DAUM Commercial Real Estate Services announced that it represented the buyer in the
purchase of a two-story 27KSF office building situated on 6.3 acres of land located at
18185 N. 83rd Avenue, Glendale, Ariz. The purchase price was $3,507,925 ($129.92/sq.
Benjamin Johnson of DAUM’s Phoenix office represented AEK Property 7, LLC in the acquisition of the project. The property is zoned PAD. The development was constructed in 2005. The buyer plans to lease up the remaining suites and hold as an investment for years to come.
Capital Asset Management represented the Seller, FNBN Properties, LLC, of Salt Lake City.
The 82,942 SF Muscular Dystrophy Association offices at 3300 E. Sunrise Dr. in Tucson, Ariz., were sold today to an affiliate of Larsen Baker, LLC. The purchase price was $9.1M.
MDA will remain as the major tenant in the offices and said it looks forward to working with Larsen Baker as the MDA building transitions into a multi-tenant corporate office complex to be called The Offices at La Paloma. Last September, MDA announced it was putting the facility up for sale, but would be keeping the vast majority of its employees in Tucson.
Don Baker, co-owner of Larsen Baker, released an architectural rendering of how the former single tenant building will be repurposed to serve as corporate offices for multiple executive users. Larsen Baker plans to make improvements to the entry drive, landscaping and signage and then work with TREO to implement a nationwide search for corporate headquarters that could relocate to Tucson.
Richard Kleiner, MBA, Principal of Cushman & Wakefield|PICOR, and Eric Sorensen, Senior Director of Cushman & Wakefield, represented the seller. Larsen Baker LLC and Chapman Lindsey Commercial Real Estate Services represented the buyer.
CBRE has completed the sale of two office condominiums at the Fairways at Superstition Springs Village located at 2500 S. Power Rd. in Mesa, Ariz. The units, which totaled 8,100 square feet, commanded a sale price of $955,000.
Andrew Fosberg with CBRE’s Phoenix office negotiated the sale on behalf of the seller, Diego Rodriguez of Coral Gables, Fla. The buyer was Gilbert, Ariz.-based La Familia Management and was represented by Bob Winegar and Lance Richards with Pierpont Realty Group.
The property is one of 20 free-standing office buildings at the Fairways at Superstition Springs. Fully leased at time of sale, the building’s tenant mix includes Wells Fargo Advisors; American Family Insurance; Goodale Law Firm, a locally owned divorce and family law practice; and Dahn Yoga & Health Centers, Inc., a national leader in health and wellness.
The Fairways at Superstition Springs is 20-building office complex comprised of condo-style buildings totaling 102,900 SF. The one- and two-story buildings offer variable floor plans as well as views of the nearby Superstition Springs Golf Club. The property benefits from proximity to extensive retail and restaurant amenities as well as access to US Highway 60.
Scottsdale based Ross Brown Partners, Inc. arranged the $50M sale of two premier Class A office buildings within Scottsdale’s Pima Center. The buyer was CV MainSpring Pima, LLC , a venture between CarVal Investors & Scottsdale based MainSpring Capital Group. Located at 9000 and 9200 E. Pima Center Pkwy., the two nearly identical three-story buildings total approximately 272KSF. Originally developed through a JV headed by Opus West, the buildings were owned by a joint venture between two institutional capital partners and MainSpring Capital Group, Pima Center’s master developer. The buildings were 91.5% leased to nine tenants at the time of sale Bob Crum of Ross Brown Partners, a 35-year veteran of the Phoenix commercial real estate brokerage community and former NFL player, brokered the transaction to the buyer. CarVal Investors is a leading global alternative investment fund manager. Since 1987, they have invested $71 billion in 4,680 transactions across 70 countries. Today, CarVal Investors has approximately $10B in assets under management in both credit and real estate strategies.
“This acquisition was strategically in line with CarVal Investors’ global philosophy of recognizing and capitalizing on opportunity while efficiently managing risk. These buildings exemplify that balance between current return and potential upside,” said Mr. Crum.
MainSpring and its affiliated companies own millions of square feet of office and industrial projects in Arizona, Colorado and Pennsylvania. In the Phoenix metropolitan area, MainSpring entities operate 1.3 MSF of office and industrial projects, 100 acres of developable commercial land, 800 acres of residential land and the Las Colinas Golf Club in Queen Creek. MainSpring Capital will remain as the local operating partner for the property on behalf of the CarVal venture.
Ross Brown Partners, founded in 1990, is a full-service real estate services company focusing on leasing, sales and management of office and industrial properties in the Phoenix market. “We’re excited about this closing,” said Curtis Brown, Principal at Ross Brown. “It is of significant economic value, but importantly also represents a milestone on the road to recovery for the market in general and Scottsdale/Pima Center specifically. Having an experienced and savvy institutional investor like CarVal show confidence in our firm, the project, and our marketplace is noteworthy.”