Tag Archives: colliers international

Willow Springs Apartments sells for $13M

Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).

Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach, Florida.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.

Built in 1986, the apartment community consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road, south of Glenrosa Avenue and west of the I-17.

Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.

Unit amenities include walk-in closets, dishwashers, storage rooms and private balconies/patios. Common amenities at Willow Springs include a swimming pool, spa, laundry facility, fitness center, playground and 468 covered parking spaces, plus 280 additional open spaces.

A separate rental office and clubhouse are located at the west end of the property with visibility along 27th Avenue.

The frame and stucco buildings feature brick veneer and siding accents with pitched composition shingle roofs.

 

YWCA office sells for $1.85M

Colliers International in Greater Phoenix recently completed the sale of the 31,746-square-foot YWCA Class B office building in Phoenix for $1.85 million or $58.29 per square foot.

 

Banner Health of Phoenix purchased the building, located at 755 E. Willetta Street, from Arizona YWCA Metropolitan Phoenix.

The buyer was represented by Pat Williams, managing director of Jones Lange LaSalle. The listing broker was John Barnes, vice president with Colliers International.

The two-story building is situated on 86,579 square feet adjacent to the Banner – University Medical Center Phoenix at the northeast corner of 7th Street and I-10. The park is dominated by the Banner – University Medical Center Phoenix, a Level One trauma hospital, and the second largest hospital in metropolitan Phoenix.

“Banner has plans to renovate and upgrade this fabulous medical campus over the next 20 years,” said Barnes, noting, “Demand in the area is driven by the Arizona State University downtown campus, medical research facilities at the Phoenix Biomedical Research Center (TGEN/IGC) and the University of Arizona College of Medicine, as well as state, county and city government offices.”

Built in 1986, the building consists of administrative offices, conference and meeting rooms, an outdoor swimming pool, locker rooms and a dormitory upstairs which includes a laundry room and kitchen. There is one standard sized elevator. The Arizona YWCA Metropolitan Phoenix regional offices were on the first floor, with the upstairs leased to Lodestar as a homeless shelter for veterans through August 2016.

The building is constructed of block, steel and glass. On site are 79 parking spaces with on-street parking available as well as large parking lots surrounding the property. Adjacent are medical offices to the east and west, a parking lot to the north and I-10 to the south.

 

Colliers International completes $3.3M sale of church in Scottsdale

Colliers International in Greater Phoenix recently completed the sale of the Impact Church building in North Scottsdale for $3.3 million or $143 per square foot.

Scottsdale Training Facility Partners LLC of Scottsdale purchased the building, located at 15650 North 83rd Way, from Impact Church of Scottsdale.

Greg Hopley, executive vice president with Colliers International, represented the seller. The buyer’s broker was John Quatrini, associate broker with Shell Commercial Investment Real Estate of Scottsdale.

The 23,000-square-foot commercial flex building was built-out and ready to occupy. It provides existing offices, classrooms, conference room, kitchen, sanctuary and outdoor play area.

“These amenities were important for the buyer as Scottsdale Training Facility Partners provides sales training and motivational speaking for large companies in the U.S. and abroad,” Hopley said.

Constructed in 1999, the building is situated on 1.51 acres or 65,766-square-feet of land on the southwest side of Hayden Road and 84th Street. The property sits just east of the Scottsdale Municipal Airport airstrip.

The building offers lush landscaping, Southwestern architecture, ample parking, private entrances, available building signage and easy access to the Loop 101 via Hayden Road and Frank Lloyd Wright Boulevard. It is also in walking distance to hotels, restaurants and shopping.

“This excellent location is surrounded by some of the highest demographics in Greater Phoenix,” said Hopley, adding, “This was very significant to the buyer in purchasing this asset for its corporate headquarters.”

The sale was timely for Impact Church of Scottsdale, one of the fastest growing churches in the country, which is building a new facility on the east side of Hayden Road.

“This was a great opportunity for the buyer to purchase a building ready to occupy, and conduct business literally the day after close of escrow,” said Hopley, adding, “It was an absolute win / win transaction for both the buyer and seller.”

 

Courtesy of Colliers International

16 acres of Avondale farmland sell for $1.44M

Colliers International in Greater Phoenix recently completed the investment sale of 16-acres of farmland in Avondale for $1.44 million, or $90,000 per acre.

TGV Investments LLC of Phoenix purchased the land, located at the southwest corner of Lower Buckeye and Avondale Boulevard, from Hudson Realty Capital LLC of New York City.

Paul Holland, vice president, John Finnegan, senior vice president, Chaz Smith, senior vice president, Ramey Peru, associate vice president and Adam Hood, senior associate; all of Colliers International, represented the seller. The buyer’s agent was Rob Martensen, CCIM, SIOR, senior vice president with Colliers.

