Tag Archives: us bank

TargetTempe, CBRE, WEB

Florida investor buys Target, US Bank buildings

CBRE has completed the sale of two single-tenant net leased investment properties in Tempe, Ariz. The transaction included a free-standing, single-tenant Target and US Bank at the northeast corner of McClintock Drive and Baseline Road. The properties are located on a 10.02-acre corner parcel and commanded a sale price of $11.9 million representing a 5.35 percent cap rate.

Joseph Compagno with CBRE’s Phoenix office represented both the buyer and the seller in the transaction. The seller was Tempe, Ariz.-based Hudson Retail Center, LLC. The buyer was Rosebud Tempe One, LLC of Palm Beach, Fla.

“Our net lease investment team continues to see a significant demand from investors for this type of real estate.  These investors are looking for less management intensive properties, best-in-credit tenancy and stable cash flow,” said Compagno. “This was a highly sought after investment. It’s an incredibly rare piece of real estate to acquire, because Target owns the majority of their real estate. We generated fifteen offers through our aggressive marketing campaign and the property sold at list price.”

Geoffrey Harris, also with CBRE’s Phoenix office, arranged acquisition financing for the purchase. The three and a half year bank loan totaled $7.8 million with an interest rate of 2.91 percent and 25 year amortization.

The investment consists of triple net leases with Target Corporation and US Bank. Target has occupied its building since 1988, their building was constructed in 1974. The property is strategically located in a densely populated area that is home to approximately 157,465 residents in three miles and 353,705 residents within a five mile radius. The area also boasts a large employment center with approximately 160,000 jobs within three miles and 515,083 jobs within a five mile radius. Major employers in the area include Intel, Arizona State University and Maricopa Community Colleges, among others.

US Bank

Marcus & Millichap Arranges 5KSF Sale of US Bank Ground Lease

Marcus & Millichap Real Estate Investment Services announced the sale of US Bank Ground Lease, a 5,000 SF net-leased property located in Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $3.458M.
Jamie Medress and Mark Ruble, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
US Bank Ground Lease is located at 3530 W. Southern Ave. in Phoenix. The property is located at a retail intersection and is the only free-standing US Bank with a drive-thru in the trade area.

Best of the Best Awards 2011, AZ Business Magazine Mar/Apr 2011

Best of the Best Awards 2011: Real Estate Commercial

Winner: CB Richard Ellis

CBRE, AZ Business Magazine Mar/Apr 2011 CB Richard Ellis has been serving clients in Arizona since 1952, growing to become a dominant player in the commercial real estate market. From landlord and tenant leasing to the acquisition and sale of all property types, the company has earned a reputation as a respected leader in the business community with its vast market knowledge and enduring culture of client service. CBRE believes that the truest measure of its success comes from providing superior service to its clients — delivered by knowledgeable, creative and tenured employees, many boasting more than 20 years in the marketplace. It is this dedication to teamwork and commitment to excellence that makes it possible to serve the diverse needs of clients.
Year Est: 1952  Brokers: 101
Craig Henig (Arizona/Phoenix),
Tim Prouty (Tucson)
CBRE logo, AZ Business Magazine Mar/Apr 2011 2415 E. Camelback Rd.
Phoenix, AZ 85016

Finalist: Ryan Companies US Inc.

Ryan Companies US, AZ Business Magazine Mar/Apr 2011

Ryan Companies US Inc. is a 73-year-old family-owned business whose reputation for building high-quality projects and positive customer experiences has earned it repeat business with customers, subcontractors and business partners. Since opening its Southwest regional office in Phoenix in 1994, Ryan has developed and constructed more than 16 million square feet of office, retail and industrial space in Arizona. Its 80 employees are committed to exceeding expectations of customers that include UniSource Energy (Tucson Gas & Electric), W.L. Gore and Associates, The Musical Instrument Museum, Target, Avnet, AT&T, Humana, US Bank, ConocoPhillips, Taser International and more.

Year Est: 1994
Principal(s): J. Strittmatter, T. Holzer, M. Ryan Carson, C. Carefoot, A. Riley, M. McGowne, S. Jordan

Ryan logo, AZ Business Magazine Mar/Apr 2011

3900 E. Camelback Rd., #100
Phoenix, AZ 85018
602-322-6100 www.ryancompanies.com

Finalist: Adolfson & Peterson Construction

Adolphson & Peterson Construction, AZ Business Magazine Mar/Apr 2011 Over the past 20 years, Adolfson & Peterson Construction (A&P) has been committed to building sustainable projects throughout the Southwest. A&P is an industry leader in delivering Leadership in Energy and Environmental Design (LEED) certified projects and high performance green buildings. Going beyond green building, A&P takes into account the purpose of the projects it undertakes, the communities impacted by its operations and A&P’s own business practices. Sustainable is much more than building green. It defines A&P’s business practices with a LEED Gold office, hybrid vehicles in the fleet, in-house carbon reduction programs, and job-site recycling on all of its projects.
Year Est: 1946
AZ Staff: 66
Principal(s): Bryan Dunn, SVP
Adolfson Logo, AZ Business Magazine Mar/Apr 2011 5002 S. Ash Ave.,
Tempe, AZ 85282

Arizona Business Magazine Mar/Apr 2011