Bowl XLIX.”

Super Bowl XLIX is scheduled to be played at University Of Phoenix Stadium on February 1, 2015, marking Arizona’s second Super Bowl in seven years. In Super Bowl XLII at University of Phoenix Stadium on February 3, 2008, The New York Giants beat the New England Patriots 17-14. Arizona’s first big game, Super Bowl XXX, was held at Arizona State University’s Sun Devil Stadium in 1996, with the Dallas Cowboys beating the Pittsburgh Steelers 27-17.

For more information on the Board of Directors, please visit http://azsuperbowl.com/about-us/meet-the-team/

RiversideOfficePlazaII, WEB

Condo at Riverside Office Plaza II sells for $2.8M

Cassidy Turley announced the sale of nine office condos at Riverside Office Plaza II totaling ±29,223 SF in the Tempe/Airport Submarket. Phoenix-based investor Attis Investments, LLC purchased the nine condos for $2.805 million ($95.98/psf) from San Diego-based Southwest Value Partners.

Executive Managing Director Jeff Wentworth and Vice President Sean Spellman with Cassidy Turley negotiated the transaction on behalf of the seller, while Mark Gustin of JLL represented the buyer.

Attis Investments is a commercial real estate investment company focused primarily on office and industrial properties in the Phoenix area. It plans to lease and build out the vacant office condos.

Built in 2007 at 1215 and 1255 West Rio Salado Parkway, Riverside Office Plaza II is a two building, two story development with 27 office condos totaling 75,500 square feet. The Riverside Office Plaza development is neighbors with the acclaimed Tempe Center for the Arts and overlooks the scenic Rio Salado area and Tempe Town Lake. The property is located east of the southeast corner of Priest Drive and Rio Salado Parkway with excellent access to the freeways, one mile from the Mill Avenue shops and restaurants and two miles from Sky Harbor International Airport. The project is currently 100% sold out.

Vehicle Accessory Center leases 15KSF in Phoenix

Cassidy Turley announced that it completed a lease of 15,717 square feet for Vehicle Accessory Center at Lincoln Commerce Park II, 2125 S. 11th Ave. in Phoenix.
Vice President Louis Finocchiaro, SIOR, of Cassidy Turley’s Industrial Services Group represented California-based, Vehicle Accessory Center, while Jeff Conrad and Alan Lowe of Lee & Associates represented the landlord, CREF LPC, LLC.

“Vehicle Accessory Center considered industrial sites from Peoria to Tempe in pursuit of the right location,” said Finocchiaro.

Vehicle Accessory Center is an exclusive distributor of General Motors auto parts and accessories. Its first Arizona location will be used as a distribution center serving the Phoenix metro area.

Parkside Apartments, Cassidy Turley, WEB

Clear Sky Capital purchases Parkside Apartments in Tempe

Cassidy Turley announced the sale of Parkside Apartment Homes, a 100 unit multi-family community located at 1801 East Cutler Drive in Tempe, AZ. Clear Sky EBH, LLC (Clear Sky Capital, Marcus Kurschat) purchased the property from Northstreet Associates, LLC (KC Venture Group, Paul Fingerish) for $5.95M ($59,500/unit). Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction.

“The purchase of Parkside marks the 14th acquisition in Arizona for Clear Sky Capital since 2011, making them one of the most active buyers in our market,” Fogler said.

Built in 1962, Parkside is located near the intersection of Broadway Road and Priest Drive in Tempe. The property offers one and two bedroom units ranging in size from 610 to 910 square feet. The community includes a clubhouse, a resort style pool, all single story units, park-like grounds and is less than two miles from Mill Avenue and Arizona State University.

Pinnacle Queen Creek

Oregon investment firm purchases Chandler multi-family community

Cassidy Turley has announced the sale of Pinnacle Queen Creek, a Class “A” apartment community located at 800 W. Queen Creek Road. Oregon Pacific Investment and Development Company purchased the 252 unit garden style apartment community for $33.3 million ($132,143 per unit). The seller was Pinnacle at Queen Creek, LLC, a company controlled by The Northwestern Mutual Life Insurance Company of Milwaukee and Essex Property Trust of Palo Alto, California.

Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the seller.

“Pinnacle Queen Creek is a best-in-class example of a suburban multi-family community in one of the Valley’s top submarkets, Chandler,” said Mr. Fogler. “It’s proximity to major employers and amenities, along with its exceptional design and amenities, made it a highly desirable acquisition for an investor.”

Pinnacle at Queen Creek was built in 1999 and includes one, two and three bedroom units in two story buildings. The low-density complex, at less than 15 units per acre, includes a gated entry, attached and detached garages, community swimming pool, fitness center, movie theatre and clubhouse. The units range in size from767 to 1,262 square feet. All of the units have washers and dryers, and a portion of the units featured upgraded interiors.