Tag Archives: Lee & Associates


Lincoln Property signs 552,330 SF industrial lease

Lincoln Property Company (LPC) has completed a 552,330-square-foot lease that will fully occupy a Phoenix industrial building and bring approximately 200 new jobs to the Southwest Valley.

The undisclosed distribution user will move into its new space in October and will fully occupy the project, located 7037 W. Van Buren Street in Phoenix. It will use the building to service a major requirement from a distribution-centric Fortune 50 company. It will also hire approximately 200 employees.

JLL Managing Directors Marc Hertzberg and Anthony Lydon represented LPC. Tom Louer of Lee & Associates represented the tenant.

“This lease is a great example of a positive Arizona industrial market,” said Hertzberg. “This user chose Phoenix after a multi-market search that included Northern and Southern California. It then chose this building, in particular, from among a very competitive local inventory that includes five or six newly constructed, nearby alternatives.”

According to LPC, the new distribution user selected the 7037 W. Van Buren Street property because of its close proximity to Interstate 10 and the building’s existing infrastructure, offering a critical speed to market.

“The 7037 property had virtually all of the needed build-out specifications already in place, including lighting and cooling requirements, existing dock equipment and approximately 10,000 square-feet of office space. Competing buildings didn’t have those improvements or a Certificate of Occupancy for immediate move-in,” said Lincoln Property Company Vice President Amr Ceran. “We were able to work quickly with all parties to take advantage of that benefit.”

Totaling 552,330 square feet, the project offers 31.5- to 35.5-foot clear heights, 57-foot column spacing, 100 truck bays, cross-dock and front-load configurations, energy-efficient lighting and modern electrical, cooling and ESFR systems. It also sits within a Foreign Trade Zone, which represents a significant potential for real and personal property (equipment) tax reductions and duty deferral or elimination.

“Phoenix occupies one of the most strategic and cost effective supply chain locations in the West,” said Lydon. “That is a powerful combination for logistics operators.”

6615 W. Boston St

96,000 SF Chandler manufacturing facility closes for $5.88M

A 96,000 SF manufacturing building at 6615 W. Boston St. in Chandler sold for $5,875,000 or $61.20 per SF. Lee & Associates Principal Matt McDougall represented the buyer, Evergreen Industrial Properties, LLC of Oakland, CA. The seller was Schneider-Chandler, LLC of Phoenix and was represented by Jones Lang LaSalle.

The 1978-built building on 5.24 acres and has I-2 zoning. The building features 8 exterior dock high doors, 1 drive-in door and 6,000 amps of power.

The buyer plans on repositioning the building with a new spec offi ce, lights in the warehouse and additional loading doors. The building will be off ered for lease and will be divisible down to 48,000 SF.

The property enjoys excellent freeway access at the nexus of the I-10 Maricopa and the Loop 202 San Tan freeways with direct access to the East Valley, Tempe and Phoenix.

Evergreen Industrial Properties (“Evergreen”) is an industrial real estate company formed by TPG Real Estate to acquire, own and manage light industrial assets throughout the United States. TPG Real Estate is the real estate platform of TPG, the global private investment firm.

Desert Ridge-1

Desert Ridge Corporate Center reaches 95% occupancy

Two office leases totalling 47,372 SF were leased at Desert Ridge Corporate Center I and II, 20830-20860 N. Tatum Blvd., in Phoenix. These transactions bring occupancy in both buildings to 95 percent.

Lee & Associates principals Craig Coppola, Bill Blake, Colton Trauter, Andrew Cheney and Associate Gregg Kafka, represented the landlord in both of these transactions.

At Desert Ridge I, Regus leased 12,338 SF and was represented by Kevin Calihan of CBRE. At Desert Ridge II, Republic Services leased an entire fl oor totalling 35,034 SF and was represented by Gary Gregg, Mike Gordon and Eric Walker of Cresa.

The four-story, Class A buildings were constructed in 2005 and 2007 and off ers many top amenities and fi nishes for tenants. Phase I won the prestigious BOMA Outstanding Building of the Year Award.

Desert Ridge Corporate Center is conveniently located across from the popular shopping destination Desert Ridge Marketplace at Tatum Blvd. and the Loop 101. The area off ers a myriad of amenities and excellent access to all parts of the Valley.

Glendale Market Square

Two Glendale shopping centers sold for $38.6M

The Fincham Dempsey were successful in selling two Glendale, Arizona shopping centers in the final week of July. Glendale Market Square and Arrowhead Plaza were sold satisfying 1,031 exchanges for the buyers for a total of $38,600,000.

