Tag Archives: CBRE

Las_Plazas_at_Old_Vail_PHOTO

Three national restaurant users coming to Las Plazas at Old Vail

Las Plazas at Old Vail, a 17-acre retail development at the northwest corner of Houghton and Old Vail Roads in Southeast Tucson, has landed its first wave of restaurant users. CBRE has recently completed the sale of the first three lots and the development will soon be home to a Taco Bell, Native Grill and Freddy’s Frozen Custard & Steakburgers.

Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the transactions on behalf of the seller, OVP Development Company, LLC. Taco Bell was purchased as a corporate store, but was then sold to a franchisee with the rest of the corporate Taco Bells in the Tucson market. The company purchased Lot 8 and was represented by Terry Dahlstrom of Volk Company. Native Grill, which will operate as a franchise, bought Lot 7 and was represented by James Neal with Hinkson Company. Freddy’s Steakburger, also a franchise operation, has purchased Lot 9 and was represented by John Hamner with Keller Williams.

“The purchase of the first three lots at Las Plazas at Old Vail confirms there is significant pent-up demand for retail and restaurant options in this underserved area. The surrounding neighborhood residents have expressed a desire for these additional options and users have taken notice,” said McClure. “This is a high-density residential area and is well equipped to handle additional retail amenities and these transactions are just the tip of the iceberg.”

Site work at the project in the form of underground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting began last spring and was recently competed. All three buyers are slated to begin construction soon and are projected to be open by year’s end.

Las Plazas at Old Vail is divided into fifteen lots ranging in buildable areas from 3,000 to 19,000 square feet. Las Plazas at Old Vail is designed to accommodate retail, office and industrial users. The remaining available lots are for sale to users and developers who want to provide build-to-suits to tenants. The site is approximately a mile and a half from the I-10 freeway, just south of the Rita Ranch master-planned community.

123rf.com: Vitaliy Vodolazskyy

CBRE’s Tucson office releases recent August transactions

CBRE’s Tucson office has released the following recent transactions:

LEASES

Community Intervention Associates has leased 5,006 square feet from Tucson Mountain Medical Building Associates for its first medical clinic in Tucson. The clinic is located at 1775 W Saint Mary’s. CBRE Tucson’s David Volk and Bruce Suppes represented ownership, while the firm’s David Blanchette, CCIM and Ian Stuart represented the tenant.

Bigg Dogg Paint and Body has leased 5,700 square feet of industrial space at 3237-3243 E Lincoln Street from David Chimera. David Blanchette, CCIM with CBRE’s Tucson office, represented the landlord.

Deringer-Ney Inc. has leased 5,734 square feet of industrial space at 3280 Hemisphere Loop #190 from Tucson Property Investors. Gary Best with Keller Williams Southern Arizona represented the tenant. Bob DeLaney and Tim Healy with CBRE’s Tucson office represented the landlord.

Maxim Healthcare Services has leased 7,065 square feet of office space at 5151 E Broadway Blvd #1100 from 5151 Investors KCI-Broadway LLC. Sany Alter with Rein and Grossoehme represented the landlord. Buzz Isaacson and Jeff Casper with CBRE’s Tucson office represented the tenant.

Malena Produce has leased 1,838 square feet of office space at 201 W Cushing St from Lizard Rock Designs. The tenant was represented by Denisse Angulo-Badilla with PICOR/Cushman & Wakefield. The landlord was represented by Ian Stuart with CBRE’s Tucson office

Strategic Growth Advisors has leased 875 square feet of office space at 1661 Swan Rd #208 from DHS Property Investments. The transaction was handled by David Montijo and Damian Wilkinson with CBRE’s Tucson office.

Sunstreet Mortgage has leased 2,369 square feet of office space at 3430 E Sunrise Dr #190 at Foothills Corporate Center. The landlord was represented by David Volk with CBRE’s Tucson office. The tenant was represented by John Yarborough with Romano Real Estate.

RICOH Americas has leased 3,973 square feet at Foothills Corporate Center. The landlord was represented by David Volk with CBRE’s Tucson office. The tenant was represented by Bruce Suppes and John Cooper of CBRE.

Verdad Group has leased 2,369 square feet of office space at 1102 S Curtis from Long Far Investments. The landlord was represented by Paul Hooker with Picor Commercial Real Estate Services. The tenant was represented by David Volk with CBRE’s Tucson office.

Dr. Gregory J. Porter has leased 1.646 square feet for an internal medicine clinic at 1775 W. Saint Mary’s from Tucson Mountain Medical Building Associates, represented by David Volk and Bruce Suppes of CBRE’s Tucson office.

Eclipse Clinical Research, represented by Bruce Suppes of CBRE’s has leased 3,900 square feet at 1775 W. Saint Mary’s from Tucson Mountain Medical Building Associates, also represented by David Volk and Bruce Suppes.

