Cassidy Turley announced the sale of a 13,082 square foot freestanding industrial building at the Broadway Industrial Park, 807 West Geneva Drive in Tempe, Ariz. Tempe-based Vick Holdings, LLC purchased the property for $800,000 ($61.15 PSF) from Tempe-based Christofolo Enterprises, Inc.
Paul Sweetland, SIOR, Vice President of Cassidy Turley’s Industrial Group represented the buyer, while Scott Backes of Menlo Group represented the seller in the transaction.
Built in 1979, 807 West Geneva Drive is a ±13,082 square-foot, industrial building on .80 acres. The property is centrally located in the Tempe/Sky Harbor Industrial Corridor with easy access to Sky Harbor International Airport, Interstate 10 and the U.S. Route 60. The building was vacant at the time of sale. Vick Holdings, LLC, specializing in the sale, service, and repair of landscaping equipment, plans to occupy the entire property.
Cassidy Turley announced the sale of Airport Business Park, a ±39,994 SF, multi-tenant industrial building at 2328 E. Van Buren St. A California-based investor, Airport Business Park Phoenix, LLC, purchased the property for $2.05 million ($51.26/psf) from Airport Business LLC (Portland, OR). Cassidy Turley Senior Managing Directors Paul Boyle and Rick Danis negotiated the transaction on behalf of the buyer. Leroy Breinholt with Commercial Properties, Inc. represented the seller.
Built in 1982, Airport Business Park includes five single-story buildings on ±2.39-acres.The property was 95 percent leased to 28 tenants at the time of sale.
Cassidy Turley announced that it completed a lease of 15,054 square feet for locally based The Leona Group Arizona, LLC at Catalina Terraces, 7878 North 16th Street in Phoenix.
Cassidy Turley Vice President Justin Himelstein represented the tenant, while Phil Breidenback, Keith Lambeth, Lindsey Carlson and Ryan Timpani with Colliers International represented Catalina Terraces Operating Associates, a company formed by Rosemont Realty.
“We scoured the market for potential sites to purchase and lease, but it made the most financial sense for The Leona Group to renew and remain at Catalina Terraces,” Himelstein said. “We were able to reduce overall occupancy costs while negotiating tenant improvements to modernize the space.”
The Leona Group is a national provider of services to charter schools and among the nation’s pioneers of education reform. Leona formed in 1996 to provide quality school choices to families, primarily in urban communities. Each school curriculum is centered on the child, with lessons and standards presented in ways that help students thrive and succeed with comprehensive school management services as well as rewarding careers for world-class educators. The Leona Group currently operates 60 schools in Arizona, Florida, Indiana, Michigan and Ohio with approximately 18,000 students enrolled. Its philosophy is that every child can and will learn, regardless of ethnicity, economic or educational disadvantage.
Built in 1990 and renovated in 2002, Catalina Terraces is a 177,522 SF Class-A office building with a unique Southwestern design adjacent to the Phoenix Mountain Preserve and Pointe Hilton Resort. The project has quick access to the State Route 51 and is minutes from Sky Harbor International Airport. The Leona group will use the space for its Corporate Headquarters.
Cassidy Turley announced the sale of a ±58,120 SF Class-B flex, office-industrial project at 2844 W. Deer Valley Rd. and 2837 W. Louise Dr. in Phoenix’s Deer Valley submarket. California-based Hyperion Fund L.P purchased the property for $6.3M ($108.40/psf) from locally based City Park, LLC, a company formed by Cutler Commercial.
Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer.
Built in 1983 and 1985, the Deer Valley project is a ±58,120 SF, two building complex that includes 42,160 SF and 15,960 SF structures. The project is located at Deer Valley Road and 27th Avenue one mile from the Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.
Cassidy Turley announced the sale of 180-unit Park Tower apartments at 1283 W. Parklane Blvd. in Chandler, Ariz. Clear Sky Park Tower LP (dba, Clear Sky Capital Inc) purchased the property for $15.2M ($84,444 per unit) from Park Tower LLC. Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the buyer.
