Tag Archives: CBRE

Canal Crossing

Auto aftermarket company signs 109KSF lease in Phoenix

A leading auto aftermarket company has signed a 10-year + lease for 109,060 SF at Canal Crossing Logistics Center at 5670 S. 32nd St. in Phoenix. The project is currently under construction.

Lee & Associates principals Jeff Conrad and Allen Lowe represented the landlord, Conor Commercial Real Estate (a real estate development and investment arm of The McShane Companies) and Globe Corporation in this transaction. Mike Parker and Evan Koplan of CBRE along with Jacob Bobek of Avison Young represented the tenant, LKQ Corporation. “We are excited to have secured LKQ as the anchor tenant for Canal Crossing Logistics Center. Landing a commitment from LKQ, a Fortune 500 company, before construction had even begun, speaks to the projects’ strategic central location and modern, functional design,” said Conrad.

LKQ Corporation is a leading international provider of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. The company will occupy 70% of the 155,351 SF building.

As developed, Canal Crossing Logistics Center is an industrial building currently scheduled to be delivered in February 2015. Conrad and Lowe are marketing the remaining 46,054 SF that remains available. “The Airport submarket has been thirsty for new Class A distribution product to choose from. This deal further substantiates that momentum,” Conrad added.

The building features 30’ clear height, two drive-ins and ESFR sprinklers. The project sits on 10.09 acres and is located just south of Phoenix Sky Harbor International Airport.

Tanque Verde, WEB

Tanque Verde apartments in Tucson sell for $21.3M

CBRE has completed the sale of the Tanque Verde apartment complex, 428-unit multifamily community located at 7671 E. Tanque Verde Road in Tucson, Ariz. The multifamily asset sold for $21.3 million. The property was 94 percent leased at time of sale.

Michael Sandahl and Wyatt Campbell with CBRE’s Tucson office, along with Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office, represented the seller, Holualoa Companies of Tucson. The buyer was North Salt Lake, Utah-based Chartwell Capital Partners, LLC.

Tanque Verde has recently undergone significant capital improvements worth more than $5 million, including a complete re-roofing, master heating and cooling system replacements, and solar systems and water conversation measures designed to make the property as energy efficient as possible,” said CBRE’s Sandahl. “What’s more, a portion of the units have been upgraded with premium finishes. The property offers an exceptional value-add opportunity to increase revenue by continuing the existing and proven interior upgrade program.”

The Tanque Verde apartment complex was developed in two phases, in 1979 and 1981. Thirty-eight units have been upgraded with new appliances, new cabinets, resurfaced countertops, upgraded fixtures, flooring, mirrored closet doors, microwave oven/hoods, and other improvements. Situated in northeast Tucson, the community benefits from the surrounding strong employment base, class A developments and premier housing options offering residents first-class amenities in a highly desirable location.

Tanque Verde also enjoys proximity to numerous amenities, including grocery, banks, restaurants, and other retail services. Morris K. Udall Park, one of the largest and most popular municipal parks in Tucson, is located across the road from Tanque Verde Apartments, and bike trails and abundant recreation are nearby, including Sabino Canyon and the Mt. Lemmon Recreation Area.

Az Business honors Most Admired Companies

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BestCompaniesAZ and Az Business magazine honored 40 companies at the 2014 Arizona’s Most Admired Companies award reception on September 11, 2014 at the Westin Kierland Resort.

Arizona’s Most Admired Companies are selected based on how a company has performed in the following areas: workplace culture, leadership excellence, corporate and social responsibility, customer opinion and innovation. Five companies were recognized with a “spotlight” award for each of the five categories.

CONGRATUALTIONS!

The five spotlight awards winners are:

Customer Opinion: Cresa
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Quality Leadership: Kitchell
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Social Responsibility: Vanguard
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Innovation: Laser Spine Institute
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Workplace Culture: GoDaddy
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“This is the most comprehensive and prestigious corporate awards program in Arizona because it recognizes the contributions and impact these ‘most admired companies’ bring to our state,’” says Denise Gredler, co-founder of the Most Admired Companies Program.

“These companies truly exemplify what it means to be a good corporate citizen,” says Cheryl Green, publisher of Arizona Business Magazine. “MAC winners consistently show strong leadership, a commitment to the communities in which they operate and concern for their employees and customers.”

This year’s presenting sponsors included Dignity Health of Arizona, National Bank of Arizona and Thunderbird International School of Global Management. Additional Event Sponsors include Charles Schwab, Progrexion, Ryan and Shutterfly.

The 40 companies named Most Admired Companies for 2014 were:

Adolfson & Peterson Construction
Alliance Residential Company
American Express
Arizona Diamondbacks
AXA Advisors
Banner Casa Grande Medical Center
Cancer Treatment Centers of America
CBRE, Inc.
Charles Schwab
Cresa Phoenix
Desert Diamond Casinos and Entertainment
DIRTT Environmental Solutions
Fennemore Craig
GoDaddy
Goodmans Interior Structurs
Grant Thornton
Harrah’s Ak-Chin Casino Resort
Homeowners Financial Group
Hyatt Regency Phoenix
Infusionsoft
International Cruise & Excursions, Inc.
Kitchell
LaneTerralever
Laser Spine Institute
Mayo Clinic
Miller Russell Associates
National Bank of Arizona
Phoenix Children’s Hospital
Quarles & Brady
Rider Levett Bucknall
Ryan, LLC
Scottsdale Lincoln Health Network
Shutterfly, Inc.
Sonora Quest Laboratories
Sundt Construction
The CORE Institute
Telesphere
UnitedHealthcare of Arizona
University of Advancing Technology
Vanguard

Villa Encanto

CBRE secures $46.4M in CMBS financing for three transactions

CBRE Capital Markets’ Debt & Structured Finance team arranged $46.4 million in CMBS debt in three major transactions across the Western U.S. The transactions include: The Grove, located at 365 W. Craig Road in Las Vegas, Nevada; Villa Encanto, located at 4315 E. Thunderbird Road in Phoenix, Arizona; and Gander Mountain Company located on E. Interstate 20 in Arlington, Texas.