The alfalfa-farmed land was purchased as part of a 1031 exchange. East of the Agua Fria River, the property is in a mixed area of farmland and single-family homes with La Joya Community High School to the north.

“Hudson is liquidating to use funds for other properties,” said Holland, who has worked with the firm previously. Hudson Realty Capital is a middle market real estate finance company focused on originating, purchasing and servicing debt secured by commercial real estate.

Untitled

Colliers announces first quarter broker promotions

Colliers International in Greater Phoenix recently promoted 10 brokers, including one to senior executive vice president and three to executive vice president. Each year, Colliers promotes brokers in the first quarter.

“The promotions recognize the dedication, talent and expertise of our brokers who know how to maximize opportunities for our clients,” said Bob Mulhern, managing director of Colliers Phoenix office. “The number of promotions points to the accelerating success of Colliers in the Phoenix marketplace. We’ve recruited 23 new brokers and more than doubled our production in the past five years,” he added.

William S. Littleton SIOR, MCR, SLCR was promoted from executive vice president to senior executive vice president of corporate services. Littleton has almost 30 years of experience with Colliers. This position is awarded for high business production, significant industry experience and expertise and local office leadership. Littleton has leased and sold in excess of $500 million of industrial and office properties throughout North America, EMEA (Europe, Middle East and Africa) and Asia/Pacific.

Bill Hahn, Jeff Sherman and Trevor Koskovich of the HSK Multifamily Team were promoted to executive vice president from senior vice president. This team’s success in Arizona led it to branch out to other states, where it is actively disposing of assets in Las Vegas; El Paso, Texas; and Albuquerque, N.M.

Promoted from vice president to senior vice president were Brad Cooke and Rob Martensen, SIOR, CCIM. Cooke joined Colliers in 2006 and is part of the Colliers Cooke Team, where his primary role is client relationships in acquisitions and dispositions in the multifamily investments sector.

Martensen, during his 18 years with Colliers, has been involved in more than 700 transactions involving industrial sales, leasing, build-to-suits and land sales. He specializes in assisting industrial landlords, developers and tenants, helping them make successful decisions in the Phoenix market by providing a deep knowledge of current industrial trends and product types.

Associate vice presidents who are now vice presidents are Marcus Muirhead and Ryan Timpani. Muirhead joined Colliers in 2006. A member of the Colliers Healthcare Services Group, he specializes in medical office and retail investment properties. Timpani is a member of the Lambeth-Noel-Timpani team—one of the top producing office properties teams in Metro Phoenix. He joined Colliers in 2010.

Former senior associates Danny Plapp and Peter Bauman were named associate vice presidents. Plapp specializes in landlord advisory services in Class A and B office properties throughout metropolitan Phoenix. He joined Colliers in 2012.

In addition to becoming associate vice president, Bauman was named Rookie of the Year for Colliers International in Greater Phoenix. This honor is given to a broker with one to two years’ experience who has met the Colliers’ Phoenix office standards for a productive year. His focus is investment sales, especially national net leased assets.

Colliers top producers in 2014 were Cindy Cooke, Brad Cooke, Trevor Koskovich and Jeff Sherman, Todd Noel and Keith Lambeth, William S. Littleton, William R. Hahn, Paul Sieczkowski, Rob Martensen, Kim Soule’, Philip A. Wurth, Don MacWilliam and Payson MacWilliam, Mindy Korth, John Barnes, Tivon Moffitt and Jim Keeley. 

Recognized for 30 years of service was Tom Knaub, vice president. Acknowledged for 10 years of service was Jerry Tenge, senior vice president.

Seven brokers have five years of tenure: Bob Broyles, senior vice president; Tim Dulany, vice president; Hahn, Koskovich and Sherman, all new executive vice presidents; Tyler Smith, vice president and Phil Wurth, vice president. Administrative assistant Bertie Burckle was recognized for 20 years of service.

In the Real Estate Management (REMS) division of Colliers International, Jonni McCray was promoted to operations coordinator from administrative assistant.

Three REMS employees were recognized for 10 years of service: Eulalio M. Castaneda and Larry Dillion, both at ASU Brickyard and Tammy Forbis, assistant property manager.

Those with five years of tenure included Amanda Joiner, senior service center coordinator and

McCray. Also with five years are Steve Skibbe, building engineer; Robert Verdugo, maintenance technician; and Brian Wedgeworth, assistant chief building engineer; all at the ASU Downtown Campus.

Siete II building sells for $3.2M

Colliers International in Greater Phoenix recently completed the sale of the Class B, 54,072-square-foot Siete II building in Phoenix for $3.2 million.

