Tag Archives: steve julius

Peoria Marketplace

Peoria Marketplace sells for $5.1M

CBRE has completed the sale of Peoria Marketplace, a ±25,481-square-foot multi-tenant shopping center in Peoria, Ariz. The grocery shadow-anchored retail property is located at 7521, 7549 and 7611 West Cactus Road and commanded a sale price of $5.1 million.

Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the transaction between the seller, G and T Retail Properties, LLC of Phoenix, and the buyer, Westlake Village, Calif.-based Barstow Shopping Centers, LLC. Jeff Levine, managing member with G and T Retail Properties, was also heavily involved in the sale process.

This property meets our investment objectives of well-located and designed retail centers, with a diversity of good tenants, that produce income with the opportunity for growth in income and value,” said Jim Howard, Managing Partner with Progression REI.

Peoria Marketplace is a stable asset with future upside,” said CBRE’s Goldsmith. “The property has performed well since it was developed and 25 percent of the rent roll is comprised of national tenants. In addition, the property has a strong leasing history due to the grocery anchor and strong traffic counts.”

Built in two phases in 2001 and 2002, the property is situated on ±3.58 acres at the southwest corner of 75th Avenue & Cactus Roads in Peoria. The property, which was 91 percent occupied at time of sale, features a strong tenant mix including national tenants like Farmers Insurance, H&R Block, Panda Express, Little Caesar’s Pizza and Subway. Traffic is heavy in and around the property due to its excellent visibility and its grocery shadow anchor, Lee Lee International Supermarket. The property also benefits from its location in a very dense suburban area with an estimated 123,000 residents within a three mile radius.

Target-Village Center, CBRE, WEB

Valley retail portfolio sells for $150M

CBRE has completed the sale of the Phillips-Edison Fund IV Portfolio. The nine-property retail portfolio sold for $150 million and totals over 1.35 million square feet.

Jesse Goldsmith and Steve Julius of CBRE in Phoenix, Ariz., along with Christian Williams and Gleb Lvovich of CBRE’s National Retail Investment Group, negotiated the sale between the seller, Cincinnati, Ohio-based Phillips Edison Shopping Center Fund IV REIT, LLC and the buyer, Newquest-Epic Investments, LLC of Austin, Texas.

Arizona Retail Investment Specialists, Jesse Goldsmith and Steve Julius focused heavily on the portfolios’ Phoenix asset – the Village Center, located at 4304 E. Cactus Rd. in the Paradise Valley submarket. The 159,425-square-foot retail center is anchored by a Target and sits directly west of Paradise Valley Mall.

“The Village Center has been a high-performing property since it was developed in 1986. I anticipate that center will only become more successful in the future. The property is highlighted by a high-performing Target store anchor on a below market ground lease,” said CBRE’s Goldsmith. “Village Center is a class A asset, as were two other properties in the portfolio, which makes this offering unique as there is a lack of class A product currently on the market.”

 

The Phillips-Edison Fund IV Portfolio includes nine retail centers across six states. These include Village Center in Phoenix, Ariz.; Prairie Point and Glidden Crossing in Aurora and DeKalb, Ill., respectively; Marketplace in Independence, Mo.; Deerfield Place and Plaza North in Omaha, Neb.; Silver State in Sparks, Nev.; and Johnson Creek and Hermiston Plaza in Happy Valley and Hermiston, Ore., respectively. Six of the properties are grocery anchored.

Grand Retail_Photo

ViaWest Group sells Grand Ave. plaza for $1.3M

ViaWest Group has sold Grand Retail Plaza, a premier multi-tenant strip center located at 9827 W. Grand Ave. in Sun City, Ariz., for a total consideration of $1.3 million. The property was 100% leased at time of sale.

Phoenix-based ViaWest Group sold the property to Kanjibhai Ghadia of Anaheim, Calif. Steve Julius and Jesse Goldsmith with CBRE’s Phoenix office negotiated the $1.3 million transaction.

ViaWest purchased the property in September 2011 from Pacific Western Bank subsequent to the original developer losing the property to foreclosure. At the time, the property was 100% leased but all the existing tenants had near-term lease expirations. “After purchasing, we reached agreements with all the existing tenants to extend their leases, except for one which we replaced with Domino’s Pizza on a 10-year lease. Additionally, shortly after acquisition we were able to creatively restructure an existing billboard lease by converting it to a perpetual easement allowing us to further enhance the economic performance of the asset by significantly reducing our basis,” added Danny Swancey, of ViaWest Group.

Grand Retail Plaza, which totals approximately 6,369 square feet and sits on 0.78 acres in the master-planned retirement community of Sun City, is currently fully occupied by five tenants, including Domino’s Pizza, Edward Jones, HE/PA Enterprises, Cash for Gold, and Cricket Wireless.

