Tag Archives: Lee & Associates

6910 E. Chauncey, Lee Associates, WEB

Investor buys Scottsdale office building for $5.18M

A 30,120 SF office building at 6910 E. Chauncey Ln., in the North Scottsdale Corporate Center in Scottsdale sold for $5,180,640 or $172.00 per SF. The transaction closed on Nov. 19.

 

Lee & Associates principals Colton Trauter and Bill Blake representedthe seller, CM & PM Acquisitions, LLC of Phoenix. The buyer, Garland’s Oak Creek Lodge, Inc. was represented by Francis Marotta of MarCor Commercial Real Estate of Scottsdale.

 

Built in 2006, the two-story building features high-end fi nishes, 4.6/1,000 parking, nearby amenities such as Whole Foods, Gordon Biersch and Lifetime Fitness. The property enjoys an excellent North Scottsdale location adjacent as is two blocks to the Loop 101 Freeway.

IDI Photo, Cresa, WEB

IDI Distributors leases 29KSF in Phoenix

 

Cresa Phoenix announced that it completed a 29,242 square foot lease for IDI Distributors, Inc. at 236 E. Pima St. in Phoenix.

 

Cresa Phoenix Vice President Ted Liles and advisor Grant Kingdon negotiated on behalf of the tenant, IDI Distributors, Inc., a “One-Stop-Shop” for insulation products and technical expertise. The landlord, Thackeray Partners, was represented by Tom Louer and Stein Koss of Lee & Associates.

 

“The new facility will provide IDI Distributors with more space and a great, central location to better service their customer base,” said Cresa’s Ted Liles.

 

IDI Distributors, Inc. provides insulation products, technical expertise, professional training and business support. They are a family-owned and operated company with 34 locations, nationwide. They take pride in their “We work for you” philosophy and their energy saving products.

 

SVN-DEAL-855 W. University Drive in Mesa, WEB.

Continental Plaza sells for $2.1M

Rommie Mojahed, Mary Ridberg and Beau Flahart represented the buyer in the sale of a 37,171 SF shadow anchored retail center known as Continental Plaza for $2.1M.  The busy retail center is located at 855 W. University Dr., in Mesa, Ariz.

The seller, Geyser Management, LLC, was represented by Jan Fincham of Lee & Associates.  The 1031 Exchange, all cash buyer was California Asset Portfolio, Inc. The transaction was negotiated and closed in seven days.

“We are happy we successfully assisted our client with his 1031 requirements,” said Rommie Mojahed. “Instead of paying taxes, our client has reinvested in a great property with tremendous upside.”

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.

Courtesy of Lee and Associates

Lee & Associates to market Cabot Commerce Center

Lee & Associates Arizona has been awarded the marketing assignment at Cabot Commerce Center, a three-building project totaling 227,160 square feet. Lee & Associates principals, Jeff Conrad, Matt Hobaica and Chris McClurg were tasked with securing tenants for the general industrial multi-tenant development.

These institutional quality buildings feature grade level and truckwell loading (per bay), 24’ clear height and a secure truck court. Located just off Loop 101 & Cactus Road in Peoria, the project offers direct freeway access and exposure. The project, which was built in 2008, is currently 59% occupied with available space ranging from 4,856 square feet to 31,551 square feet.

“There are very few opportunities available to tenants searching for space in the Arrowhead/Loop 101 corridor that offer small bays equipped with a truckwell, said Conrad. “With the highly visible location and competitive pricing in comparison to product of similar features and vintage in Deer Valley, Cabot Commerce Center can offer best-in-class space at a great price to tenants looking to locate or expand in this growing submarket.”

Current tenants in the project include Orkin, Truly Nolan, Factory Motor Parts, RE Michel Company and Innovative Creations.

The Lee team offers 60 years of combined experience in lease up of speculative development of multi-tenant industrial parks and provides asset advisory and disposition services for their clients. The team has completed 2,547 transactions totaling more than $1.5 billion in this market. Cabot Properties is a private equity real estate investment fi rm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $6 billion in industrial real estate, managing and operating approximately 3,000 tenants in more than 141 million square feet.

