Tag Archives: Cassidy Turley

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.

DesertFoothillsPlaza

Ace Hardware to open new Ahwatukee location

Cassidy Turley announced it has completed a 15,000 square foot lease for Ace Hardware, at Desert Foothills Plaza located at 1323 East Chandler Boulevard in Phoenix.

Vice President Brent Mallonee of Cassidy Turley’s retail group represented Ace Hardware in the lease transaction. The landlord, Phoenix-based Foothills Plaza LLC was self-represented. Mallonee has been appointed to handle leasing on the remainder of the available space.

“This was a great transaction to be a part of, and it became a full circle deal. I met the tenant through a separate landlord represented deal we completed a few years back and was engaged to work with Ace Hardware on the Ahwatukee Foothills location. The transactions lead to a new listing with Desert Foothills Plaza. When we deliver service on a transaction that generates business for the future, we’re doing something right.” said Mr. Mallonee.

Desert Foothills Plaza is retail neighborhood center in the heart of the Ahwatukee Foothills, a young family, high income submarket of the southeast valley. The project currently includes a Bank of America, Big O Tires, Chase Bank, Grease Monkey and Walgreens. The area is surrounded by residential, golf courses, recreation parks and has easy access to Pecos Road a frontage road to the South Loop 202. The South Loop 202 extension is planned to run along Pecos Road.

Cassidy Turley’s Ellis promoted to associate vice president

Phil EllisCassidy Turley, a leading commercial real estate services provider in the U.S., today announced that Phil Ellis has been promoted to Associate Vice President with the firm’s Property Management division in the Phoenix office.

Mr. Ellis will be responsible for the oversight and supervision of the Phoenix engineering staff. He will also focus on increasing the operating efficiency of all management assignments, including the integration and implementation of emerging technologies. His responsibilities include assisting with Capital Improvements and the construction management of Tenant Improvements.

“Phil’s a proven leader,” said Sue Cannon, Vice President with Cassidy Turley’s Property Management group in Phoenix. “Having someone with his knowledge and experience is a tremendous asset to our clients and to the staff that he oversees.”

Mr. Ellis joined Cassidy Turley’s Property Management group in 2013. He has over 26 years of experience in commercial real estate and engineering services, including capital improvement and construction management projects.

807WGeneva, WEB

Cassidy Turley completes $800K sale at Broadway Industrial Park

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.

AirportBusinessPark, WEB

California Investor Purchases Airport Business Park

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.

CatalinaTerraces, WEB

The Leona Group leases 15,054 SF at Catalina Terraces in Phoenix

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.

2844 W DEER VALLEY, Cassidy Turley, WEB

Cutler Commercial sells home of Universal Technical Institute for $6.3M

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.

ParkTower, WEB

Clear Sky Capital Inc purchases 180-unit Park Tower in Chandler

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.

812EastCamelbackRd, WEB

Earnhardt assembles site at 7th Street and Camelback Road for Lexus Dealership

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.

CarverDistribution, WEB

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

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

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

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

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