Tag Archives: Newmark Grubb Knight Frank

4250-E-Broadway-Rd-G2, WEB

Newmark Grubb Knight Frank completes $1.8M industrial sale

Newmark Grubb Knight Frank (NGKF) negotiated the $1.8 million sale of 4250 E. Broadway Rd., a 38KSF Industrial building, in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with NGKF’s Phoenix office represented the seller, Sorenson Group Management. The buyer, Forever Nutraceuticals, a worldwide distributor of vitamins was represented by Ken McQueen at Lee & Associates in the transaction.

“Forever Nutraceuticals expanded in the Phoenix market, this building is right across the street from their existing space on Wood St, says Stephens, it’s perfect for them due to the location and the fully air-conditioned facility which was a requirement for Forever Nutraceutical.”

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Newmark Grubb Knight Frank Sells Pine Ridge Apartments

Newmark Grubb Knight Frank completed the sale of the 301 unit Pine Ridge Apartments located at 2627 N. 45th Ave. in Phoenix.

Karl Abert, Managing Director with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, Lili Rubin Investment Properties, LLC.   The buyer, Community Enhancement Group of Denver, CO represented themselves.  The property was financed with private equity and is the first acquisition by the Denver based REIT, Pine Ridge Apartments was purchased below replacement cost at just over $7 million. The buyer is planning to complete a full renovation of the property to stabilize the asset as part of their portfolio.   Pine Ridge Apartments is the second community that NGKF has marketed and sold for Lili Rubin Investment Properties within the last 12 months.

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Newmark Grubb Knight Frank Completes $4.1M Industrial Sale

 

Newmark Grubb Knight Frank negotiated the $4.1M sale of 455 E. Warner Rd., a 49,984 SF industrial building in Phoenix.

Rob Stephens, managing director and Tricia Gumulka, associate director with NGKF’s Phoenix office, represented the buyers, DWWF, LLC and IGWF, LLC, in closing the 1031 Exchange transaction.

The seller, AVIV Realty was represented by CBRE’s Mike Parker and Evan Koplan.

NGKF renewed the current tenant, Jump Street and Gold Medal Gymnastics is a new tenant that just moved into the building, bringing the occupancy to 100% creating more value for the buyers.

 

 

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BH Properties Acquires Vista Ventana For $10.2M

 

BH Properties, a Los Angeles-based commercial real estate investment firm that has a penchant for working through difficult transactions, time-sensitive closing factors and an expertise in repositioning real estate, acquired Vista Ventana, a 275-unit multi-family property at 3221 W. El Camino Dr. in Phoenix.

“With two of our other Phoenix properties, Smoke Tree and Biltmore, nearby, we plan to manage Vista Ventana to take advantage of the economies of scale that we can achieve by cross-marketing, sharing staff and promoting properties to new visitors,” said Executive Vice President of BH Properties Steve Jaffe.

“This acquisition perfectly fits into what BH Properties is looking to accomplish in the Southwest. We expect to add two more apartment complexes by the end of 2013.”

According to Jaffe, the seller had made a significant amount of improvements including interior upgrades, exterior painting and a roof renovation while also increasing occupancy to 90% prior to closing.

“This stable asset mirrors most of our Phoenix multi-family assets and should not require much in the way of improvements,” he said.

Since January, BH Properties has been extremely active in the Southwest, including the recent acquisitions of the 205 condominium units at Avalon Hills and the 214-unit Terrance Park Apartments both in Phoenix.

“This well maintained asset is a solid, long term type hold for us. We continue to view the Arizona B and C class apartments market as full of opportunity — despite the recent uptick in pricing. We hope our high level of activity will keep us at the top of all sellers’ lists,” Jaffe said.

BH Properties was represented by Karl Abert and Brad Pickering of Newmark Grubb Knight Frank, who also represented the seller, El Camino Vista, LLC.

 

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Newmark Grubb Knight Frank Completes $10.3M Apartment Sale

 

Newmark Grubb Knight Frank completed the sale of the 275-unit Vista Ventana Apartments at 3221 W. El Camino Dr. in Phoenix.

Karl Abert, Sally Schwenn and Brad Pickering, all managing directors with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, El Camino Vista, as well as the buyer, B.H. Vista Ventana.

Abert, Schwenn and Pickering negotiated the all-cash transaction in less than 21 days.

A recent unit by unit rehab was instituted over the past six months, yielding increased rents as well as an enhanced future value for the community.

The buyer plans on continuing the rehab project and will hold the property as a long term investment in their portfolio. This stabilized community is in a great location with a strong employment corridor, in a rejuvenated sub-market.

