Tag Archives: CBRE

CBRE

CBRE Office Brokerage Team Wins NAIOP Award

A team of brokerage professionals in CBRE’s Phoenix office, Tom Adelson, Jim Fijan, Jerry Roberts and Corey Hawley, were awarded as the Office Broker Team of the Year by the Arizona Chapter of the National Association of Industrial and Office Properties (NAIOP). For Adelson and Fijan, who have worked together since 1983, this marks the 19th time in 24 years they have won this award. Roberts joined the company, and team, in 1988 and Hawley in 2004.

Executive Vice Presidents Adelson, Fijan, Roberts and Senior Associate Hawley are consistently among the top producing teams in CBRE’s Phoenix office. Since the beginning of their careers and partnership at CBRE, the team has been the most productive sales professionals with the greatest number of transactions in the Phoenix office. In 2013, the team completed 140 sale and lease transactions representing more than 3.55 MSF of office product and 2.7 acres of land.

“What’s most unique about this team is our ability to keep evolving over the years,” says Roberts. “Early on we realized that if we all focused on the parts of the business that came most naturally to us and enjoyed we’d be able to cover a lot more ground and touch a lot more clients.”

“Over the past 22 years that formula has worked well, but what is most important is that everyone on the team has our clients’ best interests in mind,” said Fijan. “Although we try not to overlap pursuits, we all know what the other team members are working on and we are constantly exchanging ideas and strategies to ensure our clients get the benefit of our team’s market knowledge and experience as a whole, as well as ensure all of our clients’ expectations are fulfilled. We’re all extremely knowledgeable about the office real estate market, but when you combine our individual skill sets the capabilities we have as a whole are quite impressive.”

Fijan, along with his associate Will Mast, focuses on office investment and land sales and consistently leads the market in transaction volume. Fijan has, thus far in his career, closed 90 million square feet in transactions for a total consideration of $9 billion. Adelson represents occupiers and corporate tenants looking for space in the market or around the world and maintains the status as the preeminent corporate services broker in Arizona and the country. Roberts, along with Hawley, provides landlord leasing services to owners and developers of commercial real estate throughout the greater Phoenix area. In 2013 alone, they leased over 1.6 million square feet and represented 18 different landlords in 48 lease transactions.

“Winning NAIOP’s ‘Best’ award is as much a testament to the high-level performance of the brokerage team as it is their ability to leverage CBRE’s extensive market reach and comprehensive platform of services,” said Craig Henig, senior managing director and Arizona market leader.  “But the big winners are our clients, who benefit from the local market knowledge and industry-specific expertise these individuals, and our company, provide.”

Missouri Breaks

CBRE negotiates sale of Missouri Breaks apartment complex

CBRE has negotiated the following multi-family sales transaction:

• EQ Missouri 51, LLC of Tempe, Ariz. has purchased the Missouri Breaks apartment complex, a 52-unit multi-family property located at 1637 E. Missouri Ave. in Phoenix, from 1637 E. Missouri Avenue, LLC. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $2.1 million transaction.

143tech

CBRE negotiates sale of 143 TECH in Phoenix

CBRE has negotiated the sale of 143 TECH – a 113,827-square-foot, industrial/flex building located at 317 S. 48th St. in Phoenix. The property commanded a sale price of $9.4 million.

Tom Adelson with CBRE’s Phoenix office, along with Fred Darche of Lee & Associates, represented the buyer, Phoenix-based Verde Investments, Inc. The seller, Florida-based Second Berkshire Properties, LLC, was represented by Cassidy Turley’s Mike Haenel, Andy Markham, SIOR and Will Strong.

The investment purchase, which includes the existing structure and 12 acres at the southeast corner of 48th and Madison Streets, is located in the Discovery Triangle region of metro-Phoenix. The economic-redevelopment zone is an asset-rich urban region between Phoenix, Tempe and Papago Park and has become one of Phoenix-metro’s most dynamic growth centers. Built in 1990, the property is located within a developing neighborhood comprised of a mix of old and new residential, commercial, industrial and office land uses.

The buyer, Verde Investments, Inc., is owned by Ernie Garcia, owner and chairman of the board of Phoenix-based DriveTime Automotive Group, Inc. Verde is currently reviewing all possible uses for the property, but has yet to disclose any plans for the asset.

Cathy Teeter, WEB

Catharine Teeter joins CBRE as director of operations

CBRE has announced that Catharine Teeter has joined the firm as its Director of Operations for Arizona and the Intermountain Region. In this role she will partner with the firm’s market and regional leadership to develop and implement strategic priorities for operations.

”I am thrilled to welcome Cathy to the team. She is the perfect complement to our team of best-in-class professionals,” said Craig Henig, CBRE’s senior managing director and Arizona market leader. “Her years of experience coupled with deep market knowledge will make her a pivotal asset as we work to continue to provide unrivaled service to our clients. I’m looking forward to partnering with her as we develop and implement initiatives that will move us ever closer to our vision of making CBRE a world-class organization.”