 

Bruce Francis and Dana Summers of CBRE’s Phoenix office, Shaun Moothart of CBRE’s Newport Beach, California, office, and Robert Ybarra of CBRE’s Las Vegas office, arranged the financings.

 

“Our team closed all three transactions over the course of a week when CMBS credit spreads widened across the board,” said Moothart, Vice President, Debt & Structured Finance. “This was an extremely difficult and sensitive time in the market, where the simultaneous rally in the treasury markets helped to soften the impact of spread widening. We navigated the volatility with our clients and were able to successfully maintain lower all-in rates at closing than were quoted at loan application on each of the three transactions.”

 

The Grove – North Las Vegas, Nevada

The Grove is a 54,490-square-foot, single-story retail shopping center located at 365 W. Craig Road in North Las Vegas. CBRE team arranged $11.6 million in acquisition financing for High Valley VI, LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was funded through Goldman Sachs Mortgage Company.

 

Built in 2006, The Grove shopping center is situated on 5.3 acres within a commercial corridor located along Craig Road in North Las Vegas. The multi-tenant retail center was 90 percent leased at time of sale.

 

Villa Encanto – Phoenix, Arizona

Villa Encanto is a 385-unit multifamily asset located at 4315 E. Thunderbird Road in Phoenix.

A multi-family investment company based in Rancho Santa Fe, California paid $34.2 million to purchase the apartment complex. CBRE arranged $25.7 million in financing from GS Commercial Real Estate LP, a limited partnership formed by Goldman Sachs & Co. in Irving, Texas, on behalf of the borrower, a company formed by CVG Properties, Inc. of Rancho Santa Fe, California.

 

“Goldman Sachs did a great job executing on a transaction that had an extraordinarily tight debt yield and DSCR and was able to provide max leverage to the client,” said Summers.

 

Gander Mountain – Arlington, Texas

The property is a single-tenant, newly constructed, build-to-suit retail property for Gander Mountain Company and is located on E. Interstate 20 in Arlington. CBRE arranged $9.1 in acquisition financing for the $13 million purchase of the retail property by a New York City-based private investor. The 10-year, fixed-rate loan was arranged through an undisclosed CMBS lender.
Gander Mountain is the nation’s largest retail network of outdoor specialty stores specializing in shooting sports, hunting, fishing, camping, marine, apparel and footwear.

Bakehouse Bread Company, LLC purchased the 22,550 square foot industrial building at 2520 N. Jackrabbit Ave. in Tucson.

Trinity Art Collective, Desert Whale Jojoba sign leases in Tucson

Cushman & Wakefield | PICOR announced the following transactions in Tucson:

 

Trinity Art Collective leased 1,200 square feet at 7455 W. Twin Peaks Rd., Suite 101 in Tucson from CJR Investments, LLC.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the tenant. Lori Casey with Oxford Realty Advisors represented the landlord in this transaction.

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Desert Whale Jojoba Co., Inc. leased 8,200 square feet at 2021 E. Beverly Dr. in Tucson from SRS Acquisition Corporation.  Ron Zimmerman, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

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Bakehouse Bread Company, LLC purchased the 22,550 square foot industrial building at 2520 N. Jackrabbit Ave. in Tucson from Michael & Janet Gompper for $1,350,000.   The Bakehouse Bread Company, a local wholesale bakery founded in 1996, will be moving its operation to a facility more than double the size. The wholesale bakery provides quality artisan breads to local restaurants, caterers and resorts in Phoenix, Tucson and Southern Arizona. Stephen Cohen and Russ Hall, SIOR, GSCS, Industrial Specialists with Cushman & Wakefield | PICOR, represented the seller. Tim Healy and Bob Delaney with CBRE, represented the buyer in this transaction.

 

Retina Centers, P.C. renewed their lease for 1,182 square feet at 1701 W. St. Mary’s, Suite 111 in Tucson from Healthcare Realty Services.  Tom Nieman, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction.

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TestAmerica Laboratories, Inc. leased 1,200 square feet at 1870 W. Prince, Suite 59 in Tucson from Presson Corporation.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord. Abel Wenning with Cresa Partners represented the tenant in this transaction.

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Wood and Stone, LLC leased 1,390 square feet at 850 E. Ohio, Suite 3 in Tucson from Rich Rodgers Investments, Inc. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.

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Southard Knives & Tools, LLC leased 1,500 square feet at 6890 N. Camino Martin, Suite 110 in Tucson from Camino Martin Partners II, LLC. Brandon Rodgers, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled the transaction.

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Sonora Quest Laboratories, LLC renewed their lease for 1,563 square feet at 1773 W. St. Mary’s, Suite 101 from Richard A. Silver Irrevocable Life Insurance Trust.  Rick Kleiner, MBA, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

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Doug and Anne Stewart dba Solutions i3, LLC leased 1,725 square feet at 2341 S. Freibus, Suite 17, in Tucson, from Oak Properties.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.

