NAI Horizon negotiates long-term lease at Phoenix Corporate Center

NAI Horizon represented the landlord in a long-term lease worth $1.92 million at Phoenix Corporate Center for medical transportation firm Veyo.

NAI Horizon Senior Vice President Tyler Smith, Vice President Troy Giammarco, and agent Joe Pequeno represented the landlord, Bay Pacific Phoenix Corporate Center LLC, an Arizona limited liability company.

“Ownership worked closely with Veyo to meet their needs,” Smith said. “We are happy to have a national tenant such as Veyo join the growing family at Corporate Center.”

Veyo is leasing 19,436 SF at Phoenix Corporate Center, 10010 N. 25th Ave., in Phoenix. NAI Horizon holds the exclusive leasing assignment for the 440,000-square-foot office complex along the reinvigorated I-17 corridor in North Phoenix.

Corporate Center features much sought after big blocks of space with mountain views ranging from 15,000 SF to 75,000 SF. The property is currently undergoing its capital improvement program. It is ideal for national corporate back office clients. By 2023 Metro light rail will serve the area.

The tenant, Veyo, LLC, was represented by Darius Green of Keyser Company.

Marcus & Millichap sells retail, office properties

• Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 6,100-square foot retail strip center located in Kingman, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $2,375,000.

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, an individual/personal trust.  The subject property, occupied by Mattress Firm and Jimmy John’s, is located at 3411 N Stockton Hill Rd in Kingman, AZ. 

• Marcus & Millichap announced the sale of Starbucks, a relocation development of a 2,005-square foot net-leased property located in Fountain Hills, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $2,000,000.

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.  Starbucks is located at 13545 N Fountain Hills Blvd in Fountain Hills, AZ. 

• Marcus & Millichap announced the sale of Park Place I, a 17,280-square foot office property located in Tempe, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,250,000.

Michael R. Myrick, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Park Place I is located at 3910 S Rural Rd in Tempe, AZ.  The property was 100% vacant at the time of sale and the new owner plans on an extensive makeover and retrofitting of the property to accommodate a new collaborative workspace concept.

ORION sells iconic Scottsdale Tennis Club

The iconic Scottsdale Tennis Club, with 11 championship tennis courts and pool, will soon be redeveloped into Revel Scottsdale – a refined 159-unit senior community. The property will have 270-degree unobstructed views to the west, north, and east of Camelback, Mummy, McDowell, and the Superstition Mountains. Situated on Indian Bend Road, in between Pima and Hayden Roads, the property will benefit from its prime location. With easy access to Downtown Scottsdale and the affluent community of Paradise Valley, the area boasts luxury shopping, dining, and hotels including the future Paradise Valley Ritz Carlton.

The approximate 5.54-acre site sold for a whopping $9M to The Wolff Company. Larry Kush, Senior Vice President of ORION Investment Real Estate, exclusively represented the Seller, Robert Hing. Kush said, “I am excited that this well-known property will be used for such a much needed, and worthy, purpose.”

Scottsdale-based The Wolff Company, a private equity firm and developer, was the Buyer in this transaction. Resources say the company will continue to develop additional senior living apartment communities in Arizona and throughout the western United States.

Scottsdale zoning attorney Barry Riddell and Technical Solutions assisted with the transaction.