7425 S. Harl_photo, lee associates, web

Tempe industrial building trades for $1.7M

A 27,800 SF Industrial warehouse at 7425 S. Harl Ave. in Tempe at the I-10/Elliot Industrial Park sold Nov. 14 for $1,695,000 or $60.97 per SF. The building was 67 percent leased at time of sale.

Lee & Associates principals Andy Ogan, Matt Fredrick and Matt McDougall represented both sides of this transaction. Ogan represented the seller, Nevada-based Hollywood Equities, Inc. Fredrick and McDougall represented the buyer, Phoenix-based Presson Corp.

The 1985 GID-zoned masonry building features 18’ clear height, grade level loading, 100% A/C and a compressed air system. The building sits on 2.34 acres near Elliot Rd and I-10 with quick access to Sky Harbor International Airport and other transportation corridors.

Salt Creek Furniture, Lee Associates, WEB

Emerald Design Center building sells for $2.6M

A 38,225 SF, freestanding retail building at Emerald Design Center, 1725 West Ruby Dr., Building C in Tempe, has sold in an all-cash deal for $2.6M or $68.02 per SF.

Lee & Associates principals Rick Robertson, Dave Johnson and Jerry Marrell negotiated the transaction for both the seller, Granco Enterprises of Tustin, CA and the buyer, Otium Real Estate Co. of Scottsdale, AZ. Otium is the owner/user entity of the current tenant, Salt Creek Home, a furniture store which has been leasing the building since 2010.

Built in 2006, the showroom/warehouse building is part of the 250,000 SF Emerald Design Center which features an eclectic mix of home furnishing retailers in the East Valley. The building features an evapcooled warehouse, 24-foot clear height, five truckwells, seven rollup doors and a 150-car parking lot.

460wMcKellipsRd_Aerial, Lee Associates, WEB

Oregon investor plans industrial packing facility in Mesa

A 5.87-acre land parcel at 460 W. McKellips Rd. in Mesa sold for $1,400,000 to an Oregon buyer with plans to build an industrial packing facility. Price per SF was recorded at $5.47.

The utility improved, M-1 and M-2-zoned industrial parcel sits adjacent to the Loop 202 Freeway right at the full-diamond interchange at Country Club Dr.

Lee & Associates principals worked both sides of this transaction. Steve Farrell represented the seller, RDH Madison Holdings, LLC of Casa Grande while Matt McDougall represented the buyer, Dulcich Realty, LLC of Clackamas, OR.

Dulcich Realty is affiliated with the Pacific Seafood Group, one of the largest seafood companies in North America. Dulcich Realty is exploring a build-to-suit opportunity for the land parcel for a seafood distribution center for the Arizona market.

Chandler Airport Center rendering

Chandler approves 20-acre industrial park plans

The Chandler City Council approved the Planned Area Development (PAD) zoning request and site plan approval for Chandler Airport Center on Oct. 23, a general industrial park at the SWC of Germann and Cooper roads in Chandler. Meritex Chandler, LLC, a wholly owned subsidiary of Minneapolis based Meritex, will develop Chandler Airport Center in association with Tempe-based Metro Commercial Properties, who will provide development and property management services to Meritex for the three building industrial park. The Meritex/Metro development team has engaged the brokerage team of Chris McClurg and Ken McQueen, principals with Lee & Associates, to handle leasing for the property.

The 20-acre site is located immediately north of the Chandler Municipal Airport, with direct access off the Loop 202 from the Cooper Road exit. The project will be constructed in two phases. The initial phase will include two rear-load general industrial buildings measuring 122,323 and 89,832 square feet respectively. Both buildings will feature bay sizes divisible to +/- 7,500 SF, 124’ truck courts, heavy power, 24’-30’ clear height and parking in excess of 2.0/1,000 SF.

The second phase of development will consist of a one or two-story office/flex building of 26,000 to 48,400 square feet, with parking ranging from 4 to 7 per 1,000 SF, available on a build-to-suit for sale or lease. McClurg and McQueen will also represent the developers in the marketing of the 3.4 acre parcel.

“The site has fantastic visibility on Germann Road with over 2,000 feet of frontage along with direct access from four public streets,” stated Dan Williams, Chief Investment Officer of Meritex. “The project will provide excellent opportunities for general industrial users to gain prominent visibility for their wholesale & service facilities and locate closer to their customer base in the Southeast Valley.”

