Lee & Associates Arizona, the local office of the largest broker-owned commercial real estate firm in North America, recently closed multiple commercial real estate transactions across the Valley.
The Lee & Associates brokerage teams, led by firm principals Todd Braun, Steve Farrell, Greg Guglielmino, and Allen Lowe announced that they have recently arranged three large transactions across a variety of market segments, for a total of $106 million; including, The Osborn, Café Valley, and NWC Cotton Lane & Indian School Road.
“The number of consecutive transactions the Lee & Associates brokerage teams have been able to close in multiple markets throughout the Valley speaks to the mission-focused team we have and their ability to work on behalf of the client through even the most difficult situations,” said Fred Darche, Lee & Associates Arizona’s Managing Principal.
Though commercial real estate has been considered an essential business, many became reluctant to make decisions in the height of a pandemic. But the Lee & Associates teams seemed to overcome this reluctancy, posting each of these transactions within just a few weeks.
The Osborn Multi-Family sale
The Osborn, a 301-unit apartment complex located in Phoenix, Arizona sold for $42 million. Todd Braun handled the transaction on behalf of the seller, Bean Investment Real Estate out of Portland. The buyer was PBV – 2802 Osborn Rd. LP out of Texas.
“The Osborn Apartments sale afforded the buyer the opportunity to acquire a sizeable infill community that lies in the geographical path of growth and gentrification,” said Braun. “Additionally, the property had recently undergone a significant renovation and subsequent operational stabilization. This provided the buyer with a strong entry return with the possibility for enhanced returns through a 2nd generation reposition.”
Café Valley Industrial Investment sale
The Café Valley headquarters is a 285,022 square-foot, Class-A food processing and cold storage facility located within the Estrella Commons Business Park. Constructed in 2010, the asset is comprised of a combination of office, warehouse, baking, production, and state-of-the-art ammonia freezer facilities.
The property also features a 36-foot clear height and is situated on a spacious 14.52-acre site, zoned A-1 – Industrial. The build-to-suit project is 100% leased to Café Valley on a long-term absolute triple net (NNN) basis, with annual rental increases. Café Valley Bakery, Inc. is one of the largest independent wholesale bakeries in the United States serving In-Store Bakery, Club Store Mass Merchandise, Foodservice, and convenience-store segments.
The purchaser of the facility is a joint venture between AEW Capital Management and Condor Cold Storage, a division of the real estate investment firm Brookhollow. The property transacted for $42 million sold by Cornerstone Arizona and was represented by the Lee & Associates investment team; including, Ross Sanzari, Greg Guglielmino, Marcus Muirhead, and Steve Gonzalez.
“This opportunity was a compelling investment to acquire a trophy food asset occupied by a best-in-class company,” said Sanzari.
“Our goal is to provide the best outcomes for our clients,” said Guglielmino. “In a time of uncertainty when essential businesses survive and even thrive, the Café Valley sale provided a strategic opportunity for the buyer and seller.”
NWC Cotton Lane & Indian School Rd. land sale
Lowe recently arranged for the sale of 91.5 acres located in Goodyear, Arizona near Cotton Lane and Indian School Road for just under $20 Million. The land is earmarked for a 650,000 SF industrial facility and was purchased by Amazon. Sold by Rados Properties California Land, LLC., Lowe was the listing agent on the land, while Jim Wilson, executive managing director, with Cushman & Wakefield was the broker representing the buyer.
3637 East Miami Avenue lease
Farrell recently leased 3637 East Miami Avenue, a 44,162 square-foot single-tenant building located near 32nd Street and the I-10 freeway in Phoenix. Josh Wyss with Cushman & Wakefield represented Phat Scooters. This industrial property is owned by Stadler Family Trust and boasts a 36,200 square-foot warehouse, complete with EVAP, HVAC, and 30-foot clear heights. Situated within a secured perimeter lot of 3.08 acres, this property will serve its tenant, Phat Scooter’s, needs for distribution throughout the United States.
Bjerk Builders is providing the construction remodel and tenant improvements for this property. “The central location of this property and proximity to the I-10 offer visitors and employees an easy commute, along with the ability for Phat Scooters to ship in all directions,” said Farrell.