Orsett Acquisitions LLC of Phoenix purchased the building, located at 3707 North 7th Street, from UFB Development Corporation of Indianapolis.

Both parties were represented by the Colliers Office Solutions Group: Phil Breidenbach, executive vice president, Peter Nieman, executive vice president, Kathy Foster, senior vice president, and Lindsey Carlson, vice president.

Orsett Acquisitions is one of Arizona’s leading developers and operators of office, industrial and retail real estate projects.

UFB Development Corporation, created in 1934, is the real property division of Indiana Farm Bureau Inc., a comprehensive financial services company with more than 1,200 employees.

Built in 1988, the three-story Siete II is situated on a 2.3-acre lot. The building fronts 7th Street, south of Indian School Road. It is positioned between the Camelback Corridor and downtown Phoenix, and is within two miles to State Route 51 and I-10.

“Orsett plans to update the building, specifically modernizing the structure and suites to respond to new tenants looking for offices in the 7th Street area. The upgrades will make Siete II more competitive in the market,” Breidenbach said.  “The terms were right for both UFB and Orsett; it was truly a win-win transaction,” he added.

Chandler land zoned for multifamily infill sells for $1.57M

Colliers International in Greater Phoenix recently completed the $1.575 million sale of 4.91 acres ($7.37 per square foot) of land zoned for multifamily in the heart of Chandler.

MPC Development LLC of Phoenix purchased the land, located on Alma School Road between Chandler Boulevard and West Fry Road, from Grossman/Robson Associates of Phoenix.

The seller was represented by Chaz Smith, senior vice president, John Finnegan, senior vice president, and Ramey Peru, associate vice president, of Colliers International. The buyer’s broker was Mark Forrester, senior partner with Hendricks and Partners of Phoenix.

“This is a highly desirable infill Chandler location with multifamily zoning approval in place,” said Smith, noting MPC homes is planning to construct 77 townhomes on the site, which was previously approved for 92 residential units.

The land is south of the “The Park at Chandler,” which is a 268,000+ square-foot, mixed-use commercial development anchored by Home Depot, Safeway and Staples. The Park Business Center is to the west.

Just east from the land is the San Marcos Golf Course and Resort. Also nearby are downtown Chandler, Chandler Regional Medical Center, Chandler Fashion Center and the Price Road Tech Corridor.

The property has excellent regional access since Chandler Boulevard and Alma School Road are exits on the Loop 101 and Loop 202.

bruce

Colliers International Hires Project Management Expert

Colliers International in Greater Phoenix has hired Bruce Herr to serve as its new Director of Project Management to streamline the design and construction of clients’ real estate projects.

From start to finish, Herr will oversee the scheduling and budgeting of projects and coordinate efforts of team members including architects, general contractors and vendors.

Herr plans to eventually expand the practice to serve as an independent, third-party project manager for interested businesses in the Phoenix area. Herr will provide the service for a fee, whether or not the business is using Colliers for its real estate transaction.

“Consistent and transparent communication is key to project management,” Herr said. “We quarterback the nuanced details so the client may focus on other business priorities.”

For the past 15 years, Herr has worked with Heery International in Seattle, a full service architecture, engineering, construction management and program management firm. During his career there, he led a team of 60 design and construction professionals and served as a project executive on projects in multiple Western states.

Most recently, Herr was Heery’s project executive for the $187 million Mariposa Land Port of Entry expansion in Nogales, Ariz. Earlier in his career he worked for Texas-based companies Brown & Root and Trammell Crow Company.

Herr’s skills include project, construction and capital expenditure management, strategic business planning, contract negotiation and management and team building.

“Bruce’s executive level experience and strong emphasis on serving the best interests of the client will propel business opportunities for our clients,” said Bob Mulhern, managing director of Colliers International in Greater Phoenix.

5555 W. Lower Buckeye Rd.

Prologis sells Phoenix warehouse for $24.25M

Colliers International in Greater Phoenix recently completed the sale of a 486,241-square-foot warehouse in Phoenix for $24.25 million, or $49.87 per square foot.

Exeter Property Group, headquartered in suburban Philadelphia, bought the property, at 5555 W. Lower Buckeye Rd., from Prologis Inc., a San Francisco-based REIT.

Executive Vice Presidents Don MacWilliam and Payson MacWilliam with Colliers International represented the buyer and seller.

Exeter Property Group and Prologis are real estate investment organizations for which one shared area of specialization is the acquisition, development, leasing and management of industrial properties.

Prologis built the cross-dock distribution warehouse in 2013. The building sits on a 27.73-acre lot in Park Riverside 2, part of a 150-acre industrial park setting in a designated Foreign Trade Zone magnet site.