Teeter comes to CBRE after 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, 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.

Residences at Fountainhead

The Residences at Fountainhead Corporate Park

The project consists of 322 apartment homes featuring studio, one-, two- and three-bedroom floor plans with flat and loft units contained within four-story buildings with six elevators and surface covered parking spaces. The buildings are connected by bridges on multiple levels along with balconies and apartments that span over driveway locations at the third and fourth levels creating portico entry ways on 55th Street and South Plaza Drive. The two-story clubhouse anchors the center of the community with top tier amenities, including indoor and outdoor fire pit areas, clubroom, fitness area, game room, swimming pool and spa situated within the secluded and lush landscaped grounds of Fountainhead Corporate Park in south Tempe.

Developer: Tilton Development Co. and Goodman Real Estate
General contractor: Adolfson & Peterson Construction Inc.
Architect: Todd & Associates Architecture
Location:  55th Street & S. Plaza Drive, Tempe
Size: 389,314 SF
Brokerage firm: CBRE
Value: $35M
Start/Completion: January 2014 to July 2015

Thornydale

CBRE to auction 6 acres with entitlements in Tucson

Douglas Johnson, Managing Director, CBRE Auction Services, today announced that + 5.95 acres with entitlements will be sold at online auction. The property is located on Thornydale Road, just north of Ina Road in Tucson, AZ. The online auction will be held on Tuesday, April 29th, 2014. The opening bid is $350,000.

 

This is a unique investment opportunity in the Tucson, AZ metropolitan area which is just about shovel ready.” said Mr. Johnson. The site overlooks the intersection of Ina Road and Thornydale Road in unincorporated Pima County, Arizona. Thornydale is the main North/South arterial road that links traffic from the Northwest corridor to Central Tucson. The site is easily accessible to retail stores and restaurants located nearby, including two power centers and two neighborhood centers. The land is zoned TR, Transitional, by Pima County.

 

The property’s elevation provides unequaled views of the Tucson Valley. Frontage along Ina Road provides excellent visibility for a variety of uses that may include office, medical, and multi-family residential.” added Patrick Connell, Managing Director, CBRE Auction Services.

 

The development plans yield approximately 50,702 square feet of office space comprised of five separate buildings. Approximately 1.19 acres of natural desert open space will divide the property into two distinct sections, allowing for phasing.

 

The online auction will open with bidding at $350,000. An initial earnest money deposit of $25,000 is required in order to participate. The online auction will be held on April 29th, 2014. Property inspections will be held on April 9th and April 16th by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.

Surprise Town Squar, WEBe

CBRE Completes Sale of Town Square at Surprise

CBRE has completed the sale of Town Square at Surprise located at 14155 W. Bell Rd. in Surprise, Ariz. The free-standing, ±12,771 SF retail strip center commanded a sale price of $2.7M. The property was 81 percent leased at time of sale.

 

Barry Gabel, Chris Marchildon, Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the sale on behalf of the seller, Phoenix-based Surprise Center Development Company, LLC. They buyer was MA & MA Investments, an Arizona limited liability company, and was represented by Philip Wurth with Colliers International.

 

Developed by a joint venture between Columbus, Ohio-based Glimcher and Carefree Partners Investments, LLC of Scottsdale in 2008, Town Square at Surprise is a contemporary, free-standing retail strip center located in a rapidly developing area. As part of the Surprise Civic Center development and with proximity to the Surprise spring training facility as well as residential, medical, office, big box retailers and hotels, the property benefits from numerous amenities. Additionally, current tenants include several popular establishments including Pei Wei Asian Diner, Jimmy Johns, Edward Jones, R&S Mattress and The Joint, a lifetime family wellness chiropractic place that will continue to drive traffic to the retail center.

2127 E. Speedway

CBRE Releases Recent Leasing Transactions in Tucson

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

 

Chuy’s restaurants have leased 2,400 SF of retail space at Capin Plaza located at 8195 N. Oracle Rd. in Tucson. CBRE’s Jayme Fabe negotiated on behalf of the landlord, Capin Family Trust of Tucson. The tenant was represented by Peter Villaescusa and Jesse Peron, also with CBRE.

 

Barker-Morrissey Contracting has leased 6,719 SF of office space 2127 E. Speedway Blvd. in Tucson. CBRE’s Bill Di Vito and Jesse Blum represented the lease on behalf the tenant while Di Vito, Blum and Buzz Isaacson represented the landlord, Holualoa Speedway Office LLC.

 

US General Administration Services has leased 5,616 SF of office space at Monument Plaza located at 1637 E. Monument Plaza in Casa Grande, Ariz. CBRE’s Ian Stuart and David Blanchette represented the landlord, Casa Grande Internal Medicine PC. The tenant was represented by Chris Ackle with CBRE’s Phoenix office.

 

Yamaneko Dojo LLC has leased 1,500 SF of retail space at Midstar Plaza located at 4518 E. Broadway Blvd. in Tucson. The landlord, Midstar Partners LLC, was represented by Nancy McClure and Michael Laatsch with CBRE’s Tucson office. The tenant was represented by Robert Grant with KW Commercial.