“The product is designed to serve both small and large tenants alike. Though we will deliver two large contiguous blocks of warehouse space to the Southeast Valley that are currently in short supply, we have designed the buildings to functionally subdivide to as small as 7,500 SF, each bay will be equipped with both a truck-well and a grade-level door,” added Janet Herlyck, Vice President of Metro Commercial Properties.

The Meritex/Metro development team anticipates completion of the final project design specifications in December of this year with a planned 1Q 2015 ground breaking for construction. Availability of the completed buildings is targeted for mid-summer 2015. McCall Architects and CEG Engineering worked together in the architectural and civil engineering for the industrial park. No contractor has yet been selected for construction.

“There is a substantial amount of momentum in the Chandler Airport submarket today, reflective of the abundance of amenities, skilled labor, proximity to quality affordable housing and pro-business support from the City of Chandler,” said Tony Hepner, Principal of Metro Commercial Properties. “This is an exceptional master planned business environment and our industrial park will provide much needed space to further expand the employment base in and around the Chandler Airport.”

Superstition Commerce Park, Courtesy of Cassidy Turley

Verde Investments buys Superstition Commerce Park

Cassidy Turley has announced the sale of Superstition Commerce Park, a 15.97-acre industrial project west of the northwest corner of U.S. Highway 60 and Sossaman Road. Phoenix-based Verde Investments, Inc. purchased the property for $8.8 million from Delta SCP, LLC. The buyer is an owner/user and plans to occupy the project.

Cassidy Turley Executive Managing Directors Andy Markham, SIOR, and Mike Haenel and Vice President Will Strong negotiated the transaction on behalf of the seller. Lee & Associates represented the buyer.

Superstition Commerce Park includes two existing buildings and ±5.49 acres of fully improved land for future expansion. The existing buildings are a ±49,438 square foot back office building at 7457 East Hampton Avenue and a ±57,793 square foot flex/industrial building at 7465 East Hampton Avenue.

Superstition Springs Business Park

Superstition Springs Business Park trades for $13.98M

Lee & Associates is pleased to announce the sale of the two-building Superstition Springs Business Park at 7307 and 7427 E. Hampton Ave. in Mesa for $13,985,000 or $137.90 per SF. Total SF for the project was 101,411 SF. The transaction closed on September 12.

Lee & Associates Arizona brokers facilitated both sides of the deal. The seller, Hampton/Mesa, LLC was represented by principals Pat Dempsey, Jan Fincham, Chris McClurg and Matt Fredrick. The buyer, Allred Hampton DE, LLC of San Diego, Calif., was represented by principals Stein Koss, SIOR and Tom Louer, SIOR.

The two-building, single story fl ex industrial business park sold with an occupancy of 91.5%. The buildings were constructed in 1999 and in 2007. The buildings feature clear heights of 18’-28’, fi ber optics and 8:1,000 parking ratio. Major tenants include GC Services and Norwegian Cruise Lines.

The property is just north of the Superstition Springs Mall and along side the U.S. 60 (Superstition Freeway).

Gold Canyon Candles signs lease at 6205 S. Arizona Ave., in Chandler, Ariz.

Gold Canyon Candles signs 3-year lease in Chandler

An Arizona-based company signed a 36-month lease for 42,000 SF at the Gold Canyon Candles Building at 6205 S. Arizona Ave. in Chandler, Ariz.

Lee & Associates principals TJ Swearengin, Stein Koss, SIOR and Tom Louer, SIOR, represented the landlord, Gold Canyon Candles, which occupies a majority portion of the 212,070 SF warehouse building. Andy Cloud with Cassidy Turley represented the tenant, Barlow Company Inc. of Tolleson, Ariz.

The property features the original 122,366 SF with an additional 99,704 SF addition added in 2008. The warehouse building is situated on 19.81 acres near the intersection of Riggs Rd. and Arizona Ave. in Chandler and is close to I-10.

Canal Crossing

Auto aftermarket company signs 109KSF lease in Phoenix

A leading auto aftermarket company has signed a 10-year + lease for 109,060 SF at Canal Crossing Logistics Center at 5670 S. 32nd St. in Phoenix. The project is currently under construction.