The LEED-certified building has a 1,893-square-foot office, 118 dock-high doors, and four drive-in doors. The warehouse is in the favorable Riverside Tax District and has quick access to the I-10 and future Loop 202. Corporate neighbors include Amazon, Home Depot, Frito Lay, Federal Express, Kraft, DHL and Marshalls.

“This is the largest industrial building Prologis has constructed in Phoenix and the property is ideal for distribution-oriented tenants,” said Don MacWilliam, adding that Exeter will lease the warehouse and the MacWilliam brothers will retain the leasing assignment.

Exeter has acquired other properties in southwest Phoenix, including another warehouse from Prologis, at 2225 S. 43rd Ave., purchased in early 2014.

“This was an excellent opportunity for Exeter to establish a larger presence in the Phoenix market with a quality distribution facility,” said Don MacWilliam, noting, “The timing and price was also right for Prologis to complete the transaction with Exeter.

The Offices at Reems

California investor buys two Surprise office buildings

Colliers International in Greater Phoenix recently completed the sale of two office buildings in Surprise, for $2.15 million, or $182.17 a square foot, which are presently leased to One Step Beyond Inc., a nonprofit of Peoria.

Richards Family Trust of San Diego purchased the buildings, located at 15527 and 15331 North Reems Road, from Reems & Greenway LLC of Phoenix. The two free-standing units are among eight at The Offices at Reems, a Class B business park built in 2008.

Marcus Muirhead, associate vice president, and Tyler Smith, vice president, with Colliers International were the listing agents. The buyer was represented by Chuck Wasker and Evan McDonald, of Colliers’ San Diego office.

One Step Beyond took possession of the 11,802 square feet this summer, when the non-profit entered into a long-term, triple net lease. Based in Peoria, One Step Beyond provides comprehensive programming for people with developmental disabilities.

“This is a 1031 exchange investment purchase for the buyer who recently sold a property in San Diego,” said Muirhead. “The buyers wanted a passive investment which is provided through the lease terms,” he added.

Smith brokered the lease for One Step Beyond. He specializes in office properties, focusing on the West Valley submarket. Muirhead concentrates on investments properties with an eye to health care and offices.

Talavi, JLL, WEB

Phoenix Heart buys its office building

In a deal that points to rising corporate confidence, the Phoenix office of JLL has completed a $6.25 million class-A office building sale that brings Phoenix Heart – the anchor tenant at 5859 Talavi – from project tenant to project owner.

JLL Senior Vice President Brian Ackerman represented the property seller, Credit Union West, in the transaction. Marcus Muirhead of Colliers International represented Phoenix Heart.

Recognized as a leading Valley cardiology group, Phoenix Heart PLLC currently occupies 50 percent of the 35,904-square-foot building at 5859 W. Talavi Blvd., within the Talavi Business Park in Glendale, Arizona. The building’s remaining space is fully occupied by quality tenants including Credit Union West, John C. Lincoln and Wallick & Volk.

“This deal points to a new level of confidence and solid market recovery,” said Ackerman. “Five years ago, recession fundamentals and uncertainties would have blocked this type of sale, but today the outlook is optimistic. Tenants are more confident, and considering opportunities to buy their buildings and secure the benefits of a market upswing.”

The 5859 Talavi building is located near the southeast corner of Bell Road and 59th Avenue in Glendale, Ariz., with an immediate area that is inundated with retail amenities that attract tenants to work in Talavi Business Park. It is adjacent to the Talavi Town Center retail project and surrounded by neighbors such as the Thunderbird School of International Business, ASU West and Midwestern University.

175 E. Corporate Place

$730K Chandler sale to benefit foster kids

 Colliers International in Greater Phoenix recently completed the sale of an office building in Chandler for $730,000, or $81.29 a square foot, to a non-profit that supports foster children.

Aid to Adoption of Special Kids (AASK) of Phoenix purchased the building, located at 175 E. Corporate Place, from TMS Properties, LLC, of Phoenix.

Kathy Foster, senior vice president, and Lindsey Carlson, vice president, both of Colliers International, represented the buyer. Tim Tapia of the Upland Group was the seller’s broker.

Built in 2004, the 8,980-square-foot building provides AASK with its first East Valley location. The organization has existing offices in Phoenix and Peoria. AASK promotes positive and stable relationships for Arizona’s foster children by recruiting, training and supporting foster families, adoptive families and adult mentors.

After completing the transaction and wanting to further support the organization’s mission, Foster and Carlson created “Team AASK” to raise donations. Foster also serves on the organization’s Board of Directors.