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Destiny Church International leased 4,459 square feet at 4500 E. Speedway, Suite 110-112 in Tucson from Presson Midpoint, LLC.  Rob Glaser, SIOR, CCIM, and Paul Hooker, Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.

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MoKelly, Inc. dba Famous Sam’s leased 4,640 square feet at 2480 W. Ruthrauff, Suite 170-192, in Tucson, from Presson Scottsdale, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled this transaction.

bakehouse-bread v2, WEB

Bakehouse Bread Company buys 22KSF in Tucson

CBRE has negotiated the purchase of a 22,500-square-foot industrial facility for Bakehouse Bread Company. The property is located at 2520 N. Jackrabbit Ave. in Tucson. The asset commanded a sale price of $1.35 million.

 

Tim Healy and Bob DeLaney with CBRE’s Tucson office represented Bakehouse Bread Company in the transaction. The landlord, Michael and Janet Gompper, was represented by Steve Cohen with PICOR/Cushman & Wakefield.

 

We are incredibly excited about this next phase of growth, said John McKearney, who founded Bakehouse with his wife Nancy in 1996 after relocating to Tucson from Michigan. “The Greater Tucson community, and Arizona as a whole, has been supportive of our company from day one welcoming Bakehouse Bread Company with open arms. I think that response speaks to the quality of our product, but also says a great deal about the community’s desire to support local business, too.”

 

This purchase marks an expansion for the Tucson-based artisan-bread wholesaler, relocating its operations from its leased 7,875-square-foot facility located at 2550 N. Dragoon in Tucson. With the expansion of its physical footprint, Bakehouse Bread Company also has plans to expand its employee base to accommodate the growth of the company and better serve the needs of its expanding customer list.

 

First opened as retailer Village Bakehouse in June of 1996, the company grew rapidly. In 2001, founders John and Nancy McKearney decided to focus solely on the wholesale side of the operation, sold the retail locations, and Bakehouse Bread Company was born. The artisan-bread company now partners with many local restaurants, caterers, resorts, markets and institutions in the greater Tucson and Phoenix markets. Current notable clients include Fox Restaurant Concepts, the University of Arizona, Fry’s Food Stores and Trader Joe’s, among others.

 

This transaction really is indicative of the overall state of the industrial market in Greater Tucson as the metro area continues to be in need of functional industrial space,” said CBRE’s Healy. “John and Nancy have been looking to purchase a facility over the last several years; finding the right property to fit their needs was a challenge and really a matter of timing due to the lack of quality and available product online at any given time.”

 

A recent study by CBRE reports that 83 percent of industrial buildings in Greater Tucson are 14 years old or older. The challenge for new tenants/users or existing tenants/users that would like to expand is finding existing space that meets their requirement as a large portion of vacant buildings are becoming functionally obsolete. As this trend continues, desirable space will be leased or purchased, vacancy will decrease, rental rates will increase and speculative development will be required.

 

ScottsdaleQuarterOffice, WEB

Scottsdale Quarter leases first ‘Block M’ office

Glimcher Realty Trust and CBRE announced the first office lease for Scottsdale Quarter’s new±170,000 SF Class A, mixed-use building in North Scottsdale, Ariz. Located at the southeast corner of the high-end lifestyle center, the new, six-story tower will be the new home of Phoenix-based hospitalist group Apogee Physicians’ corporate headquarters.

 

Vince Femiano with CBRE’s Phoenix office represented Apogee Physicians in negotiating the ±27,727 square-foot, long-term lease. CBRE’s Brad Anderson and Michael Strittmatter represented the landlord and developer, Glimcher Realty Trust.

 

“Scottsdale Quarter is the most exciting development that I remember in 20 years of living in Arizona,” said Michael W. Gregory, M.D., CEO of Apogee Physicians. “World class shopping, dining and amenities, combined with the premier office space in Scottsdale promises our people the very best environment to pursue our dream of making lives better for our patients.”

 

This lease marks an expansion for Apogee Physicians, currently headquartered in the Camelback Corridor, as they plan for future growth. Founded in 2002 as a nine-physician group, Apogee is now comprised of more than 750 physicians, nurse practitioners and physician assistants.

 

“We are pleased to welcome Apogee to the great mix of Scottsdale Quarter tenants, especially so early in our construction cycle. We commend Dr. Gregory and the Apogee team for what they have built and look forward to this new relationship,” said Marshall A. Loeb, president and chief operating officer for Glimcher.

 

Glimcher Realty Trust broke ground on Block M at Scottsdale Quarter in late summer. The new tower will feature premier office space, above ground-floor retail plus an additional parking garage for both tenants and visitors. IBEX Construction out of New York City has been selected as the general contractor for the new building. American Girl has already been announced as the anchor retail tenant, which will occupy 12,000 square feet for their experiential store. This will be the first American Girl store in the state of Arizona. The tower is expected to deliver in the summer of 2015.

 

Existing office space in the center is nearly 100% leased as momentum at the property continues. In May, Starwood Hotels & Resorts, another premier office tenant at Scottsdale Quarter, expanded to more than 67,000 square feet.

 

“Apogee’s commitment to the Quarter is another great example of the trend towards employers seeking a unique urban lifestyle office experience,” said Anderson.

 

Scottsdale Quarter, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space. The new six-story building will feature contemporary architecture perfectly integrated into the project, with high ceilings and breathtaking views of the surrounding mountains.