 

Catholic Community Services of Arizona has leased 6,712 SF of office space at 5151 E. Broadway Blvd. in Tucson. The tenant was represented by CBRE’s Buzz Isaacson, Robert Delaney and Tim Healy. The landlord, KCI-Broadway LLC, was represented by David Volk and Bruce Suppes, also with CBRE.

 

Devereux Arizona has leased 3,143 SF of office space at Pima Professional Plaza located at 5700 Pima St. in Tucson. The tenant was represented by David Montijo with CBRE’s Tucson office. The landlord, 2222 Craycroft LLC, was represented by Aubrey Finkelstein with Vast Commercial Real Estate.

 

Bio-Medical Applications of Arizona LLC has leased 13,592 SF of office space at Fifth & Jefferson Center located at 5555 E. Fifth St. in Tucson. The tenant was represented by David Montijo and Jeff Casper with CBRE’s Tucson office and Jim Greene in CBRE’s Denver office. The landlord, Fifth & Jefferson LLC VVV LC, was represented by Melissa Lal and Andy Seleznov with Larsen Baker.

RimRock2030, WEB

CBRE Completes $18.4M Sale of Rimrock at ASU Research Park

CBRE has negotiated the sale of the leasehold interest in Rimrock at ASU Research Park in Tempe, Ariz. The two-building, ±83,764 SF office complex located at 2030 and 2050 E. ASU Cir. in Tempe. commanded a sale price of $18.4M. The project was 93 percent leased at time of sale.

 

Bob Young, Steve Brabant, Glenn Smigiel and Rick Abraham with CBRE’s Phoenix office in conjuncture with Craig Coppola, Andrew Cheney, Bill Blake and Colton Trauter with Lee & Associates brokered the transaction on behalf of the seller, Rimrock Investors II of Phoenix. The buyer was Las Vegas, Nev.-based W Tempe, LLC.

 

Rimrock is an excellent investment opportunity in Tempe and in one of most prominent business parks in the metro area,” said CBRE’s Glenn Smigiel. “ASU Research Park benefits from a unique partnership shared with Arizona State University which aids in fostering tenant growth by providing direct access to ground-breaking research, educational opportunities, faculty, and a young, educated technology minded workforce.”

 

Developed in 2007 by Rimrock Partners (Dean Riesen, Managing Partner and Ron Moore, Partner), the two building office complex is leased to three tenants, including Iridium Satellite, a global mobile satellite company; KINETX, an engineering, technology, software development and business consulting firm specializing in aerospace systems; and Comsys Information Technology Services, a wholly owned subsidiary of Manpower, Inc. Rimrock sits on ±10.10 acres and is comprised of two class A office buildings totaling ±25,457 square feet (2030 Building) and ±58,307 square feet (2050 Building) that also include flex and R&D space for the current tenants.

 

Rimrock is situated in ASU Research Park which is located at Elliot Road and the 101 Freeway in Tempe. The 320-acre business park is considered one of the most notable business addresses in the Phoenix metropolitan area and is home to numerous corporate headquarters and R&D facilities providing a corporate and technology hub for southeast Phoenix.

Castle Hot Springs, WEB

Historic Castle Hot Springs Resort Sold for $1.95M

CBRE has directed the successful sale of the former Castle Hot Springs resort located in Yavapai County, Ariz. In an online auction held on February 27th, an entity composed of Phoenix-area businessmen purchased the historic, desert oasis property for $1.95 million.

“The buyer is presently reviewing all options for the future use of the property,” said Dave Headstream with CBRE’s Land Services Group in Phoenix, who in conjunction with CBRE Auction Services, worked on behalf of the seller, New York City-based EktornetUS, a susidiary of Swedbank. The buyer was Delaware-based CHS3, LLC.

Opened in 1896, the ±210-acre Castle Hot Springs resort was considered one of the premier resorts in the United States, attracting prominent families such as the Roosevelts, Vanderbilts, Wrigleys, and Astors. Listed on the National Register of Historic Places, the property features ±210 acres, nestled in the shadows of the Bradshaw Mountains, five miles from Lake Pleasant Regional Park. The former world class resort contains a lush lawn containing ±550 majestic 100-year old palm trees, a ±125,000 gallon swimming pool, tennis courts, expansive mountain views, a ±4,800 square foot administrative building, and ±2,000 square foot three-bedroom guest house with maintenance building and horse stables. Perhaps its most notable feature is the 118° natural hot spring that produces ±180,000 gallons of pure water per day, which were believed to have mythical healing powers dating back to the 19th century.

2500 S. Power Rd.

CBRE Sells Two Office Condominiums in Superstition Springs Village

CBRE has completed the sale of two office condominiums at the Fairways at Superstition Springs Village located at 2500 S. Power Rd. in Mesa, Ariz. The units, which totaled 8,100 square feet, commanded a sale price of $955,000.