SALES

Dr Javier Rios has purchased .75 acres of land at Santa Cruz Plaza, located at the Northeast corner of I-19 and Ajo, from Sagehen Investments, LLC for $165,000. The transaction was negotiated by Peter Villaescusa and Jesse Peron with CBRE’s Tucson office.

Michael R. Wattis, Inc. has purchased 3.50 acres of land near at 1107 E River Road from KLK Consulting Group, Inc. for $315,000. The seller was represented by Buzz Isaacson with CBRE’s Tucson office.

TMC Holdings, Inc. has purchased 3,872 square-feet of medical office space at 5300 E. Erickson Suite 100 from Tran Building, LLC for $670,000. The seller was represented by David Montijo with CBRE’s Tucson office.

Cambridge

CBRE completes $4.1M sale of Greenbrook apartments

CBRE has completed the sale of Greenbrook, an 80-unit multifamily apartment complex located at 3536 E. Cambridge Avenue in Phoenix. The property was sold for $4.1 million, or $52,188 per unit.

Greenbrook B and L LLC of Tustin, California purchased the property from Greenbrook Apartments LLC of Incline Village, Nevada. Brian Smuckler and Jeff Seaman of CBRE, senior vice president and first vice president respectively, brokered the transaction.

“The East Phoenix vacancy rate is currently under 6 percent and rental rates have increased nearly 12 percent year-over-year. After 17 years of continuous ownership, Greenbrook is a prime reposition opportunity,” said CBRE’s Smuckler. “New ownership plans to complete strategic exterior and interior renovations to rebrand the community and take advantage of the strength of the submarket.”

Built in 1974, Greenbrook is a two-story apartment community situated on over 3.15 acres with excellent street frontage on 36th Street. The property is comprised of one-bedroom/one bath and two-bedroom/two-bath floorplans that average 780 and 1,000 square feet, respectively. The property is located just south of Thomas Road less than a mile from the Desert Palms retail center, whose tenants include Home Depot, Wal-Mart, Staples, and a Harkins Theatre.

National League of Cities Gathering

Second quarter 2015 brokerage reports

With the closing of the second quarter and first half of 2015, brokerages around the Valley provided their numbers and predictions for the last and next six months in various commercial sectors.

Q2 OFFICE REPORTS
Cushman & Wakefield
CBRE
C&W|PICOR
Marcus & Millichap
DTZ
Colliers (Office)

Colliers (Medical Office)
JLL

Q2 INDUSTRIAL REPORTS
C&W|PICOR
CBRE
Cushman & Wakefield

Q2 RETAIL REPORTS
Colliers International
C&W|PICOR
CBRE

Q2 MULTIFAMILY REPORTS
Colliers Greater Phoenix
Colliers Tucson
C&W|PICOR
ABI Multifamily

Q2 CAPITAL INVESTMENTS REPORTS
Colliers Greater Phoenix

lease

CBRE releases recent July transactions

CBRE’s Tucson office has released the following recent transactions:

LEASES:

Mattress Pro has leased a 3,500 square foot freestanding retail pad building, 4755 E Grant Rd, in Crossroads Festival from Scarlet Investments, R.L.L.C. The tenant was represented by Darren Pitts and Michael Clark with Velocity Retail Group LLC. The landlord was represented by Nancy McClure, David Blanchette and Michael Laatsch with CBRE’s Tucson office.

Mattress Pro has leased 4,000 square feet of retail space at 5455 E Broadway Blvd, Toys R’ Us Shopping Center, from SDR Associates LLP. The tenant was represented by Darren Pitts and Michael Clark with Velocity Retail Group LLC. The landlord was represented by Nancy McClure and Michael Laatsch with CBRE’s Tucson office.

Corbins Service Electric has leased 2,400 square feet of flex/R&D space at 4595 S Palo Verde #509 from Presson Equity Partners LLP. The tenant was represented by Tim Healy and Bob DeLaney with CBRE’s Tucson office. The landlord was represented by Rob Glaser and Paul Hooker of Picor.

Basic HR Solutions has leased 1,437 square feet of office space at 2800-2990 N. Campbell Ave. from Campbell Plaza Two LLC. The tenant was represented by Michael Ebert with Trident Commercial. The landlord was represented by Bruce Suppes with CBRE’s Tucson office.

Interlogic Outsourcing has leased 1,080 square feet of office space at 310 S Williams Blvd. #101 from DHS Property Investments. The transaction was handled by David Montijo and Damian Wilkinson with CBRE’s Tucson office.

The Devereux Foundation has expanded their lease by 3,410 square feet to a total of 6,553 square feet of office space at 5700 E Pima St. from 2222 Craycroft LLC. The tenant was represented by David Montijo and Damian Wilkinson with CBRE’s Tucson office. The landlord was represented by Audrey Finkelstein of VAST.