Through Team AASK, metro Phoenix businesses donated more than $50,000 in time, services and materials to build out the space, providing items such as donated furniture and discounted flooring. Foster and Carlson also donated a portion of their sales commission.

“We found companies eager to support efforts to aid an unprecedented number of children in Arizona foster care. The donations enable AASK to continue non-state funded activities such as the Mentoring Program, Sibling Camp and Todos Los Ninos. We couldn’t have done it without Team AASK,” Foster said.

Team AASK members include Colliers International in Greater Phoenix, Grand Canyon Title Agency Inc., ReSource Flooring, Blood Systems, Interior Solutions, McCarthy Nordburg, Wespac Construction Inc., Gust Rosenfeld P.L.C., Engelman and Berger PC and Arizona Business Bank.

“We are grateful for the opportunity to advance AASK’s mission and help connect foster children with caring adults,” Carlson said.

Ron Adelson, CEO of AASK, said because of the team’s backing, hundreds of children will have the chance to succeed.

“Kathy Foster and Lindsey Carlson have gone out of their way to support AASK’s mission. After guiding us through the purchase of our East Valley location, they led the effort to raise funds, allowing us to continue essential programs that support foster children and recruit additional families.”

Foster and Carlson are part of the top-producing Office Properties Solutions Group with Colliers International.

Midtown on Main, Courtesy Colliers International

Midtown on Main Apartments sell for $34.95M

Colliers International in Greater Phoenix recently completed the sale of the 472-unit Midtown on Main Apartments, a transit-oriented, class-B complex in Mesa for $34.95 million, or $74,047 per unit.

Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines (DFA/BH Midtown LLC of Houston, Texas) purchased the complex, located at 2121 West Main Street, from Bay Club Partners LLC of Beaverton, Oregon.

The transaction was brokered by the Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president.

Built in 1985, Midtown on Main is a garden-style community with 42 three-story buildings on 18.5 acres. Within 391,178 square feet of total living space, the unit mix is 186 one bed/one bath units (730 sf), and 286 two bed/two bath units (893 sf).

This gated community realized $4 million in capital improvements in 2006, and the new owner will renovate 100% of the unit interiors and significantly enhance and expand the site’s amenity package. The amenities include a 10,000-square-foot recreation facility with indoor basketball and racquetball courts, three swimming pools, sand volleyball court, covered children’s’ play area, covered parking, and beautifully landscaped grounds with gas barbecue facilities throughout.

“The purchase of Midtown on Main is a continuation of our commitment to re-establish a sizable, strategically located multifamily portfolio in Arizona,” said Jay O’Connor, executive vice president of Domain.

Midtown on Main is southeast of the Loop 101 and 202 interchange, and west of Dobson Road. The apartment community is located directly on the Metro Light Rail line that connects Mesa to Tempe, Sky Harbor International Airport, and Metro Phoenix.

“Midtown is an excellent value-add opportunity located in an infill urban area where Tempe and Mesa are starting to merge. One of the major components creating this merge is the recently expanded Metro Light Rail,” said Cindy Cooke.

Indian Wells, Courtesy of Colliers

Class-B Apache Junction apartments sell for $9.66M

Colliers International in Greater Phoenix recently completed the sale of Indian Wells, a 176-unit, class-B multifamily complex in Apache Junction, for $9.66 million, or $54,886 per unit, which is $54.88 per square foot.

Sonoma Valley LLC of Scottsdale purchased the property, at 975 South Royal Palm Road, from CSFB 2004-C5 Apache Apartments, LLC a subsidiary of LNR partners of Miami Beach.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.

The complex was developed in 2001 under the Federal Low Income Housing Tax Credit Program. A foreclosure led to the removal of rent restrictions, elimination of compliance requirements for operating the property, and ultimately the late 2014 sale.

Situated on 9.9 acres at the base of the scenic Superstition Mountains, the apartments are equally divided into two- and three-bedroom units within 11 two-story buildings. All have side-by-side washer/dryers, walk-in closets, private patios/balconies, microwave ovens and dishwashers. A separate rental office is located on the property and boasts wide frontage along Royal Palm Road.

Common amenities include pool, spa, fitness center, basketball court, clubhouse, two playgrounds, outdoor barbeques, picnic area, and 182 covered parking spaces plus 173 uncovered spaces.
Indian Wells is positioned along Old West Highway, a major east-west thoroughfare running through Apache Junction and into Mesa and Tempe. It is two miles north of US Route 60, giving resident’s greater access to Metro Phoenix.

The community is surrounded by small commercial developments, and well as manufactured and single-family homes. A Walmart Supercenter-anchored neighborhood shopping center is located about two miles northwest, while the master-planned Gold Canyon Ranch is approximately three miles southeast. Indian Wells is within walking distance to Central Arizona College.