 

Following the development of the south parcel, Scottsdale Quarter will be a 1.2 million square foot lifestyle center offering a premier, experience-centered environment. The addition of the luxury residential component of Crescent Scottsdale Quarter, combined with the existing upscale retail amenities, provides office tenants a premium, all-inclusive environment.

 

CBRE hires two first vice presidents

Brian Raczynski, CBRE

Brian Raczynski, CBRE

CBRE has hired First Vice Presidents Brian F. Raczynski and Tim Watters, two tenured, well-respected commercial real estate professionals, to join the firm’s Office Services Group in Phoenix.  They will partner on a team that will deliver integrated, strategic landlord advisory services including asset management and the acquisition, disposition and leasing of office space in the Phoenix metro market.

Raczynski and Watters have an established track record and a solid reputation in the industry, which complements our market-leading lineup of office services brokerage professionals,” said Craig Henig, CBRE’s senior managing director and Arizona market leader.  “Their combined talent and market knowledge add value and strengthen our ability to serve the complex real estate requirements of office property owners and operators.”

Tim Watters, CBRE

Tim Watters, CBRE

Raczynski also returns to CBRE after seven years with Colliers International, where he was also a senior member of the top producing Landlord Advisory Group. Over the course of his 20-year commercial real estate career, Raczynski has leased more than 5.2 million square feet of office space. His efforts have increased his clients’ gross revenues by more than $320 million to date. He has extensive experience with asset management and leasing for some of the country’s most active pension and endowment funds; he also has significant experience negotiating contracts with public sector entities like the DEA, FBI and Veterans Affairs, among others. In 1999 he was named CBRE’s Rookie of the Year in Phoenix.

Raczynski attended Central Connecticut University and holds dual Bachelor of Science degrees in accounting and finance.

Watters, who began his real estate career at CBRE in 2000, returns to the firm from Colliers International’s Phoenix office where he served as a senior member of the company’s Landlord Advisory Group for the past seven years. Since 2002, he has leased over one million square feet and has been involved in more than 100 lease transactions annually. Prior to entering the commercial real estate industry, Watters was a professional hockey player in the National Hockey League for the Winnipeg Jets and Los Angeles Kings. He also competed in the 1980 and 1988 Winter Olympics for the Canadian National Team.

He holds a Bachelor of Science degree in business administration from Michigan Technology University.

CBRE is the market leader of office services in the metropolitan Phoenix market. Leveraging local market knowledge against a world-class, global real estate services platform, CBRE’s office services experts act as advisors and become an invaluable part of clients’ decision-making processes by providing integrated products and services including strategy development, management, finance, corporate services, consulting and leasing.

Lakeview at SSprings v2, CBRE WEB

Lakeview at Superstition Springs sells for $66.6M

CBRE has completed the sale of Lakeview at Superstition Springs, a 676-unit apartment complex located at 1849 S. Power Rd. in Mesa, Ariz. The multifamily asset sold for $66.6 million. The property was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the institutional seller. The buyer was San Diego, CA-based Fairfield Residential Company LLC.

Lakeview at Superstition Springs offers a great opportunity in the East Valley,” said CBRE’s Cunningham. “The East Mesa/Gilbert submarkets are projected to lead the Phoenix metro in population growth through 2020 with multifamily demand only strengthening over the time frame as well.”

Surrounded by the largest employers and best retail options in Mesa, Lakeview offers an unmatched living environment for residents. The community is within 5 to 10 minutes of Banner Gateway Hospital, Banner Baywood Hospital, The Boeing Company’s Arizona headquarters and the future Apple production facility. Lakeview is also within minutes of Superstition Spings Center and The San Tan Village Mall as well as another 1.6 million square feet of periphery power centers including a Super Walmart, Costco, Best Buy, Target, Harkins 25 Theaters and Home Depot. Additionally, Grand Canyon University is building a 10,000-student campus five miles from the community.

Developed in two phases in 1995 and 1998, Lakeview is an institutionally-maintained class A community located within the Superstition Springs masterplan. The property is situated on 38 acres encompassing five lakes and is comprised of 676 units offering a mix of floor plans that range in size from 660 to 1,314 square feet. Unit features include full-sized washers and dryers, fully-appointed kitchens, walk-in closets and private patios and balconies. Community amenities include four resort-style swimming pools, a resident clubhouse, a 24-hour fitness center, a basketball court, two playgrounds, resident business center and picnic areas with ramadas and BBQ grills.

West 101 Corporate Center, CBRE, WEB

CBRE leases 67KSF to Arizona’s newly created CSFS agency

CBRE has completed two office leases totaling 67,335 square feet in Metropolitan Phoenix. The leases are representative of new office requirements by Arizona for the newly created Child Safety and Family Services agency (CSFS).

A 26,265-square-foot, full-floor space in West 101 Corporate Center, which is owned by Los Angeles, Calif.-based Regent Properties and located at 1860 N. 95th Lane in Phoenix, will service CSFS’s West Valley clients. The second location is a 41,070-square-foot office building at the Corridors business park, formerly owned by Chicago, Ill.-based The Alter Group and recently purchased by Los Angeles-based Adler Realty Group. Located at 1925 W. Pinnacle Peak Rd. in Phoenix, this location will service North Phoenix.

Jim Bayless, Ashley Brooks and Jenny Aust with CBRE’s Phoenix office negotiated the long-term lease transactions on behalf of Regent Properties and The Alter Group. The State of Arizona was represented by Chris Corney with JLL’s Phoenix office.