SALES

Dr. Horton Inc. has purchased 28 condo lots at the SEC of Limberlost Dr. & Thurston Ln. for $672,000 from, HSL Stone Crossing LLC. The buyer and seller were represented by Ben Becker and Adam Becker with CBRE’s Tucson office.

Biltmore Financial Center, Courtesy of CBRE

ViaWest buys Biltmore Financial Center for $163M

ViaWest Group recently purchased the Biltmore Financial Center, three Class A office buildings totaling approximately 635,000 square feet at the northwest corner of 24th Street and Camelback in Phoenix, for $163.1 million (or $257 per square foot).

The transaction is the largest multi-tenant office sale in the Phoenix area since 2007 and third largest sale ever in the metropolitan area, according to CoStar’s records.

ViaWest Group of Phoenix, with partner AllianceBernstein U.S. Real Estate Partners II, L.P. of New York, purchased the Biltmore Financial Center from Invesco Real Estate.

The buyer was self-represented in the transaction. Jim Fijan and Will Mast of CBRE represented the seller.

“The sale is a good barometer for the market overall. The sale process was very competitive. We received north of 150 confidentiality agreements, which is a good indication that Phoenix is back as a favorite for all types of capital looking to invest in real estate,” said CBRE’s Fijan. “Leasing fundamentals are still improving in Phoenix, but we are already seeing near pre-recession sale prices. I think this confirms confidence in the market. The metro Phoenix office market still has quite a bit of runway and as leasing activity continues to improve investors will see significant revenue growth.”

The three buildings comprising Biltmore Financial Center are located on the northwest corner of the most prestigious section of the Camelback Corridor:

·      4-story Biltmore Financial Center I (2390 E. Camelback Road)

·      11-story Biltmore Financial Center II (aka Northern Trust Tower, 2398 E. Camelback Road)

·      6-story Biltmore Financial Center III (2394 E. Camelback Road)

Major tenants include Fennemore Craig, Colliers International and Northern Trust. The institutional-quality buildings are Energy Star rated and LEED certified. The property has premier access, extremely convenient parking and some of the best views in Metro Phoenix. As well, it includes a two-acre park, an onsite gym, and a deli with many additional amenities directly across the street at the Biltmore Fashion Park.

“This property has it all; location, views, access, parking and a premier tenant base,” said Steven Schwarz, a Founding Partner of ViaWest Group. Gary Linhart, also a Founding Partner of ViaWest Group added, “We are very excited with our plan to activate the common areas, modernize the amenities, and utilize our proactive management style to position Biltmore Financial Center to its rightful place as the premier asset on the Camelback Corridor.”

Jerry Roberts, Corey Hawley and Pat Boyle with CBRE are representing ViaWest Group in leasing the property.

ViaWest Group has been one of the most active buyers in the Phoenix area in 2015. In addition to the acquisition of five industrial properties, an office building, and a land parcel so far this year, ViaWest Group recently completed a major renovation of Nexus, a 120,000-square-foot office property at the ASU Research Park.

The Biltmore Financial Center acquisition is ViaWest Group’s largest purchase to date. ViaWest Group plans to move its office from 40th Street and Camelback to the Biltmore Financial Center this fall and serve as the property manager and asset manager.

According to CBRE Research, which conducts an annual Investor Intentions Survey, current investment trends point to supply and demand issues in core, coastal markets like San Francisco, Los Angeles and Seattle. This makes more inland markets like Phoenix increasingly attractive.

Fijan continued, “There was a 17 percent rise in real estate investment volume across the U.S. in 2014, which has translated to rising asset prices and a tightening supply, especially in coastal markets. Metropolitan Phoenix is still relatively well priced and there are still plenty of opportunities.”

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CBRE recent transaction report for Southern Arizona

CBRE’s Tucson office has released the following recent transactions:

Stewart Title & Trust of Tucson has leased 1,917 square-feet of office space at 3573 E. Sunrise Dr., La Paloma from DHS Property Investments. The tenant and landlord were represented by David Montijo and Bruce Suppes with CBRE’s Tucson office.

Fidelity Brokerage Services LLC has leased 3,883 square-feet of office space at 4031 E Sunrise Dr., La Paloma Office Center, from Sunrise HDS LLC. The tenant was represented by Ryan Timpani with Colliers International’s Scottsdale office. The landlord was represented by David Montijo and Bruce Suppes with CBRE’s Tucson office.

Arizona Center for Disability Law has leased 3,439 square-feet of office space at 177 N. Church Avenue from TA Building Corp. The tenant and landlord were represented by Buzz Isaacson with CBRE’s Tucson office.

Mastek-Innerstep has renewed their lease for 16,400 square-feet of industrial flex space at 3280 E Hemisphere Loop #140. The tenant was not represented in the transaction. The landlord was represented by Tim Healy and Bob DeLaney with CBRE’s Tucson office.