The Lee & Associates Fincham Dempsey Team, led by Jan Fincham and Patrick Dempsey, facilitated the transaction on behalf of both the buyer and seller for each transaction.

Glendale Market Square, purchased by CIRE, is the larger of the two centers and is located at the NWC of 59th Avenue and Bell Road. It is a 221,388 SF community shopping center built in 1992 and is anchored by a Winco Foods (not included in the sale). Other tenants at the time of sale include Compass Bank, Lina Home Furnishings, Floor & Décor, Hi-Health, T-Mobile, & El Pollo Loco among others. It sold for $24,600,000 ($111.12/SF).

“CIRE was attracted to the long term potential of the property as well as the attractive demographics and one of the best performing retail submarkets in all the Phoenix area,“ said Dempsey.

Arrowhead Plaza, a retail shopping center located on the SEC of 67th Avenue & Beardsley Road sold for $14,000,000 ($166.00/SF) and was purchased by Beardsley-67th Avenue LLC. The center was built in 1990 and includes 84,389 SF of retail space. At the time of sale the center was 95.2% occupied with anchors Ace Hardware, Tuesday Morning, and 99¢ Only Store.

Fincham says, ”Arrowhead Plaza provided the buyer and opportunity, via a 1031 exchange, to add to their extensive portfolio of well located shopping centers including their adjacent Denaro Plaza.”

123rf.com, tatiana53

Portico Place II secures Hanjin Shipping as 1st tenant

Portico Place II, a 48,173-square-foot Class A multi-tenant office building in Chandler, Az. has secured its first tenant, Hanjin Shipping, a transportation logistics firm that will occupy 37,669 square feet.

Hanjin Shipping will take up 78 percent of the building’s overall space, occupying the entire second floor and half of the first floor. Portico Place II officially opened in April and is located at 2195 W. Chandler Boulevard; it is the first speculative, multi-tenant office building of its size developed in the Valley in nearly six years. JLL represented Hanjin in its lease negotiations; Lee & Associates represented the property owner, Irgens.

“We’re extremely pleased to have Hanjin Shipping make Portico Place II its home,” said Jason Meszaros, vice president and market manager for Irgens, the building’s developer and property manager. “This is further evidence of businesses committing to investment and expansion in the Southeast Valley, and we expect to see more of it in the coming months.”

“Hanjin looked at all office options in the area to meet the expansion needs of its existing – and growing – regional operations center in Chandler,” said JLL Managing Director John Pierson. “After a thorough search, Portico Place II provided a location that not only keeps Hanjin close to its large Chandler-area workforce, but also provides the right mix of amenities.”

Portico Place II is adjacent to the fully leased Portico Place I, and is part of a 15-acre mixed-use development. It has 10,504 square feet of space available for leasing, which is being brokered by Lee & Associates.

“Portico Place II is filling a need for Class A office space in the Chandler area. Hanjin Shipping will be a great addition to the project,” said Colton Trauter, principal at Lee & Associates. “With prominent visibility and great access to the Loop 101 and 202, Portico Place II is in the middle of one of the Valley’s most dynamic business corridors.”

Nearby regional amenities include Chandler Fashion Square, downtown Chandler, and various hotels. Portico Place II is less than a mile from Chandler Regional Hospital with corporate neighbors including Intel, Microchip, Bank of America, Orbital Science, eBay, and Wells Fargo.


Tempe office warehouse building trades at $3.3 Million

A 33,400 SF warehouse at 1917-1965 W. First St., in Tempe near Rio Salado Pkwy. and Priest Dr. sold for $3,316,010 or $99.28 per square foot in an all-cash deal.

Rick Robertson, Principal with Lee & Associates represented both the buyer and seller in this transaction.

The buyer was Danari Temple, LLC an investment partnership headed by Michael S Adler of Adler Real Estate in Woodland Hills, California. The seller was Watertower, LLC of Tempe who signed a 3- year lease back with an option to extend for two years for their company, AV Concepts Inc.

In 1995, the original 18,000 SF building was constructed with an additional 15,400 SF added to the building in 1999. The property sits on 2.06 acres and features 20’ clear height, 2 grade level and 5 truckwell doors, 6,930 SF of air conditioned office space with the remainder as evaporate air-cooled warehouse space.

123RF.com, Copyright: valeriylebedev

Distribution building sells for $2.15M in investment transaction

A 25,570 SF industrial building at 1401 S. SIesta Lane in Tempe, sold for $2,150,000 or $84.08 per SF.

1401 S. Siesta Ln

Lee & Associates Broker Kurt Saulnier and Principal Ken McQueen worked both sides of the transaction. The seller was Dunbar Siesta of El Segundo, CA and the buyer was Adler Realty Investments of Woodland Hills, CA.