1860 N. 95th Lane is a three-story, class A office building located within the West 101 Corporate Center master-planned business park. The property benefits from proximity to more than 1 million square feet of retail amenities, including Gateway Pavilions and Gateway Crossing. The building also has immedate access to the I-10 and Loop 101 freeways. The tenant, whose lease agreement brings the property to 72 percent leased, will take occupancy in early November.

An 80-acre business park, Corridors currently features single-story buildings as well as land for expansion and build-to-suit opportunities. Located near the southeast corner of Pinnacle Peak Road and the I-17 freeway, the park benefits from proximity to more than 1.7 million square feet of retail amenities. Current tenants include Chubb Insurance, Arizona State Credit Union, Syntellect, Bechtel, Belcan Engineering, Kutta Technologies and Performance Software. The Child Safety and Family Services lease, whose operations will take occupancy of in early December, brings the business park to 88 percent leased.

Target-Village Center, CBRE, WEB

Valley retail portfolio sells for $150M

CBRE has completed the sale of the Phillips-Edison Fund IV Portfolio. The nine-property retail portfolio sold for $150 million and totals over 1.35 million square feet.

Jesse Goldsmith and Steve Julius of CBRE in Phoenix, Ariz., along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, negotiated the sale between the seller, Cincinnati, Ohio-based Phillips Edison Shopping Center Fund IV REIT, LLC and the buyer, Newquest-Epic Investments, LLC of Austin, Texas.

Arizona Retail Investment Specialists, Jesse Goldsmith and Steve Julius focused heavily on the portfolios’ Phoenix asset – the Village Center, located at 4304 E. Cactus Rd. in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall.

“The Village Center has been a high-performing property since it was developed in 1986. I anticipate that center will only become more successful in the future. The property is highlighted by a high-performing Target store anchor on a below market ground lease,” said CBRE’s Goldsmith. “Village Center is a class A asset, as were two other properties in the portfolio, which makes this offering unique as there is a lack of class A product currently on the market.”

 

The Phillips-Edison Fund IV Portfolio includes nine retail centers across six states. These include Village Center in Phoenix, Ariz.; Prairie Point and Glidden Crossing in Aurora and DeKalb, Ill., respectively; Marketplace in Independence, Mo.; Deerfield Place and Plaza North in Omaha, Neb.; Silver State in Sparks, Nev.; and Johnson Creek and Hermiston Plaza in Happy Valley and Hermiston, Ore., respectively. Six of the properties are grocery anchored.

Sonoran Vista Apartments

California company buys Sonoran Vista Apartments complex

CBRE has completed the sale of the Sonoran Vista apartment community, a 264-unit apartment complex located at 9340 E. Redfield Rd. in Scottsdale, Ariz. The multifamily asset, which is situated in the heart of the north Scottsdale submarket was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, a joint venture of Security Properties of Seattle and an institutional fund managed by Hunt Investment Management, the SEC-registered advisor of the Hunt Companies (Hunt), based in Chicago. The buyer was San Francisco, California-based Aukum Management.

“Sonoran Vista is an extremely well-located asset that offers an excellent value-add opportunity and will continue to benefit from its location in one of the strongest employment corridors in the Valley,” said CBRE’s Cunningham.

Sonoran Vista is located on the eastern border of the Greater Scottsdale Airpark, a major employment hub in the Valley. Encompassing 26 million total square feet of office, retail and light industrial space and including more than 50,000 jobs, the area is home to several world headquarters and large employers. Additionally, last summer KUD International announced its intention to develop a biomedical campus on 225 acres north of the Loop 101 and west of Scottsdale Rd, about five miles away from the multifamily community. That development would bring 10,000 jobs to the area over the next ten years.

Developed in 1996, Sonoran Vista consists of 264 units comprised of a mix of one-, two- and three-bedroom floor plans that feature gourmet kitchens, nine-foot and vaulted ceilings, wood-burning fireplaces, spacious walk-in closets and private patios and balconies. The community offers a resort-style swimming pool with spa and Ramada with BBQ; a designer clubhouse with coffee bar, kitchen, lounge area, and recreation options; a 24-hour fitness center and a resident business center in addition to other amenities.

TCP-Ventana, CBRE, WEB

Ventana leases 60KSf build-to-suit in Marana

An affiliate of Cottonwood Properties announced they will be constructing and leasing a 60,000 square foot distribution facility for Ventana Medical Systems, Inc. (Ventana), a member of the Roche Group. The new facility is located in Tangerine Commerce Park located on Tangerine Farms Road just west of the Tangerine Road freeway interchange. This is the first development within the 100-acre business park that provides a range of retail and employment uses and will be a key location for future employment and retail growth in the Marana area. Financial terms of the transaction were not disclosed.

Bill Di Vito and Jesse Blum with CBRE’s Tucson office represented Cottonwood in the transaction. Ventana Medical Systems, Inc. was represented by Dev Gupta with DTZ.

“The Tangerine Corridor is an ideal location for this type of development,” said CBRE’s Di Vito. “Freeway access and the availability of larger commercial parcels will attract other logistics and employment users to the area, establishing it as the next major commercial hub in greater Tucson.”

The distribution facility is being designed by Gromatzky Dupree and Associates and construction with Barker Morrissey Contracting is scheduled to start in 4Q 2014 with completion projected for 4Q 2015.