“Park Tower was owned by the previous ownership entity for over 20 years,” according to Mr. Nicoluzakis. “Clear Sky saw significant opportunity to unlock value with updates to the property.”
Clear Sky plans to renovate common areas and update the interiors of the units.
Cassidy Turley announced the sale of a 4,800 SF freestanding retail building at 810 and 812 East Camelback in Phoenix’s Camelback Corridor.
Valley-based Abbott Properties LLC, an entity of Earnhardt Auto Centers, purchased the property for $1.8 million ($375.00/psf) from Whitefield Family Trust. Cassidy Turley Vice President Brent Mallonee and Associate Vice President Ryan Leavitt negotiated the transaction on behalf of the seller, while Michael Lieb of Michael A. Lieb Ltd. represented the buyer.
The sale is part of a multi-property assemblage comprised of sites ranging from a $2.5 million sale of almost three acres to a $271,215 deal for an office condominium. The mix of properties included a former mobile home park, restaurants, retail shops and a 12-suite office condominium project that had 10 owners.
“We are continuing to see an influx of infill property redevelopment and assemblage deals along the Phoenix Camelback corridor,” said Mr Leavitt. “We expect continued strong demand and momentum from investors and end-users in the Camelback corridor.”
Earnhardt Auto Centers plans to use the property to relocate its North Scottsdale Lexus Dealership. The new, relocated dealership is slated to open in 2016 provided zoning is approved.
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.
Cassidy Turley announced that locally-based Douradas Investments, LP acquired the Universal Exchange Building, 24490 N. 20th Dr., for $1.38M ($105 PSF). The seller was Pallanick Family, LLC a company formed by Universal Exchange.
John Pompay Vice President of Cassidy Turley’s Industrial Group represented the seller, while Shelly O’Keefe with Biltmore Lifestyles Real Estate Company represented the buyer.
Built in 2007, the Universal Exchange Building is a ±13,181 SF industrial warehouse on .83 acres and is configured for a single-tenant. The property is located at 19th Avenue and Alameda Road in the Alameda Business Park, a 155,080 SF warehouse/office project with 11 buildings on 10.7 acres. The property featured several upgrades including an insulated roof deck in the warehouse, motion activated T-5 lighting and video security system. At the time of sale, the building was occupied by Universal Exchange, a full service facilities management company.
Cassidy Turley announced that Los Angeles-based Primestor Development acquired Palm Glen Shopping Center, 3500-3636 W. Glendale Ave., for $14.35M ($81.67 PSF). The seller was Phoenix-based Palm Glen Investors, LLC. Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller, while Alexis Suarez with Arizona Partners represented the buyer.
“Primestor recognizes great value in the underlying real estate of the Palm Glen Shopping Center,” Mr. Hackett said. “In-fill grocery anchored centers with upside potential are hard to come by in the Phoenix market.”
Built in 1961 and renovated in 1990, Palm Glen Shopping Center is a ±175,686 square foot community center situated on 16.12 acres and configured for multi-tenant retail use. The project is anchored by a Food City grocery store and other national tenants including Wells Fargo, Dollar Tree, Aaron Rents, Little Caesar’s Pizza and Title Max. The property has excellent visibility along both Glendale Avenue and 35th Avenue in Phoenix. Palm Glen Shopping Center was 86.2% occupied at the time of sale.
Cassidy Turley announced that it represented building owner Quach, LLC, in its lease of 15,215 SF to an affiliate of Phoenix-based Banner Health, an Arizona non-profit corporation, at 1410 W. 10th Pl. in Tempe, Ariz.
Marc Tuite, Scott Baumgarten, Josh Wyss and Bruce Calfee with Cassidy Turley represented Tempe-based Quach, LLC, while Vicki Robinson of JLL represented Banner Health’s Howard S. Gray School.