Lee & Associates principals Jeff Conrad and Allen Lowe represented the landlord, Conor Commercial Real Estate (a real estate development and investment arm of The McShane Companies) and Globe Corporation in this transaction. Mike Parker and Evan Koplan of CBRE along with Jacob Bobek of Avison Young represented the tenant, LKQ Corporation. “We are excited to have secured LKQ as the anchor tenant for Canal Crossing Logistics Center. Landing a commitment from LKQ, a Fortune 500 company, before construction had even begun, speaks to the projects’ strategic central location and modern, functional design,” said Conrad.

LKQ Corporation is a leading international provider of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks and recreational and performance vehicles. The company will occupy 70% of the 155,351 SF building.

As developed, Canal Crossing Logistics Center is an industrial building currently scheduled to be delivered in February 2015. Conrad and Lowe are marketing the remaining 46,054 SF that remains available. “The Airport submarket has been thirsty for new Class A distribution product to choose from. This deal further substantiates that momentum,” Conrad added.

The building features 30’ clear height, two drive-ins and ESFR sprinklers. The project sits on 10.09 acres and is located just south of Phoenix Sky Harbor International Airport.

Lee & associates industrial aerial, web

11.58-acre, SW Phoenix industrial facility sold for $2.93M

Four buildings totaling 18,496 SF on 11.58 acres of land at 8164 W. Buckeye Rd. in Phoenix, has sold for $2,925,000.

The transaction was recorded on September 8. Lee & Associates principals Matt Hobaica, Allen Lowe and TJ Swearengin negotiated on behalf of the owner, MidFirst Bank. Hobaica secured the buyer, EMC Holdings, LLC of Phoenix which will use the property for their truck transportation business.

The property located at 83rd Ave. and Buckeye Rd. is currently being used as a trucking facility and features heavy industrial (I-2) zoning and multiple service bays. The site is fully-fenced with rolling gates and has a 2-acre, hard corner parcel within the property that can be sold or leased for a retail pad opportunity.

317 S. 48th St, Lee Associates, WEB

Road Machinery buys 113KSF warehouse in Phoenix

A Phoenix-based company bought a 113,827 SF industrial warehouse facility at 317 S. 48th St. in Phoenix for $9,200,000 or $80.82 per SF. The transaction closed on Aug. 22.

 

Lee & Associates Principal Ken McQueen represented the buyer, Road Machinery, LLC. The seller was Verde Investments, Inc. of Phoenix.

 

The building, which sits on just over 12 acres, was built as a Costco retail warehouse store in 1990. It features, 24’ clear height ceilings, six, 8’ x 12’ exterior loading docks and abundant parking. It also enjoys freeway exposure from the Hohokam Expressway (SR-143) and proximity to the Red Mountain Freeway (Loop 202) and Phoenix Sky Harbor International Airport.

 

Road Machinery sells and services construction and mining heavy equipment and has been in the Valley since 1955. It will be consolidating its operations from three other Valley locations into the new headquarters. The Phoenix-based company has other locations throughout California, New Mexico, Texas and Mexico.

1800 S. Price, Lee Associates, WEB

Calif. investment firm takes Chandler Iridium facility for $12.7M

A 69,429 SF fl ex manufacturing facility and an adjacent 2.97 AC parcel at 1800 S. Price Rd. in Chandler has been sold for $12.65M. The building is fully-leased to Iridium Communications with an estimated 10 years remaining on their lease.

Cohen Asset Management, Inc., a California-based private real estate investment fi rm purchased the building from Abart Properties Corp. of Scottsdale. Lee & Associates Arizona Principals Rick Lee and Andy Ogan represented Cohen. Bret Angner with Nova Management represented Abart in the transaction.

The building is located in one of the Valley’s best commercial real estate areas. Chandler’s Price Corridor is home to notable companies such as Intel Corp., Motorola, PayPal, Orbital Sciences, eBay, Amkor Electronics, Charles Shwab and General Motors. The area is served by the Loop 101 and Loop 202 freeways with easy access to the entire Valley.

Iridium Communications, based in McLean, Virginia, is a mobile satellite communications company providing voice and data solutions worldwide. It is the only company of its kind that spans the entire globe.

Bella View Apartments

Central Phoenix apartment complex trades in $12.5M investment deal

A 355-unit, central Phoenix apartment community at 2912 E. Indian School Rd., Phoenix, sold for $12,500,000. The price calculates to $35,211 per door. The transaction closed this past July 29.