Andrew Fosberg with CBRE’s Phoenix office negotiated the sale on behalf of the seller, Diego Rodriguez of Coral Gables, Fla. The buyer was Gilbert, Ariz.-based La Familia Management and was represented by Bob Winegar and Lance Richards with Pierpont Realty Group.

The property is one of 20 free-standing office buildings at the Fairways at Superstition Springs. Fully leased at time of sale, the building’s tenant mix includes Wells Fargo Advisors; American Family Insurance; Goodale Law Firm, a locally owned divorce and family law practice; and Dahn Yoga & Health Centers, Inc., a national leader in health and wellness.

The Fairways at Superstition Springs is 20-building office complex comprised of condo-style buildings totaling 102,900 SF. The one- and two-story buildings offer variable floor plans as well as views of the nearby Superstition Springs Golf Club. The property benefits from proximity to extensive retail and restaurant amenities as well as access to US Highway 60.

Tempe Gardens

CBRE Multi-Housing Group Completes $3.5M in Phoenix-Metro Transactions

CBRE has negotiated two multi-family transactions totaling $3.25M. Brian Smuckler and Jeff Seaman with CBRE Phoenix’s Multi-Housing Private Capital Group represented both parties in each transaction.

Casa Monte Vista
Casa Monte, LLLP of Vancouver, British Columbia, Canada has purchased Casa Monte Vista, a 45-unit property located at 120 W. Dobbins Rd. in Phoenix, from Reliant Investments US, Inc. also of Vancouver. The asset commanded a sale price of $1.55 million.

Tempe Gardens
Sacramento, Calif.-based LCP Equity Partners, LLC has purchased Tempe Gardens, a 36-unit property located at 121 E. Broadway Rd. in Tempe, Ariz. The seller was Tempe Gardens 36, LLC of Los Angeles, Calif. The property commanded a sale price of $1.7 million.

Take the Lead launch at Gammage Hall

CLEAResult Leases 14KSF Office in Tempe

CBRE has negotiated a 14KSF lease at the Tempe Tech Center in Tempe, Ariz. The office space, located at 1401 S. 52nd St., will serve as a bilingual customer care center for CLEAResult’s CustomerLink operations.

Jamie Swirtz with CBRE’s Phoenix office represented the tenant, an Austin, Texas-based company that designs, markets and implements energy efficiency programs for utilities, governments, schools and businesses. The landlord, Travelers Insurance of Saint Paul, MN, was represented by Karsten Peterson with Jones Lang LaSalle.

“Tempe’s central location along with a strong, readily-accessible labor pool made this a great choice for CLEAResult’s CustomerLink program,” said CBRE’s Jamie Swirtz. “Additionally, the space was able to accommodate the company’s plans for growth.”

CLEAResult’s CustomerLink service provides customer support services for utilities across the US and Canada. CustomerLink currently employs 375 customer support professionals that handle more than 350,000 calls per month from utility end-user customers. Services provided include a full range of product and service support for energy efficiency programs, including program enrollment, lead generation, notifications and customer surveys.

Currently CLEAResult’s CustomerLink program employs 50 employees locally, and the company plans to add another 150 jobs in the next 12 to 18 months.

red-header-2014

RED AWARDS 2014: Best Tenant Improvement Project

On Feb. 26, AZRE hosted the 9th Annual RED Awards reception at the Arizona Biltmore in Phoenix to recognize the most notable commercial real estate projects of 2013 and the construction teams involved. AZRE held an open call for nominations and more than 100 projects were submitted by architects, contractors, developers and brokerage firms in Arizona. Click here to view all 2014 RED Awards Winners.‎


Fennemore Craig
Developer: Fennemore Craig
Contractor: Ryan Companies
Architect: Gensler
Brokerage: CBRE
Size: 120,000 SF
Location: 2394 E. Camelback Rd., Ste. 600, Phoenix
Completed: February 2013

fennemore-craigAfter 12 years as a midtown Phoenix law firm, favorable market conditions encouraged Fennemore Craig to make a move to the dynamic and amenity-rich Camelback Corridor, taking the opportunity optimize space by decreasing its overall square footage by approximately 20 percent. The reduction in square footage was accomplished through careful curtailment of file storage and secretary-to-attorney ratios, and the design of destination locations with dual uses in client-facing areas. Given the size and atypical floor plate of the building selected, the project became a planning and efficiency challenge. Rather than segregating the angularity of the exterior glass wall, the client chose instead to celebrate it. Navigating shifting budget priorities and constraints, the team utilized lower-cost systems furniture in secretary stations, reused attorney office furniture from the firm’s existing location, and simplified attorney wall elevations. The end result of this challenging project is a flexible space home to Fennemore Craig’s clients and colleagues, as well as an inviting location for community, social and charitable events.

red-header-2014

RED AWARDS 2014: Best Redevelopment Project

On Feb. 26, AZRE hosted the 9th Annual RED Awards reception at the Arizona Biltmore in Phoenix to recognize the most notable commercial real estate projects of 2013 and the construction teams involved. AZRE held an open call for nominations and more than 100 projects were submitted by architects, contractors, developers and brokerage firms in Arizona. Click here to view all 2014 RED Awards Winners.‎