“The relocation of Banner Health’s Howard S. Gray School is a great tenant for the building, previously renovated for educational use” said Mr. Baumgarten. “The school will have a positive impact on the community of Tempe as well.”
The Howard S. Gray School is a nationally accredited private school that offers a smaller class size, experienced faculty and individualized curriculum to help students with emotional or learning challenges reach their academic potential.
Built in 1979, the former Collins College School is a 15,215 square foot office building on 1.02 acres. The project had an office/classroom build-out and is centrally located in the east valley with access to Interstate 10, the Loop 202 Freeway, U.S. Highway 60, State Route 143, the new Loop 202 Freeway and Sky Harbor International Airport. The property is currently 100% leased.
Cassidy Turley announced the sale of a ±0.72 acres/±31,427 SF development site at 4422 N. 75th St. in Scottsdale, Ariz. Deco Acquisitions, LLC (dba, Deco Communities) purchased the property for $4.05M ($128.87 per square foot) from Hewson 75th St., LLC. Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis and Managing Director Don Arones negotiated the transaction on behalf of the seller.
“Downtown Scottsdale continues to attract residents that are looking for a living environment that offers convenience and walkability to their jobs, to entertainment venues and to some of the Valley’s best amenities,” said Mr. Nicoluzakis. “This development site was perfectly situated to meet all of those demands, and was zoned to allow for the new owners to come in and build luxury residential units.”
Scottsdale-based Deco Communities announced plans for Envy, a 90-unit, 8-story luxury condominium tower on the property. They will be developing the project in conjunction with Minneapolis-based Castlelake and California-based Isles Ranch Partners.
Cassidy Turley announced the sale of Prologis Riverside Distribution Center, a ±250,796 SF industrial project at 2225 South 43rd Avenue in the southwest Phoenix submarket.
Pennsylvania-based Exeter Property Group purchased the property for $13.2M ($52.63/psf) from San Francisco-based Prologis. Cassidy Turley Executive Managing Directors Andy Markham and Mike Haenel and Vice President Will Strong negotiated the transaction on behalf of the buyer and seller.
“This transaction represents an opportunity for Exeter Property Group to strengthen its Phoenix presence with a quality industrial asset,” Mr. Markham said. “Exeter is poised to benefit from future rent growth, rising values and strengthening market fundamentals.”
Riverside Distribution Center has been institutionally maintained and managed by Prologis, the leading owner, operator and developer of industrial logistics real estate across the Americas, Europe and Asia. The property is a highly functional industrial project that is ideal for a major distribution or logistics operations. The facility is strategically located with direct access to both Interstate 10 and Interstate 17 via full diamond interchanges, and a short drive to both U.S. Route 60 and Loop 101. The property was 44% occupied at the time of sale. Exeter Property Group plans to lease the balance of the space to a corporate tenant looking to take advantage of the central location, efficient layout and modern features of the asset.
Cassidy Turley announced that Jared Langenhuizen has joined the firm’s Project and Development Services division as Senior Vice President in the Phoenix office.
Mr. Langenhuizen will be responsible for managing all phases of the development process, including ground-up projects, redevelopments and tenant improvements.
“We are excited to be adding the Project and Development Services Group to our Arizona service line,” said Bryon R. Carney, Managing Principal at Cassidy Turley. “Having someone with Jared’s knowledge and experience will allow us to provide a full-range of integrated services for our clients and continue our focus on meeting all of their real estate needs.”
Mr. Langenhuizen has over eight years of project management and project development experience. Most recently, he was the Development Coordinator for Capital Commercial Investments, where he was recognized with a 2014 RED Award for the Best Redevelopment Project in Arizona for his work on Continuum, a 152-acre master planned business park in Chandler.
“Jared will work closely with all of the services lines in Phoenix to ensure that all clients, both tenants and owners, have their projects delivered on time and under budget, with minimal risk,” remarked Jason Schlutt, West Coast Managing Director for Project and Development Services at Cassidy Turley.
