Tag Archives: Tracy Cartledge

Metro Business Park

Stockbridge Capital Group buys Phoenix industrial portfolio

Cassidy Turley* announced Tuesday that San Francisco-based Stockbridge Capital Group, LLC, a fully independent real estate investment management firm, has closed on five of six properties that are part of a multi-tenant industrial portfolio in metro Phoenix for $53.16 million.

Stockbridge is under contract with plans to close on the sixth building located in Tempe in December for $1.24 million. The seller of all six properties is PS Business Parks, LP (NYSE: PSB) of Glendale, CA. The total portfolio includes ±678,887 square feet of multi-tenant industrial space.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the seller.

“The portfolio represented a rare opportunity to acquire a critical mass of multi-tenant industrial parks in irreplaceable, land-constrained locations” said Lindley, “The buyer will benefit from market-leading properties and significant upside.”

Built between 1980 and 1987, the properties in the portfolio include: Corporate Park, an 18-building, 199,581 square foot project at 2342 W. Peoria Ave. in Phoenix; Metro Business Park, a four-building, 110,004 square foot project at 2320 W. Peoria Ave. in Phoenix; Mesa Station, a four-building, 78,038 square foot project at 1833 W. Main St. in Mesa; University 1, a 12-building, 199,835 square foot project at 1705-1797 W. University Dr. in Tempe; University II, a four-building, 68,574 square foot project at 1605-1635 W. University Dr. in Tempe; and McKellips Business Park, a single-building, 22,855 square foot property at 1733 E. McKellips Rd. in Tempe. The sale of McKellips Business Park is scheduled to close in December. The portfolio was 87% occupied at the time sale.

Stockbridge has retained Cassidy Turley for the property management [WB1] assignment for the entire six property portfolio.

*Cassidy Turley announced in a press release on September 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed November 5, 2014. The acquisition of Cassidy Turley is expected to close December 31, 2014.

Palm Valley Office Park

Canadian investor buys Palm Valley Office Park I, II

Cassidy Turley announced that Kootenay Holdings, a private investor, has acquired Palm Valley Office Park I and II, a 83,575-square-foot office project located at 1616 North Litchfield Road and 1646 North Litchfield Road in Goodyear, for $15.35 million ($183.67 per square foot). The seller was REO Asset Manager, Steve Schrag of Key Bank c/o KeyCorp Real Estate Capital Markets, Inc.

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.

“Palm Valley Office Park is the market leader for class-A office product in the West Valley,” said Cartledge. “The project has an excellent track record of attracting high quality tenants that want an upscale office environment.”

Executive Managing Director Jeffery Hartland and Associate Vice President Scott Boardman of Cassidy Turley’s Office Group have been engaged by Kootenay Holdings for the marketing and leasing assignment of Palm Valley Office Park I & II.

“We are glad to complete this transaction along with our Capital Markets team,” said Mr. Boardman. “Our team is looking forward to the improvements Kootenay has planned for the asset and continued leasing success.”

Built in 2000, Palm Valley Office Park I & II is a class-A office project prominently positioned within the heart of the master planned Palm Valley community in Goodyear. Rising two stories each and comprising a combined total of 83,575 square feet, the buildings are uniquely designed with striking architecture, reflective glass, stone accents and dramatic two-story atrium lobbies. The Office Park is situated amid a wealth of amenities and within one-half mile of Interstate 10, creating a conveniently accessible, premier business environment. The property was 87.8% leased at the time of sale to high quality companies including, Edward Jones, Wells Fargo Home Mortgage, American Family Insurance and a well-diversified group of medical practices and real estate services companies.

TempeWarehousePortfolio_BCL, WEB

DCT Industrial Trust acquires Tempe portfolio

Cassidy Turley announced that DCT Industrial Trust has acquired a three property warehouse portfolio from a Chicago-based global investment manager for $26.44 million.

 

Located in Tempe, the 355,371 SF portfolio includes: Roosevelt Center, 2405 and 2415 S. Roosevelt Street; Parkland Center, 7245 and 7307 S. Harl Ave.; and Wilson Center, 2636 South Wilson Street for $26.44 million ($74.42 per square foot).

 

Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley’s Capital Markets Group brokered the transaction on behalf of the buyer and the seller.

“The portfolio represented an opportunity to acquire traditional warehouse product in the well-established Tempe market from a long-term owner and stable occupancy” said Mr. Buckley.

Roosevelt and Wilson Centers consist of three high-quality warehouse/manufacturing buildings totaling 292,605 square feet in one of Tempe’s best locations, the Broadway Industrial Park. Parkland Center consists of two multi-tenant industrial buildings totaling 62,766 square feet in the highly desired south Tempe submarket. The warehouse portfolio was 98%% leased at the time of sale. DCT Industrial Trust plans to hold and continue to lease up the property.

 

 

Eastpoint Business Center, WEB

Investment company buys Eastpoint Business Center

Cassidy Turley announced the $6.5 million ($84.08/psf) sale of Eastpoint Business Center located at 3191 N. Washington Street in Chandler, Ariz. Privately held investment management company AICI (El Segundo, CA) purchased the 77,303 square foot property from Dalfen America Corp. of Westmount, Quebec, Canada.

Cassidy Turley’s Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan represented the seller.

Built in 1998, Eastpoint Business Center is a fully occupied, multi-tenant general industrial property. The project’s tenants include Presto-O-Fit Manufacturing, Port Plastics, Flash Co Manufacturing and Motorsport Aftermarket Group.

“Eastpoint has an excellent operating history, with overall occupancy of 93% over the past 15 years,” said Buckley. “For the buyer, the property represented the opportunity to own a well-designed and well-positioned asset in Chandler, one of the Valley’s strongest submarkets.”

First Commons at West 10

First Commons at West 10 sells for $6.08M

Cassidy Turley announced the sale of First Commons at West 10, a ±99,528, institutional-quality, multi-tenant industrial complex. Located at 4625 and 4635 W. McDowell Road, the two-building, general industrial warehouse buildings were purchased by Enright Capital, Calgary, Alberta for $6.08 million. The seller was MDI Capital.

Cassidy Turley Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley negotiated the transaction on behalf of both the buyer and the seller.

“Although First Commons at West 10 was built over a decade ago, the property includes design and functionality that makes it competitive with the most modern multi-tenant industrial properties in the market,” said Mr. Buckley.

Built in 2002, the complex sits on 6.88 acres just north of Interstate 10 at 45th Avenue and includes the 44,637 SF north building at 4625 W. McDowell and the 54,890 SF south building at 4635 W. McDowell. The property was ±60% leased at the time of sale.

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.

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