Ventana Medical Systems, Inc., headquartered in Oro Valley, Ariz., is a member of the Roche Group and is a world leader and innovator of tissue-based cancer diagnostic solutions for patients worldwide. At its existing facility, located in the master-planned business community of Innovation Park, Ventana delivers medical diagnostic systems and biopsy-based cancer tests that are shaping the future of healthcare. This new facility will function as a multi-use distribution facility with some assembly to support its facility in Oro Valley.

Tangerine Commerce Park is located just off Interstate-10 on Tangerine Road and is the only mixed-use and industrial development along the quickly developing Tangerine Corridor with direct access to Oro Valley and the bio-tech industries. The park can accommodate uses from smaller 2- to 3-acre requirements up to 100-acre requirements.

camelhead

Leading used vehicle retailer signs lease at Camelhead Square

Cushman & Wakefield of Arizona, Inc. negotiated a 14,278 square foot lease at Camelhead Square, 3033 N. 44th St., bringing the property to 80 percent capacity.

This is a new lease for DriveTime Automotive Group, Inc., the leading used vehicle retailer in the United States, providing additional office space for their expanding business.  Other tenants include Hill & Usher and Sovereign Healthcare.

“The deal involved a local company (DriveTime) in close proximity to Camelhead Square. We were able to accommodate their short-term expansion needs and fill a big block of space,” said Chris Latvaaho.

Latvaaho, Chris Nord and Michael White of Cushman &Wakefield represented the landlord, Sun Life Assurance Company of Phoenix. Tom Adelson of CBRE represented the tenant.

ScottsdaleQuarterOffice, WEB

Glimcher breaks ground on 170KSF at Scottsdale Quarter

Glimcher Realty Trust has broken ground on Block M at Scottsdale Quarter, a six-story, approximately ±170,000 SF Class-A, mixed-use building in north Scottsdale, Ariz. Located at the southeast corner of the high-end lifestyle center, the new tower will feature premier office space, above ground-floor retail plus an additional parking garage for both tenants and visitors. The tower is expected to deliver in the summer of 2015.

Glimcher has partnered with Brad Anderson and Mike Strittmatter at CBRE to market the new office space.  IBEX Construction out of New York City has been selected as the general contractor for the new building. American Girl has already been announced as the anchor retail tenant, which will occupy 12,000 square feet for their experiential store. This will be the first American Girl store in the state of Arizona.

“We are extremely pleased to continue development of phase three at Scottsdale Quarter with the groundbreaking of Block M,” said Marshall A. Loeb, president and chief operating officer for Glimcher. “Demand for space at The Quarter continues to be high further signifying the center’s appeal for businesses looking for a vibrant, upscale office environment.”

Existing office space in the center is nearly 100% leased as momentum at the property continues. In May, Starwood Hotels & Resorts, a premier office tenant at Scottsdale Quarter, expanded to more than 67,000 square feet.

Following the development of the south parcel, Scottsdale Quarter will be a 1.2 million square foot lifestyle center offering a premier, experience-centered environment. The addition of the luxury residential component of Crescent Scottsdale Quarter, combined with the existing upscale retail amenities, provides office tenants a premium, all-inclusive environment.

Scottsdale Quarter, which sits on 28 acres at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop, includes 370,000 square feet of upscale retail, restaurant and entertainment options and 203,000 square feet of class A office space. The new six-story building will feature contemporary architecture perfectly integrated into the project, with high ceilings and breathtaking views of the surrounding mountains.

“Leasing activity on the building is very strong considering how early we are in the construction process,” said CBRE’s Anderson.

2932 W Deer Valley, Cassidy Turley, WEB

California Investor Buys Motorcycle Mechanics Institute

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

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

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

Robert Shibuya named president of Mohr Partners

Robert Shibuya, Mohr Partners

Robert Shibuya, Mohr PartnersTed Frerick

Mohr Partners announces that Robert “Bob” Shibuya has joined the company as president responsible for the firm’s real estate service business globally which encompasses transaction advisory, portfolio/lease administration, project management and corporate finance/disposition services to corporate and government sector clients.

Shibuya will report directly to Bob Mohr, Chairman, CEO and Founder of Mohr Partners, and be charged with significantly expanding Mohr Partners’ platform in the Americas as well as refining the firm’s international delivery model to satisfy the firm’s growing number of occupier clients seeking an integrated global real estate solution.

“I am excited to have Bob Shibuya join Mohr Partners to help grow additional new markets and service lines, which will allow us to become the preferred partner to our customers who are increasingly looking for conflict-free advice across geography and service discipline with a single-point of accountability,” said Bob Mohr. “With over three decades of hands-on experience, Bob Shibuya is the right leader to take us to the next stage of our ambitious growth strategy.”

Shibuya, a 31-year commercial real estate veteran, has a well-established track record of helping property service firms grow and develop through broker recruitment, corporate development and superior client service delivery, having served in executive roles for CBRE, Trammell Crow, Cushman & Wakefield and most recently DTZ. Mr. Shibuya succeeds Ted Fredericks, Mohr Partners’ long-serving President. Fredericks will continue to serve as President Emeritus.

rsz_kitchell

Kitchell acquires 20-acre parcel near Sky Harbor

Kitchell Development Company acquired nearly 20 acres at Interstate 10 and 28th Street, just south of Sky Harbor Airport in Phoenix for an industrial development.