A graduate of the Arizona State University, Mr. Langenhuizen has a bachelor’s degree in construction and a master’s degree in real estate development. He is a member of NAIOP and ULI.
Cassidy Turley has completed a 0.83-acre (36,213 square feet) build-to-suit lease for MRG Marketing & Management, Inc., Southwest franchise partner for Raising Cane’s Chicken Fingers, at Arrowhead Marketplace, located at the northwest corner of Bell Road and 79thth Avenue in Glendale.
Cassidy Turley Vice President Mark Bramlett represented MRG in its lease transaction with the landlord, Evergreen 79th & Bell, LLC, a division of Evergreen Development. The Glendale location will open summer 2014.
MRG has opened five Raising Cane’s restaurants within the metro Phoenix area since 2011 at 2715 W. Peoria Ave. and 4325 E. Thomas Road in Phoenix, 960 E. University Drive in Tempe, 9935 W. McDowell Road in Avondale and 1945 S. Stapley Drive in Mesa. The company also operates seven Raising Cane’s restaurants in Nevada, with plans for two additional locations. The concept for Raising Cane’s was started in 1996 in Baton Rouge, LA. The quick-service restaurant chain was named in the Top 3 on Sandelman’s 2012 and 2013 Excellent Fast-Food Chains list.
Cassidy Turley announced that it completed an expansion lease of 15KSF for Prest-O-Fit (Chandler, Ariz.) at Eastpoint Business Center, 3191 N. Washington St. Senior Vice President Pete Klees with Cassidy Turley’s Industrial Group represented the tenant, while Evan Koplan and Mike Parker with CBRE represented the landlord, Dalfen America (Quebec, Canada).
“Prest-O-Fit is one of the few medium-sized businesses which I have seen grow robustly during these slow economic times” Mr Klees said.
Prest-O-Fit is a provider of high-quality RV products and flooring accessories including RV sewer and sanitation products, step rugs, patio rugs, mats and interior rugs.
Built in 1997, Eastpoint Business Center is 77,225 SF industrial warehouse on 6.91 acres. The project is centrally located in the east valley with access to the Loop 101 Freeway, U.S. Highway 60, the new Loop 202 Freeway and Sky Harbor International Airport. Eastpoint Business Center was renovated in 2012 and is currently 100% leased.
Cassidy Turley announced the sale of Desert Creek at Las Sendas, 3.79 acres of land at the northeast corner of Loop 202 and McDowell Road.
Phoenix-based Pathfinder Academy, LLC, purchased the property for $1.15 million ($6.96/psf) from locally based Talon Properties, LLC. Cassidy Turley Executive Managing Director Brent Moser, Vice President Mike Sutton and Associate Brooks Griffith negotiated the transaction on behalf of the seller, while Wayne McNutty of Titanium Commercial represented the buyer.
Pathfinder Academy, LLC, will build its second east valley charter school on the land. The original charter school, Sequoia Pathfinder Academy, is located in the east Mesa community of Eastmark and plans to open in the fall of 2014. The Ryland Homes community of Desert Creek at Las Sendas will be home to the next Pathfinder Academy, which is slated to open in 2015.
“We feel the educational component will be a nice compliment to Desert Creek at Las Sendas,” Mr. Sutton said. “The charter school will service not only the new Ryland Homes community but also the surrounding area. Both residential and school projects are scheduled to start construction in the second of 2014.”
The Pathfinder Academies are K-6 elementary schools offering a learning environment that inspires academic excellence through an engaging and personalized approach. The charter schools will focus on an inquiry based learning environment with a “Children’s Museum” mindset. Parents and students will find themselves ensconced in a learning environment that invites students to expand their horizons through hands-on interactive and dynamically challenging displays throughout the campus.