Continuum Science & Technology Park
Developer: Capital Commercial Investments, Inc.
Contractor: RSG Builders
Architect: PHArchitecture
Broker: CBRE
Size: 463,584 SF
Location: 2501 S. Price Rd., Chandler
Completed: January 2013

continuumThis state-of-the-art business and technology campus is part of the foundation for thousands of future jobs in Chandler. Intended to make Chandler and Metro Phoenix competitive on a national and global scale, it is designed to house corporate offices, customer service operations, advanced business services, technology, bioscience, and renewable energies. The City of Chandler endorsed and became an integral partner in the redevelopment process and made joint investments in the park infrastructure and horizontal improvements to further encourage the location of signature companies and high-wage jobs to the park. The former Motorola campus was renovated to include a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems and a high-quality electrical and fiber infrastructure in order to meet Continuum’s proclaimed mantra: “where environment meets progress.”

West Star Plaza, WEB

CBRE Completes Sale of West Star Plaza

CBRE has completed the sale of West Star Plaza, a ±9,300 SF retail building located at 4131 N. 83rd Ave. in Phoenix. The asset commanded a sale price of $725,000. The property was fully leased at time of sale.

Jesse Goldsmith and Steve Julius with CBRE’s Phoenix office represented the seller, Robert J. Tufts, trustee of the Robert J. Tufts Revocable Living Trust of Salem, Oregon. The buyer, Phoenix-based Arhtom Investments LLC, was represented by Paul Blum of Patriot Commercial Properties.

The fully occupied West Star Plaza features a tenant roll that includes a mix of local tenants as well as a corporate Little Caesar’s Pizza and DolEx Money Transfer. Located in West Phoenix, West Star Plaza benefits from a mix of residential, shopping and entertainment options within minutes of the property, including Desert Sky Mall and Ak-Chin Pavilion.

4707 E. Baseline Rd., WEB

CBRE Negotiates 90KSF Industrial Lease

CBRE has negotiated a 90,152 SF office/warehouse lease at 4707 E. Baseline Rd. in Phoenix.

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office represented the landlord, Dalfen America Corp. of Westmont, Quebec, Canada. The tenant, a San Carlos, Cailf.-based distributor of electrical products, was represented by Mike Parker, Evan Koplan, Pete Wentis and Kevin Cosca, also with CBRE.

We were extremely fortunate to find an existing facility that met the tenant’s location and physical parameters in a moment in time where we could advance their overall strategic objective of consolidating a few scattered business units into a centralized Metro Phoenix distribution center,” said Mike Parker, industrial specialist and first vice president with CBRE. “We were able to meet their strategic objective two years earlier than initially planned and realize cost savings in a much shorter time frame than anticipated.”

The tenant’s newly leased space comprises approximately 25,000 square feet of office space, with the remaining 65,000 square feet being warehouse and distribution space. The electrical product distributor will operate a regional office and central distribution center from this location.

This corporate image industrial building constructed in 1996 was acquired by Dalfen America Corp. in August 2013. The property benefits from excellent access to the I-10 freeway, arterial street presence and proximity to Phoenix Sky Harbor International Airport. The building is now 66 percent leased with the tenant taking occupancy May 1st; the property has 47,000 square feet of available space.

Continuum Aerial, WEB

Continuum Business Park Sells for $51.75M

Southwest Value Partners has purchased Continuum Business & Technology Park, located at 2501 S. Price Rd. in Chandler, from Capital Commercial Investments. The business park, which currently consists of a ±463,300 SF, Class-A office building on 152 acres, commanded a sale price of $51.75M.

Luke Walker and Dave Carder with CBRE’s Phoenix office were awarded the leasing assignment of Continuum and negotiated the sale with Kevin Miller with Capital Commercial Investments. Cassidy Turley’s Executive Managing Director Jeff Wentworth brought an unsolicited offer to CCI on behalf of Southwest Value Partners. Cassidy Turley’s Wentworth, Mike Beall, Sean Spellman and Chris Walker have been awarded the assignment by SVP to secure tenants and users for the Continuum. The seller was Austin, Texas-based Capital Commercial Investments, Inc. The buyer was Southwest Value Partners of Scottsdale.
“Continuum is one of the preeminent business parks in Arizona and its location is in the heart of the most active office submarket in metro Phoenix,” said Justin Merritt, Senior Investment Professional with SVP.  “We look forwarding to working with the City of Chandler and putting our energy towards driving new development and employers to the project.  Continuum provides our firm with a tremendous opportunity to grow our real estate portfolio by taking advantage of the market recovery in the Phoenix Metropolitan Area.  This includes implementing a build-to-suit strategy to develop office buildings on the remaining vacant land parcels.”

