Tag Archives: farmers insurance


Farmers Insurance building sells for $16.85M

CBRE has completed the sale of the Farmers Insurance Building, a ±106,397 SF single-tenant office building located at 16001 N. 28th Avenue in Phoenix. The property, which is located in the Arizona Business Park in the I-17 corridor, commanded a sale price of $16.85 million.

Barry Gabel and Chris Marchildon, along with Ashley Brooks, Jim Bayless and Jenny Aust, of CBRE’s Phoenix office represented the seller, Newport Beach, Calif.-based Sabal Financial Group through an entity Granite Twenty Eighth Holdings, LLC. The buyer was Select Income REIT of Newton, Mass.

“This is a savvy buyer who fully understands the unique dynamics of the Arizona Business Park and the strength of the I-17 corridor,” said CBRE’s Gabel. “The tenant has been in the corridor for decades and has long been able to draw from a diverse and dynamic labor pool. This sustainable success has made Farmers Insurance an ideal tenant, and in turn, has made the property a smart investment.”

Located in the Arizona Business Park with frontage along Interstate-17, the Farmers Insurance property benefits from its location among some of the top employers in the metro area. The park has proximity to a large and diverse labor pool – over 2.43 million people within a 40 minute commute – and abundant retail amenities.

The property will be managed by Reit Management & Research LLC, Real Estate Services, which manages nearly 70 million square feet of commercial office, industrial and medical office space across the country.

Continental Plaza, Lee and Associates, WEB

Continental Plaza sells for $1.6M

Continental Plaza, a 37,400 SF retail shopping center at 855 W. University Dr. in Mesa sold for $1,612,500 or $43.11 per SF. The transaction closed on Nov. 14. The neighborhood center was over 70 percent leased at the time of sale.

Lee & Associates principals, Jan Fincham and Pat Dempsey completed the deal on behalf of both seller and buyer. The seller was Kodash, Inc. of Costa Mesa, CA and the buyer was Geyser Development of Tempe.

Geyser is also currently under contract to purchase the adjacent empty Fry’s Food Stores building and has secured a tenant to occupy half of the 50,000 SF space.

The multi-tenant center sits on 3.58 acres at the intersection of University Dr. and Extension Rd. and features a varied tenant mix such as O’Reilly Auto Parts, Farmers Insurance and H & R Block.

Litchfield & McDowell roads

De Rito Partners reports recent transactions

Former Black Angus restaurant sold

De Rito Partners’ agents Paul Serafin and Mike Kumelski represented the seller of a former Black Angus located at 27th Avenue and Loop 101 freeway in Phoenix. The buyer of the 6,732-square-foot restaurant was an entity titled 20440 27th Ave., LLC.


The Kobold Group purchases land in Queen Creek

The Kobold Group, LLC purchased approximately two acres of land at the northeast corner of Gary Road and Empire Boulevard in Queen Creek, Arizona. Dean Ingram of De Rito Partners represented the seller in completing the deal.


Tea lounge opening second location

Bomboba Tea Lounge signed a lease to open its second Valley location at the southeast corner of 99th Avenue and McDowell Road in Tolleson, Arizona. Gordon Heckaman of De Rito Partners represented the tenant in completing the deal for 2,000 square feet.


Orange Theory adding new Valley location

Orange Theory Fitness signed a lease to open a new location at the northeast corner of 7th Street and Glendale Avenue in Phoenix. De Rito Partners’ agent Michael McWilliams represented the tenant in completing the transaction for a 3,974-square-foot space.


Spa opening second location in Gilbert

True Rest Float Spa is set to open its second Valley location at the southeast corner of Gilbert Road and Baseline Road in Gilbert, Arizona. Gordon Heckaman and Carl Jones, Jr. of De Rito Partners represented the tenant in completing the deal for 2,147 square feet.


Computer sales and repair store coming to Peoria

Data Fast signed a lease to open a 1,234-square-foot store at the southeast corner of 75th Avenue and Cactus Road in Peoria, Arizona. Steve Bonnell of De Rito Partners represented the tenant in the transaction.


The Haymaker Restaurant adding Goodyear location

The Haymaker Restaurant finalized a deal to add a second Valley location at the northwest corner of Litchfield Road and McDowell Road in Goodyear, Arizona. De Rito Partners’ agents Paul Serafin and Michael McWilliams represented the landlord in leasing the 7,557-square-foot restaurant.


