Tag Archives: Lee & Associates

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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.

SkySong_Exterior_001new

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.

_46A0392-Edit-Edit

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.

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.