SVP also owns an additional 38-acre parcel that is immediately adjacent to the Continuum business park that will effectively expand the size of the business park to nearly 190-acres.  “As a result of our expanded ownership, we can develop buildings ranging from 30,000 to 500,000 square feet,” said Merritt

. “This submarket has seen a profusion of build-to-suit activity recently, with Garmin, General Motors, Shutterfly, GoDaddy and Amkor Technologies,” Wentworth explained. “There is not a more active market in Phoenix right now and the quality of labor, housing and amenities is driving the demand.”
“The sale of Continuum validates the vision, investment and hard work shared by Capital Commercial Investments and the City of Chandler. The successful public-private partnership allowed the former Motorola campus to be completely redeveloped into a world-class business park, attracting several new companies while bringing net new jobs to the City of Chandler. We congratulate everyone involved in the success of bringing Continuum to this exciting milestone,” said CBRE’s Carder.

Continuum currently features an existing, redeveloped, two-story ±463,000-square-foot, class A office building. The building was entirely renovated with a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems and state-of-the-art electrical and fiber infrastructure. These renovations were completed in January of 2013.

Additionally, the redevelopment of the former Motorola campus included the construction of major infrastructure and horizontal improvements across the 152-acre property, including new landscaping, roads, sidewalks, lakes, water features and public gathering spaces. The City of Chandler was an integral partner in the redevelopment process and made joint investments in the park infrastructure and horizontal improvements.

In June of 2013, Continuum Business & Technology Park signed its first major tenant, Nationstar Mortgage. Nationstar, one of the nation’s leading mortgage servicers and lenders, initially placed 1,200 new jobs in 164,000 square feet of space with an option to expand.

Shortly after landing Nationstar, Continuum secured its second major tenant with the signing of a lease with OnTrac, also represented by CBRE’s Carder. The locally based overnight delivery service moved its headquarters from Phoenix to Chandler and into 65,000 square feet of space that was customized for the tenant. OnTrac employs around 300 employees with aggressive plans for growth; the company’s president has been quoted saying OnTrac plans to bring 850 jobs to Chandler over the term of the lease.

Continuum also includes a 10,000-square-foot University of Arizona learning center, where the higher-education institution is able to meet the educational needs of Chandler’s high-tech workforce by offering programs, classes and research, as well as recruiting other educational institutions.

Continuum currently has 81 acres of developable land remaining and businesses and developers have opportunities for unique ground-up development in the form of build-to-suit and spec building options. Depending on densities and product type (industrial vs office), between 2 MSF and 3 MSF can be developed moving forward.
The existing office building at Continuum was built in 1986 by Motorola and was renovated in 2012 by Capital Commercial.  The building is currently 48 percent leased with two tenants, Express Messenger Service (OnTrac) in ±60,000 square feet and Nationstar Mortgage in ±163,000 square feet, leaving ±230,000 square feet of available space for prospective tenants. “The building’s unique design with an on-site cafeteria, large floor plates and high volume ceilings provides office users with the exact environment that today’s office tenants desire to attract the best employees” said Wentworth.

43rd Ave. Logistics, WEB

CBRE Completes $21M Sale of Logistics Center in Phoenix

CBRE has announced the sale of 43rd Avenue Logistics Center located at 1635 S. 43rd Ave. in Phoenix, Ariz. The 394,775-square-foot industrial property commanded a sale price in excess of $21 million.

Pat Feeney, Dan Calihan and Rusty Kennedy with CBRE’s Phoenix office negotiated the sale. The seller was 43rd Avenue Logistics Center, LLC, an affiliate of Tratt Properties, LLC of Phoenix. The buyer was Los Angeles, Calif.-based private real estate investment firm Cohen Asset Management.

43rd Avenue Logistics Center is one of the few buildings, and the only new spec property, of this size that can be fully rail-served,” said CBRE’s Feeney. “The building’s features, including 32’ clear heights, R-30 insulation, ductilcrete floors that offer approximately 65-70 percent less expansion joints and plenty of power to accommodate fully air conditioned uses, will make this property very attractive to a number of user types. The building could easily be fitted out for uses ranging from eCommerce to pharmaceutical, as well as any number of temperature sensitive uses. What’s more, the property is situated in the Riverside Tax district, which is the one of most economical tax districts in the metro area.”

The 43rd Avenue Logistics Center was completed last month and is a class-A, state-of-the-art industrial property. The site was formerly home to a defunct furniture warehouse and distribution facility. Tratt Propeties, who specializes in the acquisition and development of institutional grade logistics properties, purchased the property at 1635 S. 43rd Ave. in 2012. The obsolete existing building was demolished and 43rd Avenue Logistics Center was developed in its place.

This was our first redevelopment project in the market, and one of the first ever done for this property type in Phoenix. We are pleased with the success of the project, as evidenced by our pre-sale of the asset. The team at Cohen Asset Management has been a pleasure to work with, and we would like to thank our brokerage team at CBRE for all of their hard work,” said Jonathan Tratt. “We are now going to focus on our other development projects in Phoenix, such as Elwood Logistics Center and Santa Fe Logistics Center.”