“Over the years we have developed several types of commercial projects including retail business parks, and multifamily, depending on the market climate,” said Senior Director of Development Ryan Cochran. “We’re expanding our presence in the industrial market, and this property is an ideal location for that type of development.”

Scottsdale-based Aspen Group has an ownership interest in the venture. Aspen Group has been an active developer of shopping centers and master-planned communities over the past 20 years.

The 19.85-acre site is south of Interstate 10 at the northeast corner of 28th and Elwood streets, a premier location due to its freeway access and visibility, low vacancy rates in the submarket, and strong tenant demand. The acquisition was made in three separate transactions, with the joint venture represented by John Werstler of CBRE, who will also handle marketing of the property. The development will consist of one or two buildings totaling 250,000 to 290,000 square feet.

According to CBRE’s quarterly market report, the overall industrial vacancy rate in the Phoenix metro market is 11.12 percent, with positive net absorption in each quarter over the past four years. There has been 3.7 million square feet of net absorption of industrial space through the second quarter of 2014.

“We’re bullish on the local industrial market and believe metro Phoenix will remain a viable distribution alternative to the coastal markets,” Cochran said.

Geoffrey Harris joins CBRE Capital Markets

Geoffrey Harris, CBRE

Geoffrey Harris, CBRE

CBRE Group, Inc. today announced that Geoffrey Harris has joined the firm’s Capital Markets’ Debt and Structured Finance team as Senior Vice President. Harris is a financial services professional with more than 15 years of mortgage banking experience. Based in Phoenix, Harris will play a key role in originating net-leased transactions for the firm nationally, in the multi and single-tenant, office, retail and industrial properties space.

“I am thrilled to welcome Geoff to the team. He is a wonderful complement to our team of best-in-class debt and structured finance professionals,” said Bruce Francis, vice chairman, Debt and Structured Finance, CBRE. “His experience and skill set will expand CBRE’s reach and strengthen our capabilities to serve the diverse needs of our investment clients across the country.”

Harris joins CBRE from Meridian Capital where he was managing director. He previously served as vice president of Capital Markets at Marcus & Millichap, where he was a top performer and was ranked as a “Top Five Broker” nationally from 2007 through 2011, and a “Top Loan Originator” for three consecutive years. Additionally, he was the recipient of Marcus & Millichap’s National Achievement Award for five consecutive years. Over the course of his career, Harris has closed more than 2,000 loans in excess of $3 billion.

“Geoff’s years of experience coupled with his deep market knowledge make him an excellent addition to our team. In addition, he is one of the most respected finance professionals in the Phoenix commercial real estate market,” said Craig Henig, senior managing director, CBRE. “In our business things like integrity, trust and confidence define the line between success and failure. Geoff is the epitome of these qualities and we are fortunate to be able to call him one of our own going forward.”

Harris holds a B.S. in business management from Southwest Texas State University. Outside of CBRE, he is actively involved in the community donating to and volunteering with numerous organizations including Boys Hope Girls Hope Arizona, Boys & Girls Club of Metropolitan Phoenix, Brokers for Kids of Arizona, American Liver Foundation and Arizona March of Dimes, among many others. He is also very dedicated to raising funds and awareness for multiple sclerosis.

MMIBuildingPR, WEB

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

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

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

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

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

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

58 W. Congress St., Tucson, Ariz.

CBRE reports recent Tucson transactions

CBRE’s Tucson office has released the following recent leasing transactions for the greater Tucson area:

Ridgewood Associates, a full-service public relations and integrated marketing communications firm, has leased 2,378 square feet of office space at the Pioneer Building located at 100 N. Stone Ave. in Tucson, Ariz. Ridgewood Associates was represented by David Montijo and Bruce Suppes with CBRE’s Tucson office. The landlord, Holualoa Pioneer, LLC, was also represented by Bruce Suppes in addition to David Volk of CBRE.

Street Taco and Beer Co. has leased 2,233 square feet of restaurant space at 58 W. Congress in downtown Tucson. The landlord, BC Limited, LLC, was represented by Buzz Isaacson with CBRE’s Tucson office. The tenant was self-represented.

Batteries Plus has leased 1,400 square feet of retail space at Tucson Spectrum shopping center located at 1725 W. Irving Rd. in Tucson. The landlord, DDR Tucson Spectrum II, LLC, was represented by CBRE’s Nancy McClure, Jayme Fabe and Michael Laatsch. The tenant was represented by Steffan Cione with Cione Company.

Arizona Pizza, Inc. has leased 1,500 square feet of retail space at Southgate Shopping Center located at 3346 S. 6th Ave. in Tucson. The landlord, Red Mountain Asset Fund, LLC, was represented by CBRE’s Jayme Fabe. Arizona Pizza, Inc. was represented by Debbie Heslop with Volk Co.

Community Extension Programs, Inc. (CEP) has purchased a 2,760-square-foot office space at La Cholla Corporate Center in Tucson. The Tucson-based non-profit organization, which provides extended care and education and enrichment for schools in Tucson and Oro Valley, purchased the property from Orca, LLC. CBRE’s David Montijo and Jeff Casper represented the seller in the $469,200 transaction. CEP was represented by Esther Empens with Tierra Antiqua Realty.

Goodyear 1, WEB

Schoeller Arca Systems leases 77KSF at Goodyear Crossing

CBRE has negotiated the lease of a 77,046 square feet space at Goodyear Crossing Industrial Park located at 3801 S. Cotton Lane in Goodyear.