CM Land has leased 2,000 square-feet of space at Golder Ranch Plaza for a Chuy’s Restaurant from Golder Ranch Retail Center LLC. The tenant was represented by Pete Villaescusa and Jesse Peron with CBRE’s Tucson office. The landlord was represented by Kevin Volk and Dave Hammack with Volk Company.

Danville Services of Arizona has leased 6,800 square-feet of office space at 710 S. Campbell Ave. from The Roof Family Trust. The tenant was represented by Ian Stuart with CBRE’s Tucson office. The landlord was represented by Gary Best with Keller Williams Southern Arizona.

Luz Social Services has leased 27,307 square-feet of educational space at 25 E. Drachman St., to be used as a charter school, from the Beacon Group. The tenant was represented by Gary Andros with Andros Properties. The landlord was represented by Buzz Isaacson and Jeff Casper with CBRE’s Tucson office.

JB Restaurants IV LLC has leased 1,920 square-feet of restaurant space at 495 Pinal Parkway in Florence, Arizona from, Florence LLC for a Florence Café restaurant. The tenant was represented by Pete Villaescusa and Jesse Peron with CBRE’s Tucson office.

john

John Kirby joins Cushman & Wakefield of Arizona

John Kirby has joined the Valuation & Advisory group at Cushman & Wakefield of Arizona, Inc. as Director.

Kirby has 11 years of experience in commercial real estate appraisal-related work, including litigation support. He previously worked at CBRE, where he was a Senior Appraiser for six years. Kirby also was a commercial appraiser with the Scott Niebling Valuation Group in Phoenix.

“John is an integral addition to our V&A group in the Phoenix office,” said Jo Dance, MAI, CCIM, Managing Director | Regional Manager for Cushman & Wakefield of Arizona. “His skills enhance our existing staff of experienced appraisers as we strive to provide best in class services to our clients.”

Kirby is a Certified General Real Estate Appraiser in Arizona, New Mexico and Nevada, and holds an Arizona State Real Estate license.

A native of California, Kirby earned a Bachelor of Arts degree in Anthropology from California State University in Fullerton.

Sierra Valencia

CBRE releases recent transaction report for Southern Arizona

CBRE’s Tucson office has released the following recent transactions:

Primadonna Linens has leased 3,216 square-feet of flex space at 3280 E. Hemisphere Loop from Tucson Property Investors. The tenant was represented by Mark Hays with Tierra Antigua Realty. The landlord was represented by Tim Healy and Bob DeLaney with CBRE’s Tucson office.

Seneca Preparatory Academy Foundation has leased 13,000 square-feet at 601 E. Fort Lowell Rd. from Sacred Heart Roman Catholic Parish. The tenant was represented by Dave Blanchette with CBRE’s Tucson office. The landlord was represented by Rob Tomlinson with Cushman & Wakefield – PICOR.

Farmers Insurance has leased 1,100 square-feet of retail space at 2040 W. Orange Grove Rd. from La Cholla Plaza. The tenant was represented by Bruce Suppes with CBRE’s Tucson office. The landlord was represented by David Carroll with Romano Real Estate.

Roach Law Firm LLC has leased 1,065 square-feet of office space at 100 N. Stone Ave. from Holualoa Pioneer LLC. The tenant was not represented in the transaction. The landlord was represented by Bruce Suppes and David Volk with CBRE’s Tucson office.

DHL Global Forwarding has renewed their 4,000 square-foot lease of flex space at 2901 E. Elvira Rd. from Holualoa Tucson Airport I, LLC. The landlord was represented by Bill DiVito and Jesse Blum with CBRE’s Tucson office.

Johnson Controls Inc. has leased 7,380 square-feet of flex space at 3700-3716 E. Columbia St. from, Holualoa Columbia Industrial LLC. The landlord was represented by Bill DiVito and Jesse Blum with CBRE’s Tucson office.

BlackCanyon CP

Progrexion to add 450 employees at Black Canyon Commerce

CBRE has negotiated a 62,771-square-foot office lease at Black Canyon Commerce Park located at 2133 W. Peoria Avenue in Phoenix. The building is now 100 percent leased to Progrexion, a technology enabled consumer service business that provides a suite of credit repair services.

Currently, Progrexion occupies approximately 60,000 square feet in the I-17 corridor submarket. The additional 62,000-plus square feet will be used to house the 450 new employees Progrexion plans to hire in the near future.

Ashley Brooks, Jim Bayless and Jenny Aust Turner of CBRE’s Phoenix office represented the landlord, Newport Beach, Calif.-based Granite Black Canyon Holdings, in negotiating the long-term lease agreement. Darius Green of Keyser and Sam Pruitt of Site Selection Group represented Progrexion.

“This transaction is a great barometer for the overall health of the market,” said CBRE’s Brooks. “Companies are starting to focus on growth again. We’ve already seen a substantial increase in office activity through the first quarter of 2015 and we expect that to continue over the next several months as users either expand existing operations or enter metro Phoenix from other markets.”