The building is currently vacant and features 394,775 of rentable square feet, including 3,000 square feet of office space, and is fully outfitted for a tenant. CBRE’s Feeney, Calihan and Kennedy will retain the marketing and leasing assignment on the property.

CBRE Dunn Edwards, Web

CBRE Negotiates $3.6M Sale of Industrial Buildings in Tempe

CBRE has negotiated the sale of 1868 and 1872 E. Broadway Rd. in Tempe. The two industrial buildings, totaling 129,690 SF, commanded a sale price of $3.6M.

Evan Koplan and Mike Parker with CBRE’s Phoenix office represented the buyer, Hypertec USA, which is a subsidiary of Saint-Laurent, QC, Canada-based Ciara Technologies in the cash transaction. The seller, Dunn Edwards Paints, was represented by Rick Lee and Allen Lowe with Lee & Associates in Phoenix.

When Hypertec initially toured the Sky Harbor Airport Area and Southeast Valley there were only five viable options for existing sale product above 100,000 SF,” said CBRE’s Koplan. “1868 and1872 E. Broadway Rd. offers great freeway access, frontage on a major arterial roadway and the ability to occupy both buildings or continue to lease the frontage building. Hypertec made the decision to take advantage of current market conditions and we were able to negotiate a deal which transacted far below replacement cost.”

Built in 1973, the class-B industrial property was previously owned by Los Angeles-based Dunn Edwards Paints who used the space as a showroom/retail location as well as a manufacturing facility.

Literacy Connects

Literacy Connects Purchases Former Church Complex in Tucson

CBRE has negotiated the sale of a former church and school complex located at 200 E. Yavapai Rd. in Tucson. The 14,921 SF building, which sits on a 4-acre parcel, commanded a sale price of $375,000.

Ian Stuart with CBRE’s Tucson office represented the seller, a northern California-based green homebuilder. The buyer, Literacy Connects of Tucson, was represented by Nancy McClure and Michael Laatsch, also with CBRE’s Tucson office.

We’ve been looking for years to find the right property to pull all our programs together,” said Betty Stauffer, executive director of Literacy Connects. “This building is ideally set up to allow us to use much of what is there and open sections of the building as we complete construction.”

The seller first purchased the property in November 2005. Their initial plans to tear down the existing structure and develop green, single-family housing in its place were stalled with the market downturn. Taking into consideration current market conditions and recognizing the opportunity make good on their goal of positively impacting the Tucson community, the seller was pleased to work with CBRE and negotiate the sale to Literacy Connects.

Literacy Connects, founded in July 2011 by the merger of five literacy organizations, is about how we – as individuals, neighborhoods, organizations and businesses – share a human connection around literacy that helps us learn, grow and have a voice. Currently, the organization’s five programs operate out of separate facilities. With this purchase, Literacy Connects will be able to operate all programs out of one facility, creating a better environment for each program to share in the opportunities and resources needed to support the learning goals of individuals in our community. Literacy Connects will renovate the former the facility before taking occupancy.

Originally built in 1975, the facility was previously occupied by a private school and a church. The property currently consists of a 300+ person auditorium and eight classrooms that could be split in half to create 16. There are also two basketball courts, a playground and baseball/ soccer field on site.

Village Center, located at 4304 E. Cactus Rd. in Paradise Valley.

CBRE Selected to Market Nine-Property Retail Portfolio

CBRE’s National Retail Investment Group has been selected to market the Phillips-Edison Fund IV Portfolio. The nine-property retail portfolio contains properties in six states and totals over 1.35 MSF.

Jesse Goldsmith and Steve Julius of CBRE in Phoenix, along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, have been retained to market the portfolio.

The portfolio contains one Phoenix property, Village Center, which is located at 4304 E. Cactus Rd. in the Paradise Valley submarket. The 159,425 SF retail center is anchored by a Target and sits directly west of Paradise Valley Mall.

Village center offers investors a chance to purchase a high performing Target store on a below market ground lease,” said CBRE”s Goldsmith. “Village Center, along with the two properties in Oregon, is a class A asset, which makes this portfolio a unique opportunity 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; 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.

universityandash, cbre, web

CBRE Negotiates 1.86-Acre Tempe Land Sale for $6.1M

CBRE has negotiated the sale of a ±1.86-acre land parcel at the NWC of University Drive and Ash Avenue in Tempe, Ariz. The property, which commanded a sale price of $6.1M, is the planned site for a mixed-use development that will include a popular grocer as well as multi-family residential.

Barry Gabel and Chris Marchildon with CBRE’s Phoenix office, in conjunction with CBRE’s National Loan Sale Advisory Group, represented the seller, Brookfield Asset Management of Toronto, Ontario, Canada. The buyer was Alberta Development Partners, based in Greenwood Village, Colo. The company specializes in the acquisition, development and investment of retail and residential real estate opportunities throughout the Western United States. Alberta Development Partners negotiated the sale on their own behalf.

