Tag Archives: Cassidy Turley of Arizona

Mountain View Medical

Cassidy Turley Completes 11,312 SF Lease At Mountain View Medical Center

 

Cassidy Turley completed a lease renewal for 11,312 SF for Scottsdale Medical Imaging Ltd. at Mountain View Medical Center, 10599 N. Tatum Blvd.

Senior Vice President Thomas Weinhold of Cassidy Turley Arizona’s Healthcare Practice Group represented the landlord, Mountain View Medical Center, LLC (Phoenix) in the renewal; Rich Andrus of Menlo Group represented the Tenant.

Scottsdale Medical Imaging is a medical imaging company serving Scottsdale and the Southeast Valley for more than 30 years. The company is based in Scottsdale and is fully owned and operated by 40+ board-certified radiologists, with Scottsdale Healthcare as a partner.

Built in 1981, Mountain View Medical Center is a ±58,991 SF, Class A, six building, office medical project in the Town of Paradise Valley. The high visibility building at Tatum Boulevard and Shea Boulevard has abundant parking, monument signage and is surrounded by extensive retail amenities. The property has held stable ownership since 1994 and was 82.3% leased at the time of renewal. .

In another transaction, Cassidy Turley completed a lease expansion for 13,489 SF for Nationwide Financial Partners at Agave Corporate Center, 1711 W. Greentree Dr. Senior Associate Brandon Leach and First Vice President Peter Menna of Cassidy Turley Arizona’s Tenant Representation Group, represented the tenant in the renewal. Mark Gustin of Jones Lang LaSalle represented the Landlord Westport Capital Partners, LLC (El Segundo, Calif.)

Nationwide Financial Group is an Arizona based consumer debt collection and settlement agency.

Built in 2000, Agave Corporate Center is a ±86,115 SF, 2-story office project in Tempe. The LEED Certified and Star Energy building at I-10 Freeway and Warner Rd. was 98% leased at the time of renewal.

 

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Talia Jevan Properties Purchases Lifeprint Health Center For $20.5M

 

Colliers International announced that Vancouver-based private investor Talia Jevan Properties (TJP) has acquired the Lifeprint Health Center at 20414 N. 27th Ave. in Phoenix for $20.5M.

The Lifeprint property represents TJP’s second Class A acquisition in the U.S.

Bob Broyles, senior vice president with Colliers International in Greater Phoenix, and Simon Lim, executive vice president with Colliers in Vancouver, represented TJP in negotiating the purchase of this key investment property. Eric Wichterman, Mike Coover and Tom Weinhold with Cassidy Turley Arizona represented the seller, Winthrop Realty Trust of Boston.

Built in 2008, the 81,875 SF, 5-story Lifeprint Health Center is a Class A medical property located at the intersection of two major freeways — I-17 and West Loop 101. Situated near retail amenities and within a few blocks of the John C. Lincoln Deer Valley Hospital, the building also includes a 41⁄2-story parking garage with 300+ spaces.

“The Lifeprint Health Center is a great addition to Talia Jevan’s portfolio,” Broyles said. “Its strong base of synergistic tenants, state-of-the-art amenities and proximity to the hospital, combined with a fantastic location, make this a highly attractive medical property.”

The property is currently 98 percent occupied with a range of strong tenants. Lifeprint, a primary care, multi-specialty clinic owned by United Healthcare, occupies approximately 50 percent of the building. Other tenants include Premier Research Group, SimonMed Imaging, Southwest Desert Cardiology, Sonora Quest Laboratories and Central Garden and Pet.

“To date, we’ve acquired just under $40M in U.S. real estate. Our goal is to have upwards of $100M within a short time frame,” said Harmel S. Rayat, president of Talia Jevan Properties.

“As with our Canadian portfolio and our recent purchase of 94 Hundred Shea, a 74,000 SF mixed-use retail and office complex in North Scottsdale, we are primarily interested in Class A assets. As such, we are thrilled about the unique and rare opportunity to acquire this almost fully leased Class A medical property, which is home to many high quality tenants. We look forward to seeking additional high-caliber acquisitions like this in the near future.”

TJP will continue to work closely with Colliers International and lead advisors Vector Asset Management, Inc. in making further strategic acquisitions.

“This follow-on acquisition marks Talia Jevan’s second such purchase in as many months, a rapid deployment of our near-term $100M-plus allocation,” said Jay S. Bhogal, President and CEO of Vector Asset Management. “We’re confident that both of these target acquisitions and timing are opportune.”

The Phoenix team of Cohen Financial, led by partner-director Brandon Harrington, arranged acquisition financing for this transaction.

“We were able to close the deal in 30 days due to our management of the underwriting and legal process, which is critical in a volatile interest rate environment. In addition, we were able to mitigate rollover risk with our correspondent lender to maximize proceeds,”  Harrington said.

The Lifeprint Heath Center will be managed by the well-known Plaza Companies. Megan Sherwood with Plaza will manage the leasing.

 

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Investor Completes $25M Purchase of Land in Former Williams Trade Zone in Mesa

 

Private investor Buckeye Casa Grande LP assembled and purchased ±610 acres in Mesa along Ellsworth and Pecos roads, in the former Williams Trade Zone.

Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the buyer during the transaction.

The $25M sale included three parcels that were part of an original assemblage of four properties totaling more than 900 acres put together between 2005 and 2007 by Paragon. A majority of the land eventually went back to lenders.

The ±610-acre purchase by Buckeye Casa Grande LP included ±310-acres on the SEC of Pecos and Ellsworth that was sold by Enterprise Bank, ±229-acres on the NWC of Pecos and Ellsworth that was sold by GKK Williams Gateway and ±72-acres on the SWC of Pecos and Ellsworth that closed December 31, 2012. The seller on the final parcel is a private land owner.

Buckeye Casa Grande LP will develop the site with build-to-suit projects that will continue to expand on the growing employment base in the Gateway submarket. The City of Mesa and its Economic Development Director, William Jabjiniak, have been instrumental in the continued development of businesses and employment in the area.

Zoned M-1 and C-2, City of Mesa, the property has Foreign Trade Zone (FTZ) designation offering tariff and tax relief to companies that operate within the zone. Buckeye Casa Grande LP has retained Cassidy Turley as the marketing agent for the properties, with Mike Haenel and Andy Markham, SIOR, with Cassidy Turley’s Industrial Group working in conjunction with Moser, Sutton and Griffith.

The growth and success of the Phoenix-Mesa Gateway Airport, located on the western edge of the assemblage, was a key factor in the buyers’ decision process for selecting the property. More than 40 companies call the airport home as well as three airlines, Allegiant, Frontier and Spirit Airlines offering non-stop service to more than 38 cities.

The Master Plan forecast for Phoenix-Mesa Gateway Airport forecasts enplanements to reach 850,000 by 2017 and more than 2.2M by 2027.