According to CBRE Research, Q1 2015 saw 477,901 square feet of positive net absorption of office product across the Valley. For comparison, Q1 2014 recorded 319,820 square feet of positive net absorption and Q1 2013 saw 268,500 square feet of positive net absorption. These year-over-year increases are even more substantial when compared to Q1 2012 when the Valley only recorded 959 square feet of positive net absorption.

With the office market on the upswing, Valley business and municipal leaders are excited about economic growth in the post-recession market. Progrexion’s expansion demonstrates a clear commitment to metropolitan Phoenix and local leadership points to a growing, talented work force as a driver for economic growth.

“We’re excited to welcome an additional 450 Progrexion employees to Phoenix,” said Phoenix Mayor Greg Stanton. “This expansion shows that our growing, talented workforce is encouraging businesses to make long-term investments in our community.”

“Progexion opened its Phoenix office in 2013 with projections to grow,” said Phoenix Councilman Bill Gates of District Three. “I am pleased that within less than 3 years, they have announced an expansion and the addition of 450 quality new jobs and employees that will be a boost to the area economy and will continue to strengthen the commercial corridor within the North Mountain Business Alliance and along the east side of the Black Canyon Freeway Corridor.”

ThistleLanding

CBRE sells office building in Thistle Landing for $16.75M

CBRE has completed the sale of a 101,006-square-foot office building located at 4809 E. Thistle Landing in Phoenix. The property commanded a sale price of $16.75 million.

Jim Fijan and Will Mast with CBRE’s Phoenix office negotiated the sale. The buyer was Menlo Equities. The seller was a joint venture between Everest Holdings and Walton Street Capital.

“Thistle Landing is a smart investment for Menlo providing them ownership in a quality office building in a well-established corporate environment,” said CBRE’s Fijan. “The long-term, triple-net nature of the tenants’ leases yields a very stable return on investment going forward.”

According to CBRE Research, the metropolitan Phoenix office market has already seen more than $750 million in investment property sales through April of this year and real estate experts expect that level of activity only to increase.

“We’ve already seen significant sale activity this year and many of those sales have been characterized by triple-net lease tenancy,” continued Fijan. “Triple-net leased office properties are a very highly sought after asset class by investors, especially if they are heavily parked in high employment areas of the Valley.”

The property at 4809 E. Thistle Landing is part of the four-building Thistle Landing Office Park. The building is fully leased to two tenants – United Healthcare and Box Office Executive Suites – with long-term, triple-net leases.

A major employment hub in the South Tempe / Ahwatukee office submarket, Thistle Landing houses more than 500 United Healthcare employees. Built in 1999, Thistle Landing benefits from access to numerous amenities, including executive housing and the high-end retail of the Ahwatukee Foothills. The property is also located near several well-known restaurants, hotels and resorts.

AMEX

Phoenix office building and data center sells for $91.5M

American Realty Advisors, an institutional real estate investment manager with nearly $7 billion in assets under management, on behalf of one of its clients, has sold an office building and data center totaling 513,361 square feet in Phoenix, AZ for $91.5 million.

The property is fully occupied by tenant American Express Travel Related Services Company, Inc. (a subsidiary of FORTUNE 500 company American Express).

“This asset was poised for strong investor interest, based on the long-term commitment to the property demonstrated by American Express,” says Stanley Iezman, Chairman & CEO of American Realty Advisors. “This resulted in an attractive property with a stable rent roll to market to investment groups.”

This asset is situated on a 28.54-acre site located at 3151 and 3202 West Behrend Drive within a growing submarket of Phoenix where demand for office and data center properties continues to rise, according to Iezman.

“Several major data centers are located in the Phoenix market, based primarily on the region’s skilled workforce, affordable power, and low rate of natural disasters,” says Iezman. “This particular data center competes on both a national and international level, making the asset even more attractive to investors.”

Iezman notes that the sale of this property demonstrates American’s overall strategy to acquire, stabilize, manage, and sell assets in a way that drives the highest yields for its institutional investors, which include major pension funds, insurance companies, and foundations.

Jim Fijan and Chad Freese of CBRE represented the seller in the transaction. The buyer was Griffin Capital Corporation, a publicly registered non-traded REIT.

2100 N Kolb Road PHOTO

CBRE reports recent Tucson leases

CBRE’s Tucson office has released the following recent transactions:

International Rescue Committee has leased 6,200 square-feet of office space at 2100 N. Kolb Rd. from Reay’s Ranch Investors LLC. CBRE’s Tucson office handled the transaction with Pete Villaescusa, Bruce Suppes, and Jesse Peron representing the landlord/sublessor and Bruce Suppes and Ian Stuart representing the tenant/sublessee.

Communicus One LLC has leased 3,038 square-feet of office space at 2900 N. Swan Rd. from WCCP Plaza Palomino LLC. The tenant was represented by Bruce Suppes with CBRE’s Tucson office. The landlord was represented by Ben Craney with NAI Horizon.