The building is currently half-leased and was purchased for invstment. Lee & Associates will retain the leasing assignment.

Built in 1997, the distribution building features 18’ ceiling height, 2 docks, 2 drive-ins and 32 surface parking spaces.


Groupon becomes latest company to locate at SkySong

Groupon announced that it plans to open a new sales office at SkySong, the ASU Scottsdale Innovation Center, to support its growing ecommerce marketplace. Groupon, along with up to 150 employees, plan to move in later this summer and will occupy 16,000 square feet of office space in SkySong 1. The company has been operating out of a temporary office at 2575 E. Camelback Rd. in Phoenix since February.

Launched in 2008, Groupon offers shoppers a vast marketplace of unbeatable deals all over the world. Shoppers discover the best a city has to offer on the web or on mobile with Groupon Local, enjoy vacations with Groupon Getaways, and find a curated selection of electronics, fashion, home furnishings and more with Groupon Goods.

“Phoenix is a thriving market for us, and we couldn’t think of a better place to expand our world-class sales team given the deep talent pool and enormous popularity of Groupon in the area,” said Darren Schwartz, senior vice president of sales, North America. “As we continue to actively invest in and grow our marketplace, our Phoenix sales center will play an important role in helping us bring thousands of exciting new deals to Groupon customers.”

The Groupon addition adds to the flurry of activity taking place at SkySong, which is nearing full occupancy in its three completed office buildings and is currently home to about 1,500 employees.

Gov. Doug Ducey said of the move: “Groupon is a hugely successful company, with a reach that extends around the globe. We are thrilled that they have decided to come to Arizona—it’s a testimony to our talented workforce, to the welcoming business environment we strive to create. It’s appropriate that Groupon will be located at SkySong. That’s where some of the best innovation in Arizona is occurring.”

“We are very pleased that Groupon, one of the world’s most recognized online merchants, will now join the roster of amazing innovators at SkySong,” said Sharon Harper, President & CEO of Plaza Companies, the master developer of the project. “This is a tremendous development for SkySong because of this company’s reach and household name. It continues a positive drumbeat for SkySong over the past few years and bodes well for the project’s ongoing success.”

Andrew Cheney and Craig Coppola of Lee & Associates represented SkySong’s collective ownership in the lease transaction. Tom Adelson of CBRE represented Groupon in the transaction.

Courtesy of Lee & Associates

Paragon Vision Sciences moves into Mesa

A 10-year, 45KSF lease was signed at 2120 W. Guadalupe Rd., in Gilbert for $3,207,600.

Paragon Vision Sciences, currently in Mesa, is the new tenant and will occupy half the structure which was built in 1995. Move-in is expected sometime in Q3 2015. With this transaction, the building is 100 percent leased.

Stein Koss and Tom Louer, both principals with Lee & Associates negotiated on behalf of AZCAL, LLC of Redondo Beach, Calif. Larry Miller, Jr. represented Velocity Retail Group on behalf of Paragon.

The property is situated on 5.91 acres and features heavy power, 24’ clear height, three grade level and four dock high doors. The building sits just off of Guadalupe Rd. and Arizona Ave. and minutes to Loop 101.

Tempe One, Courtesy of Lee & Associates

Home Depot signs 12-year back office lease

Lee & Associates Arizona announced the signing of a 12-year, 111,349 SF lease with The Home Depot USA, Inc. of Atlanta. The back office building known as Tempe One is located at 1717 W. 16th St. in Tempe. Move-in for the online call center is scheduled for Q4 of this year.

Rick Lee, Principal with Lee & Associates was the listing agent on the property, while Chris McClurg, Principal was the procuring broker who teamed with ICON Commercial of Atlanta who represents The Home Depot USA, as their sole tenant rep. The landlord is Tempe One Investors of Coconut Grove, Fla.

Tempe One previously housed Wells Fargo Home Mortgage.

“The building and the location are a great fit for The Home Depot who are very selective where they chose to do business. The area amenities and logistics proved to be a winner for them and for all parties involved,” said Lee.

The property is located in Northwest Tempe and provides ample public transportation and is close to Interstate 10 and the Hohokam Expressway as well as Arizona State University’s Main Campus. The area also features a densely-populated and educated workforce that is attractive to tenants like The Home Depot.

The property, originally developed in 1978 and renovated in 2008 features abundant 7:1,000 parking, 18’ clear height and will be entirely renovated to meet the needs of The Home Depot call center.


