Latest deals from Lee & Associates, ORION, C&W, Velocity

Above: Lee & Associates Arizona Principals Bill Blake and Colton Trauter brokered the $9.75 million sale of a 92,315-square-foot, four-story office building located at 2910 N. 44th Street in Phoenix. Real Estate | 10 Aug |

Lee & Associates brokers sale of Phoenix office for $9.75M

A 92,315-square-foot, four-story office building located at 2910 N. 44th Street, Phoenix sold for $9.75 million on August 3. Lee & Associates Arizona Principals Bill Blake and Colton Trauter represented the buyer, Tessenderlo Kerley, Inc. The seller, State of Arizona, was assisted by Chris Corney and Pat Williams of JLL.

Tessenderlo Kerley, Inc., a leading manufacturer of process chemicals, acquired the property to serve as its U.S. headquarters. Current plans for the building include renovating the first three floors in efforts to occupy the space by summer 2019. Originally built in 1988, the office property served as a headquarters for a savings and loan company. 

For more information on the property, visit www.leearizona.com, or contact Blake at (602) 954-3761 or Trauter at (602) 474-9503.

Busy Mesa retail center sold by ORION

Located on Main and 48th Street, Main Street Plaza sold for $2,500,000 ($78 PSF) – 98% of asking price. The busy Mesa retail strip center is situated along Main Street, giving it excellent visibility and exposure. Noteworthy retailers and restaurants lie just to the west of the center, including Fry’s Marketplace, Dollar Tree, Chase Bank, Baskin-Robbins, AutoZone, Taco Bell and Circle K.

Derek Buescher of ORION Investment Real Estate represented the Seller in this transaction. Buescher said, “Main Street Plaza is a well-maintained retail center located in Mesa. The property was 78% occupied at close of escrow. The center consists of mom and pop tenants with the majority being at the center for years.”

The Seller was Main Street Plaza Property, LLC. The Buyer, A&A Investment Group, LLC, was represented by Taylor Street Advisors.

Two O’Reilly Auto Parts properties sold for $3.4M

Cushman & Wakefield’s Chris Hollenbeck completed the sales of two O’Reilly Auto Parts properties, on behalf of JD 2 LLC, for a total of $3.4 million. The properties are located at 8964 W. Peoria Avenue in Peoria, Ariz. and 1401 W. Apache Trail in Apache Junction, Ariz.

The portfolio of single tenant properties totaling 12,698 square feet are 100 percent leased to O’Reilly Auto Parts, one of the largest suppliers of auto parts. Located at the northeast corner of 91st Avenue and Peoria Avenue, 8964 W. Peoria Avenue sold for $1,895,600 to San Diego-based Income Property Investors, Inc. Located at the southeast corner of Ironwood Drive and Apache Trail, 1401 W. Apache Trail sold for $1,525,000 to Yigal Hovav of Huntington Beach, Calif. 

“The properties were 100 percent leased with long term leases to O’Reilly Auto Parts.  We were able to time both of the transactions to close within the same week of each other so that the seller is now able to 1031 exchange into one larger property,” said Hollenbeck.

Here are Velocity Retail Group’s recent transactions

Velocity Retail Group recently completed dozens transactions totaling over 4.5 million square feet of retail, land and big boxes.  The team leases and sells more big box transactions than any other local firm, with big box sales and leasing accounting for twenty-five percent of these transactions.  Following are a few highlights of the new transactions:

Ashley HomeStore to Open in Prescott

Ashley HomeStore has signed a lease for a new location of 31,689 SF at 3090 Gateway Boulevard in Prescott, Arizona.  The location is immediately adjacent to Prescott Gateway, the area’s only enclosed regional mall, in a location formerly occupied by The Roomstore.  Darren Pitts of Velocity Retail Group and Aaron Hodgdon of Hodgdon Group Realty represented the tenant in the transaction.  Ryan Desmond from Western Retail Advisors represented the Landlord, STORE Capital.  The store is expected to open in the 1st quarter of 2019.  

Cave Creek Parcel Sold for Self Storage

Dean Ingram and Brian Gast represented the Owner, Carefree and Cave Creek LLC, an entity controlled by Pacific West Land in Washington state, for the sale of a 2.8 acre parcel at the northwest corner of Carefree Highway and Cave Creek Road.  The parcel is located just north of the Lowe’s Home Improvement store.   The buyer, William Warren Group out of California.  The company has plans to develop a self-storage facility on the property.  The land sold for $1,100,000.  

Old Navy Expands at Superstition Gateway

Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500 square feet on behalf of Old Navy.  The new store will be located at the southwest corner of the US 60 Freeway and Signal Butte Road.  They will occupy part of the former Staples space.  Brian Gast of Velocity Retail Group represented the Landlord, DTL-SGW, LLC and DTR1C-SGW, LLC in the transaction.  This will be the 19th Old Navy store in the Arizona market. The store is expected to open in August of this year.

Iora Primary Care to Open new Clinic in Mesa

Brian Gast represented the Landlord, in a 7,923 square foot lease to Iora Primary Care, a division of Humana, Inc.  The new clinic will be located at the northwest corner of McKellips and Recker Roads in Mesa.  The tenant was represented by Cushman & Wakefield’s, Dev Gupta.  The clinic is expected to open in October of this year.  

