Tag Archives: Cassidy Turley

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.

Northbank Office

ViaWest Group completes $5.2M sale of Northbank Office Building

ViaWest Group announced the sale of Northbank Office Building, a two-story suburban office building in Phoenix, for $5.2 million. The ±31,231 square foot, multi-tenant property located at 5110 North 40th St., was built in 1983 and completely renovated in 2005, with additional upgrades in 2013. It is part of the master-planned Northbank Office Park, which is comprised of eight high-quality office buildings.

Steve Lindley, Bob Buckley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction.
Northbank Office Building was 94.2% leased at the time of sale, with 15 of 17 suites occupied.
“The property boasts an exceptional leasing history with average occupancy of 90.6% over the past 15 years, including 11 quarters at 100% occupied,” noted Steven Schwarz of ViaWest Group.

With multiple enhancements and upgrades over the past 30 years, the property includes a large open lobby with striking finishes including new flooring and energy efficient lighting. The façade and landscaping of Northbank Office Building were both updated during the recent renovations. The property sits on a two-acre site with 17 office suites averaging ±1,800 square feet, creating a desirable configuration for private tenants.

“Even though we bought this in 2005 (for $4.3 million) through strong management and negotiating a discounted note payoff, we made this a successful deal for our investors,” added Gary Linhart, also of ViaWest Group.

Northbank Office Building is located in the heart of the Camelback Corridor office submarket with an abundance of amenities within minutes of the property. It offers convenient access to multiple freeways, Sky Harbor International Airport, and high-end employment base.

Talavi Business Park

Heart and vascular center purchases business park for $2.3M

Cassidy Turley announced the $2.3 million ($98.12/psf) sale of Talavi Business Park, a Class B office development at 5810 West Beverly Lane in the Glendale Submarket. Ironwood Glendale, LLC purchased the property for from California-based Coneen Family Trust.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the seller, while Mike Sayre of Cushman and Wakefield represented the buyer.

Built in 1999, Talavi Business Park is a ±24,180-square-foot, office complex consisting of a one-story building on 2.80 acres. The property is located south of Bell Road and 59th Avenue. Talavi Business Park is accessible from the Loop 101 and Interstate 17 freeways and in close proximity to shopping, restaurants, resorts and golf.

RMRM, LLC has leased 7,910 square feet of industrial space at Antigua Corporate Center located at 16681 84th Ave. in Peoria, Ariz.

CBRE releases recent lease transactions

CBRE’s Phoenix office has released the following recent leasing transactions for the metropolitan area:

Wells Fargo Tenant Advisors has renewed a 5,000-square-foot lease for office space at 12515 W. Bell Rd. in Surprise, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. The landlord, Nellis Family Investments, LLC, was represented by Alan Davidson with Eagle Commercial Realty Services.

DNB Engineering, Inc. has leased 5,435 square feet of industrial space at 10 Chandler Business Park located at 580 N. 54th St. in Chandler, Ariz. Mike Parker, Evan Koplan and Mark Krison with CBRE’s Phoenix office represented the tenant. The landlord, North 54th Street Venture, LLC, was represented by James Harper with Cassidy Turley.

Cumming Construction Management, Inc. has leased 4,876 square feet of office space at14350 N. 87th St. in Scottsdale, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Miref Northsight, LLC, was represented by Sean Spellman with Cushman & Wakefield. This marks an expansion for the international project and cost consulting firm.

Dell, Inc. has renewed an existing 12,303-square-foot lease at 4747 N. 22nd St. in Phoenix, Ariz. CBRE’s Kevin Calihan represented the tenant. The landlord, Anchor Center II, LLC, was represented by Judy Tucker with Camroad Properties.

RMRM, LLC has leased 7,910 square feet of industrial space at Antigua Corporate Center located at 16681 84th Ave. in Peoria, Ariz. Mitch Stravitz, Cooper Fratt, John Werstler and Jerry McCormick represented the landlord, First Arrowhead Commerce Center, LLC. The tenant was represented by Tom Keck with West USA Realty.

Pathlight Investors has leased 4,067 square feet at 3131 E. Camelback Rd. in Pheonix, Ariz. Kevin Calihan with CBRE’s Phoenix office represented the tenant. Ray Harris with Cassidy Turley represented the landlord, Lincoln Property Company. The lease marks an expansion for the investment advisory firm.

hayden_station

Hayden Station in Tempe sold for $26.5M

Cassidy Turley has announced that Mill Avenue Office, L.L.C. (owned by Bob Parsons) has acquired Hayden Station, a 107,508 square foot, mixed-use office and retail property located on the southwest corner of Mill Avenue and 3rd Street, for $26.5 million ($246.49 per square foot). The seller was Tucson, Arizona-based Holualoa Companies.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee with Cassidy Turley’s Office and Retail Groups brokered the transaction on behalf of the buyer and the seller.