Irgens opens Portico Place II in Chandler

Irgens officially opened Portico Place II, a 48,173 sf, two-story, Class A multi-tenant office building located at 2195 West Chandler Boulevard in Chandler, Arizona. Designed and developed to meet the growing demand for contemporary office space in the Southeast Valley, Portico Place II is the first speculative, multi-tenant office building of similar size developed in the Valley in nearly six years.

“With Class ‘A’ office vacancy in the Southeast Valley currently at a 5 year low and businesses continuing to invest in and expand in Chandler, the timing for Portico Place II to come to market is ideal,” said Jason Meszaros, Vice President /Market Manager for Irgens.

Adjacent to the fully-leased Portico Place I and a part of a 15-acre mixed use project, Portico Place II offers retail and restaurant locations in walking distance along with nearby regional amenities including Chandler Fashion Square, downtown Chandler, and various hotels. The new building is less than one mile from Chandler Regional Hospital, with corporate neighbors including Intel, Microchip, Bank of America, Orbital Science, eBay and Wells Fargo.

Portico Place II features:

  • Up to 48,173 RSF available; divisible to 5,000 RSF
  • Efficient floor plans of approximately 24,000 contiguous RSF
  • Excellent access just ¼ mile east of the Loop 101 Freeway and one mile north of the Loop 202 SanTan Freeway at the southwest corner of Chandler and Dobson Roads
  • Convenient surface parking, with immediate building access at a ratio of 5 stalls per 1,000 sf
  • High visibility building and monument signage available along Chandler Boulevard
  • Contemporary building common areas and finishes

“Portico Place II fills a gap in the Chandler office market that has been open for years,” said Adam Tolson, Principal at Lee & Associates. “With Portico Place I at full occupancy and market demand continuing to grow, Portico Place II was delivered on an efficient timeline and offers tenants efficient floor plans, ample parking, and custom build-outs – all in a modern Class A office setting.”

“Portico Place II’s prominent visibility, excellent access to the Loop 101 and 202, and immediate proximity to some of the leading companies in greater Phoenix makes the project an ideal option for regional office users seeking to locate in one of the Valley’s most dynamic business corridor,” added Colton Trauter, Principal at Lee & Associates.

Portico Place II broke ground in October 2015 and was constructed in just over five months. An Irgens’ development, additional project team members included: Archicon (architect), A.R. Mays Construction (general contractor) and Lee & Associates (listing broker). Adam Tolson, Bill Blake, and Colton Trauter with Lee & Associates are leasing the project on behalf of Irgens. Knight Management provides property management services.

South Phoenix distribution facility sells for $5.1M

A 94,885 SF South Phoenix distribution building at 2021 E. Jones Ave. in Phoenix, sold for $5,125,000 or $54.01 per SF. The seller also negotiated a sale/leaseback term to occupy the facility for 16 months.

Matt McDougall, Principal with Lee & Associates represented the buyer, Cohen Asset Management of Los Angeles, California and Andy Cloud with DTZ represented the seller, Michael Lewis Company of McCook, Illinois.

“This transaction helped the buyer satisfy a trade requirement as well as acquire a highly-specialized distribution building located in the in- demand Sky Harbor Airport submarket,” said McDougall.

The facility started as a +40,000 SF building but has added nearly 55,000 SF in the late 1990s. It includes 30,000 SF of freezer/cooler space, 3,000 SF of office, 2 grade level doors, 20 truckwells and clear height ranges of 28’-32’. It is located just south and west of Phoenix Sky Harbor International Airport and close to the Maricopa Freeway (Interstate 10).

Off-road truck design firm leases 62KSF in Mesa

A Mesa-based off-road truck and SUV design and parts manufacturing company has signed for a 3-plus year lease at 308 S. Extension Rd. in Mesa. The property is comprised of a 44,004 SF and a 22,706 SF building.

Matt McDougall and Matt Fredrick, Principals with Lee & Associates represented both sides of the transaction. The lessor is Presson Corp. of Phoenix. The lessee, Addictive Desert Designs is expanding into this space from their current 40,000 SF Mesa location.

Addictive Desert Designs manufacturers and designs aftermarket products for offroad enthusiasts. They produce products for Truck, SUV and Jeeps.

The connected buildings feature 6 grade level and four truckwell doors and has a large fenced yard.

Papago Arroyo sells for $40.85M

Lee & Associates Arizona announced the three-office building leasehold sale of Papago Arroyo, 1255, 1275 and 1295 E. Washington St., Phoenix for $40,850,000. Combined, the buildings total 279,503 SF which calculates to $146.15 per SF. The cap rate was reported to be 7% based on first year NOI performance.