Prestige Vending LLC has leased 7,600 square-feet of manufacturing space at 3651 S. Broadmont from 3651 South Broadmont LLC. Tim Healy and Bob DeLaney with CBRE’s Tucson office negotiated the transaction on behalf of both parties.

Leoni Wiring Systems has leased 8,416 square-feet of office space at 3100 N. Campbell Ave. from the Gibeault Office Company. The tenant was represented by Bruce Suppes and Ian Stuart with CBRE’s Tucson office. The landlord was represented by Casey King with Tower Realty.

One Main Financial has leased 2,052 square-feet at 6330 E. Golf Links Rd. from Karlin Golf Links. The tenant was represented by Dave Blanchette with CBRE’s Tucson office. The landlord was represented by Dave Dutson with NAI Horizon.

CBRE Cathy Teeter, WEB

Cathy Teeter promoted at CBRE

CBRE has announced that Catharine Teeter has been promoted to the position of regional sales director for the Southwest Region. In this role, she will work closely with the managing directors in CBRE’s Phoenix, Tucson, Salt Lake City, Las Vegas and Albuquerque offices on reporting business and market share activity, new business pursuits, pipelines and follow-up requirements. Her key objectives will include increasing opportunities and improving win rates for CBRE’s sales professionals. Teeter will also serve as a conduit for assisting professionals with identifying resources and information within the enterprise platform.

”I am pleased to announce Cathy’s promotion to regional sales director,” said Craig Henig, CBRE’s senior managing director and Arizona market leader. “Cathy has been instrumental in working towards our goal of achieving operational excellence, and I know she will bring the same focus and dedication to her new role. Cathy’s deep market knowledge and professional relationships coupled with her 25+ years of industry experience make her an ideal fit as our new Regional Sales Director.”

Teeter joined CBRE last spring as the director of operations for the Southwest Region. In this role, she has been responsible for the implementation and oversight of the firm’s new local market operations structure, which is designed to drive a deeper level of support to local offices and employees across markets.

Prior to joining CBRE, Teeter spent more than 25 years with Cushman & Wakefield, where she most recently served as the senior operations manager for their offices in Arizona and Nevada. During that time, she gained considerable experience successfully running profitable operations while leveraging an effective administrative infrastructure that provided superior service to professionals in brokerage, asset services, project management and valuation advisory groups. Additionally, Ms. Teeter served on national committees for broker support and broker training programs and has worked with major clients including American Express, Symantec, Lucent, Citigroup, eBay and Prudential.

Teeter holds an MA degree in Organizational Management, a BA in business administration and a professional human resources (PHR) certification. She is an active member of the Society of Human Resources Management (SHRM) and NAIOP.

3561 Sunrise, Courtesy of CBRE

CBRE Tucson reports recent transactions

CBRE’s Tucson office has released the following recent transactions:

LEASES
Chris Valenzuela has leased 3,000 square-feet for a vapor lounge at 2900 E. Broadway Blvd. from HLF Properties. The tenant was not represented in the transaction. The landlord was represented by Nancy McClure and Michael Laatsch with CBRE’s Tucson office.

Darling Financial has leased 1,931 square-feet at 3561 E. Sunrise Dr. #239 from La Paloma Corporate Center LLC. CBRE’s Tucson office represented both sides of this transaction, with David Montijo and Jeff Casper representing the landlord and David Volk representing the tenant.

Jeffrey B Loomer M.D., P.C. has leased 1,200 square-feet at 2001 W. Orange Grove Rd. #610 from HTA-Tucson Medical Office LLC. CBRE’s Tucson office represented both sides of this transaction, with David Montijo representing the landlord and Damian Wilkinson representing the tenant.

Concise Fabricators has leased 4,304 square-feet at 3850 & 3875 N. Business Center Dr. from NTBC Trust Partners. The tenant was represented by Tim Healy and Bob DeLaney with CBRE’s Tucson office. The landlord was represented by Rob Glaser with PICOR.

SALE
Freewheel Investments has purchased a 1,867 square-foot office at 7337 E. Tanque Verde Rd. for $340,000 from PLM Holding Company. The buyer and seller were represented by David Montijo with CBRE’s Tucson office.

Osborn

West Osborn Apartment Community sells for $800,000

CBRE has negotiated the following multi-family sale transaction:

Clear Sky Uptown III LLC from Phoenix, AZ has purchased West Osborn, a 17-unit multi-family property located at 445 West Osborn Road in Phoenix, Arizona from West Osborn Apartments LLC of Phoenix, AZ. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $800,000 transaction.

Stone Canyon, Courtesy of CBRE

Stone Canyon sells for $47M

CBRE has completed the sale of Stone Canyon, a 392-unit apartment complex located at 5210 E. Hampton Ave. in Mesa. The multifamily asset sold for $47 million and was 95 percent leased at time of sale.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers, a group of tenant-in-common co-owners who were supported throughout their hold period and the sales process by National Asset Services, Inc. (NAS), a Los Angeles-based real estate asset management company. The buyer was Olen Residential Realty Corp. of Newport Beach, Calif.