 

Westgate Entertainment District

Terminix Bringing 300 Jobs to Glendale

iStar Financial announced today that Terminix, the world’s largest pest control provider, will open a new customer care center at Westgate Entertainment District in October that will bring as many as 300 jobs to Arizona and help invigorate activity within the office buildings of the Entertainment District.

At 32,800 square feet, the deal is the largest office lease in Westgate’s history. The Memphis, Tenn.-based company is expanding its customer service operations to Arizona and will take over the entire second floor of the east office building beginning October 1.

“With Westgate’s attributes, including over 15 on-site restaurants and abundant parking, we strategically and aggressively targeted large corporate users and are pleased to announce the full-floor lease to Terminix,” said Jeff Teetsel, development manager of Westgate Entertainment District. “This is the largest office lease in Westgate’s history, and is another indication of our positive momentum. With our direct freeway access and ease and efficiency for employees to walk to lunch, we have a uniquely desirable mixed-use environment for office tenants.”

The announcement comes on the heels of strong leasing activity at Westgate Entertainment District in recent months including signed leases from Buffalo Wild Wings and Whiskey Rose Bar & Grill and the recent openings of Chipotle, Gallery Glendale and The Arizona Republic, which relocated its West Valley office earlier this year.

“This lease is a validation of the market’s response to the nearly $1 million in investments iStar has made in upgrades to the property over the past year that includes improving the parking lot and common areas and installing new signage to benefit office tenants,” said Teetsel.

Terminix, a company with revenues exceeding $1.3 billion, is the largest subsidiary of ServiceMaster, one of the world’s largest residential service networks. Terminix services more than 3 million residential and commercial customers in 47 states and 14 countries.

“This new Arizona facility reinforces our commitment to enhancing the Terminix customer experience and providing one-call resolution to any customer questions or concerns,” said Larry Pruitt, president of Terminix.  “Terminix already earns best-in-class service ratings from customers, and this new center will help us take that service to an even higher level.”

Terminix conducted a site selection process throughout the western United States, narrowed the focus to Denver, Salt Lake City and Phoenix, and ultimately selected metro Phoenix and Glendale specifically.

CBRE’s Bryan Taute and Brad Anderson represented the landlord and Newmark Grubb Knight Frank’s Aaron Sommer, of the Atlanta office, and Geoffrey Waldrom and Dan Dobric, of the Phoenix office, represented the tenant.

The City of Glendale Economic Development Department worked to expedite permit processing and coordination to help the tenant meet its expedited occupancy target date. Jeanine Jerkovic in City’s Economic Development department coordinated the City’s efforts, along with Department Director Brian Friedman.

For more information about Westgate Entertainment District, visit www.westgateaz.com.

7102 W. Roosevelt, Phoenix

Newmark Grubb Knight Frank Negotiates 3-year, 153,600 SF Lease Extension

 

Newmark Grubb Knight Frank negotiated a lease extension totaling 153,600 SF at 7102 W. Roosevelt in Phoenix.

Rob Stephens, Managing Director and Tricia Gumulka, Associate Director with Newmark Knight Franks’ Phoenix office, represented the tenant, Summit Warehouse & Logistics in the transaction.

The landlord, First Industrial Realty Trust represented itself. Stephens and Gumulka negotiated a 36-month extension for Summit totaling more than $2.3M in total consideration. Stephens and Gumulka represented Summit in September of 2009 when it first moved into the space.

Summit Warehouse & Logistics was established in 2002 by a management team that has more than 30 years in the trucking and distribution industries. It focuses on specialized distribution requirements.

In another deal, Newmark Grubb Knight Frank negotiated a lease totaling 37,856 SF at 121 S. 39th Ave. in Phoenix.

Stephens and Gumulka again represented the Phoenix-based tenant, Summit Warehouse & Logistics. The landlord, Eastern Columbia Properties, was represented by Don MacWilliam with Colliers International.

 

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Newmark Grubb Knight Frank Negotiates Lease Renewal For Century Link

 

Newmark Grubb Knight Frank negotiated a 5-year renewal for Century Link at 2120 N. Central Ave. in Phoenix.

It comprises of 18,505 SF of office space for a total lease consideration of $1.8M.

Geoffrey Waldrom, Managing Director with Newmark Knight Franks’ Phoenix office, represented the tenant, Century Link. The Landlord, City of Phoenix was represented by their internal real estate department.

Century Link is a provider of Internet, tv and voice. Headquartered in Monroe, La., Century Link is represented nationally by the Denver Newmark Grubb Knight Frank office.