“Urban, infill properties in true walkable, 24/7 locations are generating exceptional investor interest,” Mr. Lindley said. “We were able to take advantage of this interest with Hayden Station’s Mill Avenue address in Downtown Tempe right at the light rail station.”

Built in 1986, Hayden Station (formally Hayden Square), includes five buildings: 310,350,404 and 410 S. Mill Avenue and 51 W. 3rd Street. The four Mill Avenue buildings are all two story and range in size from 5,642 to 9,548 square feet. The 3rd Street building is a five story, 74,307 square feet multi-tenant office building. The entire project was 97.9% leased at the time of sale.

“Hayden Station has had a history of maintaining high occupancy, even during the recent downturn,” according to Stan Shafer, Chief Operating Officer for Holualoa Companies. “Downtown Tempe is now the strongest office market in the Phoenix Metro.”

Hayden Station is strategically located on Mill Avenue, adjacent to a Light Rail station and within a short walk to Arizona State University. Downtown Tempe is one of Arizona’s most supply-constrained and successful office markets, with the Tempe North

WalmartShopAtLaveen

North Dakota investor purchases Walmart Shops at Laveen Village for $7.15M

Cassidy Turley announced that North Dakota-based Eleven Investments, LLC acquired Walmart Shops at Laveen Village, a neighborhood shopping center along with a developable pad located at 3525 W. Southern Avenue, for $7.15 million ($151.81 PSF). The seller was Washington-based Pacific West Land, LLC.

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller.

“Eleven Investments made an opportunistic purchase of this quality asset, which they anticipate adding substantial value to thru lease-up and potential development of the outparcel,” Mr. Hackett said.

Built in 2007, Walmart Shops at Laveen Village is a ±47,098 -square-foot shopping center situated on ±9.64 acres and configured for multi-tenant retail use. The project is anchored by a Walmart Supercenter (NAP) and other national tenants including Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The property has excellent visibility along both Southern Avenue and 35th Avenue in Laveen, an urban village within the City of Phoenix. The Walmart Shops at Laveen Village was 77% occupied at the time of sale.

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.

UnionHills_PressRelease

California investor purchases Union Hills Village for $10.3 Million

Cassidy Turley announced that a company formed by California-based Ethan Christopher acquired Union Hills Village, 18631 N. 19th Avenue, for $10.3 million ($93.47 PSF). The seller was Costa Mesa, CA-based Donahue Schriber Realty Group, L.P.

Executive Managing Directors Ryan Schubert, Michael Hackett, Dan Wald and Matt Kircher with Cassidy Turley’s Retail Capital Markets Group represented the seller.

“Ethan Christopher was able to recognize the potential and stability of Union Hills Village and is excited to add the asset to its outstanding portfolio of neighborhood centers in Arizona,” Mr. Hackett said.

Built in 1987, Union Hills Village is a ±110,188 square foot community center situated on 10.5 acres and is configured for multi-tenant retail use. The project is anchored by Blast Fitness, Dollar General and other national tenants including Dunkin Donuts, Cost Cutters, Nationwide Vision, Subway and UPS Store. The property has excellent visibility along both Union Hills Drive and 19th Avenue in Phoenix. Union Hills Village was 86% occupied at the time of sale.

3131&3133CamelbackRd

Latest leasing deals bring 3131 & 3133 Camelback to full occupancy

Cassidy Turley announced that it completed leases of 13,782 square feet with Kforce, Inc., 7,468 square feet with Lawyers Title, 6,293 square feet with GL Legacy Commercial Advisors, Inc., and 2,250 square feet for Newmark Realty Capital at 3131 and 3133 East Camelback Road in Phoenix.

Cassidy Turley Managing Director Trevor Klinkhamer and Senior Vice President Ray Harris represented the landlord, TR Camelback Corp. Chris Latvaaho of Cushman & Wakefield represented Kforce Inc.; Tom Imparato of Orion Realty Group represented Lawyers Title; Tom Jacobs of Cassidy Turley represented Newmark Realty Capital; and GL Legacy Commercial Advisors, Inc. was represented by Torrey Briegel of Phoenix Commercial Advisors.

“It’s very hard and unusual to lease a multi-tenant project of this size to 100%, and we believe this is a testament to the excellent location, timeless quality of construction and the excellent property management at 3131 and 3133” said Mr. Harris.