Cassidy Turley announced that it has completed a 14KSF lease for Real Life Ministries at Foxfire Commerce Center Phase II, 13128-13200 W. Foxfire Dr. in Surprise, Ariz. Cassidy Turley Vice Presidents Louis G Finocchiaro, SIOR, and John Pompay with Cassidy Turley’s Industrial Group represented the landlord, locally based Foxfire Partners, LLC.
Real Life Ministries is a community church offering worship services and ministry classes with the vision of becoming the largest multicultural church in Arizona.
Built in 2008, Foxfire Commerce Center Phase II is a four-building, 132KSF industrial warehouse on 9.81 acres. The project is located in the west valley on the northeast corner of Grand Avenue and Bell Road with easy access to the Loop 101 Freeway and 37 minutes from Sky Harbor International Airport. Foxfire Commerce Center Phase II is currently 81% leased with suites available for lease from 2,851 to 11,274 SF.
Cassidy Turley announced the sale of Mesa Southern Suites, a 23,400 SF industrial project at 330-340 East Southern Avenue in Mesa, Ariz.
Phoenix-based company Mesa Drive & Southern Commercial Suites, LLC purchased the property for $1.14M ($49.56/psf) from REO Asset Manager, Thomas Hosier of Stearns Bank National Association (Saint Cloud, MN). Cassidy Turley Senior Managing Directors Paul Boyle and Rick Danis negotiated the transaction on behalf of the buyer, while Mark Phillips of Newmark Grubb Levy Strange Beffort represented the seller.
“With unit sizes as small as 500 SF, the Mesa Southern Suites allows smaller users the opportunity to enjoy major street exposure along two busy streets and the ability to expand into larger spaces as their business grows” Mr. Boyle said.
Built in 1982, Mesa Southern Suites consists of five multi-tenant industrial/commercial buildings totaling ±23,400 SF wrapping around the northwest corner of Southern Avenue and Mesa Drive. The property is ideal for small industrial/service center users as well as tenants with incidental retail uses. Mesa Southern Suites is accessible from Southern Avenue, Mesa Drive, and Wilbur Avenue. It is located less than one mile from U.S. Highway 60, allowing convenient access to all parts of the Valley. The property was 38% occupied at the time of sale. The new owner plans to add capital improvement upgrades to the property and stabilize the asset.
Cassidy Turley announced the sale of One Agave Center, a 20,818 SF, Class-A office project at 8950 S. 52nd St. in Phoenix. A company formed by Houston-based Griffin Partners purchased the property for $9.8M ($128.06/psf) from locally based One Agave LLC. Cassidy Turley Executive Managing Director Eric Wichterman, Senior Vice President Mike Coover, Executive Managing Director Mike Beall and Vice President Chris Walker negotiated the transaction on behalf of the buyer and seller.
“With the upgrades planned by its new ownership, One Agave will easily maintain its status as the only true Class A office building in the immediate trade area,” Mr. Wichterman said.
Built in 2001, Agave Center is a four-story, multi-tenant office building. The property was 60% occupied at the time of sale.
Cassidy Turley announced the completed the sale of Shea Scottsdale to an entity formed by Jerry Simms for $44.5M. Shea Scottsdale, 10653 N. Scottsdale Road, is a 160,228 SF retail center anchored by Safeway and CVS Pharmacy. The seller was Karlin Real Estate, based in Los Angeles.
Executive Managing Directors Michael Hackett and Ryan Schubert with Cassidy Turley Capital Markets Group represented Karlin Real Estate. Marty DeRito with DeRito Partners assisted the buyer.
“Shea Scottsdale is one of the premier neighborhood centers in the Southwest,” Mr. Hackett said. “The buyer saw tremendous value in the stability and long term growth available in purchasing an asset of this quality.”
The center was built in 1994 and was 95% leased at the time of sale. The transaction included all in-line space as well as additional pads with freestanding structures, including Wells Fargo, McDonalds, MidFirst Bank, Jason’s Deli and Arby’s.