Karen E. Kennedy, president of NAS commented, “We have worked diligently with the 33 co-owners to drive value on this fantastic investment property, and are delighted to see these co-owners realize their financial objectives at the sale.”

“The Stone Canyon apartments offer an excellent opportunity to purchase an institutional-quality asset well below replacement cost. The asset is located in a submarket that has no new multifamily construction underway with none planned,” said CBRE’s Anderson. “The property has been well maintained and the buyer is in an excellent position to capitalize on a submarket that is expected to post the strongest population growth metro-wide over the next five years.”

Stone Canyon located in the core of Mesa’s employment corridor. The property is surrounded by the largest employers in Mesa, including Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company, among others. Stone Canyon also offers excellent access to other major local and regional employment corridors throughout the southeast valley with immediate access to the US-60 via Higley Road.

Built in 2000, Stone Canyon features spacious, well-designed floor plans ranging in size from 727 to 1,146 square feet. Units feature nine-foot ceilings, built-in computer desks, walk-in closets, and personal balconies/patios. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance.

Highland Villa

Highland Villas sell for $1.71M

CBRE has negotiated the following multi-family sale transaction:

Highland Villa, LLLP from Richmond B.C., Canada has purchased Highland Villas, a 36-unit multi-family property located at 1110 East Highland Avenue in Phoenix, Arizona from Mustard Seed Housing, LLC of Scottsdale, Arizona. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $1.71 million transaction.

 

Lexington 45

45 Lexington sells for $1.87M

CBRE has completed the sale of 45 Lexington, a 23-unit apartment complex located at 45 East Lexington Avenue in Midtown Phoenix. The multifamily asset commanded a sale price of $1.875 million, or $81,522 per unit.

Brian Smuckler and Jeff Seaman with CBRE’s Phoenix office negotiated the transaction on behalf the buyer, Continental Mountain LLC of Evergreen, Colorado, and the seller, Clear Sky Capital Lexington, LLC.

Built in 1963, 45 Lexington is located in a dynamic midtown Phoenix location and was completely renovated and repositioned in 2014.

“We see increasing investor demand for renovated assets that service millennial renters who are getting priced out of A-/B+ quality properties,” said Smuckler. “45 Lexington’s irreplaceable location in midtown Phoenix fueled its successful reposition, as it caters to this growing population of renters. This turn-key asset is ideally positioned to capitalize on expanding employment drivers.”

Interior property upgrades include polished concrete flooring, new contemporary cabinetry with brushed nickel hardware, quartz countertops with porcelain tile backsplashes, stainless steel appliances, porcelain tile shower surrounds with new fixtures, premium lighting, and low-flow toilets. The revamped exterior features a sandblasted block facade with a contemporary metal monument sign, repurposed wood access gates with keyless entry, new dual-pane windows, and a resurfaced Pebble Tec swimming pool.

Katie

Katie Kelley joins CBRE

CBRE’s local Healthcare Services team has grown by one. The firm has announced the hiring of Senior Associate Katie Kelley.

Ms. Kelley joins the team lead by First Vice President Kate Morris and Vice President Vince Femiano. She will focus her attention on agency leasing and investment services. In her new role she will work with healthcare systems, practice groups and medical building owners to help them meet their healthcare real estate and business goals.

“We are thrilled to welcome Katie to the team. Bringing her onboard completes our team and will allow us to grow our agency platform,” said Ms. Morris. “Her asset management experience gives her an “ownership” mentality that will greatly benefit our agency clients. Her unique skillset and contacts, coupled with the experience and creativity Vince and I have will allow us to better service our healthcare clients and provide them a spectrum of fully compressive solutions.”

Prior to joining the CBRE Healthcare Services team, Ms. Kelley was Vice President of Leasing for Healthcare Trust of America, Inc. (HTA), a publicly traded REIT based in Scottsdale, Arizona. In this role, she was directly responsible for the marketing and leasing of HTA’s 1 million SF medical office building portfolio in Phoenix, and oversaw the marketing and leasing of an additional 500,000 SF in Tucson, Arizona and Los Angeles and San Luis Obispo, California. Before being elevated to Vice President, Ms. Kelley was HTA’s Leasing Manager for the South/Southwest Region. As leasing manager, she was responsible for the performance of HTA’s 4.5 million SF portfolio across eight states.

Ms. Kelley began her commercial real estate career in 2010 as part of an office services brokerage team with CBRE’s Phoenix office. The team represented institutional and private owners of office and medical office buildings, totaling over 5 million SF in Phoenix.