Built in 1998 and 1999, 3131 & 3133 Camelback is a Class A, multi-story office project. It is ideally located in the Camelback Corridor, on the southwest corner of 32nd Street and Camelback Road and is one of the most highly prized tenant addresses in the Phoenix metro area. The two-building property is in proximity to Arizona SR 51, Interstate 10, and 202 freeways and Phoenix Sky Harbor International Airport. Convenient to the recently renovated Biltmore Fashion Park, Ritz Carlton Hotel and many fine restaurants including Central Bistro, Tarbells, Donovan’s Steakhouse, Capital Grille, Tomaso’s, True Foods, Hillstone, Stingray Sushi, Seasons 52, Christopher’s & Crush Lounge, and Chelsea’s Kitchen. For more information contact: Trevor.Klinkhamer@cassidyturley.com or Ray.Harris@cassidyturley.com.

KingInsulation_402N37thDrive

King Insulation leases 18,478 SF at Martin Van Buren Distribution Center

Cassidy Turley announced that it completed a lease of 18,478 square-feet for King Insulation at Martin Van Buren Distribution Center, 402 North 37th Drive in Phoenix.

Vice President Louis Finocchiaro, SIOR, of Cassidy Turley’s Industrial Services Group represented the tenant, Phoenix-based, King Insulation, while Todd Hamilton of Cutler Commercial represented the landlord, Presson Van Buren, LLC.

King Insulation is an insulation supplier and installation company in Arizona since 1981. It provides a variety of installation services for residential, commercial and industrial/warehouse buildings. For more information: www.kinginsulation.com.

Built in 1986, Martin Van Buren Distribution Center is a ±36,955 square foot industrial development on 2.07 acres. The property is located at 37th Avenue and Van Buren Street in Phoenix with easy access to Interstates 10 and 17 and U.S. Highway 60, leading to all areas of the valley. King Insulation plans to use the newly leased space as a warehouse supporting the Phoenix metro area.

Village Fair North_Phoenix AZ

Bonefish Grill to Open First Arizona Location

Cassidy Turley, a leading commercial real estate services provider in the U.S., announced it has completed an 18,611 square foot ground lease for Bonefish Grill, LLC, at Paradise Valley Mall Village Fair North located on Cactus Road and Tatum Boulevard in Phoenix.

Cassidy Turley Managing Directors Cliff Johnston and John Appelbe represented the landlord, FTT Village Fair North LLC, in the lease transaction, while Bonefish Grill was represented by SRS Real Estate Partners. The first Bonefish Grill location in Phoenix is scheduled to open by the end of 2014.

Founded in 2000 in St. Petersburg, FL, by Tim Curci and Chris Parker, the Bonefish Grill experience is the perfect recipe marrying simplicity, quality and consistency in food, service, ambiance and value. As the “Fresh Fish Experts,” Bonefish Grill specializes in market-fresh fish and other wood-grilled specialties. Recently named a “Golden Chain” award winner and the top consumer pick for seafood from Nation’s Restaurant News, as well as “Best Seafood Restaurant in the Nation” by a leading consumer product guide, Bonefish Grill has locations in several states and prides itself on the local feel of each restaurant. For more information about Bonefish Grill visit www.bonefishgrill.com.

PioneerPackaging, WEB

Masco Corporation leases 25KSF in Phoenix

Cassidy Turley announced that it completed a lease of 25,002 SF for Service Partners Supply, LLC at Pioneer Packaging Center, 2440 S. 8th Pl., Phoenix.
Senior Vice President Bruce Calfee and Vice President Josh Wyss of Cassidy Turley’s Industrial Group represented the landlord, Phoenix-based, 20 Mule Team Holdings LLC while Jeff Conrad of Lee & Associates represented the tenant.
Service Partners Supply is the largest distributor of residential fiberglass insulation and related contractor accessories in North America. Through its network of over 50 distribution centers, the company supplies insulation, insulation accessories, fireplaces, gutters, roofing, drywall, acoustical material and other building products to thousands of contractors and retailers nationwide. Service Partners Supply is a subsidiary of Masco Corporation MAS (NYSE) one of the world’s largest manufacturers of brand- name products for the home improvement and new home construction markets.

Built in 1997, Pioneer Packaging Center is a ±50,474 square foot, industrial warehouse project. The property is centrally located in Phoenix near a full-diamond interchange at 7th Street and the I-17 Freeway. Service Partners Supply plans to use the newly leased space as a distribution center supporting the Phoenix metro area. The transaction brings Pioneer Packaging Center to 100% occupancy.