Mr. Hackett and Mr. Schubert sold Shea Scottsdale and an adjacent 117,025 SF retail center Shea Scottsdale East, 7366 E. Shea Boulevard, to Karlin Real Estate in October 2011 for $50.32M. At that time the two centers had a combined overall occupancy of 85%. Karlin Real Estate has retained ownership of Shea Scottsdale East.
Cassidy Turley announced that Los Angeles-based FS Tatum Plaza, LLC (Westwood Financial) acquired Tatum Plaza, a 29,460 SF neighborhood retail center for $8M ($270 PSF). The seller was Cave Creek and Tatum, LLC (Park West Partners). Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group negotiated the sale transaction.
Located at 29455 N. Cave Creek Road, on the southeast corner of Cave Creek Road and Tatum Boulevard, the retail center was built by Park West Partners in 2007. The Fry’s anchored center (space not included in sale), includes American Family Insurance, Baskin Robbins, Hi Health and Great Clips. The center was 90 percent occupied at the time of sale.
Sue Cannon, LEED Green Associate, has joined Cassidy Turley’s property management division as vice president in the Phoenix office.
Cannon will oversee all operations of the property management portfolio and staff in Cassidy Turley’s Arizona office. In addition, she will be responsible for strategic business planning and management of client relationships.
“Sue’s experience and expertise in real estate management, leasing and operations will enhance the strong Cassidy Turley team we have in Phoenix,” said Paul F. Klink, senior managing director and principal at Cassidy Turley. “She’s highly regarded by her colleagues and clients, and her proactive management style is directly in line with the goals we have for our property management team.”
Cannon has more than 20 years of experience as a licensed real estate professional, managing and overseeing property management services for institutional and large investor owners in Arizona. Most recently, she was the Director of Property Management for J&J Commercial Properties in Phoenix. Cannon has extensive experience supervising teams of property managers, accountants and maintenance personnel, as well as acting as a third-party manager for institutional owners of multi-million square foot portfolios. She maintains an intense focus on problem solving and building outstanding relationships and is responsible for strategic business planning and management of client relationships.
A graduate of the University of Arizona and a licensed Arizona realtor, Cannon is a member of BOMA.
Cassidy Turley sold 13,419 SF, consisting of three office condos, at Riverside Office Plaza II, 1255 West Rio Salado Parkway in Tempe. FP Real Estate Holding, LLC dba Sonoran Spine Center (Phoenix) purchased the property for $1,375,447 ($102.49/psf) from Southwest Value Partners (Phoenix). Executive Managing Director Jeffery Wentworth and Vice President Sean Spellman, with Cassidy Turley’s Office Group, represented the seller while Fletcher Perry of Colliers International represented the Buyer.
Sonoran Spine Center. is an orthopedic spine care center specializing in all aspects of the spine including spinal surgeries. The center currently has five office locations in the Phoenix area and one office in Show Low. The new Tempe location will be part of an office location expansion for the Sonoran Spine Center.
Built in 2007, Riverside Office Plaza II is a two-story, office condo project featuring two office buildings totaling 75,500 SF. 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 2 miles from Sky Harbor International Airport. The project has condos 1,700-11,422 SF remaining for sale.
Cassidy Turley announced Friday that it sold two office buildings of the Redrock Business Center equaling ±21,190-square-feet at 17100 East Shea Boulevard in Scottsdale. A2Z Properties (Scottsdale, AZ) purchased the property for $1,925,000 ($90.84/psf) from MJA Investments (Lincoln, NE). 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 2000, Redrock Business Center is a single-story Class B office complex featuring four (4) buildings designed to accommodate multiple tenants. The property is located in the Fountain Hills submarket at a high-traffic signalized intersection near the Beeline Highway 87. The building features great visibility from Shea Boulevard. The centers two buildings were 73 percent occupied at the time of sale.