Lee & Associates Principal Todd Braun and associate Will Barnard represented the buyer, SPL Real Estate & Management Co. of Denver. Karl Abert of Newmark Grubb Knight Frank represented the seller, Bella View Apartments, LLC of Scottsdale.

Bella View Apartments, built in 1979, is situated on 7.92 acres. It features four, three-story buildings of studio and one bedroom units. The community features four pools, spa, tennis and basketball courts, picnic areas with BBQs and laundry facilities.

“BellaView Apartments LLC did an excellent job of repositioning this property over the last few years. When they acquired Bella View in 2011 (then called Brandywood) from an out-of-state lender, the community had signifi cant vacancy and deferred maintenance,” Braun said.

“The new owner, SPL Management, has an exciting plan to further enhance the asset to attract higher demographic tenants. They will be upgrading both the exterior design and amenities as well as elevating the interior features to a level that will compete with many of the luxury communities in the area. SPL was attracted to the property due to its compelling location; close to the Camelback Corridor, Biltmore Fashion Park and immediately next to a Sprout’s-anchored shopping center. SPL has renamed the apartment community The Standard at 29th,” Braun added.

Lincoln Plaza 2, WEB

Lincoln Plaza Shopping Center sells for $25M

Lincoln Plaza Shopping Center, located on the SWC of Scottsdale Rd. and Lincoln Dr. in Scottsdale, was sold to an investment group for $25 million or $330 per SF. AJ’s Fine Foods supermarket anchors this premier retail center that is poised for future redevelopment.

Lee & Associates Fincham/Dempsey Investment Team, led by principals Pat Dempsey and Jan Fincham, facilitated the transaction on behalf of both the buyer, RN Properties South Mountain, LLC. of Phoenix and the seller, Lincoln Plaza Limited Liability Co. of Scottsdale.

RN Properties purchased the property utilizing a 1031 Exchange after selling South Mountain Crossing Shopping Center in Phoenix back in June. Fincham and Dempsey represented RN Properties on that transaction as well. The sale of Lincoln Plaza completes a trifecta of deals brokered by Fincham/Dempsey of $75 million in the past 18 months at the SWC of Lincoln Dr. and Scottsdale Rd. that includes the sale of The Borgata, Lincoln Village and now Lincoln Plaza.

“The future potential for this property is very strong due it’s location and appeal to tenants seeking Arizona’s most affluent demographic,” said Dempsey.

The 75,744 SF luxury shopping center includes the aforementioned AJ’s Fine Foods and Scottsdale Marketplace as well as other high-end retail stores. It is surrounded by established shopping destinations, resort and entertainment venues close by.

SEC Germann and Stearman

Sought-after parcel in First Chandler Business Park sells for $2.2M

An 8.56 acre commercial parcel at the SEC of Germann and Stearman Roads sold for $2,221,000 or $5.95 per square foot.

The fully-improved parcel is located within First Chandler Business Park and will be the future home of Crown Castle, a wireless infrastructure provider. Plans call for the construction of a 70,000 SF built-to-suit office building. LGE Design Build will be the developer.

Lee & Associates Arizona principals Ken McQueen and Chris McClurg represented the land owner, Vintage Farms. The buyer MDB Chandler, LLC was represented by Colliers International. The sale marks the second land sale within First Chandler Business Park in the past month, both of which will have industrial developments under construction by year’s end. This activity is complimented by an already under construction, 65,000 SF build-to-suit
project at the park.

Overall, the hot Chandler Airport area is seeing strong activity with new projects moving forward. A FedEx facility will be occupying a 48-acre site within the submarket. In total, there will be an additional 530,000 SF of various industrial product type added to the market in the coming year. There is also high demand for new offi ce product with several new projects to be developed in the area.

SkySong III

Online advertising co-op signs lease at SkySong 3

An advertising innovator changing the way companies advertise online will set up shop at SkySong 3 early next year.

The company, adhesive.co, is relocating from east Indian School Road and will begin its five-year lease at SkySong on January 1, 2015. The layout of the space will be in line with the online ad company’s philosophy of a creative and collaborative environment.

