Tag Archives: eric wichterman

Gateway Office Center, Cassidy Turley, WEB

Canadian investor buys Gateway Office Center

Cassidy Turley announced the $3 million ($95.06/psf) sale of Gateway Office Center located at 4130 E. Van Buren Ave. in Phoenix. Garnett Capital Corporate from Victoria, British Columbia, purchased the ±31,557 square foot property from Brentwood Gateway Center (Victorville, CA.).

Cassidy Turley Executive Managing Director Eric Wichterman and Senior Vice Presidents Mike Coover and Gordon Raguse represented the seller.

Built in 1987, Gateway Office Center is a three-story multi-tenant office building located within the prestigious Phoenix Gateway Center Office Park and just west of the intersection of 44th Street and Van Buren and one mile north of Sky Harbor International Airport. The building’s location offers exceptional access with two major freeways, Loop 202 and State Route 143, and the Valley Metro Light Rail system all within one-half mile of the property. Gateway Office Center was fully leased at the time of sale.

555North18thStreet, Cassidy Turley, WEB

San Francisco investor buys St. Luke’s Medical building for $8.45M

Cassidy Turley announced the successful sale of a ±49,816 square foot medical office building at 555 North 18th Street in Phoenix’s downtown submarket. San Francisco-based Stockbridge Funds purchased the St. Luke’s Medical property for $8.45 million ($169.62/psf) from Chicago-based Heitman Real Estate Investment Management.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.

Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.

2932 W Deer Valley, Cassidy Turley, WEB

California Investor Buys Motorcycle Mechanics Institute

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

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

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

SAARS, WEB

TradeCor purchases SAARS building for $2.1M

4221_Obliques 1Cassidy Turley announced the $2.1 million ($247.06/psf) sale of SAARS Building, a Class-B office building at 4221 N. Scottsdale Rd. in the Scottsdale, Ariz., submarket. Phoenix-based 4221 Scottsdale LLC / TradeCor LLC purchased the property from Scottsdale-based Scottsdale Area Association of Realtors (SAARS).

Cassidy Turley Managing Director Mark Bramlett, Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover negotiated the transaction on behalf of the seller and buyer.

Built in 1982, SAARS Building is a two-story, ±8,500 square foot office building on .57 acres located in the heart of the Old Town Scottsdale entertainment district at Scottsdale Road and 4th Avenue. The Scottsdale Area Association of Realtors occupied the building since 1982 and recently purchased a building at the Scottsdale Airpark for its new headquarters. No details have been disclosed for redevelopment at this time.

“We are anxious to watch the evolution of this site in the near future,” said Mr. Bramlett. “Based on its zoning, the property has the potential to be redeveloped as a restaurant, bar or for numerous other adaptive reuses.”

MMIBuildingPR, WEB

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

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

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

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

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

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

Talavi Business Park

Heart and vascular center purchases business park for $2.3M

Cassidy Turley announced the $2.3 million ($98.12/psf) sale of Talavi Business Park, a Class B office development at 5810 West Beverly Lane in the Glendale Submarket. Ironwood Glendale, LLC purchased the property for from California-based Coneen Family Trust.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the seller, while Mike Sayre of Cushman and Wakefield represented the buyer.

Built in 1999, Talavi Business Park is a ±24,180-square-foot, office complex consisting of a one-story building on 2.80 acres. The property is located south of Bell Road and 59th Avenue. Talavi Business Park is accessible from the Loop 101 and Interstate 17 freeways and in close proximity to shopping, restaurants, resorts and golf.

CAMELWEST_wichterman

Cassidy Turley Completes $13.5 Million Sale of Camelwest Plaza

Cassidy Turley, a leading commercial real estate provider in the U.S., announced today they successfully sold Camelwest Plaza, a 174,554-square-foot class B office property featuring two (2) four-story buildings at 1951 and 2001 West Camelback Rd. in Phoenix. 1128 Valencia Associates, LLC (Newport Beach, CA), advised by Apex Commercial Advisory (Brandt McCullough), purchased the property for $13,500,000 ($77.34psf) from Fenway Camelwest, LLC of San Diego. Executive Vice President Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group, along with Todd Noel of Colliers, negotiated the transaction for both the buyer and the seller.

According to Wichterman, “Camelwest Plaza offered a rare opportunity for the buyer to acquire a quality, stable asset that is generating significant cash flow now and has long-term upside potential.” He added, “The majority of the leases in place were signed during the last recession, so there is strong likelihood for income growth as lease rates continue to recover in Phoenix.”

Built in 1986, Camelwest Plaza includes two (2), four-story buildings and two (2) three-level parking structures. Both of the buildings common areas were renovated between 2008 and 2010. The project sits on 4.98-acres on Camelback Road and 19th Avenue, less than ¼ miles from I-17 and immediately west of the METRO Light Rail station at that intersection. With over 45,000 riders each day, the light rail’s opening in 2008 immediately increased the demand for the property due to its accessibility to mass transit. Camelwest Plaza was 79 percent occupied at the time of sale. The property includes an on-site fitness center and café.

About Cassidy Turley:
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.