“This purchase enables the buyer to reposition this asset as the best market-rate apartment in Apache Junction,” said Koskovich.

Main Photo_Chandler CC

Colliers Int. sells Chandler Corporate Center

Colliers International in Greater Phoenix recently completed the sale of the Class A, 68,443-square-foot Chandler Corporate Center II, which was 100 percent occupied at the time of the sale.

Palisades Capital Realty Advisors of Los Angeles purchased the building, located at 500 North Juniper Drive in Chandler, from The Rockefeller Group.

Mindy Korth, executive vice president, Phil Breidenbach, executive vice president, and Kirk Kuller, vice president, of Colliers International, represented the seller.

Chandler Corporate Center earned a LEED (Leadership in Energy and Environmental Design) Silver Core and Shell Certification. The building was constructed in 2009 on 8.75 acres within Chandler Corporate Center North, a master-planned business park at the northwest corner of McClintock Drive and Chandler Boulevard. Three of the five tenants in the two-story office building are institutional-quality companies that account for 76 percent of the space.

Breidenbach, along with Paul Sieczkowski, executive vice president, and Rob Martensen, vice president, with Colliers International in Greater Phoenix, also represent The Rockefeller Group on the recently completed 82,000-square-foot Chandler Corporate Center III, which is available for immediate occupancy. Additional land is also targeted for the future Chandler Corporate Center IV.

“Palisades Capital Realty Advisors is the perfect buyer for this transaction,” Korth said, explaining, “This is the twin building to 585 North Juniper Drive, their first Phoenix-area purchase, which they acquired earlier this year. Both buildings were purchased as stabilized assets with outstanding tenant rosters.”

As a whole, Chandler Corporate Center North is a 75-acre business park that will contain 1.28 million square feet of building area at completion. It is surrounded by a vast number of daytime amenities and three freeways—Loop 202 to the south, I-10 to the west, and Loop 101 to the east—providing Valley-wide access. Chandler Fashion Center is a mile to the east.

In addition to the Chandler Corporate Center properties, Colliers also markets The Rockefeller Group’s other Phoenix area properties, which include Rockefeller Group Chandler 101, Rockefeller Group North Gateway, Rockefeller Group Chandler Crossroads and Rockefeller Group Gilbert Crossroads.

 

Cove on 44th

Cove on 44th sells for $8M

Colliers International in Greater Phoenix recently completed the sale of Cove on 44th, a 256-unit class-B apartment complex, for $7.78 million, or $30,390 per unit.

Cove Phoenix LLC of Phoenix purchased the property, located at 4030 N. 44th Avenue, from Cove at 44th LLC of Los Angeles.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.

Built in 1983, the desert landscaped Cove on 44th consists of 134,400 square feet in 13 two-story buildings constructed on an irregular shaped site of 8.05 acres. This Maryvale submarket complex is close to public transportation and minutes away from Phoenix College, Grand Canyon University and Universal Technical Institute.

Units are divided evenly between studio and one-bedroom apartments with full-sized appliances, walk-in closets and private patio/balcony space. Common amenities include two swimming pools, a spa, tennis court, laundry facilities and outdoor barbeques. A separate clubhouse, which is undergoing renovation, and leasing office are located in the center of the property which is visible from 44th Street.

“This was a good opportunity for the buyer to acquire a clean building with solid cash flow and an upside through modest interior improvements,” said Koskovich, adding, “The property is positioned in a rebounding submarket that will benefit from the continued recovery in the local economy.”

Partsmaster photo, Colliers, WEB

AZ Partsmaster sells, buys two buildings in Phoniex Metro

Colliers International in Greater Phoenix recently completed two building sales with a combined total of $6.73 million for AZ Partsmaster, a supplier of home and property maintenance supplies.

AZ Partsmaster of Phoenix purchased a design build facility at 7125 W. Sherman St. in Phoenix for $4.9 million from Sun State Builders of Tempe. This transaction was brokered by Payson MacWilliam and Don MacWilliam, both executive vice presidents for Colliers International.

“With the economy rebounding, Partsmaster committed to the project and doubled the size of its operation,” said Payson MacWilliam.

The 73,536-square-foot build-to-suit, on 4.2 acres, is three miles west of Partsmaster’s previous location.

The MacWilliam brothers also assisted JJSM Real Estate Fund LLC of Scottsdale in purchasing the former Partsmaster property, located at 15 North 57th Drive in Phoenix, for $1.83 million from JD Partsmaster LLC of Phoenix.

The 34,567-square-foot industrial building is situated on 1.83 acres of land, south of Van Buren between 59th Avenue and 57th Drive. The buyer will use the property for manufacturing.