Former Bank Branch at Guadalupe and Gilbert Roads Sells

Brian Gast of Velocity Retail represented the Buyer, F & S Management IV, LLC in the purchase of an approximate 1 acre parcel with a 6,981 square foot former bank building at the southeast corner of Guadalupe and Gilbert Roads in Gilbert, Arizona.  The buyer has also engaged Brian Gast of Velocity Retail Group to lease the building.  Tyson Switzenberg of JLL represented the Seller in the transaction.  

Starbucks Signs at The Crossing at Sahuarita

Starbucks recently finalized a lease of 2,400 square feet at The Crossing at Sahuarita. The Sprouts anchored project is located at the southeast corner of Nogales Highway and Abrego Drive in Sahuarita, Arizona.  The center is leased by Brian Gast and Dave Cheatham of Velocity Retail Group, with Brenna Lacey of The Volk Company in Tucson as co-listing agents.  Greg Furrier with Cushman & Wakefield / PICOR represented the tenant in the transaction.  The landlord ownership group is a partnership between Wadsworth Development Group and Accelerated Development Services.  

Old Navy Expands in Queen Creek

Dave Cheatham, Darren Pitts and Bonnie Arlia recently finalized a lease of 12,500 square feet on behalf of Old Navy.  The new store will be located in the Queen Creek Marketplace shopping center located at the southwest corner of Rittenhouse Road and Ellsworth Road in Queen Creek.  They will occupy part of the former Cost Plus World Market space.  The Landlord is Vestar QCM, LLC, and was represented by Matt Milinovich of Strategic Retail Advisors.  When the store opens in August of 2019 it will be the 20th Old Navy store in the Arizona market.

Go Wireless Lands in Marana, Arizona

Brian Gast and Bonnie Arlia recently negotiated a lease for a 2,200 SF Go Wireless – Verizon store in the Shoppes at Continental Ranch in Marana, Arizona.  The Safeway anchored center is located at the southeast corner of Twin Peaks and Silverbell Roads.  The store will be located in a newly constructed building along Silverbell at the entrance to the shopping center.  Craig Finfrock of Commercial Retail Advisors in Tucson represented the Landlord in the transaction.  This is the 6th new location the team has completed for this tenant in the last year.

Remedy Pilates & Barre Expands

Bret Olson, and Darren Pitts of Velocity Retail negotiated a 2,065 SF lease with Remedy Pilates & Barre at the southeast corner of Indian School and 36th Street in the Gaslight Square shopping plaza.  This will be the second location for the tenant.  They are expected to open in September of 2018.  Jared Lively of Rein & Grossoehme represented the Landlord in the transaction.  

Circle K Expands Location in Phoenix

Brian Gast represented Circle K in a 52,231 SF ground lease at the southeast corner of Elliot Road and 51st Street in Phoenix.  Circle K currently operates a smaller store on the hard corner.  The adjacent former Burger King will be razed to rebuild a new prototypical Circle K on the larger site.  Anticipated opening date of the new store is 4th quarter of 2018.

Prime Sleep to Add 4th Store in the Market

Darren Pitts and Dave Cheatham with Velocity Retail along with Bryan Cornelius from Venture Commercial in Dallas completed the fourth Prime Sleep location for the Phoenix area.  The 4,500 square foot store will be located at the southwest corner of Williams Field Road and San Tan Village Parkway in the San Tan Pavilions Shopping Center.  The Landlord is San Tan AZ, LLC, represented by Jason Hersker and Stephen Herman of Capital Asset Management.  Opening is slated for early 2019.  

Mountainside Wellness Center Purchases Medical Building

Brian Harpel represented the Mettham Family Trust in purchasing a 1,873 SF medical building in Foothills Professional Village at 16515 S. 40th Street, #129 in Phoenix.  The practice has been in business for over 17 years at their Chandler Boulevard location and has now relocated to the new building.  Velocity Retail Group’s Dave Cheatham placed the tenant in their original location in 2001.

Nitro Live Icreamery and Pilot Mortgage to Open in Gilbert

Brian Gast represented the Landlord, Cooper Square Shops, LLC on two new lease transactions. Nitro Live Icecreamery leased 1,312 square feet, and is expected to open in January 2019. Pilot Mortgage leased 1,002 square feet and is expected to open in the 4th quarter this year.  

Bayshore Plaza Sells at Warner and Cooper Roads in Gilbert

Velocity Retail’s Brian Gast, and CBRE’s Greg Abbott worked together to sell Bayshore Plaza shopping center at 730 S. Cooper Road in Gilbert, Arizona.  Greenstone Partners out of Chicago Illinois represented the Buyer, Bunge Bradley, LLC in the investment sale transaction.  

Vantage West Credit Union in Gilbert

Brian Gast represented the Landlord, in a 4,000 square foot lease to Vantage West Credit Union.   The new branch will be located in a free-standing former Chase Bank building at the southeast corner of Ray and Cooper Roads in Gilbert, Arizona.  The tenant was represented by Chris Evjen of Diversified Partners. Vantage West is expected to open by the end of 2018.  

Ray & Power Shops Gains New Tenant

Brian Gast represented the Landlord’s in a new lease for the shops at the southeast corner of Ray Road and Power Road in Gilbert.  Shiphaus Express leased 1,325 square feet of space.  They are expected to open in the 4th quarter of 2018.    

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