Lee & Associates’ Coppola-Cheney Group and Jerry Marrell, Principal, negotiated the sale along with Bob Young and Glenn Smigiel of CBRE. The buyer was listed as Papago Arroyo Associates, LLC of Honolulu, HI. The seller was Greenwood & McKenzie RE Investments, of Tustin, CA.


“Papago Arroyo is part of the story that keeps getting better in Tempe. Located along the light rail system, this three-building campus is only minutes away from Phoenix Sky Harbor Airport, three major freeways and Arizona State University, which will always make it attractive to tenants,” said Andrew Cheney. “The new development underway in Tempe only adds to this property’s upside, he added.


The stable, Class A project is situated on a ground lease with 68 years remaining. The highly-sought after location has driven leasing demand for the remaining space. It is currently at 96% leased.


The buildings were developed in 1998 are situated on the Tempe/ Phoenix border. The property offers 5 per 1,000 ratio of parking, close access to major freeways, light rail stations and Phoenix Sky Harbor International Airport.

Victoria Benavidez joins Lee & Associates

Benavidez, Victoria

Victoria Benavidez

Lee & Associates Arizona announced the hiring of Victoria Benavidez as marketing coordinator for principals Stein Koss, SIOR and Thomas Louer, SIOR of the Koss/Louer Team. She will be involved in the leasing, selling and marketing of the industrial team’s portfolio.

Benavidez comes to Lee & Associates with 15 years in the commercial real estate industry and
has experience with business/sales development, marketing plans, public relations, website development, planning and coordinating events.

“I’m excited about the value that Victoria brings to the team,” said Koss. “Her energy, knowledge and professionalism is a great addition.” Louer added, “Victoria’s previous experience and work ethic is a great addition to our overall plan in growing our team.”

Benavidez has worked in commercial real estate as Marketing Project Manager for CBRE in Phoenix and Grubb & Ellis in Seattle.

David Lord joins Lee & Associates

Lee & Associates announced the hiring of David Lord as principal. Lord  joins Todd Braun and Will Barnard to bolster Lee’s multifamily efforts.

Lord comes to Lee & Associates with 35 years of brokerage experience, most recently as the senior vice president at Apartment Realty Advisors (ARA). Before joining ARA, he worked as the Chief Operating Officer for Hewson Development Corp. where his primary responsibilities included industrial and office development and management, acquisitions, and corporate marketing.

“David brings exceptional brokerage skills and knowledge to Lee and he will be a great addition to our strong multifamily team,” said Fred Darche, managing principal.

Prior to his tenure with Hewson, he spent 12 years with Colliers International and 10 years with CB Richard Ellis. During his career, Lord has brokered, purchased, sold, developed or managed over $4 billion in real estate transactions.

“I’m excited about the opportunities that David brings and am looking forward to further positioning Lee & Associates as a strong multifamily player in the market,” said Todd Braun, principal.

Papago Arroyo, courtesy of CBRE

Papago Arroyo sells for $40.85M

CBRE announced Tuesday the sale of Papago Arroyo, a three-building office complex in Tempe. The 279,503 square foot, two-story office buildings are located at 1255, 1275, and 1295 W. Washington St. in the geographic heart of metropolitan Phoenix and Tempe office market. The asset commanded a sale price of $40.85 million.

Bob Young, Glenn Smigiel, Steve Brabant and Rick Abraham with CBRE’s Phoenix office, along with Andrew Cheney and Craig Coppola with Lee & Associates, represented the seller, Greenwood & McKenzie of Tustin, Calif., in the transaction. The buyer was undisclosed.

In addition to handing the investment sale, CBRE Vice Chairman Bruce Francis and Vice President Shaun Moothart, both with the CBRE Debt & Structured Finance team, arranged the ten-year loan on behalf of the borrower. The permanent financing included five years of interest-only.

Constructed in 1998 and 96 percent leased, Papago Arroyo is part of Papago Park Center, a 350-acre infill business park with a strong corporate tenant profile, including Wells Fargo, DHL, Union Bank, State Farm, and First Solar. The Tempe submarket has a 10.3 percent vacancy rate, less than half the overall office market vacancy rate in metropolitan Phoenix. This is indicative of the strong tenant preference for a location in Tempe.

“Tempe continues to perform at the top of the metropolitan Phoenix office market. Papago Arroyo offers tenants a centralized, highly desirable location with a strong amenity base and access to one of the strongest labor pools in the Valley,” said CBRE’s Young, lead broker in the investment sale.

“The outstanding central location of the property with its close proximity to Sky Harbor International Airport and the major valley freeways made this a very desirable financing opportunity for a wide variety of lenders and will ensure the property’s ability to draw tenants and stay well-occupied into the future,” says Francis.

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.