AZ Partsmaster is a full line maintenance supplier of HVAC, appliances and repair parts, electrical and lighting supplies, general maintenance supplies, and garden, plumbing and pool supplies. The company services industry professional and individuals.

Vestar to develop at Crossroads Towne Center

Colliers International in Greater Phoenix recently negotiated two separate long-term leases for a restaurant and dental office at a multi-tenant retail building soon to be under construction at Crossroads Towne Center in Gilbert.

Local shopping center owner, developer and manager, Vestar Development Company of Phoenix, is developing a 7,800-square-foot building at 3787 S. Gilbert Road. Delivery is anticipated by the fourth quarter of 2015.

Brian Woods, vice president, and Tom Woods, senior executive vice president, with Colliers International are Vestar’s exclusive listing agents for the shopping center.

Café Zupas LC of Sandy, Utah, leased 3,600 square feet from Vestar with representation by Western Retail Advisers of Phoenix. The restaurant specializes in soups, salads and sandwiches. This will be Gilbert’s first Café Zupas, which already has existing locations in Phoenix, Glendale and Mesa.

Gentle Dental of Vancouver, Washington, leased 3,200 square feet in Vestar’s multi-tenant building. The Woods Team represented both parties in this transaction. Gentle Dental, part of the InterDent Services Corp., has delivered comprehensive care in general, cosmetic and specialty dentistry for more than 30 years. InterDent provides management services to more than 165 affiliated dental offices employing approximately 475 dentists in the following eight states: Arizona, California, Hawaii, Kansas, Nevada, Oklahoma, Oregon and Washington.

“These two tenants will be outstanding additions to this vibrant center and we look forward to their openings next year,” said Brian Woods.

Economic Forecast

IREM, CCIM announce 9th annual CRE Economic Forecast

IREM and CCIM will present the 9th annual commercial real estate Economic Forecast at the Tempe Center of the Performing Arts on Thursday, Jan. 15, 2015. IREM and CCIM will begin the program by honoring Jerry Colangelo, who will be recognized as the Person of the Year by the organizations.

The panel discussion will be moderated by Peter Bolton of Newmark, Grubb, Knight, Frank. Each panel member will discuss their area of expertise as it relates to the current commercial real estate environment and then predict, based on the metrics of the commercial real estate business, achievements by year’s end.

The program will begin at 8 a.m. and continue until noon. The program will include;
Jerry Colangelo Program Honor

Multi-Family Panel
o    Cindy Cooke – Colliers International
o    Mark Schilling – MEB
o    Tom Lewis – Alliance

Office Panel
o    Jim Fijan – CBRE
o    Chris Toci – Cushman & Wakefield
o    Matt Mooney – Parkway Properties

Retail Panel
o    Judi Butterworth – Velocity Retail
o    Greg Laing – Phoenix Commercial Advisors
o    Pat McGinley – Vestar

Industrial Panel
o    Stein Koss – Lee & Associates
o    Tony Lydon – JLL
o    Mark Singerman – Rockefeller Group

The Tempe Center of the Arts is located at 700 W Rio Salado Parkway, Tempe, Ariz., and more information on the 2015 IREM/CCIM Economic forecast can be found here.

Autumn Ridge apartments

Autumn Ridge apartments sells to out-of-state investors

Colliers International in Greater Phoenix recently completed the sale of the 672-unit Autumn Ridge Apartments, a class-B complex in north Phoenix.

Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines purchased the complex, located at 1944 W. Thunderbird Road, from Summit Autumn Ridge LLC of Los Angeles. Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president, with Colliers International brokered the transaction.

Autumn Ridge Apartments is a 672-unit garden-style community with 73 buildings on 31.04 acres. An infill location with limited land available for new construction, it is adjacent to Cave Creek Golf Course and a large park with lighted walking paths. It is strategically located between the robust Deer Valley employment center and the established North I-17 employment corridor, the second largest employment area in Phoenix.

“The market is just starting the recovery in North Phoenix and we are excited to see the recent momentum in occupancy and rents. Autumn Ridge is a great asset to take advantage of in this market recovery,” said Cindy Cooke.

This purchase marks Domain Acquisitions’ re-entry into the Metro Phoenix market since the organization sold its portfolio here in 2006. “We have been patiently watching the Arizona market for many years, and the state’s economy continues to gain impressive momentum. We are excited to be back as investors in Arizona,” said Domain’s CEO, J.D. Golden.

“With Autumn Ridge, we recognized the solid location, the advantage and financial benefit of a ‘value-add’ approach, and the significant value to replacement cost—all underscored by the improving economic fundamentals in Arizona,” said Jay O’Connor, Domain’s Executive Vice President. Approximately $5 million will be spent in renovating and repositioning the property.

Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage LLC originated $30.9 million in financing for the acquisition and renovation. BH Management Services will provide property management and construction services for the partnership.

The unit mix contained in one- and two-story casitas is 368 one bed/one bath at 680 square feet; 128 two beds/two baths at 816 square feet; 136 two beds/two baths at 910 square feet; 24 three beds/two baths at 1,194 square feet; and 16 three beds/two baths at 1,444 square feet.

“Autumn Ridge has excellent floor plans with washer-dryers in the majority of the units—it is well positioned for the buyer to update the interiors,” said Brad Cooke.

Terri's_Hopley, WEB

Terri’s Consign & Design office building sold for $2.8M

Colliers International in Greater Phoenix recently completed the sale of a 23KSF, class-A office building in Scottsdale for $2.87M, or $126 per square foot.

The buyer, Desert Palm Management Group of Phoenix, purchased the building, located at 15000 N. Hayden Road, from LC Coffey of Lincoln, Neb.

Colliers International Executive Vice President Greg Hopley represented both parties.

“This is an investment purchase for Desert Palm Management Group, which will have a long-term hold on the building,” said Hopley.

The freestanding building on Hayden Road was constructed in 1993 on 1.55 acres of commercial/industrial land. Terri’s Consign & Design is the anchor tenant now.

“This is great investment opportunity and an excellent location in the Scottsdale Airpark, positioned at the northwest corner of Hayden Road and Raintree Drive with easy access to the 101 outer loop freeway,” Hopley said.

Earlier this year, Hopley represented Desert Palm Management Group when it acquired a 93,500-square-foot, $6.39 million industrial building at the Chandler Corporate Center.

Lee Lee Oriental Supermarket

Retail center with Lee Lee Oriential Supermarket sells for $3.67M

Colliers International in Greater Phoenix recently completed the investment sale of a 60,080-square-foot retail space in Peoria for $3.67 million, or $61.12 per square foot.

JGNK Investments Arizona LLC, of Santa Ana, Calif., purchased the property at 7575 W. Cactus Road from 75 Cactus LLC, of Phoenix.

Marcus Muirhead, associate vice president, and Lauren Rodes, associate, both of Colliers International, represented the seller. Vicky Papoulias with Geovest Corporation of Santa Ana represented the buyer.

“The seller presented a good investment opportunity, having negotiated a new 20-year lease with the occupant, Lee Lee Oriental Supermarket, about a year ago,” said Rodes.

The class-B building was constructed in 2002 and is situated on 5.39 acres at the southwest corner of Cactus and North 75th Street.

“This sale brought multiple offers from several qualified and interested parties,” said Muirhead. “The buyer was selected because of a cash offer and opportunity for a quick closing,” he added.

48 Piedmont, CoStar

Wilson Engineers signs long-term lease in Phoenix

Colliers International in Greater Phoenix recently completed a 14,629 SF long-term lease in a class-B office building in southeast Phoenix for Wilson Engineers.

Wilson Engineers, LLC of Phoenix leased space at 9633 S. 48th St. from 48 Piedmont Place, LLC of Phoenix.

Kathy Foster, senior vice president, and Lindsey Carlson, vice president, both of Colliers International, represented the tenant.

“Wilson Engineers has been a long-term tenant with 48 Piedmont. The property has supported their growth and will continue to serve as their headquarters,” said Foster.

Wilson Engineers specializes in water, wastewater, and reuse engineering. Wilson provides full-service design and construction administration capabilities, which includes planning, preliminary design, detailed design, scheduling, budget estimating, construction phasing, and operation and maintenance requirements.

Crown Castle photo, WEB

LGE Design Build starts construction on Crown Castle BTS

LGE Design Build has broken ground and is currently in the process of constructing Crown Castle’s 70KSF, two-story class-A office build to suit in Chandler.

Crown Castle, the nation’s largest provider of wireless infrastructure, expects to move into the new facility next summer, located at southeast corner of Germann Road and Stearman Drive. Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 14,000 small cell nodes supported by approximately 6,000 miles of fiber, Crown Castle has a significant presence in the top 100 U.S. markets.

“With an innovative, cutting-edge client, the design intent is to create a unique experience by providing a specific context within the desert and Chandler,” said David Sellers, president of LGE Design Build. “We’ll connect the outside environment with texture, colors and materials to convey corporate elegance.”

The build to suit’s entry includes steel beams and columns, accented by sandstone and a wood finished, with interior concrete panel walls and tinted glazing, contributing to a sophisticated corporate feel. The building also will have two balcony areas and metal trellises to provide shade around the building.