We are extremely pleased to have acquired the signature corner in the dynamic Mill Avenue District,” said Don Provost, principal of Alberta Development Partners. “We look forward to partnering with the city and the community in the development of this property.”

The property at University and Ash is one of the single most sought-after vacant land parcels in the metro area,” said CBRE’s Gabel. “The site’s downtown Tempe location, adjacency to Arizona State University, current entitlements and frontage along both University Drive and Ash Avenue make it an ideal location for future development.”

Tempe continues to be one of the most active and healthy markets in the metropolitan Phoenix area, moreover downtown Tempe continues to exceed industry market conditions. It’s no surprise that investors are flocking to the submarket and its amenity rich environment.

Located in the core of a major employment hub with more than 200,000 jobs in a five mile radius, the land parcel at University and Ash benefits from its location adjacent to Centerpoint on Mill – a premier mixed-use development at the northwest corner of University and Mill, its inclusion as part of the Mill Avenue District and its proximity to Arizona State University.

5555 Broadway, WEB

CBRE Releases Recent Tucson Transactions

CBRE has recently leased two retail spaces totaling 5,522 SF located at the 5555 Broadway Center in Tucson.

The redevelopment project was formerly home to a Mervyn’s department store. The site, which sits at the northeast corner of Broadway Boulevard and Craycroft Road, is anchored by Hobby Lobby and Stein Mart. Nancy McClure and Michael Laatsch with CBRE’s Tucson office negotiated the lease for the landlord/developer, Benenson Capital Partners of New York City. The newest tenants include an Arizona Urgent Care, which will open in the 3,522 SF west-corner end-cap, and Potbelly Sandwich Shop, which leased the remaining 2,000 SF between Urgent Care and Broadway Smiles Dentistry & Orthodontics. Arizona Urgent Care was represented by Ken Elmer of Commercial Properties, Inc. and Potbelly was represented by Zach Pace of Phoenix Commercial Advisors. Arizona Urgent Care and Potbelly Sandwich Shop will both open in mid-2014.

“The redevelopment of this former Mervyn’s site is redevelopment done right. The proactive planning, collaboration and hard work by all of the organizations involved have resulted in a transformed property,” said CBRE’s McClure. “This 7.1-acre corner is now home to a modern, successful retail strip center that is 100 percent leased and is a huge boon to the community.”

“5555 Broadway Center has been a great project, and we owe CBRE a great debt in its ultimate success,” said Gary F. Sedoruk, managing director of Benenson Capital Partners. “I think we built a great team in Tucson.”

Formerly the site of a Mervyn’s department store and a long-closed, boarded-up tire shop, 5555 Broadway was purchased by Benenson Capital Partners in 1992. After Mervyn’s closed in 2009, redevelopment did not begin until early 2012. The pad was completed as shell space at the end of 2012, with three of the four spaces leased to the Mattress Firm, Vitamin Shoppe and Broadway Smiles Dentistry and Orthodontics prior to completion. The anchor tenants took occupancy after improvements to the main building with Stein Mart opening in late 2012 and Hobby Lobby in the spring of 2013. With the latest additions of Arizona Urgent Care and Potbelly, the entire retail development is now fully leased.

OTHER TRANSACTIONS

Local homebuilder United Builders LLC has leased 1,560 SF of office space at 6601 E. Grant Rd in Tucson. CBRE’s David Montijo negotiated on behalf of the tenant. The landlord, C2D2 Associates LLC, was self-represented. United Builders took occupancy early January.   Progressive Animal Wellness Services LLC has leased 3,150 SF of retail space at Rita Ranch shopping center located at 9040 Valencia Rd. in Tucson. CBRE’s David Dutson negotiated on behalf of the landlord, CNA Enterprises, Inc. The tenant, who was represented by Dean Ingram with DeRito Partners, took occupancy in early January.   The Thomas R. Brown Family Foundation has leased 4,718 SF of office space at Taylor Office Park located at 1990-1996 N. Kolb Rd. in Tucson. CBRE’s Jeff Casper negotiated the 10-year lease on behalf of the landlord, Taylor Kolb LLC. The tenant, who was represented by Bob Davis and Tom Hunt with Rein & Grossoehme, will take occupancy in early March.   Burns Pest Elimination of Tucson has leased 3,516 SF of flex/industrial space at 2002 N. Forbes Blvd. CBRE’s Tim Healy and Bob DeLaney negotiated on behalf of the landlord, San Diego, Calif.-based DMIG, LLC. The tenant, who was represented by Jeff Casper with CBRE, will take occupancy March 1st.   The National Ecological Observatory Network has leased 3,900 SF of office space at Valencia Business Park located at 2115 E. Valencia Rd. in Tucson. The landlord was Tucson-based Obedin Holdings LLC. CBRE’s Bill Di Vito and Jesse Blum represented both the tenant and landlord in negotiating the lease term. The Boulder, Colo.-based NEON, which is designed to gather and synthesize data on the impacts of climate change, land use change and invasive species on natural resources and biodiversity by collecting data from 106 sites across the U.S., will take occupancy in early June.