The performance display online advertising company—where they like to say “the geeks are in charge”—helps drive incremental business for clients and is regarded as an industry leader with a fresh approach to online advertising. The adhesive team turns pages of code into advertising solutions for advertisers and publishers.

With the leasing agreement, adhesive.co’s presence at SkySong will help enhance its brand and a perfect fit for its collaborative environment.

“The innovative environment at SkySong will become even more dynamic with the addition of adhesive,” said Sharon Harper, President & CEO of Plaza Companies, the developer of the project. “They are online ad innovators and model collaborators who represent the best in entrepreneurial striving. We are thrilled they decided to come to SkySong, where their unique view of the world will be welcomed with open arms.”

Chad Little, one of the adhesive.co founders alongside Patrick Schwind, said: “Serial entrepreneurialism needs the right place to grow and prosper. Fortunately for Patrick and I, and our clients, we have found that place—SkySong. It’s the perfect fit for our approach, for who we are and for what adhesive is all about. We can’t wait to move in and meet our new neighbors and potential collaborators.”

The addition of adhesive.co is the latest addition to the growing SkySong project, which recently saw the completion of the SkySong Apartments and is nearing the completion of SkySong 3, the third office building at the property. With the adhesive.co lease, SkySong 3 is now at 88 percent leasing occupancy even before opening its doors. Leasing is currently ongoing for SkySong 4, the next office building at the project, with construction anticipated to begin by the end of 2014.

Mark Seale of Cassidy Turley was the leasing agent handling the transaction for adhesive.co. The Lee & Associates team of Craig Coppola, Andrew Cheney and Gregg Kafka represented the SkySong ownership group.

SkySong, the ASU Scottsdale Innovation Center is a home to a global business community that links technology, entrepreneurship, innovation, and education to position ASU and Greater Phoenix as global leaders of the knowledge economy.

SkySong is a 42-acre mixed use development designed to:

• Create an ecology of collaboration and innovation among high-profile technology enterprises and related researchers;
• Advance global business objectives of on-site enterprises;
• Raise Arizona’s profile as a global center of innovation through co-location of ASU’s strategic global partners; and
• Create a unique regional economic and social asset.

Companies located at SkySong enjoy a special relationship with Arizona State University, which has more than 73,000 students at four metropolitan Phoenix campuses. Its campus in Tempe is the single largest campus in the U.S., and is located less than three miles from SkySong.

In addition to locating its own innovative research units at the center, ASU provides tenants with direct access to relevant research, educational opportunities and cultural events on its campuses. Through ASU’s on-site operations, tenant companies have a single point of contact for introductions to researchers, faculty and programs to address their specific needs.

609 W. Knox, WEB

Lee & Associates reports two industrial transactions in Tempe

59,375 SF Manufacturing Building Sells for $2.4M
A Tempe manufacturing building at 1531 W. 17th St. in Tempe, sold for $2.4M. The 59,275 SF facility brought a price SF of $40.42. The transaction was completed on June 26.

Lee & Associates principals, Matt Hobaica and Matt McDougall represented the seller, JCS, LLC of Tempe. The facility was the former home of All Pro Industrial, LLC. Paul Timm of Trust Realty Advisors represented the buyer, Lexkel, Inc. of Mesa, AZ.

The 1981-built building sits on 3 acres and features heavy power, a fenced yard, natural gas, A/C and Evaporative production areas and four grade level loading doors. It is located just east of the Interstate 10 and Broadway Rd. curve and is close to Phoenix Sky Harbor International Airport.

18,730 SF Manufacturing Facility Trades for $2.15M
An 18,730 SF freestanding manufacturing facility at 609 W. Knox Rd. in Tempe, sold for $2.15M or $114.79 per SF. The sale closed on July 7th on an eleven day escrow.

Lee & Associates Arizona Principals represented both sides of the transaction. Stein Koss and Tom Louer represented the buyer, Broadway-Genesis, LLC of Tustin, CA while Ken McQueen, Principal, represented the seller, Fleet Wing Holdings, LLC of Tempe. The building previously was headquarters for Spectrum Aerospace.

The transaction was a 1031 exchange for the buyer and represented an 8.15% cap rate on a seven year sale/leaseback.

