Tag Archives: Steve Lindley

Black Canyon Business Park, Cassidy Turley, WEB

California investor buys Black Canyon Business Park

Cassidy Turley announced that BKM Capital Partners (Irvine, California) acquired Black Canyon Business Park, a ±219,090 square foot business park at 8041 North Black Canyon Freeway for $13.1 million. The seller was Business Properties (Irvine, California).

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Vice President John Pompay with Cassidy Turley’s Industrial Group brokered the transaction representing both parties.

“The project has an outstanding location, with freeway exposure,” Mr. Buckley said. “With the ability to capitalize on improving market conditions and tenant demand, Black Canyon Business Park offered exceptional value and upside potential for the buyer.”

Black Canyon Business Park is a 15 building business park with office, flex industrial and retail spaces ranging in size from 1,200 to 13,000 square feet. Built between 1975 and 1984, the property is located on the northeast corner of Northern Avenue and Interstate 17. The property was ±34% leased at the time of sale.

Zanjero Falls, WEB

Zanjero Falls in Glendale sells for $9.1M

Cassidy Turley announced that Select Healthcare Solutions, LLC and Phoenix Cyberknife, and Radiation Oncology Center, LLC has acquired Zanjero Falls, a 147,405 SF office property, plus an additional ±10 acres, at 7410 N. Zanjero Boulevard in Glendale, Ariz. for $9.1M. The seller was RCFC Zanjero Falls, LLC.

Senior Managing Directors Steve Lindley, Bob Buckley and Tracy Cartledge, Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover, with Cassidy Turley’s Capital Markets Group, brokered the transaction on behalf of the seller. TJ Zaharis of COBE Real Estate represented the buyers.

“The sale of Zanjero Falls to Select Healthcare Solutions and Phoenix Cyberknife is an indication we are continuing to see improvement in the West Valley office market,” Mr. Lindley said.

Built in 2008 and never occupied, Zanjero Falls is a Class A office development that includes a single story and a three story office building, in shell condition. The property’s Spanish Colonial architecture sets it apart and features Cantera stone and wrought iron throughout, including arches, towers, balconies and breezeways and a cupola. Additionally, the complex features resort-style landscaping with synthetic turf areas and a signature water feature and bridge at the main entrance.

In addition to the completed office space, the sale included ±10 acres of developable land currently configured as eight fully improved lots for future development. The property is located in the heart of the Glendale Entertainment District, directly north of Westgate City Centre; Tanger Outlet Mall; University of Phoenix Stadium, home to the Arizona Cardinals; and Jobing.com Arena, home to Phoenix Coyotes.

Northbank Office

ViaWest Group completes $5.2M sale of Northbank Office Building

ViaWest Group announced the sale of Northbank Office Building, a two-story suburban office building in Phoenix, for $5.2 million. The ±31,231 square foot, multi-tenant property located at 5110 North 40th St., was built in 1983 and completely renovated in 2005, with additional upgrades in 2013. It is part of the master-planned Northbank Office Park, which is comprised of eight high-quality office buildings.

Steve Lindley, Bob Buckley and Tracy Cartledge with Cassidy Turley’s Capital Markets Group negotiated the sale transaction.
Northbank Office Building was 94.2% leased at the time of sale, with 15 of 17 suites occupied.
“The property boasts an exceptional leasing history with average occupancy of 90.6% over the past 15 years, including 11 quarters at 100% occupied,” noted Steven Schwarz of ViaWest Group.

With multiple enhancements and upgrades over the past 30 years, the property includes a large open lobby with striking finishes including new flooring and energy efficient lighting. The façade and landscaping of Northbank Office Building were both updated during the recent renovations. The property sits on a two-acre site with 17 office suites averaging ±1,800 square feet, creating a desirable configuration for private tenants.

“Even though we bought this in 2005 (for $4.3 million) through strong management and negotiating a discounted note payoff, we made this a successful deal for our investors,” added Gary Linhart, also of ViaWest Group.

Northbank Office Building is located in the heart of the Camelback Corridor office submarket with an abundance of amenities within minutes of the property. It offers convenient access to multiple freeways, Sky Harbor International Airport, and high-end employment base.

hayden_station

Hayden Station in Tempe sold for $26.5M

Cassidy Turley has announced that Mill Avenue Office, L.L.C. (owned by Bob Parsons) has acquired Hayden Station, a 107,508 square foot, mixed-use office and retail property located on the southwest corner of Mill Avenue and 3rd Street, for $26.5 million ($246.49 per square foot). The seller was Tucson, Arizona-based Holualoa Companies.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group and Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee with Cassidy Turley’s Office and Retail Groups brokered the transaction on behalf of the buyer and the seller.

“Urban, infill properties in true walkable, 24/7 locations are generating exceptional investor interest,” Mr. Lindley said. “We were able to take advantage of this interest with Hayden Station’s Mill Avenue address in Downtown Tempe right at the light rail station.”

Built in 1986, Hayden Station (formally Hayden Square), includes five buildings: 310,350,404 and 410 S. Mill Avenue and 51 W. 3rd Street. The four Mill Avenue buildings are all two story and range in size from 5,642 to 9,548 square feet. The 3rd Street building is a five story, 74,307 square feet multi-tenant office building. The entire project was 97.9% leased at the time of sale.

“Hayden Station has had a history of maintaining high occupancy, even during the recent downturn,” according to Stan Shafer, Chief Operating Officer for Holualoa Companies. “Downtown Tempe is now the strongest office market in the Phoenix Metro.”

Hayden Station is strategically located on Mill Avenue, adjacent to a Light Rail station and within a short walk to Arizona State University. Downtown Tempe is one of Arizona’s most supply-constrained and successful office markets, with the Tempe North