Cassidy Turley Completes Three Transactions
Cassidy Turley, a leading commercial real estate provider in the U.S., announced today that Barron Lighting Group has purchased a ±78,672-square-foot manufacturing/warehouse facility on Glen Harbor Blvd. in Glendale for $4,500,000. The seller was Bixby Land Company of Irvine, CA.
Cassidy Turley Executive Vice Presidents Bob Buckley, Steve Lindley and Tracy Cartledge and First Vice Presidents Lou Finocchiaro, SIOR, and John Pompay negotiated the transaction on behalf of the seller.
The facility was built in 2007 for Arizona School Furnishings. The building includes a 10,840-square-foot office and showroom area with a 2,994-square-foot mezzanine. The warehouse has 24’ clear heights, six truckwell positions and five grade level doors.
Barron Lighting Group is moving from a ±40,000-square-foot facility in Phoenix to the Glendale location, doubling their space. For more information visit www.barronltg.com.
In addition, Phoenix-based Presson Corporation has purchased Surprise Commerce Center II, a ±132,000-square-foot industrial development in Surprise for $6,755,000. Located at 13128-13200 W. Foxfire Dr., Surprise Commerce Center II includes four, ±33,000-square-foot, multi-tenant industrial buildings on ±10.472-acres. The seller was Dexia Real Estate Capital Markets from Issaquah, Wash. Cassidy Turley Executive Vice Presidents Bob Buckley, Steve Lindley and Tracy Cartledge and First Vice Presidents Lou Finocchiaro, SIOR, and John Pompay negotiated the transaction.
Surprise Commerce Center was ideally designed and located to attract industrial tenants in Phoenix’s high-growth Northwest Valley, according to Buckley. The property was available to be acquired at a significant discount to replacement cost with strong upside potential from leasing vacant space. The building was just under 55 percent leased at the time of sale.
Built in 2007, the buildings feature 18’ clear heights, ±2,600-2,900-square-foot bays and grade-level loading. Surprise Commerce Center II tenants include Hayden’s Carpets, Real Life Church, Prestige Dance and Elliot Auto Supply. Cassidy Turley’s Finocchiaro and Pompay have been retained as the leasing agents for Surprise Commerce Center.
Finally, Larch Street Capital Management Corporation from Vancouver purchased the Ford Motor Credit Building in Mesa for $3,700,000. Located at 1355 S. Clearview Ave., the ±57,193- square-foot multi-tenant flex/back office building was 78.5 percent occupied at the time of sale. The seller was Bixby Land Company from Irvine, Calif. Cassidy Turley Executive Vice Presidents Bob Buckley, Steve Lindley, Tracy Cartledge, Mike Haenel, and Andy Markham, SIOR negotiated the transaction.
The buyers saw the long-term commitment that Ford Motor Company has with this building, according to Cartledge. They have been a tenant in the property for 15 years and appreciate the proximity to amenities as well as the fact that most of their employees live near the building.
Built in 1998, the building sites on ±5.136-acres just north of U.S. 60 and east of Power Road. The building was 100 percent built-out incorporating perimeter offices and open cubicle space with state-of- the-art improvements that were included for Ford Motor Credit’s National Recovery Center which occupied all of the property until 2010 with a call center operation. Ford currently occupies ±29,750 square feet and Talent Team, a center for the performing arts, operates Clearview Cultural Center in ±15,160 square feet.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local market leader Cassidy Turley Arizona. The company offers brokerage investment and advisory services in office, industrial, retail, multi-family, land and property management. The firm has completed nearly $10.7 billion in transactions since 2003 and was the No. 1 ranked Commercial Real Estate Brokerage Company in the Phoenix Business Journal’s 2010 and 2012 Book of Lists. For more information on Cassidy Turley Arizona visit www.ctarizona.com or call 602.954.9000.