Built in 2006, the 2-story, single tenant building features 4,000 SF of office and two drive-in doors. The facility sits on 1.14 acres in South Tempe off of Kyrene Rd. between Warner and Ray roads and is close to Interstate 10.

South Mountain Crossing, WEB

South Mountain Crossing trades for $11M cash, value-add deal

The South Mountain Crossing shopping center at 3636 W. Southern Ave. in Phoenix, sold for $11,172,825, or $84 per square foot in an all cash, value add investment sale. The sale closed on June 20.

The transaction includes the 132,314 SF shopping center space, four developable pads and a 6.6-acre parcel for future retail development.

Lee & Associates Arizona Fincham/Dempsey Investment Team, led by principals Jan Fincham and Pat Dempsey, facilitated the transaction on behalf of both the owner, RN South Mountain Properties, LLC and the buyer, South Mountain Retail, LLC.

RN South Mountain Properties, LLC originally purchased the property in February 2012. At the time, the property was a failed development project that included what was to be a Mervyn’sanchored shopping center. However, Mervyn’s declared bankruptcy and the project failed. RN properties back-fi lled the former Mervyn’s building with a Goodwill store and a Cal Ranch Store, a 20-store ranch and home chain from Boise, Idaho. In addition, the RN properties group recently negotiated a to-be-built McDonald’s on a ground lease on the hard corner as well as a new Filiberto’s restaurant.

Built in 2007, the shopping center is nearly 80 percent occupied and has the additional 6.6 acres of excess land which is entitled for an additional 61,788 SF of building space. The entire property sits on 25.6 acres. The center is located in the dynamic Laveen area of Southwest Phoenix and is bounded by major arterial corridors such as Southern Ave., 35th Ave. and is close to Interstate 10.

8201 S. 48th St, WEB

Precision Installation buys 45KSF Phoenix warehouse

Precision Installation, Inc., a local commercial furniture and equipment installer, has purchased a 45,307 SF warehouse property at 8201 S. 48th St., Phoenix for $2.98M or $65.66 per SF. They will relocate their corporate headquarters from their current Mesa, Arizona location.

Rick Robertson, Lee & Associates

Rick Robertson, Lee & Associates

 

Lee & Associates principals Rick Robertson and Scott Smith brokered the transaction on behalf of the seller, Jack Berg Family, LP of Santa Barbara, California. The buyer was represented by Clint and Blake Hardison of Keyser Corporation. The building was purchased using an SBA loan from Wells Fargo Bank.

 

“The transaction was a win-win opportunity for both buyer and seller and it offers the building a new lease on life after being vacant for over a year,” said Robertson.

Scott Smith, Lee & Associates

Scott Smith, Lee & Associates

The building, built by Sun State in 1998, sits on 2.65 acres, has 6,800 SF of office and 38,500 SF of evap-cooled warehouse space. It features 24-foot clear height with storage racking, five dock high doors and one grade level door. The property is located in the Pointe South Mountain Business Park and is close to I-10, US 60 and Phoenix Sky
Harbor International Airport.

PioneerPackaging, WEB

Masco Corporation leases 25KSF in Phoenix

Cassidy Turley announced that it completed a lease of 25,002 SF for Service Partners Supply, LLC at Pioneer Packaging Center, 2440 S. 8th Pl., Phoenix.
Senior Vice President Bruce Calfee and Vice President Josh Wyss of Cassidy Turley’s Industrial Group represented the landlord, Phoenix-based, 20 Mule Team Holdings LLC while Jeff Conrad of Lee & Associates represented the tenant.
Service Partners Supply is the largest distributor of residential fiberglass insulation and related contractor accessories in North America. Through its network of over 50 distribution centers, the company supplies insulation, insulation accessories, fireplaces, gutters, roofing, drywall, acoustical material and other building products to thousands of contractors and retailers nationwide. Service Partners Supply is a subsidiary of Masco Corporation MAS (NYSE) one of the world’s largest manufacturers of brand- name products for the home improvement and new home construction markets.

Built in 1997, Pioneer Packaging Center is a ±50,474 square foot, industrial warehouse project. The property is centrally located in Phoenix near a full-diamond interchange at 7th Street and the I-17 Freeway. Service Partners Supply plans to use the newly leased space as a distribution center supporting the Phoenix metro area. The transaction brings Pioneer Packaging Center to 100% occupancy.