“Grand Retail Plaza is a superbly-located asset in excellent physical condition,” said CBRE’s Julius. “The property has no other retail competition at the intersection and has excellent Grand Avenue frontage and visibility. In addition, the property has a strong leasing history due to the success of each of its tenants.”

Built in 2003, the property sits just west of the Loop 101 freeway and approximately 30 minutes from the Phoenix Sky Harbor Airport. Located on the southeast corner of 99th Avenue and Grand Ave/US 60, Grand Retail Plaza sees an average of 41,707 vehicles per day via Grand Avenue and another 14,500 vehicles per day on 99th Avenue.

Newsmakers, AZRE Magazine September/October 2010

Newsmakers: AZRE Magazine September/October 2010

The newsmakers of September and October 2010.

Paul Klink, Alisa Timm and Sarah Searight joined the Cassidy Turley BRE Commercial property management division. Klink was named managing director Southwest Region; Timm was named associate vice president and Searight joined the company as property manager. Justin LeMaster joined the industrial group as senior associate. LeMaster previously was with NAI Horizon.

Dick Crowley was promoted to vice president of Kitchell Construction’s healthcare division. Crowley joined Kitchell six years ago as director of client services.

Neal Churney joined Johnson Capital as senior vice president. Prior to joining Johnson Capital, Churney was a director with Marcus & Millichap Capital, where he financed multi-family, office, industrial and retail properties.

Luke Snell joined Western Technologies as senior construction materials engineer. Snell formerly was with the Concrete Industry Management program at ASU’s Del E. Webb School of Construction.

Brian Ackerman joined Jones Lang LaSalle as senior vice president. He will specialize in the acquisition and disposition of office and industrial property throughout Arizona.

Anthony Lydon and Marc Hertzberg joined the industrial brokerage team as managing directors. Most recently with Cassidy Turley, the duo has a combined 50 years of experience in industrial real estate.

GPE Management Services added Mark Carrell and Shirley Hawley as senior commercial real estate professionals. Carrell is responsible for managing the 200,000 SF local portfolio of West Coast Capital Partners.

Grubb & Ellis expanded its Phoenix operation with the addition of the office and medical condo team of Sheila Bale, Colleen McPherson and Ryan O’Connor. David Cravath joined the multi-housing group as vice president. Also joining Grubb & Ellis are Steve Julius (senior associate) and Jesse Goldsmith (associate). Previously with Marcus & Millichap, they will specialize in retail investments.

ICSC appointed six Arizonans as volunteer officers for Arizona and New Mexico: Gordon A. Keig, Kornwasser Shopping Center Properties, state director; Jeff Manelis, The Pederson Group, Inc., government relations committee chair; Steven R. Helm, Macerich, alliance private sector co-chair; Jim Brennan, Vestar Development Co., operations chair; Dennis Barr, The Kroger Co., retail chair; and John C. Reva, SR Commercial Real Estate, next generation chair. All appointments are for the 2010-2011 term.

Dave Headstream and Mike Ratliff were named to the land services group of CB Richard Ellis in Phoenix. They join Jason Hyams, another CBRE first vice president, to form a new land services team.

James Abell, FAIA of James Abell & Associates Architects in Tempe received the Edward C. Kemper Award at the AIA convention in Miami. The Kemper Award is given annually to an architect who has contributed significantly to the profession through service to AIA.

Rowland Luxury Homes hired Mary Norton as director of marketing and business development.

MODE Real Estate Management Services hired Ryan King as tenant services coordinator to its commercial property management staff.

Voit Real Estate Services opened an Arizona regional office in Phoenix. Jason Quintel was named managing director for the area. Voit also announced the hiring of Robert A. Freund as COO. Phoenix is one of the operations he will oversee.

SmithGroup hired Michelle Romero as senior interior designer for the firm’s Workplace Studio. Romero formerly worked for Tempe-based DAVIS.

Brock Huttenmeyer was named director of pre-construction services for Haydon Building Corporation’s building division. Denise Arredondo joins Haydon’s building division as a junior estimator.

Boe Bergeson was named leader of business development in the Southwest Region for the Weitz Company. Bergeson will focus on mtunicipal, commercial, industrial, higher education, hospitality, federal, senior living, tenant improvements, renovations, retail and distressed properties.

CB Richard Ellis’ 12th Annual Charity Golf Tournament at Grayhawk Golf Club in Scottsdale raised nearly $35,000 for Valley charities and local chapters of national nonprofit organizations. Three charitable organizations will receive a sizable portion of the money: Childhelp, Phoenix Children’s Hospital and the Boys & Girls Clubs of Metropolitan Phoenix.

The Phoenix Asset Services Division of CB Richard Ellis announced that Camelback Esplanade III achieved Gold certification under the USGBC LEED rating system for Existing Buildings (EB). The 218,254 SF building at 24th St. and Camelback Rd. is the third CBRE-managed office building to earn the LEED-EB rating.

AZRE Magazine September/October 2010