“Katie is a great addition to our already strong Healthcare Services team and I’m happy to welcome her back into the CBRE fold,” said Craig Henig, senior managing director and Arizona market leader. “Katie is the perfect compliment to Kate and Vince’s team and her experience, client-service mentality and market knowledge will greatly benefit our healthcare clients.”

Ms. Kelley holds a B.A. in communication from Arizona State University in Tempe, Arizona.

Four Gateway

State Farm building sells for more than $22.9M

CBRE has recently completed the sale of Gateway Four, a 137,069-square-foot, single-tenant office building, located at 444 N. 44th Street in Phoenix. The property is fully leased to State Farm Insurance and commanded a sale price of more than $22.9 million.

Tom Adelson and Jim Fijan with CBRE’s Phoenix office negotiated the sale. The buyer was Kansas City, Missouri-based VanTrust Real Estate, LLC. The seller was LBA Realty of Irvine, California.

“This was a great opportunity for VanTrust to acquire a quality, class A asset at well below replacement cost in one of the most active office submarkets in metro Phoenix,” said CBRE’s Adelson. “In the last few months alone the 44th Street corridor and Airport areas have seen several leases of 10,000 sq. ft. or greater, and we expect that type of activity to continue.”

Built in 1998, Four Gateway is currently home to a portion of State Farm Insurance’s local operations. However, State Farm is set to vacate the property in late 2016 when the company consolidates local operations at its new regional headquarters in the currently-under-construction Marina Heights located at Tempe Town Lake.

Four Gateway is part of the larger Phoenix Gateway Corporate Center. The office complex is comprised of three other class A office buildings: One Gateway, Two Gateway, and Three Gateway. The development is situated near the northwest corner of 44th and Van Buren Streets and is comprised of more than 569,661 square feet of class A office space.

StetsonRedRevolve

CBRE completes $2.1M sale of single-tenant retail property

CBRE has completed the sale of a single-tenant retail property located at 7316 E. Stetson Drive in Scottsdale, Ariz. The asset, which is currently home to Red Revolver Night Club, commanded a sale price of $2.1 million.

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office represented the seller, GEM Realty Advisors, LLC of Phoenix. The buyer, Zephyr Cove, Nev.-based Tornga Family, LLC, was represented by Robert Jones with Torrey Pines Real Estate Investments, Inc.

“Old Town Scottsdale is one of the healthiest submarkets in Metropolitan Phoenix,” said CBRE’s Julius. “Scottsdale has several new multifamily developments underway, has recently announced high-profile office-users entering the market, and continues to have one of the most vibrant night-life and retail scenes in the Valley. The Stetson building is well situated for long-term success.”

This transaction marks the second sale the CBRE retail investment team has completed in Old Town in recent history. The previous sale was the US Bank Plaza building located at 4273 N Scottsdale Road, which sold for $3.94 million. Julius and Goldsmith note that investor interest in the submarket has been strong through the first quarter of 2015 and they expect that demand to remain steady.

 

38 Street Apts

CBRE completes sale of 38th Street Apartments in Phoenix

CBRE has negotiated the following multi-family sales transaction(s):

· Trinity Apartments, LLLP from Vancouver, B.C. Canada has purchased the 38th Street Apartments, a 14-unit multi-family property located at 3234 North 38th Street in Phoenix, Arizona from 3234 N 38th Street, LLC of Mesa, Arizona. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $860,000 transaction.

Site-Plan-for-PR, cbre, web

Las Plazas at Old Vail breaks ground in Tucson

A 17-acre parcel of land at the northwest corner of Houghton and Old Vail Roads in southeastern Tucson is slated to become a new retail and restaurant hub. The development’s site work has begun at Las Plazas at Old Vail, as the project has been dubbed, in the form of under-ground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting.

The plot of land has been divided into fifteen lots ranging in buildable areas from 3,000 to 19,000 square feet. The lots are being marketed for retail and restaurant use, according to CBRE’s Nancy McClure who, along with Michael Laatsch, has the marketing assignment on the property.

“We’ve already seen significant interest in Las Plazas,” said McClure. “In fact, we already have two lots in escrow and another is in negotiations with a contract out for signature; all three are national operators.”

Las Plazas at Old Vail is expected to relieve significant pent-up demand for retail and restaurant options in what many real estate experts believe is an underserved area. McClure says the high-density residential area is well equipped to handle additional retail amenities. She points to the success of Super Wal-Mart, which opened in the immediate area just last year and has reported sales numbers that far exceed initial sales projections. This is a good indicator that area residents will welcome new food and shopping offerings.

“The surrounding community has been very supportive of the project. As soon as our signs went up, we had residents calling to inquire about potential users and which restaurants might be locating at the property. People are excited about new amenities for Rita Ranch and the surrounding outlying areas.”

Las Plazas at Old Vail is designed to accommodate retail and commercial users. The available lots are for sale to users and developers who want to provide build-to-suits to tenants. The site is approximately a mile and a half from the I-10 freeway, just south of the Rita Ranch master-planned community.