Macayo’s Plaza adding two new tenants

Chef Panda restaurant and Farmer’s Insurance have each signed a lease to join Macayo’s Plaza at the southwest corner of Bell Road and Reems Road in Surprise, Arizona. Both new tenants will be taking 1,200-square-foot spaces. Brian Bridgman of De Rito Partners represented the landlord in completing the deals.


Bosa Donuts adding another Valley location

Bosa Donuts purchased a freestanding building with a drive-thru just east of the southeast corner of Power Road and Main Street in Mesa, Arizona. Steve Bonnell of De Rito Partners represented the buyer in the transaction.


Tanoshi Management renewing dental lease at Gilbert Towne Square

Tanoshi Management renewed its lease of a 345-square-foot space at Gilbert Towne Square located just south of the southwest corner of Warner Road and Gilbert Road in Gilbert, Arizona. De Rito Partners’ agents Carl Jones, Jr. and Bill Bones represented the landlord in the transaction.


Fletcher Heights Marketplace, WEB

Fletcher Heights Marketplace in Peoria goes for $3.15M

Colliers International in Greater Phoenix recently sold the 26,658-square-foot Fletcher Heights Marketplace in Peoria for $3.15 million, or $118 a square foot.

Daniel Ortega, a vice president, and Larry Ortega, an executive vice president; both of Colliers International, represented the seller, LB-UBS 2003-C7 Fletcher Heights Marketplace, LLC, of Phoenix. The buyer, Eleven Investments, LLC, of Fargo, N.D., was self-represented.

The Class B neighborhood retail shopping center, located at 20783 N. 83rd Avenue, is primed for a new start with a 75% occupancy rate.

“Colliers International was selected by the seller because of our past successes in adding value to properties by attaining lessees in order to prepare the retail property for sale,” said Daniel Ortega.

Constructed in 2006, the center was anchored by a chain grocery store, which exited during the Great Recession. Part of the vacant space was converted into a thrift store.

“The loss of the anchor store was a major challenge in retaining tenants as well as adding new tenants to the center,” he said.

Among the new retail tenants are Delex Realty, Planet Beach Spa and Farmers Insurance.

“The area is a stable upper middle class neighborhood with new housing starting back up,” said Daniel Ortega.  “The trade area opened up when the off-ramp at Union Hills became operable, allowing traffic to flow right by the center,” he added.

“The area is making a slow comeback with service type operators trying to find space to service the local neighborhoods. As the economy recovers, this center will again flourish,” he said.

2010 Best of the Best Awards

2011 Best of the Best Winners

On March 31st, the 2011 Best of the Best Awards reception and dinner was held at Camelback Inn where Ranking Arizona recognized the companies that Arizona’s public ranked as their favorites to do business with.

During this special night of networking and celebrations, Ranking Arizona presented awards to its 2010 B.O.B. winners, 2010 and 2011 Platinum Hall of Fame honorees and the 2011 B.O.B. winners.

View photos of the event on Flickr.

Video by Nick Cervi

Congratulations to the 2011 Best of the Best Winners!

Advertising, Marketing & Media

KPNX-TV Channel 12

News Talk 92.3 KTAR

The Lavidge Company

Business Services

Wist Office Products

O’Neil Printing
Jani-King Southwest


Donovan’s Steak & Chop House

T. Cook’s at Royal Palms
Vincent’s on Camelback

Finance & Professional

National Bank of Arizona

Arizona State Credit Union

Farmers Insurance Co.

Health Care

St. Joseph’s Hospital & Medical Center

Chandler Regional Medical Center
Delta Dental of Arizona

Manufacturing & Technology

The Go Daddy Group Inc.

The Boeing Company

Real Estate Commercial

CB Richard Ellis

Ryan Companies US Inc.
Adolfson & Peterson Construction

Real Estate Residential

Rossmar & Graham

Fireside at Norterra by Del Webb
Legacy Design Build Remodeling


Scottsdale Fashion Square

Molina Fine Jewelers
Camelback VOLKSWAGEN Subaru Mazda


Phoenix Convention Center

Loews Ventana Canyon Resort
Four Seasons Resort Scottsdale at Troon North

2009 Best of the Best Winners