It’s the big deals and the brokers who close them that make the market an interesting one to watch. Here are some of this week’s noteworthy commercial real estate deals.
Rein & Grossoehme Commercial Real Estate
Jim Edwards represented the owner on a 750-square-foot lease in Dobson Ranch Shopping Center to Nelson Estate Jewelers. The property is located at 2051 S. Dobson Rd., in Mesa, which will represent the first location for the jewelers.
Edwards also represented the owner on a 750-square-foot lease in Dobson Ranch Shopping Center to Ninja Cuts Barber Shop, will will also represent the barber’s first location.
Jared Lively represented the tenant on a 6,330-square-foot lease in Broadway Commerce Center, located at 4013 E. Broadway Rd. in Phoenix, to MBI Industrial Medicine, which has seven other locations. Tyson Breinholt of Commercial Properties, Inc. represented the landlord. The owner of the center is J&J Commercial Properties, Inc.
NAI Horizon Senior Vice President Rick Foss represented the buyer in the $1.129 million sale of a 10,161-square-foot industrial building at 503-505 E. Boston Circle in Chandler.
NAI Horizon represented Pacific Desert, LLC of Phoenix in purchasing the industrial building that sits on almost one acre of land. The property will be utilized by a business that sells and installs raised computer flooring. The sellers, Eric J. and Susan D. Cassinat and Anthony and Cindy L. Cassinat of Gilbert, were represented by David Bean and Leroy Brienholt of Commercial Properties, Inc.
Cushman & Wakefield
Cushman & Wakefield completed the sale of T-Mobile, located at 4314 W. McDowell Road in Phoenix. Phoenix-based Sepmar LLC purchased the property from TK MCR LLC of Phoenix for $1.85 million.
Cushman & Wakefield Senior Director Chris Hollenbeck represented the seller.
The 3,000-square-foot property was newly constructed in 2017 and is 100% leased to T-Mobile. Located on the highly visible intersection of 43rd Avenue and McDowell, the freestanding retail building is on a brand new 10 year lease with rent scheduled to commence in March 2018.
“This was a brand new build-to-suit with a corporate T-Mobile tenant. We were able to help the seller maximize value by finding an all cash, 1031 exchange buyer,” says Chis Hollenbeck.
Based in Bellevue, Wash., T-Mobile operates through its subsidiaries and its flagship brands, T-Mobile and MetroPCS. As of December 2016, there are approximately 2,000 retail locations under the T-Mobile and MetroPCS brands.