Schoeller Arca Systems, Inc., a Netherlands-based plastic injection molding manufacturer, has leased the warehouse and distribution space to accommodate production from its approximately 150,000-square-foot manufacturing facility located across the street at 4320 S. Cotton Lane.

Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office represented the landlord, Indianapolis, Ind.-based Duke Realty, in negotiating the long-term lease agreement. Schoeller Arca Systems was self-represented. The exact financial terms of the transaction were not disclosed.

The metropolitan Phoenix industrial market is definitely improving. We’ve seen net positive absorption of 2.1 million square feet through the second quarter and 3.7 million square feet year-to-date,” said CBRE’s Feeney. “The Valley is proving an attractive placefor major industrial users to locate and expand. This lease is a prime example of that trend. With this transaction, SAS brings their total footprint in metro Phoenix to over 227,046 square feet, which is a sizeable investment. Activity is up because companies like SAS recognize the benefits of operating in the Valley.”

Schoeller Arca Systems, whose U.S. headquarters is located in Chicago, first entered the Phoenix market in 2011 when the company opened the facility at 4320 S. Cotton Lane which manufactures recyclable and reusable plastic crates for harvesting.

This lease brings the existing buildings at Goodyear Crossing Industrial Park to 100 percent occupied. Other tenants at the park include Suntech, a major producer of solar panels; e-commerce giant Amazon; and Macy’s, which operates an e-commerce distribution facility that was recently expanded by 360,000 square feet and now totals 1 million square feet. With all existing buildings fully leased, Duke Realty is actively and aggressively pursuing build-to-suit and other potential tenant opportunities for the remaining 130 to 150 acres of improved, rail-served industrial lots that also offer foreign-trade-zone status.

Camelback Square, WEB

National tech company signs 30KSF lease in downtown Scottsdale

Lincoln Property Company signed a 30,000 SF lease with a nationally platformed technology tenant at the Camelback Square office project in downtown Scottsdale. The confidential tenant commitment brings the Class-A building to 95 percent occupancy.

Bill Blake, Craig Coppola, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates serve as the listing team for Camelback Square. Bryce Terveen of CBRE represented the tenant.

“Downtown Scottsdale is a truly unique combination of business, dining, shopping and entertainment,” said Lincoln Property Company Vice President Amr Ceran. “It is easy to understand why companies want to locate here, and we do all we can as an owner/manager to make sure we’re complimenting that choice with very positive tenant relationships and lease deals that are a win-win scenario for everyone.”

With the new lease, the 172,690-square-foot, three-story Camelback Square is now 95 percent occupied to tenants including Regus, Echo Global Logistics, Paramount Financial, Ashton Woods, Carefree Financial, Barker Education and Mastro’s City Hall Steakhouse.

“This is a very stabilized occupancy position for Camelback Square, even when compared to South Scottsdale’s recovering office vacancy rate, which is performing competitively in the low teens,” said Ceran.

LPC and Los Angeles-based investment firm Oaktree Capital Management purchased Camelback Square out of special servicing in June 2011. Since that time, LPC has completed a major renovation including new building entrances, lobby and common area finishes, a courtyard fountain and furniture, and upgraded building signage. As property owner and manager, LPC also initiated an aggressive leasing plan that moved the project from just 50 percent occupied to almost 100 percent occupied.

Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Scottsdale roads. It sits adjacent to the 2 million-square-foot Scottsdale Fashion Square regional mall and includes on-site amenities such as the award-winning Mastro’s City Hall Steakhouse, a casual deli and a building conference room.

Sierra Vista I and II apartments, CBRE

Sierra Vista apartments sell for $23.825M in Tempe

CBRE has completed the sale of Sierra Vista I and II located at 710 and 615 S. Hardy Dr. in Tempe, Ariz. The garden-style apartment community consists of 239 and 228 units, respectively, and commanded a sale price of over $23.8 million.

Tyler Anderson, Sean Cunningham, Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office represented the seller, Sierra Vista Apartments, LLC of Leawood, Kansas. Bert Kempfert, also with CBRE, represented the buyer, Newport Beach, Calif.-based FPA Multifamily, LLC.

Sierra Vista I and II offer a unique opportunity in an irreplaceable north Tempe location. The Tempe submarket is one of the most vibrant in the metropolitan area and will only continue to grow in the 21st century,” said CBRE’s Smuckler. “This 18-acre property has the potential to be redeveloped as a new core-plus multifamily community, capitalizing on not only the student population of ASU, but the numerous nearby mixed-use development projects currently underway.”

Sierra Vista I and II are both less than one mile west of downtown Tempe, ASU and Rio Salado, an innovative 840-acre mixed-use urban project designed to meet the recreational, environmental and economic needs of the Tempe community. The property benefits from proximity to the industrial parks north and east of US 60 in west Tempe, as well as to the high tech jobs corridor along the Loop 101 Freeway and the large and growing employment center surrounding Sky Harbor International Airport.

Built in 1975 Sierra Vista I is located on University Drive in Tempe. The property is situated on approximately 9.04 acres. Community amenities include two large swimming pools, sport court, handball court, leasing office, two on-site laundry facilities, secured access gates, picnic areas with charcoal barbecues and an internet café with coffee bar.

Sierra Vista II, which was built in 1971, is located on 7th Street just east of Hardy Drive in
Tempe. The property sits on approximately 8.96 acres and is attractively landscaped. Community amenities include a large swimming pool, 24-hour fitness center, two on-site laundry facilities, picnic areas with charcoal barbecues and access to all the amenities at Sierra Vista I.